Price to Earnings (P/E)
since 2005
Calculation
Johnson & Johnson, P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | 21.66 | = | 240.86 | ÷ | 11.12 | 11.12 | = | 26,804 | ÷ | 2,409,898,936 | |
| Feb 13, 2025 | 26.92 | = | 157.25 | ÷ | 5.84 | 5.84 | = | 14,066 | ÷ | 2,407,616,693 | |
| Feb 16, 2024 | 10.73 | = | 156.55 | ÷ | 14.59 | 14.59 | = | 35,153 | ÷ | 2,408,767,228 | |
| Feb 16, 2023 | 22.97 | = | 158.24 | ÷ | 6.89 | 6.89 | = | 17,941 | ÷ | 2,604,286,303 | |
| Feb 17, 2022 | 20.93 | = | 166.19 | ÷ | 7.94 | 7.94 | = | 20,878 | ÷ | 2,629,268,158 | |
| Feb 22, 2021 | 28.92 | = | 161.87 | ÷ | 5.60 | 5.60 | = | 14,714 | ÷ | 2,628,679,824 | |
| Feb 18, 2020 | 25.99 | = | 149.14 | ÷ | 5.74 | 5.74 | = | 15,119 | ÷ | 2,634,721,257 | |
| Feb 20, 2019 | 23.74 | = | 136.35 | ÷ | 5.74 | 5.74 | = | 15,297 | ÷ | 2,663,138,579 | |
| Feb 21, 2018 | 268.10 | = | 129.91 | ÷ | 0.48 | 0.48 | = | 1,300 | ÷ | 2,682,901,553 | |
| Feb 27, 2017 | 20.08 | = | 122.40 | ÷ | 6.10 | 6.10 | = | 16,540 | ÷ | 2,713,346,602 | |
| Feb 24, 2016 | 18.80 | = | 104.96 | ÷ | 5.58 | 5.58 | = | 15,409 | ÷ | 2,759,359,192 | |
| Feb 24, 2015 | 17.15 | = | 100.70 | ÷ | 5.87 | 5.87 | = | 16,323 | ÷ | 2,780,488,708 | |
| Feb 21, 2014 | 18.72 | = | 91.52 | ÷ | 4.89 | 4.89 | = | 13,831 | ÷ | 2,828,901,694 | |
| Feb 22, 2013 | 19.64 | = | 76.25 | ÷ | 3.88 | 3.88 | = | 10,853 | ÷ | 2,795,319,117 | |
| Feb 23, 2012 | 18.48 | = | 65.10 | ÷ | 3.52 | 3.52 | = | 9,672 | ÷ | 2,745,078,671 | |
| Feb 25, 2011 | 12.23 | = | 59.64 | ÷ | 4.87 | 4.87 | = | 13,334 | ÷ | 2,735,213,719 | |
| Mar 1, 2010 | 14.22 | = | 63.39 | ÷ | 4.46 | 4.46 | = | 12,266 | ÷ | 2,751,927,062 | |
| Feb 20, 2009 | 11.67 | = | 54.65 | ÷ | 4.68 | 4.68 | = | 12,949 | ÷ | 2,765,804,457 | |
| Feb 26, 2008 | 17.07 | = | 63.72 | ÷ | 3.73 | 3.73 | = | 10,576 | ÷ | 2,832,602,429 | |
| Feb 21, 2007 | 17.02 | = | 65.00 | ÷ | 3.82 | 3.82 | = | 11,053 | ÷ | 2,894,082,681 | |
| Mar 14, 2006 | 16.95 | = | 59.29 | ÷ | 3.50 | 3.50 | = | 10,411 | ÷ | 2,976,068,976 |
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Johnson & Johnson Annual Report.
The price-to-earnings (P/E) ratio, calculated from the provided share price and earnings per share figures, exhibits considerable fluctuation over the observed period. Initially, the P/E ratio demonstrated relative stability between 2006 and 2008, hovering around 17. A significant decrease occurred in 2009, followed by a period of moderate volatility through 2011. Subsequently, the ratio increased through 2017, culminating in a substantial peak. The period from 2018 onward shows a return to more moderate levels, with a notable dip in 2020, followed by a rebound, and then a significant increase in 2023 and 2024.
