Johnson & Johnson
JNJ · Pharmaceuticals
$263.81
1.4%UnitedHealth
UNH · Managed Health Care
$418.09
1.6%The short version
- UnitedHealth is the larger business, with $447.6B of revenue in fiscal 2025 against $94.2B for Johnson & Johnson, about 4.8 times as much.
- UnitedHealth grew revenue faster (11.8%, against 6.1%).
- Johnson & Johnson turned more of its sales into free cash flow (20.9% FCF margin, against 3.6% FCF margin).
- Johnson & Johnson earned a higher return on the capital invested in it (28.6%, against 11.2%).
- Investors pay more for each dollar of Johnson & Johnson’s earnings: a P/E of 40.0x against 26.9x for UnitedHealth.
| Latest fiscal year | JNJ · FY25 | UNH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $646.0B | $378.8B |
| Revenue | $94.2B | $447.6B |
| Free cash flow | $19.7B | $16.1B |
| Net income | $26.8B | $12.1B |
| Growth | ||
| Revenue growth | 6.1% | 11.8% |
| 5-year growth | 2.7% | 11.7% |
| Share count change | 0.0% | −1.9% |
| Profitability | ||
| Gross margin | 67.9% | 88.7% |
| Operating margin | — | 4.2% |
| Net margin | 28.5% | 2.7% |
| FCF margin | 20.9% | 3.6% |
| Return on capital | 28.6% | 11.2% |
| Return on equity | 35.0% | 12.2% |
| Balance sheet | ||
| Net debt | $27.8B | $50.3B |
| Net debt / EBITDA | 0.7x | 2.2x |
| Dividends and buybacks | $18.3B | $13.5B |
| Valuation & quality | ||
| P/E | 40.0x | 26.9x |
| Piotroski F-score | 4 | 7 |
FY16
JNJ $71.9B
UNH $184.8B
FY17
JNJ $76.5B
UNH $201.2B
FY18
JNJ $81.6B
UNH $226.2B
FY19
JNJ $82.1B
UNH $242.2B
FY20
JNJ $82.6B
UNH $257.1B
FY21
JNJ $78.7B
UNH $287.6B
FY22
JNJ $80.0B
UNH $324.2B
FY23
JNJ $85.2B
UNH $371.6B
FY24
JNJ $88.8B
UNH $400.3B
FY25
JNJ $94.2B
UNH $447.6B
JNJ
UNH
FY16
JNJ —
UNH 7.0%
FY17
JNJ —
UNH 7.6%
FY18
JNJ —
UNH 7.7%
FY19
JNJ —
UNH 8.1%
FY20
JNJ —
UNH 8.7%
FY21
JNJ —
UNH 8.3%
FY22
JNJ —
UNH 8.8%
FY23
JNJ —
UNH 8.7%
FY24
JNJ —
UNH 8.1%
FY25
JNJ —
UNH 4.2%
JNJ
UNH
FY16
JNJ $15.5B
UNH $8.1B
FY17
JNJ $17.8B
UNH $11.6B
FY18
JNJ $18.5B
UNH $13.7B
FY19
JNJ $19.9B
UNH $16.4B
FY20
JNJ $20.2B
UNH $20.1B
FY21
JNJ $19.8B
UNH $19.9B
FY22
JNJ $17.2B
UNH $23.4B
FY23
JNJ $18.2B
UNH $25.7B
FY24
JNJ $19.8B
UNH $20.7B
FY25
JNJ $19.7B
UNH $16.1B
JNJ
UNH
FY16
JNJ 31.7%
UNH 13.9%
FY17
JNJ 14.1%
UNH 19.0%
FY18
JNJ 22.0%
UNH 18.9%
FY19
JNJ 22.2%
UNH 19.1%
FY20
JNJ 21.1%
UNH 19.0%
FY21
JNJ 24.0%
UNH 20.1%
FY22
JNJ 19.5%
UNH 21.4%
FY23
JNJ 16.5%
UNH 21.6%
FY24
JNJ 18.5%
UNH 17.9%
FY25
JNJ 28.6%
UNH 11.2%
JNJ
UNH
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.