Return on Equity (ROE)
since 2005
Calculation
Johnson & Johnson, ROE, long-term trends, calculation
| ROE | = | 100 | × | Net earnings1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 28, 2025 | 32.87% | = | 100 | × | 26,804) | ÷ | 81,544) |
| Dec 29, 2024 | 19.68% | = | 100 | × | 14,066) | ÷ | 71,490) |
| Dec 31, 2023 | 51.11% | = | 100 | × | 35,153) | ÷ | 68,774) |
| Dec 31, 2022 | 23.36% | = | 100 | × | 17,941) | ÷ | 76,804) |
| Dec 31, 2021 | 28.20% | = | 100 | × | 20,878) | ÷ | 74,023) |
| Dec 31, 2020 | 23.25% | = | 100 | × | 14,714) | ÷ | 63,278) |
| Dec 29, 2019 | 25.42% | = | 100 | × | 15,119) | ÷ | 59,471) |
| Dec 30, 2018 | 25.60% | = | 100 | × | 15,297) | ÷ | 59,752) |
| Dec 31, 2017 | 2.16% | = | 100 | × | 1,300) | ÷ | 60,160) |
| Dec 31, 2016 | 23.49% | = | 100 | × | 16,540) | ÷ | 70,418) |
| Dec 31, 2015 | 21.66% | = | 100 | × | 15,409) | ÷ | 71,150) |
| Dec 28, 2014 | 23.40% | = | 100 | × | 16,323) | ÷ | 69,752) |
| Dec 29, 2013 | 18.68% | = | 100 | × | 13,831) | ÷ | 74,053) |
| Dec 30, 2012 | 16.74% | = | 100 | × | 10,853) | ÷ | 64,826) |
| Dec 31, 2011 | 16.94% | = | 100 | × | 9,672) | ÷ | 57,080) |
| Dec 31, 2010 | 23.57% | = | 100 | × | 13,334) | ÷ | 56,579) |
| Dec 31, 2009 | 24.25% | = | 100 | × | 12,266) | ÷ | 50,588) |
| Dec 28, 2008 | 30.46% | = | 100 | × | 12,949) | ÷ | 42,511) |
| Dec 30, 2007 | 24.41% | = | 100 | × | 10,576) | ÷ | 43,319) |
| Dec 31, 2006 | 28.11% | = | 100 | × | 11,053) | ÷ | 39,318) |
| Dec 31, 2005 | 27.49% | = | 100 | × | 10,411) | ÷ | 37,871) |
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$ in millions
The return on equity (ROE) exhibited considerable fluctuation over the period examined, ranging from a low of 2.16% to a high of 51.11%. Generally, the ROE demonstrated a period of relative stability in the earlier years, followed by increased volatility and a significant peak in the most recent year.
- Initial Period (2005-2008)
- From 2005 to 2008, the ROE generally trended upwards, increasing from 27.49% to 30.46%. This indicates improving profitability relative to shareholder investment during this timeframe. A slight dip occurred in 2007, but the overall trajectory remained positive.
- Period of Decline and Stabilization (2009-2011)
- The years 2009 through 2011 witnessed a substantial decline in ROE, falling from 24.25% in 2009 to 16.94% in 2011. This decrease suggests a weakening in the company’s ability to generate profits from shareholder equity. The ROE appeared to stabilize at a lower level during this period.
- Moderate Fluctuations (2012-2017)
- From 2012 to 2017, the ROE experienced moderate fluctuations, oscillating between 16.74% and 23.49%. While there was no clear upward or downward trend, the values remained within a relatively narrow range, indicating a degree of consistency in performance. A notable dip to 2.16% occurred in 2017, representing a significant outlier.