- Initial Stability (2006-2008)
- From 2006 to 2008, the P/E ratio remained within a narrow range, fluctuating between approximately 16.95 and 17.07. This suggests a consistent market valuation of the company’s earnings during this timeframe. The slight variations likely reflect normal market dynamics and investor sentiment.
- Decline and Recovery (2009-2011)
- The year 2009 witnessed a sharp decline in the P/E ratio to 11.67, potentially reflecting market concerns related to broader economic conditions. The ratio experienced a partial recovery in the subsequent years, 2010 and 2011, but remained below the levels observed prior to 2009. This indicates a cautious return of investor confidence.
- Increasing Valuation (2012-2017)
- Between 2012 and 2017, the P/E ratio generally trended upwards, reaching a peak of 20.08 in 2017. This suggests increasing investor optimism regarding the company’s future earnings potential. The growth was relatively steady, indicating sustained positive sentiment.
- Extreme Peak and Subsequent Normalization (2018-2024)
- 2018 saw an exceptionally high P/E ratio of 268.10, driven by a substantial decrease in earnings per share. This outlier significantly distorts the overall trend. Following 2018, the P/E ratio decreased considerably, returning to levels more consistent with the earlier part of the period. A dip was observed in 2020, potentially linked to the onset of the global pandemic, followed by a recovery in 2021. The ratio then increased again in 2023 and 2024, reaching 26.92 and 21.66 respectively, suggesting renewed investor interest or a shift in earnings expectations.
The volatility in the P/E ratio, particularly the extreme value in 2018 and the recent increases in 2023 and 2024, warrants further investigation into the underlying drivers of earnings per share and investor expectations. The overall trend suggests a dynamic valuation influenced by both company performance and broader market conditions.
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Comparison to Competitors
Johnson & Johnson, P/E, long-term trends, comparison to competitors
| Johnson & Johnson | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | 21.66 | 94.06 | 25.81 | 17.30 | 40.93 | 47.45 | 21.54 | 16.79 | 19.83 | 18.19 | 28.82 | 31.58 |
| Feb 13, 2025 | 26.92 | 79.59 | 38.24 | — | 38.12 | 77.63 | 296.57 | 13.49 | 18.42 | 17.76 | 32.03 | — |
| Feb 16, 2024 | 10.73 | 63.84 | 23.14 | 12.27 | 39.09 | 135.24 | 16.17 | 893.99 | 73.42 | 25.99 | 35.65 | 30.42 |
| Feb 16, 2023 | 22.97 | 22.62 | 19.56 | 23.97 | 25.65 | 50.08 | 22.68 | 19.21 | 7.58 | 19.68 | 30.55 | 23.02 |
| Feb 17, 2022 | 20.93 | 22.07 | 21.05 | 20.92 | 29.94 | 40.66 | 12.36 | 14.78 | 11.76 | 8.37 | 27.35 | 26.55 |
| Feb 22, 2021 | 28.92 | 40.17 | 18.82 | — | 44.49 | 31.95 | 641.48 | 26.72 | 19.62 | 15.09 | 27.89 | 20.18 |
| Feb 18, 2020 | 25.99 | 17.82 | 17.07 | 41.99 | 38.34 | 16.19 | 16.45 | 20.60 | 11.63 | 19.86 | 33.36 | 52.90 |
| Feb 20, 2019 | 23.74 | 20.60 | 14.01 | 16.81 | 29.77 | 39.13 | 15.26 | 33.46 | 21.58 | 18.17 | 35.19 | 22.59 |
