Analysis of Geographic Areas
Johnson & Johnson operates in 4 regions: United States; Europe; Western Hemisphere excluding U.S.; and Asia-Pacific, Africa.
Paying user area
Try for free
Johnson & Johnson pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Johnson & Johnson for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Area Asset Turnover
Johnson & Johnson, asset turnover by geographic area
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Western Hemisphere excluding U.S. | |||||
| Asia-Pacific, Africa |
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).
An examination of area asset turnover reveals significant variations in how efficiently assets are utilized across different geographic regions. Overall, asset turnover demonstrates considerable divergence in performance, with notable trends observed over the five-year period.
- United States
- Asset turnover in the United States experienced a decline from 0.97 in 2021 to 0.60 in 2025. This represents a consistent downward trend, indicating decreasing efficiency in asset utilization within this region. The most substantial decrease occurred between 2022 and 2023, followed by a further reduction in 2024 and 2025.
- Europe
- In contrast to the United States, Europe exhibited an increasing trend in asset turnover. Starting at 0.55 in 2021, the ratio rose to 0.77 by 2025. This suggests improving efficiency in asset utilization within the European market. The increase was relatively steady over the period, with the largest gain occurring between 2023 and 2024.
- Western Hemisphere excluding U.S.
- The Western Hemisphere, excluding the United States, demonstrated a more volatile pattern. The ratio began at 2.12 in 2021, increased to 2.24 in 2022, peaked at 3.05 in 2023, and then decreased to 2.21 in 2025. While generally higher than the United States and Europe, the recent decline suggests a potential weakening in asset utilization efficiency in this region.
- Asia-Pacific, Africa
- The Asia-Pacific and Africa region consistently displayed the highest asset turnover ratios. Beginning at 3.43 in 2021, the ratio increased dramatically to 9.17 in 2023, remaining high at 9.09 in 2025. This indicates a significantly higher level of efficiency in converting assets into revenue compared to other regions. While there was a slight decrease from 2023 to 2025, the ratio remained substantially elevated.
The diverging trends across these geographic areas suggest differing market dynamics and operational efficiencies. The decline in the United States warrants further investigation, while the improvements in Europe and consistently high performance in Asia-Pacific and Africa are positive indicators. The fluctuation in the Western Hemisphere excluding the U.S. also merits attention to understand the underlying drivers of this variability.
Area Asset Turnover: United States
Johnson & Johnson; United States; area asset turnover calculation
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales to customers | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales to customers ÷ Long-lived assets
= ÷ =
Analysis of the provided financial information reveals a fluctuating trend in asset turnover within the United States segment between 2021 and 2025. Sales to customers exhibited an overall increase during the period, while long-lived assets experienced significant volatility. Consequently, the area asset turnover ratio demonstrated a consistent decline.
- Sales Performance
- Sales to customers increased from US$47,156 million in 2021 to US$53,752 million in 2025. Growth was observed between 2021 and 2022, a slight decrease occurred between 2022 and 2023, followed by more substantial increases in both 2024 and 2025.
- Long-Lived Asset Evolution
- Long-lived assets increased substantially from US$48,586 million in 2021 to US$66,283 million in 2022. A decrease was noted in 2023, falling to US$54,832 million, but assets then increased again to US$70,670 million in 2024 and further to US$89,392 million in 2025. This indicates significant capital investment and/or asset revaluation within the United States segment.
- Area Asset Turnover Trend
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate sales, decreased from 0.97 in 2021 to 0.60 in 2025. The ratio initially declined from 0.97 to 0.73 between 2021 and 2022, experienced a slight recovery to 0.85 in 2023, but then resumed its downward trajectory, reaching 0.71 in 2024 and 0.60 in 2025. This suggests a diminishing ability to generate sales relative to the level of assets employed within the United States segment.
The increasing asset base, coupled with fluctuating sales, contributed to the observed decline in asset turnover. Further investigation may be warranted to understand the drivers behind the asset increases and to assess whether the lower asset turnover is indicative of inefficient asset utilization or strategic investments that are expected to yield returns in future periods.
Area Asset Turnover: Europe
Johnson & Johnson; Europe; area asset turnover calculation
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales to customers | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales to customers ÷ Long-lived assets
= ÷ =
Analysis of the provided financial information reveals a notable trend in asset utilization within the European geographic area. Sales to customers experienced a decline from 2021 to 2023, followed by a recovery in subsequent years. Simultaneously, long-lived assets decreased consistently from 2021 through 2024 before exhibiting a slight increase in 2025. These movements have a direct impact on the area asset turnover ratio, which demonstrates a clear upward trajectory.
- Sales Performance
- Sales to customers in the European area decreased from US$23,594 million in 2021 to US$20,410 million in 2023, representing a contraction over that period. However, sales began to recover, reaching US$20,212 million in 2024 and further increasing to US$21,535 million in 2025. This suggests a potential stabilization and renewed growth in the region’s sales performance.
