Research memoJohnson & Johnson (JNJ) · NYSEMemo of October 14, 2026

Johnson & Johnson stock forecast

Johnson & Johnson's weighted forecast is $251.90 in October 2029. It hinges on replacing STELARA while MedTech and legal cash demands stay under control.

248.61
Share price today, USD
251.90 (+8%)
Weighted scenario, October 2029
3.0%
Real free cash flow yield
20.1x
P/E, next 12 months
Read the full Johnson & Johnson memoYour first report is free · no card
Every number traced to Johnson & Johnson's filings8 chapters · 17,085 words274 sources cited

Where could Johnson & Johnson's shares be by October 2029?

The forecast points to a near-term decline before a modest recovery. The weighted price is $229.07 in October 2027, a 6% loss with dividends. It rises to $239.91 in October 2028, a 1% gain. By October 2029, it reaches $251.90, an 8% gain.

The central case has 53% probability. The bear case has 27%, while the bull case has 20%. The October 2029 range runs from $143.33 in the bear case to $384.60 in the bull case. Today's price is $248.61, so the forecast sees moderate expected returns but substantial execution risk.

Share price in October 2029: our three scenarios (USD)Today 248.61143.33Bear · 27% · -36%257.13Base · 53% · +10%384.60Bull · 20% · +62%
What the shares could be worthUSD per share at each date; in brackets the return since today's 248.61, dividends included
CaseProbabilityOctober 2027October 2028October 2029
Bear27%175.77 (-27%)154.15 (-34%)143.33 (-36%)
Base53%236.34 (-3%)246.31 (+4%)257.13 (+10%)
Bull20%281.75 (+16%)338.71 (+41%)384.60 (+62%)
Weighted100%229.07 (-6%)239.91 (+1%)251.90 (+8%)

What this means. The weighted row is the probability-based average of the bear, base, and bull cases, so it is not a prediction that the shares will follow that exact price.

What has to go right for Johnson & Johnson—and what could go wrong?

The bear case holds earnings near $26,520 million in the first year and then allows only slight improvement, as replacement sales lag, biosimilars pressure margins and separation costs persist. TREMFYA replaced only about 35% of STELARA's 2025 revenue decline, while Q3 MedTech growth was 2.5%. The bull case reaches $36,500 million by 2029, requiring faster TREMFYA, oncology and neuroscience growth plus expanding margins. J&J's $55 billion investment programme supports that possibility, but does not make it the central outcome.

The bear case assumes biosimilar erosion outpaces replacement, MedTech stays uneven and separation costs pressure margins. Talc payments then limit buybacks, while weaker earnings durability compresses the P/E. The price falls to $175.77 in October 2027 and $143.33 by October 2029. Its 27% probability reflects the combined downside assigned to earnings and valuation, while dividends and shares provide only limited protection.

How much cash does Johnson & Johnson really make?

Profit records accounting income; cash flow records money collected and paid. J&J’s operating cash flow was $24,530 million in 2025, while free cash flow after capital spending was $19,536 million. A sale may be recorded before the customer pays, and inventory may consume cash before it is sold.

Follow the money: real free cash flowUS$ millions
202520242023Jan 2023Jan 2022
Cash from operations24,53024,266
− Capital spending4,9944,5984,3813,7063,338
= Free cash flow19,53619,668
− Stock pay1,3541,1761,0871,0281,038
= Real free cash flow18,18218,492
Real free cash flow, % of revenue19.3%20.8%

What this means. The company's free cash flow is higher because it leaves out 162 million dollars of cash costs in 2025 and 174 million dollars in 2024 that we count.

What does Johnson & Johnson's stock price pay for in earnings and cash?

What an investor pays todayUS$ millions
Today (Oct 14, 2026)
Share price248.61
Market value (calculated)599,125
Enterprise value (calculated)627,403
P/E, last 12 months (calculated)37.7x
P/E, next 12 months (calculated)20.1x
Real free cash flow yield (calculated)3.0%

What this means. The share price is from the market's close on October 13, even though the table is dated October 14.

From the full memo · 1. The business

Johnson & Johnson is a healthcare company that sells prescription medicines and medical devices. Its dollar comes in when a product reaches a paying customer, and goes out through research, manufacturing, distribution, people, partners, and investment.

Continue reading, free
Your first report is free · no card

Where these numbers come from

More on Johnson & Johnson

Johnson & Johnson dividendJohnson & Johnson earnings

Its rivals

Merck (MRK)Bristol Myers Squibb (BMY)Lilly (LLY)Medtronic (MDT)

Browse

All stocksS&P 500 companiesCompanies J
The full Johnson & Johnson memoYour first report is free
Read it