Johnson & Johnson 0

(JNJ) July 2, 2010

Figures in Millions except per share values
Company Overview Low Risk
Johnson & Johnson is engaged in the research and development, manufacture and 5
sale of a range of products in the health care field. The Company operates in three 4
business segments: Consumer, Pharmaceutical, and Medical Devices and
Diagnostics. In July 2009, Johnson & Johnson completed the acquisition of Cougar 3
Strong Moat High Growth
Biotechnology, Inc. with approximately 95.9% interest in Cougar Biotechnology's 2
outstanding common stock. In September 2009, Elan Corporation, plc and Johnson 1
& Johnson announced that JANSSEN Alzheimer Immunotherapy, a newly formed
subsidiary of Johnson & Johnson, has completed the acquisition of substantially all 0
of the assets and rights of Elan related to its Alzheimer`s Immunotherapy Program
(AIP). In March 2010, Hypermarcas SA acquired 99.99% of Versoix Participacoes
Ltda from the Company. Good Financial
Under Valued
Health

Valuation Well Managed

Current Price $ 59.07 Margin of Safety
NCAV $ (2.61)
Total Net Reprod. Cost $ 32.19
5 Year Historical Price vs DCF Intrinsic Value
80
Earnings Power Value (EPV) $ 60.00
Discounted Cash Flow (DCF) $ 62.04 70
Ben Graham Formula $88.26 60
50
Key Statistics Valuation Ratios
Market Cap (millions) $ 162,920.00 P/E (TTM) 12.4 40
52-Week High $ 66.20 P/S (TTM) 2.6 30
52-Week Low $ 55.71 P/Tang.B (MRQ) 7.7
% off 52-Week Low 6% P/Tang. BV (MRQ) 7.7 20
FCF/EV (TTM) 7.2% 10
Cash Flows P/FCF (TTM) 16.8 0
Free Cash Flow Earnings Yld (TTM) 12.8% 10/20/2003 10/20/2005 10/20/2007 10/20/2009
5 yr FCF Growth 9.1% Piotroski (TTM) 7 Historical Price Intrinsic Value Buy Price
10 yr FCF Growth 11.5% Altman (MRQ) 4.13
Beneish (TTM) -2.62 Balance Sheet
Effectiveness Cash and Equiv $ 18,010.00
CROIC Margins & Profitability Short-Term Investments $ -
Avg 34.7% Gross Accts Rec $ 10,018.00
FCF/S Gross Margin Inventory $ 5,308.00
Avg 19.5% Operating Total Current Assets $ 41,093.00
ROA Operating Margin Net PP&E $ 14,277.00
Avg 15.5% Net Profit Intangibles $ 31,776.00
ROE Net Margin Total Assets $ 95,673.00
Avg 27.5%
Financial Strength (MRQ) Total Current Liabilities $ 18,499.00
Efficiency Quick Ratio 1.8 Long-Term Debt $ 8,059.00
Receivable Turnover (TTM) 6.3 Current Ratio 2.1 Total Liabilities $ 40,527.00
Inventory Turnover (TTM) 3.5 LT Debt to Equity 15.2
Asset Turnover (TTM) 0.7 Total Debt to Equity 22.9
Johnson & Johnson Enter Ticker Refresh Help

(JNJ) Figures in Millions except per share values

7/2/2010
JNJ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
Income Statement 9 8 7 6 5 4 3 2 1 0
Revenue $ 29,139.0 $ 33,004.0 $ 36,298.0 $ 41,862.0 $ 47,348.0 $ 50,514.0 $ 53,324.0 $ 61,095.0 $ 63,747.0 $ 61,897.0 $ 62,502.0
% change from prev year 13.3% 10.0% 15.3% 13.1% 6.7% 5.6% 14.6% 4.3% -2.9% 1.0%
COGS $ 7,346.0 $ 9,536.0 $ 10,447.0 $ 12,176.0 $ 13,422.0 $ 13,954.0 $ 15,057.0 $ 17,751.0 $ 18,511.0 $ 18,447.0 $ 18,724.0
COGS (%) 25.2% 28.9% 28.8% 29.1% 28.3% 27.6% 28.2% 29.1% 29.0% 29.8% 30.0%
Gross Profit $ 21,793.0 $ 23,468.0 $ 25,851.0 $ 29,686.0 $ 33,926.0 $ 36,560.0 $ 38,267.0 $ 43,344.0 $ 45,236.0 $ 43,450.0 $ 43,778.0
Gross Profit (%) 74.8% 71.1% 71.2% 70.9% 71.7% 72.4% 71.8% 70.9% 71.0% 70.2% 70.0%

Operating Expenses
SG&A $ 10,875.0 $ 11,992.0 $ 12,216.0 $ 14,131.0 $ 15,860.0 $ 16,877.0 $ 17,433.0 $ 20,451.0 $ 21,490.0 $ 19,801.0 $ 19,972.0
SG&A (%) 37.3% 36.3% 33.7% 33.8% 33.5% 33.4% 32.7% 33.5% 33.7% 32.0% 32.0%
R&D $ 2,926.0 $ 3,591.0 $ 3,957.0 $ 4,684.0 $ 5,203.0 $ 6,312.0 $ 7,125.0 $ 7,680.0 $ 7,577.0 $ 6,986.0 $ 7,025.0
R&D (%) 10.0% 10.9% 10.9% 11.2% 11.0% 12.5% 13.4% 12.6% 11.9% 11.3% 11.2%
Restructuring & M&A $ - $ - $ - $ - $ - $ - $ - $ 745.0 $ - $ 1,073.0 $ 1,073.0
Other Operating Expense $ - $ 105.0 $ 189.0 $ 918.0 $ 18.0 $ 362.0 $ 559.0 $ 807.0 $ 181.0 $ - $ -
Other Special Charges $ 21.0 $ - $ - $ - $ - $ - $ - $ - $ - $ -

Operating Income $ 7,971.0 $ 7,780.0 $ 9,489.0 $ 9,953.0 $ 12,845.0 $ 13,009.0 $ 13,150.0 $ 13,661.0 $ 15,988.0 $ 15,590.0 $ 15,708.0
Operating Income (%) 27.4% 23.6% 26.1% 23.8% 27.1% 25.8% 24.7% 22.4% 25.1% 25.2% 25.1%

