Johnson & Johnson
JNJ 6Price and target zones价格与目标区间
$272.27
$180–195 entry买入$267.04+ full value估值上限 · 22× fwd52wk52周 $180–$281-3% off the high距高点
What the company does公司做什么
Johnson & Johnson, together with its subsidiaries, engages in the research and development, manufacture, and sale of a range of products in the healthcare field worldwide. It operates in two segments, Innovative Medicine and MedTech.
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Johnson & Johnson, together with its subsidiaries, engages in the research and development, manufacture, and sale of a range of products in the healthcare field worldwide. It operates in two segments, Innovative Medicine and MedTech. The Innovative Medicine segment offers products for various therapeutic areas, such as oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism distributed through retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use. The MedTech segment provides a portfolio of products used in the surgery, orthopedic, cardiovascular, and vision fields distributed through wholesalers, hospitals and retailers, and used in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics. This segment also offers products and enabling technologies that support joint reconstruction, trauma, spine, sports related injuries, and others, as well as open, laparoscopic, and robotic surgical procedures; instrumentation, energy devices, stapling systems, wound closure, biosurgery products, and digital and robotic technologies; breast aesthetics and reconstruction; contact lenses under the ACUVUE brand; intraocular lenses for cataract surgery, and other products used in cataract and refractive procedures under the TECNIS brand. The company was founded in 1886 and is based in New Brunswick, New Jersey.
Business segments业务板块 2
MedTech
- Products and enabling technologies that support joint reconstruction, trauma, spine, sports related injuries, and others, as well as open, laparoscopic, and robotic surgical procedures
- Instrumentation, energy devices, stapling systems, wound closure, biosurgery products, and digital and robotic technologies
- Breast aesthetics and reconstruction
- Contact lenses under the ACUVUE brand
- Intraocular lenses for cataract surgery, and other products used in cataract and refractive procedures under the TECNIS brand
Company facts公司资料
- Founded成立时间
- 1886
- Employees员工人数
- 138,200
- Industry行业
- Drug Manufacturers - General
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
⚪ ANALYZED 9/10 — WATCH; LOADS the pharma-cliff cluster (5th member — Stelara = the same cliff shape as BMY/AZN). MedTech (~40% of revenue) is the one genuine hedge. Well above zone (FV $190-225, entry $180-195); yield 2.01% rich vs history; use FCF not GAAP (talc-reserve noise). Trim 22x fwd.
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
$17.18B 2022to至$19.31B 2025+4.0%/yr
$79.99B 2022to至$94.19B 2025+5.6%/yr
$26.61B 2022to至$41.05B 2025+15.6%/yr
$17.94B 2022to至$26.80B 2025+14.3%/yr
2.61B 2022to至2.41B 2025-2.7%/yr
$39.64B 2022to至$47.93B 2025+6.5%/yr
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
Gross profit毛利润
68%
Operating profit营业利润
29%
Net profit净利润
21%
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 26%
- Revenue growth营收增长
- +7%
- Dividend yield股息率
- 1.98%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- Gross margin has been stable in the high-60s (67.9% FY2025), the honest quantitative signal here: stable, not rising, not falling — a mature moat holding its ground rather than one actively widening.
- Moat sources, named Source Strength Note --- --- --- Two-pillar diversification (Pharma + MedTech) ⭐⭐⭐⭐⭐ The structural feature that separates JNJ from every other name in the watchlist's pharma-cliff cluster.
- AAA balance sheet as a moat input ⭐⭐⭐⭐ Rare enough (two US companies hold it) to be a genuine competitive asset: it funds bolt-on M&A (Shockwave, Intra-Cellular, Halda) at a lower cost of capital than any rival, and it absorbed a $5.5B litigation settlement without a rating action.
- Switching costs / network effects ⭐⭐ Modest in MedTech (procedural training, surgeon habit); essentially none in pharma.
- US drug pricing / MFN / IRA Medicare negotiation Applies to the Innovative Medicine segment exactly as it does to AZN, BMY, and every other branded-pharma name — this is genuinely shared, sector-wide policy risk, not something JNJ escapes.