Question 1

What is Johnson & Johnson's P/FCF ratio?

Accepted Answer

Johnson & Johnson (JNJ) P/FCF ratio is 35.5× as of June 29, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Johnson & Johnson?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Johnson & Johnson specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Johnson & Johnson's P/FCF ratio high or low?

Accepted Answer

Johnson & Johnson's P/FCF ratio of 35.5× is above its own 5-year average of 23.3× and above the sector median of 19.1×. That places the current reading at the 100th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Johnson & Johnson's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Johnson & Johnson (JNJ) P/FCF ratio has ranged from a low of 10.4× in 2010 to a high of 35.5× in 2026. The 5-year average is 23.3× and the 5-year median is 23.1×.

Question 7

What was Johnson & Johnson's P/FCF ratio in 2025?

Accepted Answer

Johnson & Johnson (JNJ) P/FCF ratio at the end of 2025 was 25.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Johnson & Johnson's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$504B	$19.7B	25.6×	+6.5×	Dec 28, 2025
2024	$345B	$18.1B	19.1×	-1.6×	Dec 29, 2024
2023	$377B	$18.2B	20.7×	-6.2×	Dec 31, 2023
2022	$462B	$17.2B	26.9×	+4.1×	Dec 31, 2022
2021	$450B	$19.8B	22.8×	+2.2×	Dec 31, 2021
2020	$414B	$20.2B	20.5×	+1.2×	Dec 31, 2020
2019	$384B	$19.9B	19.3×	+0.3×	Dec 31, 2019
2018	$352B	$18.5B	19.0×	-2.1×	Dec 31, 2018
2017	$375B	$17.8B	21.1×	+1.0×	Dec 31, 2017
2016	$312B	$15.5B	20.1×	+2.2×	Dec 31, 2016
2015	$283B	$15.8B	17.9×	-1.8×	Dec 31, 2015
2014	$291B	$14.8B	19.7×	+1.0×	Dec 31, 2014
2013	$258B	$13.8B	18.7×	+3.1×	Dec 31, 2013
2012	$195B	$12.5B	15.6×	-0.1×	Dec 31, 2012
2011	$179B	$11.4B	15.7×	+3.6×	Dec 31, 2011
2010	$170B	$14B	12.1×	-0.4×	Dec 31, 2010
2009	$178B	$14.2B	12.5×	-1.4×	Dec 31, 2009
2008	$166B	$11.9B	13.9×	-2.0×	Dec 31, 2008
2007	$190B	$11.9B	16.0×	-0.8×	Dec 31, 2007
2006	$192B	$11.5B	16.7×	-2.7×	Dec 31, 2006
2005	$179B	$9.25B	19.4×	-1.6×	Dec 31, 2005
2004	$188B	$8.96B	21.0×	+2.6×	Dec 31, 2004
2003	$153B	$8.33B	18.4×	-7.9×	Dec 31, 2003
2002	$160B	$6.08B	26.3×	—	Dec 31, 2002


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Johnson & Johnson (JNJ) 2002-2026

P/FCF Ratio daily chart for Johnson & Johnson (JNJ)

Historical P/FCF Ratio for Johnson & Johnson (JNJ) from 2002 to 2025

About P/FCF Ratio at Johnson & Johnson (JNJ)

Johnson & Johnson P/FCF Ratio by Year

Johnson & Johnson P/FCF Ratio 2025: 25.6×

Johnson & Johnson P/FCF Ratio 2024: 19.1×

Johnson & Johnson P/FCF Ratio 2023: 20.7×

Johnson & Johnson P/FCF Ratio 2022: 26.9×

Johnson & Johnson P/FCF Ratio 2021: 22.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Johnson & Johnson (JNJ) Key Financials