Other Income and Expense

Interest Income $ 379.0 $ 456.0 $ 256.0 $ 177.0 $ 195.0 $ 487.0 $ 829.0 $ 452.0 $ 361.0 $ 90.0 $ 92.0
Other Income (expense) $ (67.0) $ (185.0) $ (294.0) $ 385.0 $ (15.0) $ 214.0 $ 671.0 $ (534.0) $ 1,015.0 $ 526.0 $ 2,045.0
Interest expense $ 146.0 $ 153.0 $ 160.0 $ 207.0 $ 187.0 $ 54.0 $ 63.0 $ 296.0 $ 435.0 $ 451.0 $ 453.0
Income Before Taxes $ 6,622.0 $ 7,898.0 $ 9,291.0 $ 10,308.0 $ 12,838.0 $ 13,656.0 $ 14,587.0 $ 13,283.0 $ 16,929.0 $ 15,755.0 $ 17,392.0
Income Taxes $ 1,822.0 $ 2,230.0 $ 2,694.0 $ 3,111.0 $ 4,329.0 $ 3,245.0 $ 3,534.0 $ 2,707.0 $ 3,980.0 $ 3,489.0 $ 4,107.0
Tax Rate % 27.5% 28.2% 29.0% 30.2% 33.7% 23.8% 24.2% 20.4% 23.5% 22.1% 23.6%
Net Income: Cont. Operations $ 4,800.0 $ 5,668.0 $ 6,597.0 $ 7,197.0 $ 8,509.0 $ 10,411.0 $ 11,053.0 $ 10,576.0 $ 12,949.0 $ 12,266.0 $ 13,285.0
Net Income $ 4,800.0 $ 5,668.0 $ 6,597.0 $ 7,197.0 $ 8,509.0 $ 10,411.0 $ 11,053.0 $ 10,576.0 $ 12,949.0 $ 12,266.0 $ 13,285.0
Net Income (%) 16.5% 17.2% 18.2% 17.2% 18.0% 20.6% 20.7% 17.3% 20.3% 19.8% 21.3%

Shares and EPS

EPS: Basic $ 1.73 $ 1.87 $ 2.20 $ 2.42 $ 2.87 $ 3.50 $ 3.76 $ 3.67 $ 4.62 $ 4.45 $ 4.82
EPS: Diluted $ 1.70 $ 1.84 $ 2.16 $ 2.40 $ 2.84 $ 3.46 $ 3.73 $ 3.63 $ 4.57 $ 4.40 $ 4.76
Shares: Basic 2,780.6 3,033.8 2,998.3 2,968.1 2,968.4 2,973.9 2,936.4 2,882.9 2,802.5 2,759.5 2,755.4
Shares: Diluted 2,834.8 3,099.3 3,054.1 3,008.1 3,003.5 3,012.5 2,961.0 2,910.7 2,835.6 2,789.1 2,797.3

Balance Sheet
Assets
Cash and Equiv $ 3,411.0 $ 3,758.0 $ 2,894.0 $ 5,377.0 $ 9,203.0 $ 16,055.0 $ 4,083.0 $ 7,770.0 $ 10,768.0 $ 15,810.0 $ 13,743.0
Short-Term Investments $ 2,333.0 $ 4,214.0 $ 4,581.0 $ 4,146.0 $ 3,681.0 $ 83.0 $ 1.0 $ 1,545.0 $ 2,041.0 $ 3,615.0 $ 4,267.0
Accts Rec $ 4,464.0 $ 4,630.0 $ 5,399.0 $ 6,574.0 $ 6,831.0 $ 7,010.0 $ 8,712.0 $ 9,444.0 $ 9,719.0 $ 9,646.0 $ 10,018.0
% change from prev year 3.6% 14.2% 17.9% 3.8% 2.6% 19.5% 7.8% 2.8% -0.8% 3.7%
Inventory $ 2,842.0 $ 2,992.0 $ 3,303.0 $ 3,588.0 $ 3,744.0 $ 3,959.0 $ 4,889.0 $ 5,110.0 $ 5,052.0 $ 5,180.0 $ 5,308.0
% change from prev year 5.0% 9.4% 7.9% 4.2% 5.4% 19.0% 4.3% -1.1% 2.5% 2.4%
Other Current Assets $ 2,400.0 $ 2,879.0 $ 3,089.0 $ 3,310.0 $ 3,861.0 $ 4,287.0 $ 5,290.0 $ 6,076.0 $ 6,797.0 $ 5,290.0 $ 5,525.0
Total Current Assets $ 15,450.0 $ 18,473.0 $ 19,266.0 $ 22,995.0 $ 27,320.0 $ 31,394.0 $ 22,975.0 $ 29,945.0 $ 34,377.0 $ 39,541.0 $ 38,861.0
Net PP&E $ 6,971.0 $ 7,719.0 $ 8,710.0 $ 9,846.0 $ 10,436.0 $ 10,830.0 $ 13,044.0 $ 14,185.0 $ 14,365.0 $ 14,759.0 $ 14,277.0
Intangibles $ 7,256.0 $ 9,077.0 $ 9,246.0 $ 11,539.0 $ 11,842.0 $ 12,175.0 $ 28,688.0 $ 28,763.0 $ 27,695.0 $ 31,185.0 $ 31,776.0
Other Long-Term Assets $ 1,644.0 $ 3,219.0 $ 3,334.0 $ 3,883.0 $ 3,719.0 $ 3,626.0 $ 5,849.0 $ 8,061.0 $ 8,475.0 $ 9,197.0 $ 8,527.0
Total Assets $ 31,321.0 $ 38,488.0 $ 40,556.0 $ 48,263.0 $ 53,317.0 $ 58,025.0 $ 70,556.0 $ 80,954.0 $ 84,912.0 $ 94,682.0 $ 93,441.0

Liabilities & Stockholders' Equity

Accts Payable $ 2,083.0 $ 2,838.0 $ 3,621.0 $ 4,966.0 $ 5,227.0 $ 4,315.0 $ 5,691.0 $ 6,909.0 $ 7,503.0 $ 5,541.0 $ 5,126.0
Short-Term Debt $ 1,479.0 $ 565.0 $ 2,117.0 $ 1,139.0 $ 280.0 $ 668.0 $ 4,579.0 $ 2,463.0 $ 3,732.0 $ 6,318.0 $ 4,044.0
Taxes Payable $ - $ - $ - $ - $ - $ - $ - $ - $ 417.0 $ 442.0 $ 1,373.0
Accrued Liabilities $ - $ 4,104.0 $ 5,001.0 $ 7,343.0 $ 8,420.0 $ 7,652.0 $ 8,891.0 $ 10,465.0 $ 9,200.0 $ 9,430.0 $ 7,956.0
Other Short-Term Liabilities $ 3,578.0 $ 537.0 $ 710.0 $ - $ - $ - $ - $ - $ - $ - $ -

