Johnson & Johnson vs UnitedHealth
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KIRA’s take AI analyst
I put Johnson & Johnson and UnitedHealth side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- 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 40.4x against 26.4x for UnitedHealth.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Johnson & Johnson
JNJ
5/10
Net marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
UnitedHealth
UNH
5/10
Revenue growth5-year growthGross marginPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | JNJ FY25 | UNH FY25 |
|---|---|---|
| Size | ||
| Market cap | $652.1B | $372.1B |
| 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 | 40.4x | 26.4x |
| Piotroski F-score | 4 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.