Johnson & Johnson (JNJ)财务
NYSE · Healthcare · Drug Manufacturers - General · 员工141,700人 · CEO Joaquin Duato
- 股价
- $273.20 -0.73%
- 市值
- $6580亿
- 企业价值
- $6850亿
- 最近财报
- Q3 '26 2026-10-21提交
- 下次财报
- 2027-01-26 EPS预期 $2.91
营收(TTM)$993亿+7.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)25.7%-0.4 百分点 对比去年同期营业利润 $255亿
净利润(TTM)$161亿-35.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$206亿+7.9% 对比去年同期资本支出 $55.7亿
稀释EPS(TTM)$6.60-36.3% 对比去年同期最近4个季度之和
净现金-$274亿-0.7% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $6580亿 EV $6850亿
- 营收
- $993亿 过去12个月
- 营收增速
- +7% FY2026年一致预期
- 净利润率
- 16.2% 净利润 / 营收,TTM
- P/E
- 41.4× 预期 24.6×(FY2026)
- P/S
- 6.6× 股价 / 营收,TTM
- EV / EBITDA
- 22.2× TTM
- 自由现金流
- $206亿 过去12个月
- 净利润
- $161亿 过去12个月
- 营收预期
- $1010亿 FY2026年一致预期
- 盈利
- 2027-01-26 营收预期 $264亿
- 股息
- $5.28 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-13):营收符合预期,EPS 超预期2.8%营收$254亿,预期$254亿(+0.1%);EPS $2.59,预期$2.52(+2.8%)。
- 营收增长放缓:同比5.9%Q3 '26营收$254亿,此前四个季度的平均值为8.1%。
- 营业利润率25.7%(TTM),较去年同期-0.4 百分点营收增长7.8%,营业利润增长6.2%。
- 税前利润的43.9%被营业外亏损吞噬税前利润$177亿,营业利润$255亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的5.6%(去年为5.6%)最近4个季度投入$55.7亿(同比+8.6%)。自由现金流$206亿,相当于净利润的127.9%。
- 股东回报$206亿 = 自由现金流的100.0%回购$78.8亿(去年为$43.1亿),股息$127亿,股权激励$14.2亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内增加0.8%Q3 '26稀释股数24.5亿,一年前为24.3亿。
- 净债务 $274亿现金 + 短期投资 $172亿,含租赁债务 $447亿;一年前净债务 $272亿。
上一季度:Q3 '26
截至2026-09-27的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $254亿 | $240亿 | +5.9% |
| 毛利率 | 73.0% | 69.6% | +3.4 百分点 |
| 营业利润 | $63.7亿 | $71亿 | -10.3% |
| 营业利润率 | 25.1% | 29.6% | -4.5 百分点 |
| 净利润 | $2.1亿 | $51.5亿 | -95.9% |
| 稀释EPS | $0.09 | $2.12 | -96.0% |
| 经营现金流 | $77.2亿 | $91.7亿 | -15.8% |
| 资本支出 | $13.6亿 | $7.88亿 | +72.8% |
| 自由现金流 | $63.6亿 | $83.8亿 | -24.1% |
| R&D | $46.5亿 | $36.7亿 | +26.7% |
| 股权激励费用 | $3.57亿 | $3.47亿 | +2.9% |
实际 vs 一致预期
2026-10-13| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $254亿 | $254亿 | +0.1% |
| EPS(一致预期口径) | $2.59 | $2.52 | +2.8% |
来自2026-10-13发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Innovative Medicine | $168亿 | +7.7% | 66.0% | $643亿 | +9.1% | |
| MedTech | $86.4亿 | +2.5% | 34.0% | $350亿 | +5.5% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | – | – | – | – | – | |
| Europe | $54.1亿 | -0.6% | 51.8% | $226亿 | +8.2% | |
| Asia-Pacific, Africa | $36.5亿 | +1.0% | 35.0% | $145亿 | +5.0% | |
| Western Hemisphere, excluding U.S. | $13.9亿 | +12.5% | 13.3% | $52.6亿 | +11.0% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Innovative Medicine | $168亿 | +7.7% | – | – | – | – | – |
| Med Tech | $86.4亿 | +2.5% | – | – | – | – | – |
| Corporate (unallocated) | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $262亿
- 资本支出
- -$55.7亿
- 股票回购
- -$78.8亿
- 股息
- -$127亿
- 收购
- -$31.7亿
- 债务净发行
- -$7.87亿
- 股权激励费用
- $14.2亿
- 自由现金流
- $206亿
- 股东回报 / FCF
- 100.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 41.4× | 20.4× | 11.3× – 25.9× |
| EV / EBITDA | 22.2× | 16.1× | 13.0× – 18.4× |
| EV / 营收 | 6.9× | 5.3× | 4.0× – 6.1× |
| 股价 / FCF | 31.9× | 22.9× | 17.4× – 26.9× |