Total Current Liabilities $ 7,140.0 $ 8,044.0 $ 11,449.0 $ 13,448.0 $ 13,927.0 $ 12,635.0 $ 19,161.0 $ 19,837.0 $ 20,852.0 $ 21,731.0 $ 18,499.0
Long-Term Debt $ 2,037.0 $ 2,217.0 $ 2,022.0 $ 2,955.0 $ 2,565.0 $ 2,017.0 $ 2,014.0 $ 7,074.0 $ 8,120.0 $ 8,223.0 $ 8,059.0
Other Long-Term Liabilities $ 3,336.0 $ 3,994.0 $ 4,388.0 $ 4,991.0 $ 5,012.0 $ 5,502.0 $ 10,063.0 $ 10,724.0 $ 13,429.0 $ 14,140.0 $ 13,969.0
Total Liabilities $ 12,513.0 $ 14,255.0 $ 17,859.0 $ 21,394.0 $ 21,504.0 $ 20,154.0 $ 31,238.0 $ 37,635.0 $ 42,401.0 $ 44,094.0 $ 40,527.0
Total Equity $ 18,808.0 $ 24,233.0 $ 22,697.0 $ 26,869.0 $ 31,813.0 $ 37,871.0 $ 39,318.0 $ 43,319.0 $ 42,511.0 $ 50,588.0 $ 52,914.0
Total Liabilities & Equity $ 31,321.0 $ 38,488.0 $ 40,556.0 $ 48,263.0 $ 53,317.0 $ 58,025.0 $ 70,556.0 $ 80,954.0 $ 84,912.0 $ 94,682.0 $ 93,441.0

Cash Flows Statement

Cash Flows From Operating Activities
Net Income $ 4,800.0 $ 5,668.0 $ 6,597.0 $ 7,197.0 $ 8,509.0 $ 10,411.0 $ 11,053.0 $ 10,576.0 $ 12,949.0 $ 12,266.0 $ 13,285.0
Depr & Amort $ 1,515.0 $ 1,605.0 $ 1,662.0 $ 1,869.0 $ 2,124.0 $ 2,093.0 $ 2,177.0 $ 2,777.0 $ 2,832.0 $ 2,774.0 $ 2,832.0
Deferred Taxes $ (167.0) $ (106.0) $ (74.0) $ (720.0) $ (498.0) $ (46.0) $ (1,168.0) $ (1,762.0) $ 22.0 $ (436.0) $ (688.0)
Other $ 415.0 $ 1,697.0 $ (9.0) $ 2,249.0 $ 996.0 $ (581.0) $ 2,186.0 $ 3,658.0 $ (831.0) $ 1,967.0 $ 2,005.0
Cash from Operations $ 6,563.0 $ 8,864.0 $ 8,176.0 $ 10,595.0 $ 11,131.0 $ 11,877.0 $ 14,248.0 $ 15,249.0 $ 14,972.0 $ 16,571.0 $ 17,434.0

Cash Flows From Investing Activities

Cap Ex $ (1,646.0) $ (1,731.0) $ (2,099.0) $ (2,262.0) $ (2,175.0) $ (2,632.0) $ (2,738.0) $ (3,310.0) $ (3,066.0) $ (2,365.0) $ (2,327.0)
Purchase of Business $ - $ - $ - $ - $ - $ - $ - $ - $ (1,214.0) $ (2,470.0) $ (1,951.0)
Other $ (722.0) $ (2,362.0) $ (98.0) $ (2,264.0) $ (172.0) $ 2,353.0 $ (17,553.0) $ (2,829.0) $ 93.0 $ (2,763.0) $ (4,126.0)
Cash from Investing $ (2,368.0) $ (4,093.0) $ (2,197.0) $ (4,526.0) $ (2,347.0) $ (279.0) $ (20,291.0) $ (6,139.0) $ (4,187.0) $ (7,598.0) $ (8,404.0)

Cash Flows From Financing Activities

Net Issuance of Stock $ (681.0) $ (2,056.0) $ (6,148.0) $ (872.0) $ (742.0) $ (1,021.0) $ (5,587.0) $ (4,045.0) $ (6,651.0) $ (2,130.0) $ (1,679.0)
Net Issuance of Debt $ - $ - $ - $ - $ - $ - $ - $ - $ 10,044.0 $ 9,274.0 $ 6,712.0
Dividends $ (1,724.0) $ (2,047.0) $ (2,381.0) $ (2,746.0) $ (3,251.0) $ (3,793.0) $ (4,267.0) $ (4,670.0) $ (5,024.0) $ (5,327.0) $ (5,404.0)
Other $ (695.0) $ (1,148.0) $ 1,576.0 $ (245.0) $ (1,155.0) $ 293.0 $ 3,745.0 $ 3,017.0 $ (5,833.0) $ (5,909.0) $ (7,675.0)
Cash from Financing $ (3,100.0) $ (5,251.0) $ (6,953.0) $ (3,863.0) $ (5,148.0) $ (4,521.0) $ (6,109.0) $ (5,698.0) $ (7,464.0) $ (4,092.0) $ (8,046.0)
Currency Adj $ (47.0) $ (40.0) $ 110.0 $ 277.0 $ 190.0 $ (225.0) $ 180.0 $ 275.0 $ (323.0) $ 161.0 $ 170.0
Change in Cash $ 1,048.0 $ (520.0) $ (864.0) $ 2,483.0 $ 3,826.0 $ 6,852.0 $ (11,972.0) $ 3,687.0 $ 2,998.0 $ 5,042.0 $ 1,154.0

Free Cash Flow

Cash from Operations $ 6,563.0 $ 8,864.0 $ 8,176.0 $ 10,595.0 $ 11,131.0 $ 11,877.0 $ 14,248.0 $ 15,249.0 $ 14,972.0 $ 16,571.0 $ 17,434.0
Cap Ex $ (1,646.0) $ (1,731.0) $ (2,099.0) $ (2,262.0) $ (2,175.0) $ (2,632.0) $ (2,738.0) $ (3,310.0) $ (3,066.0) $ (2,365.0) $ (2,327.0)
Free Cash Flow $ 4,917.0 $ 7,133.0 $ 6,077.0 $ 8,333.0 $ 8,956.0 $ 9,245.0 $ 11,510.0 $ 11,939.0 $ 11,906.0 $ 14,206.0 $ 15,107.0
Owner Earnings FCF $ 4,669.0 $ 5,542.0 $ 6,160.0 $ 6,804.0 $ 8,458.0 $ 9,872.0 $ 10,492.0 $ 10,043.0 $ 12,715.0 $ 12,675.0 $ 13,790.0
User Defined
Johnson & Johnson Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2009 FCF
(JNJ) Check Shares 2,760.00 10.3%
Select input with 50% 15.0% 3% FCF
7/2/2010 each list or enter
Help your own value
Enter Ticker Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
Refresh CLEAR
$59.07 $62.04 $31.02 5% $66.20 $55.71