- Long-Lived Asset Levels
- Long-lived assets consistently decreased from US$43,257 million in 2021 to US$27,267 million in 2024. This reduction could be attributed to asset sales, depreciation, or impairment charges. A minor increase to US$27,987 million was observed in 2025, potentially indicating new investments or a slowdown in asset disposals.
- Area Asset Turnover
- The area asset turnover ratio increased steadily throughout the observed period. Starting at 0.55 in 2021, it rose to 0.60 in 2022, 0.65 in 2023, 0.74 in 2024, and reached 0.77 in 2025. This indicates improving efficiency in asset utilization, meaning that the company is generating more sales revenue for each dollar of long-lived assets employed in the European area. The increase is likely driven by the combination of declining asset values and recovering sales, with the sales recovery contributing more significantly in the later years.
The increasing asset turnover ratio is a positive sign, suggesting improved operational efficiency. However, the initial decline in sales warrants further investigation to understand the underlying causes and ensure the sustainability of the recent recovery. Continued monitoring of both sales trends and asset levels will be crucial for assessing the long-term performance of the European area.
Area Asset Turnover: Western Hemisphere excluding U.S.
Johnson & Johnson; Western Hemisphere excluding U.S.; area asset turnover calculation
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales to customers | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales to customers ÷ Long-lived assets
= ÷ =
Analysis of the Western Hemisphere excluding U.S. reveals fluctuating performance between 2021 and 2025. Sales to customers experienced initial growth followed by a decline, while long-lived assets demonstrated a more complex pattern. The area asset turnover ratio, a key indicator of asset utilization efficiency, mirrored these fluctuations.
- Sales to Customers
- Sales to customers increased from US$5,750 million in 2021 to US$6,125 million in 2022, representing a growth of approximately 6.5%. However, sales then decreased significantly to US$4,549 million in 2023. A modest recovery was observed in 2024 with sales reaching US$4,714 million, followed by a further increase to US$4,875 million in 2025. Overall, sales in 2025 remain below the peak achieved in 2022.
- Long-Lived Assets
- Long-lived assets remained relatively stable between 2021 and 2022, moving from US$2,708 million to US$2,737 million. A substantial decrease was then recorded in 2023, with long-lived assets falling to US$1,491 million. These assets increased in both 2024 and 2025, reaching US$1,728 million and US$2,204 million respectively. The 2025 level of long-lived assets is still below the levels seen in 2021 and 2022.
- Area Asset Turnover
- The area asset turnover ratio increased from 2.12 in 2021 to 2.24 in 2022, indicating improved asset utilization. A significant jump to 3.05 was observed in 2023, coinciding with the decline in long-lived assets and a more moderate decrease in sales. The ratio decreased to 2.73 in 2024, and further to 2.21 in 2025. The 2025 ratio is comparable to the 2021 level, suggesting a return to previous asset utilization efficiency. The fluctuations in this ratio are likely driven by the combined effect of changes in sales and long-lived assets.
The substantial decrease in long-lived assets in 2023 appears to have had a disproportionately positive impact on the area asset turnover ratio, despite the concurrent decline in sales. The subsequent increases in long-lived assets in 2024 and 2025, coupled with modest sales growth, resulted in a decrease in the ratio. Continued monitoring of these trends is recommended to understand the underlying drivers and potential implications for future performance.
Area Asset Turnover: Asia-Pacific, Africa
Johnson & Johnson; Asia-Pacific, Africa; area asset turnover calculation
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales to customers | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales to customers ÷ Long-lived assets
= ÷ =
Analysis of the provided financial information reveals significant shifts in asset utilization within the specified geographic areas over the five-year period. Sales to customers experienced an initial decline followed by a period of relative stabilization, while long-lived assets underwent a substantial reduction. Consequently, the area asset turnover ratio demonstrated a marked increase.
- Sales to Customers
- Sales to customers decreased from US$17,275 million in 2021 to US$16,789 million in 2022, representing a decline of approximately 2.8%. A more pronounced decrease was observed in 2023, with sales falling to US$13,756 million. Sales remained relatively stable in 2024 at US$13,593 million before experiencing a slight increase to US$14,031 million in 2025.
- Long-Lived Assets
- Long-lived assets exhibited a consistent downward trend throughout the period. From US$5,035 million in 2021, the value decreased to US$4,431 million in 2022. The most substantial reduction occurred between 2022 and 2023, falling to US$1,500 million. This downward trend continued, reaching US$1,454 million in 2024, before a modest increase to US$1,544 million in 2025.
- Area Asset Turnover
- The area asset turnover ratio increased significantly over the observed period. Starting at 3.43 in 2021, it rose to 3.79 in 2022. A dramatic increase was then recorded in 2023, reaching 9.17. The ratio remained high in 2024 at 9.35, before slightly decreasing to 9.09 in 2025. This increase indicates a substantially improved efficiency in generating sales from the existing asset base.