| Feb 21, 2018 | 268.10 | 35.47 | 64.06 | 103.55 | 27.25 | — | 22.75 | 61.63 | 9.99 | 28.99 | 37.66 | 155.08 |
| Feb 27, 2017 | 20.08 | 16.54 | 16.03 | 20.56 | 23.02 | 32.39 | 6.83 | 46.14 | 28.10 | 42.64 | 30.45 | — |
| Feb 24, 2016 | 18.80 | 17.01 | 15.95 | 64.22 | 17.85 | 33.35 | 6.75 | 31.64 | 26.37 | 60.50 | 26.19 | — |
| Feb 24, 2015 | 17.15 | 55.08 | 22.96 | 49.80 | 23.69 | 33.06 | 12.85 | 13.94 | 23.03 | 118.44 | 27.26 | — |
| Feb 21, 2014 | 18.72 | 19.64 | 18.69 | 35.01 | 19.74 | 13.88 | 42.00 | 37.83 | 9.32 | 77.00 | 38.43 | — |
| Feb 22, 2013 | 19.64 | 11.51 | 15.68 | 30.56 | 17.73 | 14.99 | 25.20 | 20.94 | 13.51 | 21.42 | 22.54 | — |
| Feb 23, 2012 | 18.48 | — | 14.61 | 15.07 | 16.92 | 10.42 | 12.20 | 18.63 | 15.99 | — | 15.58 | 267.42 |
| Feb 25, 2011 | 12.23 | — | 10.53 | 13.99 | 18.29 | 7.86 | 10.68 | 116.63 | 18.63 | — | 20.87 | — |
| Mar 1, 2010 | 14.22 | — | 12.10 | 4.03 | 20.93 | 9.18 | 16.29 | 9.00 | 16.41 | — | 23.49 | — |
| Feb 20, 2009 | 11.67 | — | 12.06 | 7.68 | 12.56 | — | 20.29 | 6.53 | 10.25 | — | 15.25 | — |
| Feb 26, 2008 | 17.07 | — | 15.64 | 20.60 | 17.35 | 19.26 | 25.19 | 29.88 | 18.51 | — | 30.76 | — |
| Feb 21, 2007 | 17.02 | — | 25.43 | 34.64 | 19.65 | 22.40 | — | 21.57 | 9.18 | — | 113.28 | — |
| Mar 14, 2006 | 16.95 | — | 23.70 | 14.96 | 21.38 | 31.90 | 34.15 | 16.62 | 23.92 | — | 25.36 | — |
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Johnson & Johnson, P/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Johnson & Johnson | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 11, 2026 | 21.66 | 28.98 |
| Feb 13, 2025 | 26.92 | 45.15 |
| Feb 16, 2024 | 10.73 | 32.80 |
| Feb 16, 2023 | 22.97 | 20.23 |
| Feb 17, 2022 | 20.93 | 19.27 |
| Feb 22, 2021 | 28.92 | 34.89 |
| Feb 18, 2020 | 25.99 | 21.03 |
| Feb 20, 2019 | 23.74 | 22.89 |
| Feb 21, 2018 | 268.10 | 35.21 |
| Feb 27, 2017 | 20.08 | 20.62 |
| Feb 24, 2016 | 18.80 | 19.37 |
| Feb 24, 2015 | 17.15 | 21.40 |
| Feb 21, 2014 | 18.72 | 19.54 |
| Feb 22, 2013 | 19.64 | 17.56 |
| Feb 23, 2012 | 18.48 | 16.42 |
| Feb 25, 2011 | 12.23 | 16.11 |
| Mar 1, 2010 | 14.22 | 11.66 |
| Feb 20, 2009 | 11.67 | 12.21 |
| Feb 26, 2008 | 17.07 | 20.04 |
| Feb 21, 2007 | 17.02 | 17.46 |
| Mar 14, 2006 | 16.95 | 20.94 |
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Johnson & Johnson, P/E, long-term trends, comparison to industry (health care)
| Johnson & Johnson | Health Care | |
|---|---|---|
| Feb 11, 2026 | 21.66 | 28.31 |
| Feb 13, 2025 | 26.92 | 38.03 |
| Feb 16, 2024 | 10.73 | 30.62 |
| Feb 16, 2023 | 22.97 | 351,256.81 |
| Feb 17, 2022 | 20.93 | 21.55 |
| Feb 22, 2021 | 28.92 | 32.22 |
| Feb 18, 2020 | 25.99 | 22.09 |
| Feb 20, 2019 | 23.74 | 24.32 |
| Feb 21, 2018 | 268.10 | 33.04 |
| Feb 27, 2017 | 20.08 | 21.90 |
| Feb 24, 2016 | 18.80 | 19.53 |
| Feb 24, 2015 | 17.15 | 21.38 |
| Feb 21, 2014 | 18.72 | 18.67 |
| Feb 22, 2013 | 19.64 | 15.77 |
| Feb 23, 2012 | 18.48 | 15.79 |
| Feb 25, 2011 | 12.23 | 15.12 |
| Mar 1, 2010 | 14.22 | 11.71 |
| Feb 20, 2009 | 11.67 | 13.07 |
| Feb 26, 2008 | 17.07 | 19.29 |
| Feb 21, 2007 | 17.02 | 18.61 |
| Mar 14, 2006 | 16.95 | 21.71 |
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).