Fiscal Year Trend 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
Cash Flow Data
Cash from Operations $6,563.0 $8,864.0 $8,176.0 $10,595.0 $11,131.0 $11,877.0 $14,248.0 $15,249.0 $14,972.0 $16,571.0 $17,434.0
Capex $1,646.0 $1,731.0 $2,099.0 $2,262.0 $2,175.0 $2,632.0 $2,738.0 $3,310.0 $3,066.0 $2,365.0 $2,327.0
Cash Flow $3,501.8 $3,264.6 $4,201.3 $4,705.8 $5,676.2 $6,591.5 $6,663.5 $6,673.0 $7,856.3 $8,136.6 $8,057.9
Free Cash Flow $4,917.0 $7,133.0 $6,077.0 $8,333.0 $8,956.0 $9,245.0 $11,510.0 $11,939.0 $11,906.0 $14,206.0 $15,107.0
YOY% Change 45.1% -14.8% 37.1% 7.5% 3.2% 24.5% 3.7% -0.3% 19.3% 6.3%

Margins
Gross Margin 74.8% 71.1% 71.2% 70.9% 71.7% 72.4% 71.8% 70.9% 71.0% 70.2% 70.0%
Operating Margin 27.4% 23.6% 26.1% 23.8% 27.1% 25.8% 24.7% 22.4% 25.1% 25.2% 25.1%
Net Margin 16.5% 17.2% 18.2% 17.2% 18.0% 20.6% 20.7% 17.3% 20.3% 19.8% 21.3%

Margins
Diluted EPS $1.70 $1.84 $2.16 $2.40 $2.84 $3.46 $3.73 $3.63 $4.57 $4.40 $4.76
Tax Rate 27.5% 28.2% 29.0% 30.2% 33.7% 23.8% 24.2% 20.4% 23.5% 22.1% 23.6%

Efficiency & Profitability

CROIC 29.1% 33.4% 30.6% 35.8% 32.5% 27.8% 50.7% 36.9% 32.7% 34.0% 35.0%
FCF/Sales 16.9% 21.6% 16.7% 19.9% 18.9% 18.3% 21.6% 19.5% 18.7% 23.0% 24.2%
Inventory Turnover 258.5% 318.7% 316.3% 339.4% 358.5% 352.5% 308.0% 347.4% 366.4% 356.1% 352.8%
Return On Assets (ROA) 15.3% 14.7% 16.3% 14.9% 16.0% 17.9% 15.7% 13.1% 15.2% 13.0% 14.2%
Retun On Equity (ROE) 25.5% 23.4% 29.1% 26.8% 26.7% 27.5% 28.1% 24.4% 30.5% 24.2% 25.1%

Debt Related
Debt to Equity 66.5% 58.8% 78.7% 79.6% 67.6% 53.2% 79.4% 86.9% 99.7% 87.2% 76.6%
Capitalization Ratio 9.8% 8.4% 8.2% 9.9% 7.5% 5.1% 4.9% 14.0% 16.0% 14.0% 13.2%
FCF to Total Debt 39.3% 50.0% 34.0% 39.0% 41.6% 45.9% 36.8% 31.7% 28.1% 32.2% 37.3%
FCF to Short Term Debt 332.5% 1262.5% 287.1% 731.6% 3198.6% 1384.0% 251.4% 484.7% 319.0% 224.8% 373.6%
FCF to Long Term Debt 241.4% 321.7% 300.5% 282.0% 349.2% 458.4% 571.5% 168.8% 146.6% 172.8% 187.5%

5 Year Multi-Year Performance

2004-2008 2005-2009 2004-2007 2005-2008 2006-2009 2004-2006 2005-2007 2006-2008 2007-2009 Median
Tang Shareholder Equity -7.2% -6.8% -10.0% -16.8% 22.2% -27.0% -24.7% 18.1% 15.5% -7.2%
Free Cash Flow 7.4% 11.3% 10.1% 8.8% 7.3% 13.4% 13.6% 1.7% 9.1% 9.1%
CROIC 32.7% 34.0% 34.7% 34.8% 35.5% 32.5% 36.9% 36.9% 34.0% 34.7%
FCF/Sales 18.9% 19.5% 19.2% 19.1% 20.6% 18.9% 19.5% 19.5% 19.5% 19.5%
ROA 15.7% 15.2% 15.8% 15.5% 14.2% 16.0% 15.7% 15.2% 13.1% 15.5%
ROE 27.5% 27.5% 27.1% 27.8% 26.3% 27.5% 27.5% 28.1% 24.4% 27.5%
Gross Margin 71.7% 71.0% 71.7% 71.4% 71.0% 71.8% 71.8% 71.0% 70.9% 71.4%
Operating Margin 25.1% 25.1% 25.2% 24.9% 24.9% 25.8% 24.7% 24.7% 25.1% 25.1%
Net Margin 20.3% 20.3% 19.3% 20.5% 20.1% 20.6% 20.6% 20.3% 19.8% 20.3%
Revenue Growth 7.7% 5.2% 8.9% 8.1% 5.1% 6.1% 10.0% 9.3% 0.7% 7.7%
Earnings Growth 12.6% 6.2% 8.5% 9.7% 5.7% 14.6% 2.4% 10.7% 10.1% 9.7%
Cash from Ops Growth 7.7% 8.7% 11.1% 8.0% 5.2% 13.1% 13.3% 2.5% 4.2% 8.0%

10 Year Multi-Year Performance

2000-2007 2001-2008 2002-2009 2000-2005 2001-2006 2002-2007 2003-2008 2004-2009 Median
Tang Shareholder Equity 3.4% -0.3% 5.4% 17.3% -6.8% 1.6% -0.7% -0.6% 0.6%
Free Cash Flow 13.5% 7.6% 12.9% 13.5% 10.0% 14.5% 7.4% 9.7% 11.5%
CROIC 32.9% 33.1% 33.4% 31.6% 32.9% 34.2% 34.3% 33.4% 33.2%
FCF/Sales 19.2% 19.2% 19.2% 18.6% 19.4% 19.2% 19.2% 19.2% 19.2%
ROA 15.5% 15.5% 15.5% 15.6% 15.8% 15.8% 15.5% 15.5% 15.5%
ROE 26.8% 27.1% 27.1% 26.8% 27.1% 27.1% 27.1% 27.1% 27.1%
Gross Margin 71.4% 71.2% 71.1% 71.4% 71.4% 71.4% 71.3% 71.3% 71.4%
Operating Margin 25.2% 24.9% 25.1% 25.9% 25.2% 25.2% 24.9% 25.1% 25.2%
Net Margin 17.6% 18.1% 19.0% 17.6% 18.1% 18.1% 19.1% 20.1% 18.1%
Revenue Growth 11.2% 9.9% 7.9% 11.6% 10.1% 11.0% 8.8% 5.5% 10.0%
Earnings Growth 11.4% 13.9% 10.7% 15.3% 15.2% 10.9% 13.7% 9.2% 12.6%
Cash from Ops Growth 12.8% 7.8% 10.6% 12.6% 10.0% 13.3% 7.2% 8.3% 10.3%