- Recent Trends (2018-2025)
- The period from 2018 to 2025 shows increased volatility. The ROE rose to 25.60% in 2018 and 25.42% in 2019, before decreasing to 23.25% in 2020. A substantial increase was observed in 2021, reaching 28.20%, followed by a decrease to 23.36% in 2022. The ROE peaked at 51.11% in 2023, before decreasing to 19.68% in 2024 and increasing again to 32.87% in 2025. This recent pattern suggests a heightened sensitivity to underlying financial performance and potentially, external factors.
The significant increase in ROE in 2023 warrants further investigation to determine the underlying drivers. The substantial fluctuation in recent years suggests a potential shift in the company’s financial dynamics or increased exposure to external economic conditions. The earlier period of relative stability contrasts sharply with the more recent volatility, indicating a change in the company’s operational or financial characteristics.
Comparison to Competitors
Johnson & Johnson, ROE, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 28, 2025 | 32.87% | — | 89.06% | 38.19% | 6.88% | 77.78% | 37.48% | 34.70% | 8.99% | 14.41% | 12.55% | 21.18% |
| Dec 29, 2024 | 19.68% | 128.66% | 69.59% | -54.78% | 7.87% | 74.62% | 2.48% | 36.96% | 9.11% | 15.03% | 12.78% | -3.26% |
| Dec 31, 2023 | 51.11% | 46.94% | 107.78% | 27.27% | 8.91% | 48.65% | 24.81% | 0.97% | 2.38% | 15.22% | 12.83% | 20.59% |
| Dec 31, 2022 | 23.36% | 68.60% | 178.97% | 20.37% | 14.39% | 58.64% | 21.62% | 31.57% | 32.79% | 19.14% | 15.80% | 23.88% |
| Dec 31, 2021 | 28.20% | 74.91% | 87.96% | 19.46% | 14.24% | 62.16% | 29.55% | 34.17% | 28.47% | 43.03% | 18.94% | 23.19% |
| Dec 31, 2020 | 23.25% | 35.30% | 77.20% | -23.84% | 9.17% | 109.79% | 0.68% | 27.91% | 15.21% | 31.86% | 18.47% | 31.22% |
| Dec 29, 2019 | 25.42% | — | 81.07% | 6.66% | 9.94% | 319.09% | 23.91% | 37.99% | 25.77% | 19.08% | 12.45% | 19.34% |
| Dec 30, 2018 | 25.60% | — | 67.15% | 35.07% | 9.40% | 32.88% | 25.51% | 23.30% | 17.59% | 27.91% | 10.65% | 47.28% |
| Dec 31, 2017 | 2.16% | 104.16% | 7.84% | 8.58% | 9.45% | -1.76% | 22.64% | 6.97% | 29.47% | 19.51% | 8.76% | 12.99% |
| Dec 31, 2016 | 23.49% | 128.41% | 25.85% | 27.55% | 11.10% | 19.54% | 71.48% | 9.78% | 12.12% | 20.13% | 9.39% | -9.69% |
| Dec 31, 2015 | 21.66% | 130.39% | 24.71% | 10.97% | 14.17% | 16.53% | 97.70% | 9.94% | 10.75% | 17.40% | 9.25% | -59.19% |
| Dec 28, 2014 | 23.40% | 101.84% | 20.01% | 13.49% | 11.11% | 15.55% | 78.45% | 24.50% | 12.81% | 13.69% | 9.22% | -68.70% |
| Dec 29, 2013 | 18.68% | 91.90% | 23.00% | 16.91% | 12.04% | 26.57% | 27.05% | 8.85% | 28.83% | 21.74% | 7.55% | -32.81% |
| Dec 30, 2012 | 16.74% | 156.85% | 22.80% | 14.39% | 12.58% | 27.69% | 27.84% | 11.63% | 17.93% | 60.24% | 7.62% | -10.71% |
