JOHNSON & JOHNSON (JNJ)

Pharmaceutical Preparations

Latest Price

$266.35

TTM P/E

31.02

Normalized P/E

29.34

Div Yield

1.96%

Book Value

35.29

P/B Ratio

7.55

Valuation metrics

EPS: $11.03

Book value / share: $33.57

Formula: √(22.5 × EPS × BVPS)

Graham Number

$91.27

66% 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

82% 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

70% downside

EPS: $11.03

Target P/E: 29×

Formula: EPS × P/E

P/E Fair Value

$319.87

+20% upside

74.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	212.10M	$53.87B	8.81%	-1.29M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	157.23M	$39.93B	6.53%	+621.0K	2026-06-30
STATE STREET CORP	133.78M	$33.98B	5.56%	+299.7K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	64.37M	$16.35B	2.67%	+856.4K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	59.09M	$14.97B	2.45%	-78.4K	2026-06-30
JPMORGAN CHASE & CO	58.30M	$15.07B	2.42%	-256.6K	2026-06-30
MORGAN STANLEY	44.81M	$11.38B	1.86%	+87.1K	2026-06-30
NORGES BANK	31.83M	$8.08B	1.32%	-1.63M	2026-06-30
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	31.59M	$8.02B	1.31%	--	2026-06-30
NORTHERN TRUST CORP	28.79M	$7.31B	1.20%	-527.6K	2026-06-30