Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-Q (reporting date: 2026-09-27), 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
The analysis of investment activity ratios indicates a general trend of stabilization following a period of moderate contraction in asset utilization efficiency. While total asset and equity turnover remain relatively constant over the observed period, there is a more pronounced downward trajectory in the efficiency of fixed asset utilization.
- Net Fixed Asset Turnover
- A consistent decline in the efficiency of fixed asset utilization is observed. The ratio peaked at 5.29 in October 2022 before entering a downward trend, falling below 4.50 by July 2023. Following this period of volatility, the ratio stabilized between 4.07 and 4.15 throughout 2025 and 2026. This suggests a decrease in the revenue generated per unit of net fixed assets, potentially indicating increased capital expenditure or underutilization of fixed capacity.
- Total Asset Turnover
- The total asset turnover ratio demonstrates relative stability with minor fluctuations. The ratio remained within a tight range, starting at 0.53 in April 2022, reaching a high of 0.55 in October 2022, and hitting a low of 0.46 in March 2024. The trend concludes at 0.50 in September 2026, indicating that the overall ability to generate revenue from the total asset base has remained consistent over the long term.
- Equity Turnover
- Equity turnover exhibits a pattern of stability with slight cyclical variations. The ratio fluctuated between a high of 1.30 in April 2023 and a low of 1.14 in March 2024. In the subsequent periods extending into 2026, the ratio recovered and stabilized around 1.22. This pattern suggests that the efficiency of generating revenue from shareholder equity has been maintained without significant structural degradation.
In summary, the disparity between the declining net fixed asset turnover and the stable total asset turnover suggests that the reduction in efficiency is specifically concentrated within fixed assets rather than across the entire asset portfolio. The stability in equity turnover further indicates that the company's overall revenue-generating capacity relative to its equity base remains intact.
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Net Fixed Asset Turnover
Johnson & Johnson, net fixed asset turnover calculation (quarterly data)
| Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales to customers | 25,399) | 25,310) | 24,062) | 24,564) | 23,993) | 23,743) | 21,893) | 22,520) | 22,471) | 22,447) | 21,383) | 21,395) | 21,351) | 21,519) | 20,894) | 23,706) | 23,791) | 24,020) | 23,426) | ||||||
| Property, plant and equipment, net | 24,104) | 23,582) | 23,270) | 23,169) | 22,338) | 21,949) | 20,871) | 20,518) | 20,479) | 19,748) | 19,632) | 19,898) | 18,821) | 20,576) | 20,174) | 19,803) | 18,152) | 18,354) | 18,701) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.12 | 4.15 | 4.14 | 4.07 | 4.13 | 4.13 | 4.28 | 4.33 | 4.28 | 4.38 | 4.36 | 4.28 | 4.65 | 4.37 | 4.58 | 4.79 | 5.29 | 5.21 | 5.07 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 11.11 | 11.11 | 11.05 | 10.87 | 10.88 | 11.04 | 10.95 | 10.97 | 10.80 | 10.95 | 10.92 | 10.89 | 11.18 | 11.33 | 11.51 | 11.76 | 11.82 | 11.57 | 11.18 | ||||||