| Dec 31, 2011 | 16.94% | — | 19.35% | 23.25% | 12.85% | 32.11% | 41.60% | 11.50% | 12.18% | -45.65% | 8.84% | 3.76% |
| Dec 31, 2010 | 23.57% | — | 19.32% | 19.74% | 13.08% | 40.82% | 49.48% | 1.58% | 9.40% | -19.79% | 6.74% | -149.74% |
| Dec 31, 2009 | 24.25% | — | 20.32% | 71.49% | 9.90% | 45.45% | 41.40% | 21.85% | 9.59% | -17.10% | 5.51% | -58.57% |
| Dec 28, 2008 | 30.46% | — | 20.58% | 42.86% | 13.43% | -30.76% | 48.43% | 41.63% | 14.08% | -19.75% | 6.66% | -192.51% |
| Dec 30, 2007 | 24.41% | — | 17.72% | 20.50% | 15.08% | 21.61% | 46.69% | 18.01% | 12.53% | -22.94% | 5.25% | -144.23% |
| Dec 31, 2006 | 28.11% | — | 15.56% | 15.86% | 16.89% | 24.25% | -65.54% | 25.25% | 27.10% | -47.24% | 1.21% | -40.89% |
| Dec 31, 2005 | 27.49% | — | 17.96% | 26.77% | 17.67% | 18.34% | 26.88% | 25.85% | 12.32% | -83.72% | 7.99% | -85.05% |
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, ROE, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Johnson & Johnson | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 28, 2025 | 32.87% | 26.63% |
| Dec 29, 2024 | 19.68% | 15.57% |
| Dec 31, 2023 | 51.11% | 20.65% |
| Dec 31, 2022 | 23.36% | 27.99% |
| Dec 31, 2021 | 28.20% | 29.75% |
| Dec 31, 2020 | 23.25% | 17.22% |
| Dec 29, 2019 | 25.42% | 27.68% |
| Dec 30, 2018 | 25.60% | 26.29% |
| Dec 31, 2017 | 2.16% | 14.59% |
| Dec 31, 2016 | 23.49% | 22.19% |
| Dec 31, 2015 | 21.66% | 21.44% |
| Dec 28, 2014 | 23.40% | 20.91% |
| Dec 29, 2013 | 18.68% | 20.33% |
| Dec 30, 2012 | 16.74% | 18.27% |
| Dec 31, 2011 | 16.94% | 15.52% |
| Dec 31, 2010 | 23.57% | 13.99% |
| Dec 31, 2009 | 24.25% | 20.34% |
| Dec 28, 2008 | 30.46% | 21.31% |
| Dec 30, 2007 | 24.41% | 17.07% |
| Dec 31, 2006 | 28.11% | 21.86% |
| Dec 31, 2005 | 27.49% | 19.08% |
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, ROE, long-term trends, comparison to industry (health care)
| Johnson & Johnson | Health Care | |
|---|---|---|
| Dec 28, 2025 | 32.87% | 21.47% |
| Dec 29, 2024 | 19.68% | 15.74% |
| Dec 31, 2023 | 51.11% | 19.40% |
| Dec 31, 2022 | 23.36% | 24.82% |
| Dec 31, 2021 | 28.20% | 25.44% |
| Dec 31, 2020 | 23.25% | 16.70% |
| Dec 29, 2019 | 25.42% | 23.30% |
| Dec 30, 2018 | 25.60% | 21.27% |
| Dec 31, 2017 | 2.16% | 13.77% |
| Dec 31, 2016 | 23.49% | 18.53% |
| Dec 31, 2015 | 21.66% | 18.52% |
| Dec 28, 2014 | 23.40% | 19.17% |
| Dec 29, 2013 | 18.68% | 18.81% |
| Dec 30, 2012 | 16.74% | 18.20% |
| Dec 31, 2011 | 16.94% | 15.90% |
| Dec 31, 2010 | 23.57% | 14.85% |
| Dec 31, 2009 | 24.25% | 20.14% |
| Dec 28, 2008 | 30.46% | 20.29% |
| Dec 30, 2007 | 24.41% | 17.87% |
| Dec 31, 2006 | 28.11% | 20.49% |
| Dec 31, 2005 | 27.49% | 18.28% |
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).