The combination of declining long-lived assets and relatively stable sales, particularly after 2023, is the primary driver of the increasing asset turnover ratio. The significant reduction in assets suggests potential divestitures, depreciation, or re-evaluation of asset holdings within these geographic areas. The sustained high asset turnover ratio in the latter years of the period suggests an increasingly efficient use of remaining assets to generate revenue.
Sales to customers
Johnson & Johnson, sales to customers by geographic area
US$ in millions
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Western Hemisphere excluding U.S. | |||||
| Asia-Pacific, Africa | |||||
| Segments total |
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).
The geographic distribution of sales reveals notable shifts between 2021 and 2025. Overall, while segments total experienced fluctuations, it demonstrated a net increase over the period. However, performance varied significantly by region.
- United States
- Sales within the United States exhibited an initial increase from US$47.156 billion in 2021 to US$48.580 billion in 2022. A subsequent decline to US$46.444 billion was observed in 2023, followed by a recovery and substantial growth to US$50.302 billion in 2024 and further to US$53.752 billion in 2025. This indicates a strengthening position in the domestic market towards the end of the analyzed period.
- Europe
- European sales experienced a slight decrease from US$23.594 billion in 2021 to US$23.449 billion in 2022. A more pronounced downward trend followed, with sales declining to US$20.410 billion in 2023 and US$20.212 billion in 2024. A modest recovery to US$21.535 billion was noted in 2025, but sales remained below the 2021 level. This suggests a weakening performance in the European market.
- Western Hemisphere excluding U.S.
- Sales in this region initially increased from US$5.750 billion in 2021 to US$6.125 billion in 2022, before declining to US$4.549 billion in 2023. A slight recovery occurred in 2024 with sales reaching US$4.714 billion, followed by a further increase to US$4.875 billion in 2025. While showing some recovery, sales remained below the 2022 peak.
- Asia-Pacific, Africa
- The Asia-Pacific and Africa region demonstrated a consistent downward trend in sales. From US$17.275 billion in 2021, sales decreased to US$16.789 billion in 2022, US$13.756 billion in 2023, US$13.593 billion in 2024, and US$14.031 billion in 2025. Although a slight increase was observed in 2025, the region’s sales remained significantly lower than in 2021.
The segments total reflects the combined performance of these regions. A slight increase was observed from US$93.775 billion in 2021 to US$94.943 billion in 2022. A substantial decline occurred in 2023, with total sales falling to US$85.159 billion. A partial recovery was seen in 2024 (US$88.821 billion) and a more significant rebound in 2025, reaching US$94.193 billion. The United States’ strong performance in 2024 and 2025 appears to have been a key driver in the overall segments total recovery.
Long-lived assets
Johnson & Johnson, long-lived assets by geographic area
US$ in millions
| Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Western Hemisphere excluding U.S. | |||||
| Asia-Pacific, Africa | |||||
| Segments total |
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).
The geographic distribution of long-lived assets demonstrates significant shifts over the five-year period. Overall, asset values experienced volatility, with a notable increase in the most recent year analyzed. A detailed examination of regional trends reveals varying patterns of investment and potential divestiture.
- United States
- Long-lived assets in the United States exhibited substantial growth from 2021 to 2024, increasing from US$48,586 million to US$70,670 million. This represents a considerable investment within the region. Further growth was observed in 2025, reaching US$89,392 million, indicating a continued prioritization of assets within the U.S. market.
- Europe
- In contrast to the United States, Europe experienced a consistent decline in long-lived asset values. Beginning at US$43,257 million in 2021, assets decreased to US$27,267 million by 2024. A slight increase to US$27,987 million was noted in 2025, but the overall trend remains downward, potentially suggesting divestitures or reduced investment in the region.
- Western Hemisphere excluding U.S.
- The Western Hemisphere, excluding the United States, showed relatively stable, albeit low, asset values between 2021 and 2023, fluctuating around US$2,700 million. A modest increase was observed in 2024 and 2025, reaching US$2,204 million, suggesting a minor renewed focus on this region.
- Asia-Pacific, Africa
- Long-lived assets in the Asia-Pacific and Africa region experienced a significant decrease from US$5,035 million in 2021 to US$1,500 million in 2023. Values remained relatively stable in the subsequent two years, at US$1,454 million and US$1,544 million respectively, indicating a potential stabilization after the initial decline. The region represents a small portion of the total asset base.
- Total Segments
- Total long-lived assets across all segments increased from US$99,586 million in 2021 to a peak of US$112,225 million in 2022. A subsequent decrease to US$89,439 million in 2023 was observed, followed by a recovery to US$101,119 million in 2024. The most recent year, 2025, shows a substantial increase to US$121,127 million, driven primarily by growth in the United States, offsetting declines in other regions.
The overall trend indicates a strategic shift in asset allocation, with a clear emphasis on increasing investment in the United States while simultaneously reducing exposure in Europe and, to a lesser extent, Asia-Pacific and Africa. The substantial increase in total assets in 2025 suggests a renewed period of investment or potentially acquisitions.