| Amgen Inc. | — | 4.24 | 4.32 | 4.44 | 4.78 | 4.89 | 4.91 | 4.89 | 5.06 | 4.85 | 4.70 | 4.53 | 4.61 | 4.58 | 4.56 | 4.57 | 4.73 | 4.77 | 4.75 | ||||||
| Bristol-Myers Squibb Co. | 6.28 | 6.31 | 6.33 | 6.39 | 6.54 | 6.47 | 6.60 | 6.77 | 6.87 | 6.79 | 6.75 | 6.77 | 6.93 | 7.11 | 7.30 | 7.38 | 7.74 | 7.90 | 7.77 | ||||||
| Danaher Corp. | 4.44 | 4.31 | 4.53 | 4.44 | 4.51 | 4.52 | 4.66 | 4.78 | 4.90 | 5.08 | 5.20 | 5.25 | 6.01 | 6.68 | 7.31 | 7.96 | 8.40 | 8.12 | 7.94 | ||||||
| Eli Lilly & Co. | 2.69 | 2.72 | 2.72 | 2.64 | 2.66 | 2.59 | 2.65 | 2.63 | 2.53 | 2.62 | 2.64 | 2.64 | 2.70 | 2.62 | 2.63 | 2.81 | 3.14 | 3.18 | 3.22 | ||||||
| Gilead Sciences Inc. | 5.17 | 5.11 | 5.19 | 5.16 | 5.19 | 5.26 | 5.27 | 5.28 | 5.22 | 5.17 | 5.13 | 5.07 | 4.88 | 4.91 | 4.88 | 4.93 | 5.01 | 5.13 | 5.18 | ||||||
| Merck & Co. Inc. | — | 2.59 | 2.59 | 2.57 | 2.51 | 2.52 | 2.58 | 2.70 | 2.69 | 2.69 | 2.66 | 2.61 | 2.63 | 2.62 | 2.66 | 2.77 | 2.89 | 2.85 | 2.73 | ||||||
| Pfizer Inc. | 3.34 | 3.35 | 3.26 | 3.24 | 3.33 | 3.40 | 3.40 | 3.46 | 3.26 | 2.97 | 2.98 | 3.14 | 3.88 | 4.48 | 5.46 | 6.17 | 6.47 | 6.64 | 6.12 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.95 | 2.85 | 2.83 | 2.80 | 2.85 | 2.94 | 3.00 | 3.09 | 3.12 | 3.13 | 3.10 | 3.16 | 3.27 | 3.23 | 3.19 | 3.23 | 3.70 | 3.91 | 4.64 | ||||||
| Thermo Fisher Scientific Inc. | 4.48 | 4.31 | 4.24 | 4.22 | 4.30 | 4.48 | 4.60 | 4.61 | 4.50 | 4.56 | 4.56 | 4.54 | 4.74 | 4.68 | 4.68 | 4.84 | 5.12 | 5.02 | 4.87 | ||||||
| Vertex Pharmaceuticals Inc. | 7.57 | 7.56 | 7.60 | 7.89 | 8.23 | 8.55 | 8.57 | 8.98 | 9.51 | 8.61 | 8.68 | 8.51 | 8.59 | 8.47 | 8.28 | 8.06 | 7.78 | 7.59 | 7.18 | ||||||
Based on: 10-Q (reporting date: 2026-09-27), 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Sales to customersQ3 2026
+ Sales to customersQ2 2026
+ Sales to customersQ1 2026
+ Sales to customersQ4 2025)
÷ Property, plant and equipment, net
= (25,399 + 25,310 + 24,062 + 24,564)
÷ 24,104 = 4.12
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a clear downward trajectory over the observed period, declining from a peak of 5.29 in October 2022 to 4.12 by September 2026. This trend indicates a decrease in the efficiency with which fixed assets are utilized to generate revenue.
- Revenue Performance
- Sales to customers experienced a period of volatility, starting at 23,426 million in April 2022 and dipping to a low of 20,894 million in April 2023. Following this contraction, a consistent recovery phase is observed, with sales steadily climbing to reach a period high of 25,399 million by September 2026.
- Fixed Asset Expansion
- Net property, plant, and equipment show a sustained long-term increase. After fluctuating between 18,152 million and 20,576 million through mid-2023, the asset base entered a phase of steady growth, expanding to 24,104 million by the end of the period.
- Asset Turnover Correlation
- The compression of the net fixed asset turnover ratio is primarily attributed to the rate of capital investment outpacing revenue growth. While sales eventually exceeded 2022 levels, the substantial increase in the net fixed asset base—growing from 18,701 million to 24,104 million—has diluted the ratio. This suggests that recent investments in property, plant, and equipment have not yet yielded a proportional increase in sales volume.
