Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Johnson & Johnson, long-term (investment) activity ratios
Based on: 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Johnson & Johnson net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Johnson & Johnson net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Johnson & Johnson total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Johnson & Johnson equity turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Net Fixed Asset Turnover
Johnson & Johnson, net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 29, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales to customers | 85,159) | 94,943) | 93,775) | 82,584) | 82,059) | |
| Property, plant and equipment, net | 19,898) | 19,803) | 18,962) | 18,766) | 17,658) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 4.28 | 4.79 | 4.95 | 4.40 | 4.65 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| AbbVie Inc. | 10.89 | 11.76 | 11.00 | 8.73 | 11.23 | |
| Amgen Inc. | 4.53 | 4.57 | 4.69 | 4.96 | 4.51 | |
| Bristol-Myers Squibb Co. | 6.77 | 7.38 | 7.67 | 7.22 | 4.18 | |
| Eli Lilly & Co. | 2.64 | 2.81 | 3.15 | 2.83 | 2.83 | |
| Gilead Sciences Inc. | 5.07 | 4.93 | 5.27 | 4.90 | 4.91 | |
| Merck & Co. Inc. | 2.61 | 2.77 | 2.53 | 2.67 | 3.11 | |
| Pfizer Inc. | 3.09 | 6.17 | 5.46 | 3.01 | 3.71 | |
| Regeneron Pharmaceuticals Inc. | 3.16 | 3.23 | 4.62 | 2.64 | 2.72 | |
| Thermo Fisher Scientific Inc. | 4.54 | 4.84 | 4.71 | 5.45 | 5.38 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 4.02 | 4.83 | 4.84 | 4.19 | 4.21 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | 10.20 | 10.64 | 10.41 | 9.64 | 9.74 | |
Based on: 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).
1 2023 Calculation
Net fixed asset turnover = Sales to customers ÷ Property, plant and equipment, net
= 85,159 ÷ 19,898 = 4.28
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Johnson & Johnson net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Johnson & Johnson, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 29, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales to customers | 85,159) | 94,943) | 93,775) | 82,584) | 82,059) | |
| Property, plant and equipment, net | 19,898) | 19,803) | 18,962) | 18,766) | 17,658) | |
| ROU asset pertaining to operating leases | 1,000) | 1,100) | 900) | 1,000) | 957) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 20,898) | 20,903) | 19,862) | 19,766) | 18,615) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.07 | 4.54 | 4.72 | 4.18 | 4.41 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| AbbVie Inc. | 9.47 | 10.24 | 9.57 | 7.46 | 10.06 | |
| Amgen Inc. | 4.08 | 4.13 | 4.23 | 4.58 | 4.11 | |
| Bristol-Myers Squibb Co. | 5.60 | 6.18 | 6.66 | 6.30 | 3.76 | |
| Eli Lilly & Co. | 2.43 | 2.63 | 2.93 | 2.63 | 2.66 | |
| Gilead Sciences Inc. | 4.57 | 4.51 | 4.77 | 4.34 | 4.28 | |
| Merck & Co. Inc. | 2.45 | 2.60 | 2.33 | 2.43 | 2.90 | |
| Pfizer Inc. | 2.68 | 5.20 | 4.59 | 2.74 | 3.39 | |
| Regeneron Pharmaceuticals Inc. | 3.11 | 3.17 | 4.52 | 2.58 | 2.66 | |
| Thermo Fisher Scientific Inc. | 3.89 | 4.13 | 3.98 | 4.82 | 4.69 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 3.64 | 4.37 | 4.36 | 3.83 | 3.88 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | 8.33 | 8.57 | 8.24 | 7.56 | 7.64 | |
Based on: 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).
1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales to customers ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 85,159 ÷ 20,898 = 4.07
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Johnson & Johnson net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Total Asset Turnover
Johnson & Johnson, total asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 29, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales to customers | 85,159) | 94,943) | 93,775) | 82,584) | 82,059) | |
| Total assets | 167,558) | 187,378) | 182,018) | 174,894) | 157,728) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.51 | 0.51 | 0.52 | 0.47 | 0.52 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| AbbVie Inc. | 0.40 | 0.42 | 0.38 | 0.30 | 0.37 | |
| Amgen Inc. | 0.28 | 0.38 | 0.40 | 0.39 | 0.37 | |
| Bristol-Myers Squibb Co. | 0.47 | 0.48 | 0.42 | 0.36 | 0.20 | |
| Eli Lilly & Co. | 0.53 | 0.58 | 0.58 | 0.53 | 0.57 | |
| Gilead Sciences Inc. | 0.43 | 0.43 | 0.40 | 0.36 | 0.36 | |
| Merck & Co. Inc. | 0.56 | 0.54 | 0.46 | 0.52 | 0.55 | |
| Pfizer Inc. | 0.26 | 0.51 | 0.45 | 0.27 | 0.31 | |
| Regeneron Pharmaceuticals Inc. | 0.40 | 0.42 | 0.63 | 0.50 | 0.53 | |
| Thermo Fisher Scientific Inc. | 0.43 | 0.46 | 0.41 | 0.47 | 0.44 | |
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.41 | 0.48 | 0.45 | 0.39 | 0.39 | |
| Total Asset Turnover, Industry | ||||||
| Health Care | 0.80 | 0.82 | 0.76 | 0.70 | 0.71 | |
Based on: 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).
1 2023 Calculation
Total asset turnover = Sales to customers ÷ Total assets
= 85,159 ÷ 167,558 = 0.51
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Johnson & Johnson total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Equity Turnover
Johnson & Johnson, equity turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 29, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales to customers | 85,159) | 94,943) | 93,775) | 82,584) | 82,059) | |
| Shareholders’ equity | 68,774) | 76,804) | 74,023) | 63,278) | 59,471) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.24 | 1.24 | 1.27 | 1.31 | 1.38 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| AbbVie Inc. | 5.24 | 3.36 | 3.65 | 3.50 | — | |
| Amgen Inc. | 4.32 | 6.77 | 3.63 | 2.58 | 2.30 | |
| Bristol-Myers Squibb Co. | 1.53 | 1.49 | 1.29 | 1.12 | 0.51 | |
| Eli Lilly & Co. | 3.17 | 2.68 | 3.15 | 4.35 | 8.56 | |
| Gilead Sciences Inc. | 1.18 | 1.27 | 1.28 | 1.34 | 0.98 | |
| Merck & Co. Inc. | 1.60 | 1.29 | 1.28 | 1.90 | 1.81 | |
| Pfizer Inc. | 0.66 | 1.05 | 1.05 | 0.66 | 0.82 | |
| Regeneron Pharmaceuticals Inc. | 0.51 | 0.54 | 0.86 | 0.77 | 0.71 | |
| Thermo Fisher Scientific Inc. | 0.92 | 1.02 | 0.96 | 0.93 | 0.86 | |
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 1.29 | 1.34 | 1.37 | 1.33 | 1.27 | |
| Equity Turnover, Industry | ||||||
| Health Care | 2.26 | 2.20 | 2.11 | 2.08 | 2.08 | |
Based on: 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).
1 2023 Calculation
Equity turnover = Sales to customers ÷ Shareholders’ equity
= 85,159 ÷ 68,774 = 1.24
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Johnson & Johnson equity turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |