Stock Analysis on Net
Stock Analysis on Net

Johnson & Johnson (NYSE:JNJ)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Historical Valuation Ratios (Summary)

Johnson & Johnson, historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 29, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
Price to earnings (P/E) 22.51 25.68 23.06 25.99 24.03 21.50 25.68 23.74 243.48 256.64 271.47 268.10 23.75 21.91 20.12 20.08 19.64 22.55 20.29 18.80
Price to operating profit (P/OP) 19.46 19.66 18.67 19.83 17.23 19.08 20.36 18.34 20.42 18.93 18.18 18.94 18.71 17.29 15.95 16.09 16.59 18.63 17.98 16.50
Price to sales (P/S) 4.73 4.84 4.78 4.79 4.16 4.32 4.62 4.45 4.61 4.36 4.29 4.56 5.06 4.93 4.60 4.62 4.37 4.78 4.49 4.13
Price to book value (P/BV) 5.93 6.19 6.46 6.61 5.84 5.78 6.39 6.08 5.81 5.60 5.34 5.79 5.08 4.98 4.72 4.72 4.30 4.68 4.34 4.07 3.91 3.90 4.09

Based on: 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Johnson & Johnson’s P/E ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Johnson & Johnson’s P/OP ratio increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Johnson & Johnson’s P/S ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Johnson & Johnson’s P/BV ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Price to Earnings (P/E)

Johnson & Johnson, historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 29, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 2,632,542,672 2,632,823,475 2,634,594,535 2,634,721,257 2,631,872,399 2,639,165,527 2,655,055,987 2,663,138,579 2,681,977,969 2,682,756,061 2,682,149,964 2,682,901,553 2,686,520,050 2,683,999,728 2,693,833,081 2,713,346,602 2,720,531,728 2,735,876,843 2,750,644,288 2,759,359,192 2,766,943,629 2,769,106,237 2,773,045,351
Selected Financial Data (US$)
Net earnings (in millions) 3,554  3,626  5,796  4,010  1,753  5,607  3,749  3,042  3,934  3,954  4,367  (10,713) 3,764  3,827  4,422  3,814  4,272  3,997  4,457  3,215  3,358  4,516  4,320 
Earnings per share (EPS)2 6.45 5.77 6.52 5.74 5.38 6.19 5.53 5.74 0.57 0.51 0.46 0.48 5.89 6.09 6.13 6.10 5.86 5.49 5.65 5.58 0.00 0.00 0.00