Projection of future Free Cash Flow

Growing at 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
10% $15,665.78 $17,275.56 $19,050.76 $20,236.21 $22,107.70 $24,152.27 $26,385.92 $26,930.84 $29,172.40 $31,600.53
Terminal Growth 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
3% $ 32,548.54 $ 33,525.00 $ 34,530.75 $ 35,566.67 $ 36,633.67 $ 37,732.68 $ 38,864.66 $ 40,030.60 $ 41,231.52 $ 42,468.47

Calculation
Present Value $ 171,218
Shares Outstanding 2760
Per Share Value $ 62.04
Margin of Safety 50%
Purchase Price $ 31.02
Current Price $ 59.07
Actual Discount 5%
Johnson & Johnson Shares Out. M.O.S Growth Projection EPS Corp Bond
Check
(JNJ) Shares 2,760.00 66%
9.7%
Forecast
$4.58 4.93

7/2/2010 Help

Enter Ticker
Refresh CLEAR Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$59.07 $88.26 $30.01 33% $66.20 $55.71

2004-2008 2005-2009 2004-2007 2005-2008 2006-2009 2004-2006 2005-2007 2006-2008 2007-2009 Median
5 Yr EPS Growth 12.6% 6.2% 8.5% 9.7% 5.7% 14.6% 2.4% 10.7% 10.1% 9.7%

2000-2007 2001-2008 2002-2009 2000-2005 2001-2006 2002-2007 2003-2008 2004-2009 Median

10 Yr EPS Growth 11.4% 13.9% 10.7% 15.3% 15.2% 10.9% 13.7% 9.2% 12.6%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
Diltued EPS $ 1.70 $ 1.84 $ 2.16 $ 2.40 $ 2.84 $ 3.46 $ 3.73 $ 3.63 $ 4.57 $ 4.40 $ 4.76
2010E 2011E
Forecast Method $ 4.58 $ 5.03
Linear Regression Method $ 4.43 $ 5.91

Graham Value Calculation

Normal Earnings $ 4.58
Growth Rate 9.72%
Corp Bond Rate 4.93
Per Share Value $ 88.26
MOS 66%
Purchase Price $ 30.01
Current Price $59.07
Actual Discount 33% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010E 2011E
Johnson & Johnson Shares Out. Source Normalized Income Discount Rate R&D Years SG&A %
Check
(JNJ) 2,760.00 MSN $16,516.56 20%
Shares 9% 3
7/2/2010
Figures in Millions except per share values
Enter Ticker Refresh CLEAR Help Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low
$59.07 $60.00 $32.19 1.5% ($2.61) $66.20 $55.71

Asset Valuation Section EPV Valuation Section

Data: Asset Valuation Values for Normalized Income
Shares Outstanding 2760.0 Normalized Income $ 16,516.6
Balance Sheet Assets $ 95,673.0 Avg Adj. Income 5 yrs $ 15,905.2
Adjusted Assets $ 95,673.0 TTM Adjusted Income $ 18,320.6
Total Liabilities $ 40,527.0
Total Equity $ 55,146.0 Data: EPV
Average SGA % 33.1% Cost of Capital 9.0%
Marketing/Brand Value $ 20,460.5 Normalized Adjusted Income $ 16,516.6
R&D Value $ 17,905.6 Average Maintenance Capex $ 2,088.6
Cash Needed for Business $ 625.0 Interest Bearing Debt $ 12,103.0
Interest Bearing Debt $ 12,103.0 1% of sales $ 625.0
Non Interest Bearing Debt $ 28,424.0 Cash & Equiv $ 18,010.0
Excess Cash $ 16,772.1 Cash - Debt $ 5,282.0
Shares 2760.00
Calculation: Asset Valuation
Total Per Share Calculation: EPV
Tangible BV $ 23,370 $ 8.47 Cost of Capital Rates EPV Per Share + Cash - Debt Per Share
Adjusted BV $ 55,146 $ 19.98 5% $ 288,558.6 $ 104.55 $ 293,840.6 $ 106.46
NCAV $ (7,191) $ (2.61) 7% $ 206,113.3 $ 74.68 $ 211,395.3 $ 76.59
Reprod. Cost of Assets $ 134,039 $ 48.56 9% $ 160,310.3 $ 58.08 $ 165,592.3 $ 60.00
Reprod. Cost of Assets BV $ 93,512 $ 33.88 11% $ 131,163.0 $ 47.52 $ 136,445.0 $ 49.44
Total Net Reprod. Cost $ 88,843 $ 32.19 13% $ 110,984.1 $ 40.21 $ 116,266.1 $ 42.13

Quarterly numbers based on: 2010 Q1 Statement Source Date: 10-May-10

Adjustments: Reproduction Adjustments: Reproduction
Assets Book Value +/- BV Multiplier Asset Value Liabilities & Equity Book Value Fixed BV Multiplier Liability Value
Cash & Equivalents $ 18,010.0 $ 18,010.0 Accounts Payable $ 5,126.0 $ 5,126.0
Marketable Securities $ - $ - Accrued Expenses $ 7,956.0 $ 7,956.0
Accounts Receivable - Gross $ 10,018.0 $ 10,018.0 Accrued Liabilities $ - $ -
Other Receivable $ - $ - Notes Payable/Short Term Debt $ 4,044.0 $ 4,044.0
Current Port. of LT Debt/Capital
Receivables $ 10,018.0 $ 10,018.0 Leases $ - $ -
Inventories: Raw Materials $ 1,002.0 Other Current Liabilities $ 1,373.0 $ 1,373.0
Inventories: Work in Progress $ 1,467.0 Total Current Liabilities $ 18,499.0 $ 18,499.0
Inventories: Purchased Components $ - Long-Term Debt $ 8,059.0 $ 8,059.0
Inventories: Finished Goods $ 2,839.0 Capital Lease Obligations $ - $ -
Inventories: Other $ - Deferred Income Taxes $ 1,672.0 $ 1,672.0
Inventories -- Total $ 5,308.0 $ 5,308.0 Minority Interest $ - $ -
Prepaid Expenses $ 3,293.0 $ 3,293.0 Total Other Liabilities $ 12,297.0 $ 12,297.0
Current Defered Income Taxes $ 2,232.0 $ 2,232.0 Total Liabilities $ 40,527.0 $ 40,527.0
Other Current Assets $ 2,232.0 $ 2,232.0 Common Stock Equity $ 52,914.0 $ 52,914.0
Total Current Assets $ 41,093.0 $ 41,093.0 Retained Earnings $ 73,184.0 $ 73,184.0
Goodwill, Net $ 14,977.0 $ 14,977.0 Total Capitalization $ 60,973.0 $ 60,973.0
Intangibles, Net $ 16,799.0 $ 16,799.0 Total Equity $ 52,914.0 $ 55,146.0
Intangibles $ 31,776.0 $ 31,776.0 Total Liabilities & Equity $ 93,441.0 $ 93,441.0
Property/Plant/Equipment - Net $ 14,277.0 $ 14,277.0
Long Term Investments $ - $ -
Note Receivable - Long Term $ - $ -
Other Long Term Assets, Total $ 8,527.0 $ 8,527.0
Total Assets $ 95,673.0 $ 95,673.0
Johnson & Johnson
(JNJ)
7/2/2010 Current Price NNWC NNWC % NCAV NCAV %
$59.07 -$4.47 -1420.2% -$0.60 -9885.9%
Enter Ticker Help