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Total Asset Turnover
Johnson & Johnson, total asset turnover calculation (quarterly data)
| Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales to customers | 25,399) | 25,310) | 24,062) | 24,564) | 23,993) | 23,743) | 21,893) | 22,520) | 22,471) | 22,447) | 21,383) | 21,395) | 21,351) | 21,519) | 20,894) | 23,706) | 23,791) | 24,020) | 23,426) | ||||||
| Total assets | 197,425) | 201,061) | 200,894) | 199,210) | 192,816) | 193,389) | 193,671) | 180,104) | 178,287) | 181,088) | 171,966) | 167,558) | 166,061) | 191,686) | 195,969) | 187,378) | 175,124) | 177,724) | 178,355) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.50 | 0.49 | 0.48 | 0.47 | 0.48 | 0.47 | 0.46 | 0.49 | 0.49 | 0.48 | 0.50 | 0.51 | 0.53 | 0.47 | 0.47 | 0.51 | 0.55 | 0.54 | 0.53 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.45 | 0.48 | 0.46 | 0.46 | 0.45 | 0.43 | 0.42 | 0.42 | 0.39 | 0.39 | 0.37 | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.40 | 0.40 | ||||||
| Amgen Inc. | — | 0.38 | 0.38 | 0.39 | 0.38 | 0.38 | 0.37 | 0.35 | 0.34 | 0.32 | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | 0.38 | 0.38 | 0.41 | 0.41 | ||||||
| Bristol-Myers Squibb Co. | 0.56 | 0.56 | 0.56 | 0.54 | 0.50 | 0.50 | 0.52 | 0.52 | 0.51 | 0.49 | 0.46 | 0.47 | 0.49 | 0.48 | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | ||||||
| Danaher Corp. | 0.27 | 0.27 | 0.30 | 0.29 | 0.30 | 0.29 | 0.30 | 0.31 | 0.29 | 0.30 | 0.28 | 0.28 | 0.29 | 0.33 | 0.35 | 0.37 | 0.39 | 0.38 | 0.36 | ||||||
| Eli Lilly & Co. | 0.58 | 0.56 | 0.62 | 0.58 | 0.52 | 0.53 | 0.55 | 0.57 | 0.54 | 0.54 | 0.56 | 0.53 | 0.55 | 0.54 | 0.52 | 0.58 | 0.62 | 0.62 | 0.62 | ||||||
| Gilead Sciences Inc. | 0.60 | 0.60 | 0.52 | 0.49 | 0.49 | 0.52 | 0.51 | 0.48 | 0.52 | 0.52 | 0.48 | 0.43 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | ||||||
| Merck & Co. Inc. | — | 0.51 | 0.51 | 0.47 | 0.50 | 0.54 | 0.56 | 0.55 | 0.54 | 0.55 | 0.58 | 0.56 | 0.56 | 0.56 | 0.54 | 0.54 | 0.55 | 0.53 | 0.51 | ||||||
| Pfizer Inc. | 0.31 | 0.32 | 0.30 | 0.30 | 0.30 | 0.31 | 0.30 | 0.30 | 0.28 | 0.26 | 0.25 | 0.26 | 0.32 | 0.36 | 0.48 | 0.51 | 0.51 | 0.52 | 0.50 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.38 | 0.37 | 0.37 | 0.35 | 0.35 | 0.37 | 0.38 | 0.38 | 0.37 | 0.37 | 0.38 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.50 | 0.52 | 0.63 | ||||||
| Thermo Fisher Scientific Inc. | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 0.43 | 0.43 | 0.44 | 0.42 | 0.43 | 0.44 | 0.43 | 0.45 | 0.46 | 0.46 | 0.46 | 0.49 | 0.47 | 0.44 | ||||||
| Vertex Pharmaceuticals Inc. | 0.40 | 0.46 | 0.46 | 0.47 | 0.47 | 0.48 | 0.49 | 0.49 | 0.48 | 0.51 | 0.43 | 0.43 | 0.44 | 0.47 | 0.49 | 0.49 | 0.52 | 0.54 | 0.56 | ||||||
Based on: 10-Q (reporting date: 2026-09-27), 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Q3 2026 Calculation
Total asset turnover
= (Sales to customersQ3 2026
+ Sales to customersQ2 2026
+ Sales to customersQ1 2026
+ Sales to customersQ4 2025)
÷ Total assets
= (25,399 + 25,310 + 24,062 + 24,564)
÷ 197,425 = 0.50
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a period of fluctuation between 2022 and 2026, reflecting the shifting relationship between revenue generation and the size of the asset base.
