Enterprise Value (EV)
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Johnson & Johnson pages available for free this week:
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Current Enterprise Value (EV)
Johnson & Johnson, current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, without par value, unissued (per books) | |
| Total equity | |
| Add: Loans and notes payable (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-28).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Johnson & Johnson, EV calculation
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Johnson & Johnson Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
An analysis of the provided financial information reveals trends in enterprise value and its underlying components over a five-year period. The enterprise value demonstrates fluctuations, while the relationship between market capitalization, total equity, and total debt provides context for these changes.
- Enterprise Value Trend
- The enterprise value experienced a decrease from US$439.101 billion in 2021 to US$383.498 billion in 2023. A slight increase was observed in 2024, reaching US$390.710 billion, followed by a more substantial increase to US$608.279 billion in 2025. This suggests a recent period of increased investor valuation of the company’s overall worth.
- Common Equity (Market Value) and Total Equity
- Common equity, representing the market value of equity shares, and total equity exhibited identical values across all reported periods. This indicates that any changes in equity are fully reflected in the market valuation. The market value of common equity decreased from US$436.958 billion in 2021 to US$377.093 billion in 2023, mirroring the decline in enterprise value during that timeframe. A recovery began in 2024, culminating in a significant increase to US$580.448 billion in 2025, consistent with the enterprise value trend.
- Total Equity and Debt
- Total equity and debt, representing the combined value of equity and all outstanding debt, decreased from US$470.709 billion in 2021 to US$406.425 billion in 2023. Similar to the other metrics, this was followed by increases in 2024 and 2025, reaching US$628.381 billion. The magnitude of the increase in total equity and debt from 2024 to 2025 is slightly higher than the increase in enterprise value, suggesting a potential shift in the capital structure.
- Relationship between Components
- The enterprise value consistently remained close to the value of total equity and debt. This suggests that debt plays a significant role in determining the overall value of the enterprise. The increases observed in both enterprise value and total equity and debt in 2025 indicate a positive correlation between these factors during that period.
In summary, the enterprise value experienced a period of decline followed by a substantial increase. This trend is closely linked to changes in both the market value of common equity and the total value of equity and debt. The recent increases suggest a strengthening of the company’s overall valuation and potentially a shift in its capital structure.