Numbers as of 2010/03 (go to SEC for accurate numbers)

BV Net Net
Figures in Millions except per share values BV CLEAR Multiplier Value
Cash & Equivalents $ 18,010.00 100% $ 18,010.00
Marketable Securities $ -
Accounts Receivable $ 10,018.00 75%
Other Receivable $ -
Receivables $ 10,018.00 $ 7,513.50
Inventories: Raw Materials $ 1,002.00 50%
Inventories: Work in Progress $ 1,467.00
Inventories: Purchased Components $ -
Inventories: Finished Goods $ 2,839.00
Inventories: Other $ -
Inventories -- Total $ 5,308.00 $ 2,654.00
Current Assets - Total $ 38,861.00 $ 38,861.00
Total Liabilities $ 40,527.00 $ 40,527.00
Shares Outstanding 2,760 2,760

Total ($m) Per Share

Total Current Assets $ 38,861.00 $ 14.08
Market Cap & Share Price $ 162,920.00 $ 59.07
Net Net Working Capital $ (12,349.50) $ (4.47)
Discount to NNWC -1420%
Net Current Asset Value $ (1,666.00) $ (0.60)
Discount to NCAV -9886%
Johnson & Johnson
(JNJ)
7/2/2010
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Piotroski Score
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks,
nine being the best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements.
For every criteria (below) that is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.

Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)

Leverage, Liquidity and Source of Funds

* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)

Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
Piotroski F Scores 5 5 8 5 9 7 5 5 7 6 7

Piotroski 1: Net Income 1 1 1 1 1 1 1 1 1 1 1

Piotroski 2: Operating Cash Flow 1 1 1 1 1 1 1 1 1 1 1
Piotroski 3: Return on Assets 0 0 1 0 1 1 0 0 1 0 1
Piotroski 4: Quality of Earnings 1 1 1 1 1 1 1 1 1 1 1
Piotroski 5: LT Debt vs Assets 1 1 1 0 1 1 1 0 0 1 1
Piotroski 6: Current Ratio 0 1 0 1 1 1 0 1 1 1 1
Piotroski 7: Shares Outstanding 1 0 1 1 1 0 1 1 1 1 0
Piotroski 8: Gross Margin 0 0 1 0 1 1 0 0 1 0 0
Piotroski 9: Asset Turnover 0 0 1 0 1 0 0 0 0 0 1

Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.

Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple
corporate income and balance sheet values to measure the financial health of a company.

The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a
higher risk of bankruptcy.

Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.

(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)

Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5

There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:

Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4

X1 = Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
X4 = Market Value of Equity/Total Liabilities
X5 = Net Sales/Total Assets

Annual MRQ MRQ Edit

2000/12 2001/12 2002/12 2003/12 2004/12 2005/12 2006/12 2007/12 2008/12 2009/12 2010/03
Working Capital $ 8,310 $ 10,429 $ 7,817 $ 9,547 $ 13,393 $ 18,759 $ 3,814 $ 10,108 $ 13,525 $ 17,810 $ 20,362
Total Assets $ 31,321 $ 38,488 $ 40,556 $ 48,263 $ 53,317 $ 58,025 $ 70,556 $ 80,954 $ 84,912 $ 94,682 $ 93,441
Total Liabilities $ 12,513 $ 14,255 $ 17,859 $ 21,394 $ 21,504 $ 20,154 $ 31,238 $ 37,635 $ 42,401 $ 44,094 $ 40,527
Retained Earnings $ 18,812 $ 23,066 $ 26,571 $ 30,503 $ 35,223 $ 41,471 $ 49,290 $ 55,280 $ 63,379 $ 70,306 $ 73,184
EBITDA $ 7,992 $ 9,490 $ 11,340 $ 12,740 $ 14,987 $ 15,464 $ 15,886 $ 17,990 $ 19,001 $ 19,437 $ 5,501
Market Value of Equity $ 102,068 $ 147,911 $ 133,395 $ 129,524 $ 169,852 $ 153,871 $ 174,836 $ 168,651 $ 144,707 $ 162,920 $ 162,920
Net Sales $ 29,139 $ 33,004 $ 36,298 $ 41,862 $ 47,348 $ 50,514 $ 53,324 $ 61,095 $ 63,747 $ 61,897 $ 15,631

Normal Altman Z Score 7.82 9.06 7.45 6.49 7.78 7.72 5.90 5.28 4.77 4.81 4.13
Revised Altman Z Score 13.98 16.28 13.12 11.49 13.98 14.26 10.02 9.24 8.57 8.91 8.60

Altman Z Score Revised Altman Z Score

X1 0.19 0.22 Annual MRQ Annual MRQ
X2 0.74 0.78
X3 0.21 0.06
X4 3.69 4.02 4.81 4.13 8.91 8.60
X5 0.65 0.17
Original Altman Z Score
When Z is 3.0 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other
factors could cause unexpected reversals.
When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is
needed.
When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the
company can survive.

Revised Altman Z Score

When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause
unexpected reversals.

When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.

When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.

The Beneish Model - M Score Variables

DSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer
prospects is more likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t
to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves
under pressure to manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being
depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.

The Beneish M Score Formula

The eight variables are then weighted together according to the following:

M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI

A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators,
whilst only incorrectly identifying 17.5% of non-manipulators.

The 5 Variable Version of the Beneish Model

The five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.

