JNJJOHNSON & JOHNSON

Pharmaceutical Preparations

Revenue: $94.2B; 6.0% YoY
Operating margin: —
EBITDA: —
Market cap: $657.7B
Employees: 138,200; $682K revenue each
Net debt / EBITDA: —; $24.5B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
92% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$682K · 63rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$657.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$150M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$82.6B	$78.7B	$85.2B	$88.8B	$94.2B	6.0%
Net income	$14.7B	$20.9B	$35.2B	$14.1B	$26.8B	91%
Operating cash flow	$23.5B	$23.4B	$22.8B	$24.3B	$24.5B	1.1%
Capex	$3.3B	$3.7B	$4.5B	$4.4B	$4.8B	9.2%
Stock-based comp	$1.0B	$1.1B	$1.2B	$1.2B	$1.4B	15%
Buybacks	$3.2B	$3.5B	$5.1B	$2.4B	$6.0B	145%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $258K · 1
Open-market sells, 12 mo: $151M · 28
Net: −$150M

Pay vs performance

No pay-versus-performance disclosure yet.