JOHNSON & JOHNSON (JNJ)

Pharmaceutical Preparations

Latest Price

$256.35

TTM P/E

29.77

Normalized P/E

28.16

Div Yield

2.04%

Book Value

35.29

P/B Ratio

7.27

Valuation metrics

EPS: $11.03

Book value / share: $33.57

Formula: √(22.5 × EPS × BVPS)

Graham Number

$91.27

64% downside

Norm. op. income: $16.7B (median of 7yr)

Tax rate: 12%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$48.11

81% downside

Base FCF: $19.8B (median of recent 5yr)

Growth: -1%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$78.91

69% downside

EPS: $11.03

Target P/E: 28×

Formula: EPS × P/E

P/E Fair Value

$308.84

+20% upside

69.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	213.39M	$52.16B	8.86%	+4.60M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	156.61M	$38.28B	6.51%	--	2026-03-31
STATE STREET CORP	133.48M	$32.63B	5.54%	-393.6K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	63.51M	$15.53B	2.64%	--	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	59.16M	$14.42B	2.46%	+1.21M	2026-03-31
MORGAN STANLEY	44.72M	$10.93B	1.86%	-1.60M	2026-03-31
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	31.59M	$7.72B	1.31%	--	2026-03-31
NORTHERN TRUST CORP	29.32M	$7.17B	1.22%	+38.2K	2026-03-31
BANK OF AMERICA CORP /DE/	25.52M	$6.24B	1.06%	-2.82M	2026-03-31
FMR LLC	24.77M	$6.05B	1.03%	+6.00M	2026-03-31