| 股价 / 净资产 | 8.2× | 5.8× | 4.8× – 6.2× |
| FCF收益率 | 3.1% | 4.5% | 3.7% – 5.8% |
| 投入资本回报率 | 15.4% | 14.0% | 12.3% – 16.6% |
| 净资产收益率 | 19.6% | 31.0% | 19.7% – 51.1% |
分析师
一致目标价 $285.31 (+4.4%)
区间 $260.00 – $320.00 · 评级 Buy
强烈买入0
买入21
持有16
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1010亿 | +7.5% | $11.11 | +0.7% | 24.6× | 11 |
| FY2027 | $1080亿 | +6.6% | $11.60 | +4.4% | 23.6× | 12 |
| FY2028 | $1170亿 | +8.2% | $13.97 | +20.5% | 19.6× | 5 |
| FY2029 | $1260亿 | +7.6% | $15.71 | +12.5% | 17.4× | 1 |
| FY2030 | $1360亿 | +7.9% | $17.70 | +12.6% | 15.4× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Johnson & Johnson在近期10-Q / 10-K文件中标记的全部313项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $93.2亿 | $96.3亿 | -3.2% | $120亿 | $103亿 | +16.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $190亿 | $176亿 | +7.8% | $172亿 | $148亿 | +15.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.87亿 | $1.76亿 | +6.3% | $1.83亿 | $1.67亿 | +9.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $1700万 | -$900万 | +288.9% | -$100万 | $1100万 | -109.1% |
| Accrued Income Taxes, Current | $19.8亿 | $19.3亿 | +2.5% | $13.9亿 | $37.7亿 | -63.2% |
| Accrued Income Taxes, Noncurrent | $4.97亿 | $4.18亿 | +18.9% | $4.86亿 | $3.9亿 | +24.6% |
| Accrued Liabilities, Current | $123亿 | $76亿 | +61.2% | $85.9亿 | $85.5亿 | +0.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $314亿 | $310亿 | +1.1% | $312亿 | $283亿 | +10.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$138亿 | -$152亿 | +9.7% | -$149亿 | -$117亿 | -27.2% |
| Advertising Expense | – | – | – | $16亿 | $6亿 | +166.7% |
| Amortization of Intangible Assets | $12亿 | $10亿 | +20.0% | $46亿 | $45亿 | +2.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 54.1 | -100.0% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$13亿 | -$3亿 | -333.3% | -$3亿 | -$17亿 | +82.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | – | – | – | $47.7亿 | $20.9亿 | +127.9% |
| Asset Impairment Charges | $5.81亿 | $9300万 | +524.7% | $2.04亿 | $4.05亿 | -49.6% |
| Assets | $1970亿 | $1930亿 | +2.4% | $1990亿 | $1800亿 | +10.6% |
| Assets for Plan Benefits, Defined Benefit Plan | $73亿2025-12-28 | $60亿 | +21.7% | $73亿 | $60亿 | +21.7% |
| Assets, Current | $564亿 | $546亿 | +3.2% | $556亿 | $559亿 | -0.5% |
| Business Combination, Acquisition Related Costs | – | – | – | $3亿2023-01-01 | – | – |
| Business Combination, Consideration Transferred, Liabilities Incurred | – | – | – | $0 | $1.12亿 | -100.0% |
| Business Combination, Contingent Consideration, Liability | $7.29亿 | $11.1亿 | -34.3% | $7.53亿 | $12.2亿 | -38.1% |
| Capital Expenditure, Discontinued Operations | – | – | – | $1.62亿2023-12-31 | $3.03亿 | -46.5% |
| Cash and Cash Equivalents, at Carrying Value | $169亿 | $182亿 | -7.2% | $197亿 | $241亿 | -18.2% |
| Cash, Cash Equivalents, and Short-term Investments | $172亿 | $186亿 | -7.2% | $331亿2014-12-28 | $292亿 | +13.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $169亿 | $182亿 | -7.2% | $197亿 | $241亿 | -18.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $02025-12-28 | $0 | – | $0 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$35.1亿 | -$3.46亿 | -915.0% | -$44亿 | $22.5亿 | -295.7% |