Share price1, 3 145.24 148.12 150.24 149.14 129.18 133.02 141.95 136.35 139.99 131.25 126.01 129.91 139.93 133.35 123.25 122.40 115.11 123.86 114.67 104.96 101.03 100.21 100.13
Valuation Ratio
P/E ratio4 22.51 25.68 23.06 25.99 24.03 21.50 25.68 23.74 243.48 256.64 271.47 268.10 23.75 21.91 20.12 20.08 19.64 22.55 20.29 18.80
Benchmarks
P/E Ratio, Competitors5
Abbott Laboratories 58.45 58.36 45.61 41.83 44.92 53.17 52.98 56.47 136.66 122.73 213.07 220.29 45.00 73.04 50.48 55.16 41.28 29.01 22.87 12.83
AbbVie Inc. 22.60 23.92 14.70 17.82 37.29 23.42 21.71 20.60 17.29 22.09 24.91 35.47 22.56 17.16 16.90 16.54 15.75 18.94 18.46 17.01
Amgen Inc. 17.25 19.97 17.70 17.07 15.53 14.06 13.30 14.01 55.79 52.69 52.13 64.06 15.67 15.70 15.16 16.03 14.24 17.32 16.55 15.95
Bristol-Myers Squibb Co. 144.77 41.99 16.53 11.97 14.51 16.81 56.09 251.38 92.56 103.55 23.59 19.40 18.96 20.56 25.80 43.47 76.64 64.22
Eli Lilly & Co. 22.54 25.59 26.56 16.19 13.31 13.84 18.38 39.13 249.24 79.88 41.51 37.39 41.29 32.39 33.66 37.12 35.95 33.35
Gilead Sciences Inc. 59.19 19.58 16.45 30.72 13.61 14.26 15.26 57.34 45.72 24.66 22.75 8.24 7.85 6.92 6.83 6.47 6.49 6.50 6.75
Illumina Inc. 66.98 74.93 47.73 43.43 43.91 46.92 54.25 52.00 62.22 73.58 59.94 44.63 38.26 38.75 36.92 52.01 45.62 56.56 50.34 50.07
Merck & Co. Inc. 17.67 19.70 19.18 20.60 22.67 23.07 23.97 33.46 56.97 132.14 96.71 61.63 53.20 33.41 39.83 46.14 30.16 33.87 32.46 31.64
Pfizer Inc. 23.29 15.01 13.00 11.63 12.60 16.12 19.69 21.58 10.64 10.66 9.43 9.99 21.39 23.88 27.02 28.10 32.43 30.28 26.41 26.37
Regeneron Pharmaceuticals Inc. 19.91 22.27 28.35 19.86 17.03 15.94 14.56 18.17 21.53 26.96 22.09 28.99 34.90 43.35 47.93 42.64 45.15 61.42 53.53 60.50
Vertex Pharmaceuticals Inc. 20.14 34.05 43.74 52.90 23.44 20.80 20.51 22.59 65.41 108.21 175.96 155.08 193.19 149.56 166.15
Zoetis Inc. 48.84 47.41 37.05 45.89 39.46 42.08 35.57 28.68 38.90 39.51 39.53 44.09 35.00 33.42 33.79 31.63 35.08 39.58 62.14 62.14