- Asset Utilization Trends
- The highest efficiency in asset utilization was recorded in October 2022, with the total asset turnover peaking at 0.55. This was followed by a decline throughout early 2023, reaching a low of 0.47. This downward trend corresponds with a contraction in quarterly sales, which fell from approximately $24 billion in 2022 to around $21 billion in the first half of 2023.
- Impact of Asset Base Volatility
- A significant reduction in total assets was observed in October 2023, with the asset base dropping to $166.06 billion. This contraction led to a temporary increase in the turnover ratio to 0.53, as the revenue was generated from a smaller asset footprint. However, as total assets grew steadily from $171.97 billion in March 2024 to $197.43 billion by September 2026, the turnover ratio experienced continued pressure, dipping to 0.46 in December 2024.
- Revenue Growth and Recovery
- A recovery phase is evident from 2024 through 2026. Sales grew consistently from $22.45 billion in June 2024 to a peak of $25.40 billion by September 2026. While the expansion of the asset base limited the potential for a rapid increase in the turnover ratio, the ratio showed a gradual upward trajectory from 0.46 in late 2024 to 0.50 by the end of the analyzed period.
- Long-term Efficiency Outlook
- The data indicates a stabilization of asset efficiency. Despite the total asset base increasing by approximately 11% between April 2022 and September 2026, the company managed to increase sales by roughly 8% over the same period. This resulted in a total asset turnover ratio of 0.50 in September 2026, suggesting a return to normalized efficiency levels after the volatility observed between 2023 and 2024.
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Equity Turnover
Johnson & Johnson, equity turnover calculation (quarterly data)
| Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales to customers | 25,399) | 25,310) | 24,062) | 24,564) | 23,993) | 23,743) | 21,893) | 22,520) | 22,471) | 22,447) | 21,383) | 21,395) | 21,351) | 21,519) | 20,894) | 23,706) | 23,791) | 24,020) | 23,426) | ||||||
| Total Johnson & Johnson shareholders’ equity | 81,529) | 84,971) | 81,186) | 81,544) | 79,277) | 78,473) | 78,109) | 71,490) | 70,158) | 71,538) | 70,020) | 68,774) | 71,228) | 75,149) | 70,869) | 76,804) | 74,599) | 76,357) | 74,709) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.22 | 1.15 | 1.19 | 1.16 | 1.16 | 1.15 | 1.14 | 1.24 | 1.25 | 1.21 | 1.22 | 1.24 | 1.23 | 1.20 | 1.30 | 1.24 | 1.29 | 1.25 | 1.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | — | 40.40 | 16.94 | 9.21 | 8.11 | 6.79 | 5.24 | 4.56 | 4.35 | 4.27 | 3.36 | 3.62 | 3.91 | 3.48 | ||||||
| Amgen Inc. | — | 3.10 | 3.86 | 4.06 | 3.59 | 4.51 | 5.28 | 5.45 | 4.14 | 4.99 | 5.61 | 4.32 | 3.35 | 3.73 | 4.66 | 6.77 | 6.71 | 10.17 | 26.68 | ||||||
| Bristol-Myers Squibb Co. | 2.14 | 2.20 | 2.42 | 2.61 | 2.59 | 2.74 | 2.74 | 2.96 | 2.77 | 2.73 | 2.76 | 1.53 | 1.55 | 1.41 | 1.44 | 1.49 | 1.43 | 1.45 | 1.49 | ||||||
| Danaher Corp. | 0.48 | 0.48 | 0.47 | 0.47 | 0.48 | 0.46 | 0.47 | 0.48 | 0.46 | 0.47 | 0.44 | 0.45 | 0.49 | 0.54 | 0.58 | 0.63 | 0.67 | 0.66 | 0.65 | ||||||