M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI

A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
M Score - 5 Variable NA -2.77 -2.81 -2.74 -2.96 -2.95 -2.24 -2.90 -2.94 -2.91 -2.88
M Score - 8 Variable NA -2.71 -2.59 -2.61 -2.68 -2.54 -2.20 -2.75 -2.60 -2.65 -2.62

DSRI 0.92 1.06 1.06 0.92 0.96 1.18 0.95 0.99 1.02 1.03 0.00
GMI 1.05 1.00 1.00 0.99 0.99 1.01 1.01 1.00 1.01 1.00 0.00
AQI 1.12 0.97 1.03 0.91 0.93 1.80 0.93 0.94 1.00 1.01 0.00
SGI 1.13 1.10 1.15 1.13 1.07 1.06 1.15 1.04 0.97 1.01 0.00
DEPI 1.04 1.07 1.00 0.94 1.04 1.13 0.87 0.99 1.04 0.96 0.00
SGAI 0.97 0.93 1.00 0.99 1.00 0.98 1.02 1.01 0.95 1.00 0.00
TATA -0.08 -0.04 -0.07 -0.05 -0.03 -0.05 -0.06 -0.02 -0.05 -0.04 0.00
LVGI 0.91 1.25 1.02 0.91 0.82 1.19 1.11 1.03 0.93 0.90 0.00
Johnson & Johnson
(JNJ)
7/2/2010
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Enter Competitor Tickers

P/CF
JNJ PFE ABT MRK GSK BSX

Sorted Data JNJ ABT PFE GSK MRK BSX JNJ ABT PFE GSK MRK BSX
Stock Price $ 59.07 $ 46.46 $ 14.23 $ 33.92 $ 34.44 $ 5.90 | | | | | | | | | | | | | | | | | | | | | | | | | >>> ||||||||||||||||||||||| ||||||| ||||||||||||||||| ||||||||||||||||| |||
Mkt Cap ($M) $ 162,920.00 $ 71,710.00 $ 114,780.00 $ 88,070.00 $ 107,390.00 $ 8,950.00 | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>>
EV $ 158,540.00 $ 88,480.00 $ 146,160.00 $ 102,680.00 $ 121,400.00 $ 14,580.00 | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>>
52 Wk High $ 66.20 $ 56.79 $ 20.36 $ 43.47 $ 41.56 $ 11.77 | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> |||||||||| |||||||||||||||||||||| ||||||||||||||||||||| ||||||
52 Wk Low $ 55.71 $ 43.45 $ 14.00 $ 32.15 $ 25.05 $ 5.41 | | | | | | | | | | | | | | | | | | | | | | | | | >>> |||||||||||||||||||||| ||||||| |||||||||||||||| ||||||||||||| |||
% off 52Wk Low 6.0% 6.9% 1.6% 5.5% 37.5% 9.1%
Multiples
P/E(TTM) 12.4 13.6 11.5 10.0 7.3 0.0 |||||| ||||||| |||||| ||||| ||||
P/S(TTM) 2.6 2.3 2.1 2.0 3.3 1.1 | | | | || |
P/Tang BV(MRQ) 7.7 0.0 0.0 0.0 2,947.2 0.0 |||| | | | | | | | | | | | | | | | | | | | | | | | | | >>>
P/CF 10.1 9.6 8.4 8.0 6.9 0.0 ||||| ||||| |||| |||| |||
P/FCF(TTM) 16.8 15.8 118.7 17.2 0.0 0.0 |||||||| |||||||| | | | | | | | | | | | | | | | | | | | | | | | | | >>> |||||||||
EV/EBITDA(TTM) 8.0 9.6 6.2 6.2 13.0 7.1 |||| ||||| ||| ||| |||||| ||||
Dividends
Div Yld 2.0% 1.6% 0.7% 5.4% 4.4% 0.0% | |
Div Yld - 5yr avg 2.6% 2.6% 4.6% 0.0% 3.8% 0.0% | |
Div 5yr Grth 12.0% 9.0% 3.8% 7.8% 0.4% 0.0% |||||| |||||
Payout Ratio(TTM) 40.7% 47.8% 66.6% 54.9% 33.8% 0.0% |||||||||||||||||||| ||||||||||||||||||||||||
Growth Rates
Sales(MRQ) v 1yr ago 4.0% 14.6% 54.1% 8.7% 112.1% -2.5% || ||||||| | |
Sales(TTM) v 1yr ago 2.6% 2.3% 2.1% 2.0% 3.3% 1.1% | |
Sales 5yr Grth 5.5% 9.4% 0.4% 7.3% 3.6% 7.8% ||| |||||
EPS(MRQ) v 1yr ago 28.7% -30.5% -38.1% 17.6% -85.9% -12043.4% |||||||||||||| ||||||||||||||| ||||||||||||||||||| <<< | | | | | | | | | | | | | | | | | | | | | | | | | <<< | | | | | | | | | | | | | | | | | | | | | | | | |
EPS(TTM) v 1yr ago 4.3% 1.7% 5.4% 30.9% 72.4% -8.9% || | ||||
EPS 5yr Grth 9.9% 12.8% -3.1% 17.9% 16.6% 0.0% ||||| |||||| ||
Balance Sheet
Quick Ratio(MRQ) 1.8 0.9 1.5 1.2 1.3 1.0 | | | |
Current Ratio(MRQ) 2.1 1.2 1.9 1.5 1.7 1.3 | | | | | |
LTD/Eq(MRQ) 15.2 52.2 42.7 142.6 26.4 52.6 |||||||| | | | | | | | | | | | | | | | | | | | | | | | | | >>> ||||||||||||||||||||| | | | | | | | | | | | | | | | | | | | | | | | | | >>> ||||||||||||| | | | | | | | | | | | | | | | | | | | | | | | | | >>>
Tot D/Eq(MRQ) 22.9 83.1 51.4 152.3 33.4 54.9 ||||||||||| | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>> ||||||||||||||||| | | | | | | | | | | | | | | | | | | | | | | | | | >>>
Margins
Gross %(TTM) 70.0% 57.1% 78.9% 73.9% 61.1% 67.7% | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>>
Gross % 5yr 71.2% 56.0% 82.2% 76.6% 73.5% 71.6% | | | | | | | | | | | | | | | | | | | | | | | | | >>> | | | | | | | | | | | | | | | | | | | | | | | | | >>>
Op %(TTM) 27.8% 20.9% 18.3% 30.4% 42.2% -29.4% |||||||||||||| |||||||||| |||||||||||||||
Op % 5yr avg 25.4% 18.4% 22.1% 31.4% 35.2% -11.3% ||||||||||||| ||||||||| ||||||
Net %(TTM) 21.3% 16.7% 14.2% 20.4% 35.6% -32.0% ||||||||||| |||||||| ||||||||||||||||
Net % 5yr avg 19.6% 14.6% 18.0% 21.6% 27.8% -16.8% |||||||||| ||||||| ||||||||
Returns
ROA(TTM) 14.8% 10.8% 5.0% 14.1% 15.1% -10.6% ||||||| ||||| |||||
ROA 5yr avg 15.4% 10.2% 7.0% 16.7% 12.7% -5.7% |||||||| ||||| |||
ROE(TTM) 27.5% 27.4% 10.6% 61.3% 30.3% -21.6% |||||||||||||| |||||||||||||| |||||||||||
ROE 5yr avg 27.8% 23.2% 12.9% 60.4% 29.8% -11.6% |||||||||||||| |||||||||||| ||||||
Efficiency
Rec Turnover(TTM) 6.3 5.4 4.8 4.6 6.1 6.1 ||| ||| || || ||| |||
Inv Turnover(TTM) 3.5 4.1 1.6 1.8 2.9 3.0 || || | | | |
Asset Turnover(TTM) 0.7 0.6 0.4 0.7 0.4 0.3
Johnson & Johnson
(JNJ)
7/2/2010
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Figures in Millions except per share values