Based on: 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
EPS = (Net earningsQ3 2020 + Net earningsQ2 2020 + Net earningsQ1 2020 + Net earningsQ4 2019) ÷ No. shares of common stock outstanding
= (3,554,000,000 + 3,626,000,000 + 5,796,000,000 + 4,010,000,000) ÷ 2,632,542,672 = 6.45

3 Closing price as at the filing date of Johnson & Johnson’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 145.24 ÷ 6.45 = 22.51

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Johnson & Johnson’s P/E ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.

Price to Operating Profit (P/OP)

Johnson & Johnson, historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 29, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 2,632,542,672 2,632,823,475 2,634,594,535 2,634,721,257 2,631,872,399 2,639,165,527 2,655,055,987 2,663,138,579 2,681,977,969 2,682,756,061 2,682,149,964 2,682,901,553 2,686,520,050 2,683,999,728 2,693,833,081 2,713,346,602 2,720,531,728 2,735,876,843 2,750,644,288 2,759,359,192 2,766,943,629 2,769,106,237 2,773,045,351
Selected Financial Data (US$)
Operating earnings (in millions) 5,633  3,990  5,788  4,238  5,820  5,353  4,403  4,154  4,494  5,464  5,686  2,740  4,709  5,458  5,498  4,428  5,322  5,563  5,332  2,660  4,633  4,917  5,346 
Operating profit per share2 7.46 7.53 8.05 7.52 7.50 6.97 6.97 7.43 6.85 6.93 6.93 6.86 7.48 7.71 7.73 7.61 6.94 6.65 6.38 6.36 0.00 0.00 0.00
Share price1, 3 145.24 148.12 150.24 149.14 129.18 133.02 141.95 136.35 139.99 131.25 126.01 129.91 139.93 133.35 123.25 122.40 115.11 123.86 114.67 104.96 101.03 100.21 100.13
Valuation Ratio
P/OP ratio4 19.46 19.66 18.67 19.83 17.23 19.08 20.36 18.34 20.42 18.93 18.18 18.94 18.71 17.29 15.95 16.09 16.59 18.63 17.98 16.50
Benchmarks
P/OP Ratio, Competitors5
Abbott Laboratories 45.82 45.19 35.87 34.03 34.32 37.50 36.74 36.64 38.12 38.00 39.99 60.88 47.72 41.32 30.85 24.25 18.51 23.04 20.13 19.80
AbbVie Inc. 14.42 15.23 9.13 10.82 18.43 13.53 17.93 18.35 12.32 14.01 15.78 19.63 14.77 11.57 11.19 10.49 10.48 12.51 12.44 11.61
Amgen Inc. 13.82 15.84 14.22 13.84 12.52 11.35 10.73 11.46 12.13 12.16 11.45 12.71 12.55 12.46 11.99 12.64 11.56 14.06 13.50 13.07
Bristol-Myers Squibb Co. 39.45 33.97 27.33 24.42 13.51 10.89 13.68 16.16 19.56 27.48 23.10 28.87 24.60 20.23 19.09 19.79 24.47 43.34 64.30 53.18
Eli Lilly & Co. 22.98 25.58 24.82 27.08 23.37 23.99 38.43 33.99 37.45 47.62 25.86 39.61 33.07 29.23 32.37 25.63 27.59 30.51 28.95 29.86
Gilead Sciences Inc. 29.86 21.83 20.66 19.07 9.61 10.14 10.15 9.74 9.58 6.83 7.45 6.02 5.82 5.22 5.23 5.08 5.20 5.25 5.50
Illumina Inc. 59.77 60.31 46.36 44.17 46.74 51.96 53.12 48.64 46.46 55.70 44.02 53.47 57.62 58.10 52.79 40.99 34.40 43.07 37.39 37.71
Merck & Co. Inc. 16.00 17.23 15.88 17.47 17.97 18.21 19.17 25.08 25.60 34.95 27.63 22.58 38.37 25.21 30.01 33.62 21.16 24.34 20.90 20.29
Pfizer Inc. 16.79 18.20 15.97 14.36 14.64 13.82 15.62 17.19 18.14 17.36 15.05 15.62 16.20 16.11 16.34 16.88 16.63 16.98 15.88 15.52
Regeneron Pharmaceuticals Inc. 20.36 23.98 26.60 19.01 16.21 15.41 14.44 17.53 16.43 18.75 14.23 16.71 23.63 29.60 32.24 28.70 29.64 36.67 30.59 30.74
Vertex Pharmaceuticals Inc. 20.35 33.91 40.27 51.98 64.96 52.36 56.45 74.57 66.84 442.93 331.55 1,018.05 112.83 99.84 2,143.58
Zoetis Inc. 36.65 36.24 28.78 35.00 30.23 32.11 27.78 22.59 23.98 23.28 21.51 22.33 21.75 20.64 20.42 18.65 18.87 20.90 28.06 28.09