| Eli Lilly & Co. | 2.15 | 2.35 | 2.32 | 2.46 | 2.50 | 2.91 | 3.11 | 3.17 | 2.87 | 2.87 | 2.80 | 3.17 | 2.86 | 2.67 | 2.47 | 2.68 | 2.90 | 3.40 | 3.14 | ||||||
| Gilead Sciences Inc. | 2.36 | 2.52 | 1.24 | 1.27 | 1.33 | 1.46 | 1.49 | 1.48 | 1.52 | 1.51 | 1.56 | 1.18 | 1.22 | 1.28 | 1.27 | 1.27 | 1.27 | 1.34 | 1.37 | ||||||
| Merck & Co. Inc. | — | 1.59 | 1.43 | 1.24 | 1.24 | 1.30 | 1.32 | 1.39 | 1.42 | 1.43 | 1.52 | 1.60 | 1.44 | 1.51 | 1.24 | 1.29 | 1.33 | 1.32 | 1.32 | ||||||
| Pfizer Inc. | 0.71 | 0.75 | 0.70 | 0.72 | 0.68 | 0.72 | 0.69 | 0.72 | 0.65 | 0.64 | 0.61 | 0.67 | 0.71 | 0.79 | 0.92 | 1.05 | 1.08 | 1.16 | 1.12 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.50 | 0.49 | 0.47 | 0.46 | 0.46 | 0.47 | 0.48 | 0.48 | 0.47 | 0.48 | 0.49 | 0.51 | 0.53 | 0.53 | 0.53 | 0.54 | 0.64 | 0.69 | 0.83 | ||||||
| Thermo Fisher Scientific Inc. | 0.86 | 0.88 | 0.87 | 0.83 | 0.86 | 0.86 | 0.87 | 0.86 | 0.86 | 0.89 | 0.93 | 0.92 | 0.96 | 0.99 | 1.04 | 1.02 | 1.01 | 1.01 | 1.00 | ||||||
| Vertex Pharmaceuticals Inc. | 0.62 | 0.62 | 0.63 | 0.64 | 0.68 | 0.66 | 0.67 | 0.67 | 0.68 | 0.70 | 0.55 | 0.56 | 0.58 | 0.61 | 0.64 | 0.64 | 0.67 | 0.70 | 0.73 | ||||||
Based on: 10-Q (reporting date: 2026-09-27), 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Q3 2026 Calculation
Equity turnover
= (Sales to customersQ3 2026
+ Sales to customersQ2 2026
+ Sales to customersQ1 2026
+ Sales to customersQ4 2025)
÷ Total Johnson & Johnson shareholders’ equity
= (25,399 + 25,310 + 24,062 + 24,564)
÷ 81,529 = 1.22
2 Click competitor name to see calculations.
The financial data indicates a dynamic relationship between revenue generation and shareholder equity over the analyzed period. While sales exhibited cyclical volatility, the equity base expanded significantly in the latter half of the timeframe, influencing the overall efficiency of capital utilization.
- Sales Performance Trends
- Quarterly sales remained relatively stable through 2022, fluctuating between $23.4 billion and $24.0 billion. A contraction was observed during 2023, with figures dropping to a low of $20.8 billion in April 2023. Following this dip, a consistent recovery trend emerged throughout 2024 and 2025, culminating in a peak of $25.4 billion by September 2026.
- Shareholders' Equity Evolution
- Total shareholders' equity showed instability between 2022 and 2023, reaching a minimum of $68.7 billion in December 2023. A period of sustained capital growth followed, with equity rising from $70.0 billion in March 2024 to a peak of $84.9 billion in March 2026. This trajectory indicates a significant strengthening of the company's equity position over the observed window.
- Equity Turnover Interpretation
- The equity turnover ratio peaked at 1.30 in April 2023; however, this increase was primarily driven by a contraction in the equity base rather than sales growth. A downward trend is observed reaching a low of 1.14 in December 2024, coinciding with a sharp increase in total equity to $78.1 billion, which outpaced the growth in sales. In the subsequent periods leading to September 2026, the ratio stabilized and recovered to 1.22, suggesting that sales growth began to catch up with the expanded capital base, thereby improving the efficiency of equity utilization.
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