Free Cash Flow Owner Earnings

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
$4,917.0 $7,133.0 $6,077.0 $8,333.0 $8,956.0 $9,245.0 ####### ####### ####### ####### ####### $4,669.0 $5,542.0 $6,160.0 $6,804.0 $8,458.0 $9,872.0 ####### ####### ####### ####### #######
% Change 45.1% -14.8% 37.1% 7.5% 3.2% 24.5% 3.7% -0.3% 19.3% 6.3% % Change 18.7% 11.2% 10.5% 24.3% 16.7% 6.3% -4.3% 26.6% -0.3% 8.8%

Stock Price Diluted EPS

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
$36.7 $48.5 $44.9 $43.6 $57.2 $51.7 $60.4 $59.4 $52.3 $62.7 $59.1 $1.70 $1.84 $2.16 $2.40 $2.84 $3.46 $3.73 $3.63 $4.57 $4.40 $1.15
% Change 32.3% -7.4% -2.9% 31.0% -9.5% 16.8% -1.7% -11.9% 19.9% -5.8% % Change 8.2% 17.4% 11.1% 18.3% 21.8% 7.8% -2.7% 25.9% -3.7% -73.9%

FCF / Sales Price / FCF

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
16.9% 21.6% 16.7% 19.9% 18.9% 18.3% 21.6% 19.5% 18.7% 23.0% 24.2% 20.8 20.7 22.0 15.5 19.0 16.6 15.2 14.1 12.2 12.2 10.8
% Change 28.1% -22.5% 18.9% -5.0% -3.2% 17.9% -9.5% -4.4% 22.9% 5.3% % Change -0.1% 5.9% -29.2% 22.0% -12.2% -8.7% -7.0% -14.0% 0.1% -11.4%

Cash Return on Invested Capital (CROIC) FCF Yield

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
29.1% 33.4% 30.6% 35.8% 32.5% 27.8% 50.7% 36.9% 32.7% 34.0% 35.0% 4.8% 4.8% 4.6% 6.4% 5.3% 6.0% 6.6% 7.1% 8.2% 8.2% 9.3%
% Change 14.9% -8.3% 17.0% -9.2% -14.4% 82.1% -27.2% -11.3% 3.9% 2.9% % Change 0.1% -5.5% 41.2% -18.0% 13.9% 9.6% 7.5% 16.2% -0.1% 12.8%

Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
8.0% 6.7% 8.9% 10.4% 9.4% 11.1% 9.0% 10.7% 13.2% 12.0% 12.8% 62.9% 60.5% 70.1% 65.8% 64.3% 57.3% 92.7% 76.6% 69.9% 56.9% 60.7%
% Change -16.6% 32.8% 16.9% -9.3% 17.8% -19.0% 18.9% 24.1% -9.0% 6.6% % Change -3.8% 15.8% -6.1% -2.3% -10.8% 61.7% -17.5% -8.7% -18.7% 6.8%

Gross Margin Net Profit Margin

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
74.8% 71.1% 71.2% 70.9% 71.7% 72.4% 71.8% 70.9% 71.0% 70.2% 70.0% 16.5% 17.2% 18.2% 17.2% 18.0% 20.6% 20.7% 17.3% 20.3% 19.8% 21.3%
% Change -4.9% 0.2% -0.4% 1.0% 1.0% -0.8% -1.1% 0.0% -1.1% -0.2% % Change 4.3% 5.8% -5.4% 4.5% 14.7% 0.6% -16.5% 17.3% -2.4% 7.3%

Piotroski F score Original Altman Z Score

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
5.0 5.0 8.0 5.0 9.0 7.0 5.0 5.0 7.0 6.0 7.0 7.8 9.1 7.4 6.5 7.8 7.7 5.9 5.3 4.8 4.8 4.1
% Change 0.0% 60.0% -37.5% 80.0% -22.2% -28.6% 0.0% 40.0% -14.3% 16.7% % Change 15.8% -17.8% -12.8% 19.8% -0.8% -23.6% -10.5% -9.6% 0.8% -14.2%

Beneish M Score - 8 Variable Version Tax Rate

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
-2.7 -2.6 -2.6 -2.7 -2.5 -2.2 -2.7 -2.6 -2.7 -2.6 27.5% 28.2% 29.0% 30.2% 33.7% 23.8% 24.2% 20.4% 23.5% 22.1% 23.6%
% Change #DIV/0! 4.5% -1.0% -2.7% 5.4% 13.6% -25.1% 5.3% -2.0% 1.4% % Change 2.6% 2.7% 4.1% 11.7% -29.5% 2.0% -15.9% 15.4% -5.8% 6.6%

Debt to Equity FCF to Total Debt

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
66.5% 58.8% 78.7% 79.6% 67.6% 53.2% 79.4% 86.9% 99.7% 87.2% 76.6% 39.3% 50.0% 34.0% 39.0% 41.6% 45.9% 36.8% 31.7% 28.1% 32.2% 37.3%
% Change -11.6% 33.8% 1.2% -15.1% -21.3% 49.3% 9.4% 14.8% -12.6% -12.1% % Change 27.3% -32.0% 14.5% 6.9% 10.1% -19.7% -13.9% -11.5% 14.7% 15.7%

FCF to Short Term Debt FCF to Long Term Debt

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM
332.5% 1262.5% 287.1% 731.6% 3198.6% 1384.0% 251.4% 484.7% 319.0% 224.8% 373.6% 241.4% 321.7% 300.5% 282.0% 349.2% 458.4% 571.5% 168.8% 146.6% 172.8% 187.5%
% Change 279.7% -77.3% 154.9% 337.2% -56.7% -81.8% 92.8% -34.2% -29.5% 66.1% % Change 33.3% -6.6% -6.2% 23.8% 31.3% 24.7% -70.5% -13.1% 17.8% 8.5%