Based on: 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Operating profit per share = (Operating earningsQ3 2020 + Operating earningsQ2 2020 + Operating earningsQ1 2020 + Operating earningsQ4 2019) ÷ No. shares of common stock outstanding
= (5,633,000,000 + 3,990,000,000 + 5,788,000,000 + 4,238,000,000) ÷ 2,632,542,672 = 7.46

3 Closing price as at the filing date of Johnson & Johnson’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 145.24 ÷ 7.46 = 19.46

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Johnson & Johnson’s P/OP ratio increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020.

Price to Sales (P/S)

Johnson & Johnson, historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 29, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 2,632,542,672 2,632,823,475 2,634,594,535 2,634,721,257 2,631,872,399 2,639,165,527 2,655,055,987 2,663,138,579 2,681,977,969 2,682,756,061 2,682,149,964 2,682,901,553 2,686,520,050 2,683,999,728 2,693,833,081 2,713,346,602 2,720,531,728 2,735,876,843 2,750,644,288 2,759,359,192 2,766,943,629 2,769,106,237 2,773,045,351
Selected Financial Data (US$)
Sales to customers (in millions) 21,082  18,336  20,691  20,747  20,729  20,562  20,021  20,394  20,348  20,830  20,009  20,195  19,650  18,839  17,766  18,106  17,820  18,482  17,482  17,811  17,102  17,787  17,374 
Sales per share2 30.71 30.58 31.40 31.15 31.04 30.81 30.73 30.63 30.34 30.08 29.34 28.50 27.68 27.02 26.79 26.49 26.32 25.91 25.51 25.40 0.00 0.00 0.00
Share price1, 3 145.24 148.12 150.24 149.14 129.18 133.02 141.95 136.35 139.99 131.25 126.01 129.91 139.93 133.35 123.25 122.40 115.11 123.86 114.67 104.96 101.03 100.21 100.13
Valuation Ratio
P/S ratio4 4.73 4.84 4.78 4.79 4.16 4.32 4.62 4.45 4.61 4.36 4.29 4.56 5.06 4.93 4.60 4.62 4.37 4.78 4.49 4.13
Benchmarks
P/S Ratio, Competitors5
Abbott Laboratories 6.13 5.77 5.09 4.83 4.72 4.98 4.52 4.37 3.98 3.84 3.57 3.84 3.77 3.62 3.40 3.70 2.73 3.21 2.74 2.78
AbbVie Inc. 4.10 4.59 3.64 4.22 3.69 2.96 3.56 3.58 4.06 4.60 5.37 6.67 5.50 4.25 4.07 3.84 3.79 4.38 4.25 3.83
Amgen Inc. 5.33 6.30 5.96 6.03 5.61 5.00 4.78 5.22 5.56 5.65 5.27 5.82 5.85 5.85 5.48 5.65 5.01 5.97 5.60 5.28
Bristol-Myers Squibb Co. 3.66 3.97 4.45 5.52 3.87 3.11 3.21 3.67 3.64 4.38 4.04 5.02 4.85 4.40 4.59 4.72 4.70 7.08 7.13 6.07
Eli Lilly & Co. 5.41 6.26 6.36 6.03 4.67 4.67 4.80 5.15 4.62 4.34 3.85 3.71 4.11 4.16 4.18 4.18 3.95 4.44 4.13 4.02
Gilead Sciences Inc. 3.29 3.95 4.34 4.00 3.76 3.69 3.84 3.84 4.17 4.43 3.52 4.10 3.54 3.42 3.05 3.08 3.13 3.32 3.48 3.80
Illumina Inc. 13.20 15.50 12.64 12.28 12.35 12.92 13.59 12.89 13.12 15.36 11.58 11.77 11.53 11.65 11.27 10.03 8.53 10.58 9.26 10.41
Merck & Co. Inc. 4.30 4.38 4.05 4.33 4.59 4.87 4.67 4.92 4.57 4.29 3.75 3.68 3.80 4.25 4.34 4.54 4.15 4.41 3.80 3.56
Pfizer Inc. 4.16 4.32 4.05 3.66 3.85 3.80 4.20 4.49 4.75 4.51 3.89 4.05 4.00 3.80 3.75 3.84 3.82 4.08 3.95 3.76
Regeneron Pharmaceuticals Inc. 7.62 8.31 8.10 5.34 4.79 4.56 5.11 6.62 6.08 6.92 5.20 5.92 8.09 9.56 9.27 7.86 7.61 9.82 8.95 9.38
Vertex Pharmaceuticals Inc. 9.04 13.11 13.71 14.95 13.89 13.34 13.54 15.54 14.96 17.14 16.47 16.42 16.47 18.23 14.60 12.51 11.33 15.62 15.73 20.38
Zoetis Inc. 12.42 12.09 9.42 11.00 9.37 9.57 8.35 7.03 7.92 7.88 7.10 7.18 6.40 5.85 5.83 5.31 4.95 5.21 4.87 4.42

Based on: 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Sales per share = (Sales to customersQ3 2020 + Sales to customersQ2 2020 + Sales to customersQ1 2020 + Sales to customersQ4 2019) ÷ No. shares of common stock outstanding
= (21,082,000,000 + 18,336,000,000 + 20,691,000,000 + 20,747,000,000) ÷ 2,632,542,672 = 30.71

3 Closing price as at the filing date of Johnson & Johnson’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 145.24 ÷ 30.71 = 4.73

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Johnson & Johnson’s P/S ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.

Price to Book Value (P/BV)