| Commercial Paper | – | – | – | $36亿2024-05-15 | – | – |
| Common Stock, Dividends, Per Share, Cash Paid | $1.34 | $1.30 | +3.1% | $5.14 | $4.91 | +4.7% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 43.2亿 | 43.2亿 | 0.0% | 43.2亿 | 43.2亿 | 0.0% |
| Common Stock, Shares, Issued | 31.2亿 | 31.2亿 | 0.0% | 31.2亿 | 31.2亿 | 0.0% |
| Common Stock, Value, Issued | $31.2亿 | $31.2亿 | 0.0% | $31.2亿 | $31.2亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.96亿 | $42.2亿 | -90.6% | $84.6亿2014-12-28 | $168亿 | -49.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | – | – | – | $236亿 | $149亿 | +59.0% |
| Cost of Goods and Services Sold | $81亿 | $73亿 | +10.9% | $303亿 | $275亿 | +10.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $11.6亿 | $22亿 | -47.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $30.8亿 | $26亿 | +18.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $42.4亿 | $48亿 | -11.8% |
| Debt Securities, Available-for-sale | $34.6亿 | $38.3亿 | -9.6% | $28.5亿 | $72.2亿 | -60.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $400万 | $1900万 | -78.9% | $2500万 | $1100万 | +127.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $34.5亿 | $38.1亿 | -9.3% | $28.3亿 | $72亿 | -60.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $400万 | $1900万 | -78.9% | $2500万 | $1100万 | +127.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $34.5亿 | $38.1亿 | -9.3% | $28.3亿 | $72.1亿 | -60.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $34.6亿 | $38.3亿 | -9.6% | $28.5亿 | $72.2亿 | -60.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $34.6亿 | $38.3亿 | -9.6% | $28.5亿 | $72.2亿 | -60.4% |
| Debt, Current | $85亿2025-12-28 | $60亿 | +41.7% | $85亿 | $60亿 | +41.7% |
| Deferred Compensation Liability, Current and Noncurrent | $4400万2025-12-28 | $4900万 | -10.2% | $4400万 | $4900万 | -10.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $20.1亿 | -$25.4亿 | +179.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$4.7亿 | $3.56亿 | -232.0% |
| Deferred Income Tax Assets, Net | $67.5亿 | $66.7亿 | +1.2% | $68.7亿 | $105亿 | -34.3% |
| Deferred Income Tax Expense (Benefit) | -$17.9亿 | $22.2亿 | -180.7% | $15.4亿 | -$21.8亿 | +170.5% |
| Deferred Income Tax Liabilities, Net | $48.4亿 | $59.9亿 | -19.3% | $67.9亿 | $24.5亿 | +177.4% |
| Deferred Tax Assets, Gross | $145亿2025-12-28 | $168亿 | -14.0% | $145亿 | $168亿 | -14.0% |
| Deferred Tax Assets, Inventory | $3.78亿2025-12-28 | $3.71亿 | +1.9% | $3.78亿 | $3.71亿 | +1.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $126亿2025-12-28 | $152亿 | -16.8% | $126亿 | $152亿 | -16.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $35.6亿2025-12-28 | $26.6亿 | +34.0% | $35.6亿 | $26.6亿 | +34.0% |
| Deferred Tax Assets, Other | $6.2亿2025-12-28 | $8.52亿 | -27.2% | $6.2亿 | $8.52亿 | -27.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-27, 10-Q 2026-06-28, 10-Q 2026-03-29, 10-K 2025-12-28, 10-Q 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-K 2024-12-29, 10-Q 2024-09-29
数据截至 2026-11-01