Johnson & Johnson, historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 29, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
No. shares of common stock outstanding1 2,632,542,672 2,632,823,475 2,634,594,535 2,634,721,257 2,631,872,399 2,639,165,527 2,655,055,987 2,663,138,579 2,681,977,969 2,682,756,061 2,682,149,964 2,682,901,553 2,686,520,050 2,683,999,728 2,693,833,081 2,713,346,602 2,720,531,728 2,735,876,843 2,750,644,288 2,759,359,192 2,766,943,629 2,769,106,237 2,773,045,351
Selected Financial Data (US$)
Shareholders’ equity (in millions) 64,473  62,978  61,294  59,471  58,210  60,785  58,955  59,752  64,626  62,889  63,255  60,160  73,979  71,922  70,341  70,418  72,769  72,473  72,647  71,150  71,554  71,131  67,878 
Book value per share (BVPS)2 24.49 23.92 23.27 22.57 22.12 23.03 22.20 22.44 24.10 23.44 23.58 22.42 27.54 26.80 26.11 25.95 26.75 26.49 26.41 25.78 25.86 25.69 24.48
Share price1, 3 145.24 148.12 150.24 149.14 129.18 133.02 141.95 136.35 139.99 131.25 126.01 129.91 139.93 133.35 123.25 122.40 115.11 123.86 114.67 104.96 101.03 100.21 100.13
Valuation Ratio
P/BV ratio4 5.93 6.19 6.46 6.61 5.84 5.78 6.39 6.08 5.81 5.60 5.34 5.79 5.08 4.98 4.72 4.72 4.30 4.68 4.34 4.07 3.91 3.90 4.09
Benchmarks
P/BV Ratio, Competitors5
Abbott Laboratories 6.30 5.94 5.40 4.96 4.65 4.86 4.49 4.38 3.94 3.72 3.23 3.40 2.95 2.71 2.42 3.76 2.72 3.20 2.70 2.68 3.19 3.27 3.17
AbbVie Inc. 10.93 11.31 44.74 36.95 22.43 18.89 21.33 21.24 14.80 19.21 21.77 22.17 21.56 20.64 75.48
Amgen Inc. 11.57 13.67 14.33 13.84 11.47 10.37 9.92 9.41 8.56 8.35 7.41 5.02 3.98 4.05 3.91 4.14 3.51 4.27 4.16 3.94 4.38 4.87 4.66
Bristol-Myers Squibb Co. 2.87 2.82 2.77 2.80 5.30 4.63 4.91 5.89 5.89 7.67 6.65 8.88 6.75 6.05 6.36 5.66 5.56 8.36 8.38 7.04 7.39 7.52 6.92
Eli Lilly & Co. 26.02 35.12 47.73 51.67 31.28 39.03 46.37 12.87 8.58 8.96 6.18 7.33 6.20 6.49 6.43 6.33 5.28 6.25 5.55 5.51 5.94 6.39 5.35
Gilead Sciences Inc. 4.30 4.79 4.40 3.93 4.02 3.58 3.83 3.89 3.98 4.66 4.15 5.15 3.85 4.23 4.28 4.88 5.78 6.83 8.42 6.59 9.02 10.69 8.88
Illumina Inc. 9.09 11.38 9.70 9.43 9.62 10.16 11.58 11.43 12.15 14.64 11.30 11.79 10.48 10.67 10.71 10.95 9.03 11.90 10.48 12.50 11.25 17.69 16.98
Merck & Co. Inc. 6.97 7.47 7.43 7.83 7.87 7.82 7.31 7.79 5.88 5.44 4.54 4.30 3.96 4.31 4.35 4.51 3.78 4.01 3.42 3.15 3.37 3.54 3.57
Pfizer Inc. 3.10 3.31 3.16 3.00 3.14 3.42 3.84 3.80 3.55 3.44 2.80 2.98 3.45 3.41 3.37 3.40 3.21 3.40 3.19 2.84 3.15 3.24 3.07
Regeneron Pharmaceuticals Inc. 6.21 7.34 5.33 3.79 3.48 3.38 3.74 5.07 4.92 5.97 4.80 5.66 7.37 9.07 9.49 8.58 8.02 11.19 10.54 10.53 17.80 18.04 16.29
Vertex Pharmaceuticals Inc. 6.66 9.42 10.23 10.23 9.57 9.09 9.36 10.68 14.56 16.73 16.56 20.14 21.11 23.25 19.64 18.42 18.42 24.79 21.23 22.38 33.24 38.35 31.53
Zoetis Inc. 22.55 25.71 21.68 25.42 21.53 24.00 21.31 18.74 21.38 22.36 19.72 21.52 16.49 17.11 17.96 17.46 15.25 18.64 20.16 19.72 18.42 20.48 17.82

Based on: 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 64,473,000,000 ÷ 2,632,542,672 = 24.49

3 Closing price as at the filing date of Johnson & Johnson’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 145.24 ÷ 24.49 = 5.93

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Johnson & Johnson’s P/BV ratio decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.