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Johnson & Johnson JNJ MedTech — Indefinite-lived trademarks

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Other financials

Income statement

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Revenue$25.3B+6.6%
Gross profit$17.3B+7.1%
Operating income$7.1B+7.4%
Net income$5.5B-0.1%
EPS (diluted)$2.27-0.9%

Balance sheet

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Cash & equivalents$20.4B+9.9%
Total debt$49.0B-3.4%
Total equity$85.0B+8.3%
Total assets$201.06B+4.0%

Cash flow

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Operating cash flow$8.6B+122%
CapEx$1.3B+26.7%
Free cash flow$7.3B+157%

Valuation

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Market cap$624.74B+49.2%
Enterprise value$653.36B+44.9%
P/E29.7×+11.2×
P/S6.4×+1.8×

Profitability

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Gross margin67.9%0.0pp
Operating margin26.5%+2.8pp
Net margin21.5%-3.5pp
FCF margin22.7%+2.2pp

Returns & leverage

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Return on equity25.7%-4.5pp
Debt / equity0.6×-0.1×
Current ratio1.1×+0.1×

Where this comes from

Reported directly by Johnson & Johnson in its filing.

Tagged under the XBRL concept us-gaap:IndefiniteLivedTrademarks.

The source filing: Johnson & Johnson’s 10-K, filed February 11, 2026.

Filed
Feb 10, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0000200406-26-000016

(3) In October 2025, the Company announced its intention to separate its Orthopaedics business, to be named DePuy Synthes. In connection with this strategic decision, the Company determined the DePuy Synthes trademarks will continue to be used on existing and future products. Therefore, $1.7 billion of trademarks associated with the DePuy Synthes brand were reclassified from definite lived to indefinite lived. This reclassification reflects management’s revised expectations regarding the future economic life and continued use of these trademarks through and following the planned separation. Based on a qualitative assessment, the Company concluded that the trademarks are not impaired.

Item 8. Financial statements and supplementary data

FAQ

What is Johnson & Johnson's medtech — indefinite-lived trademarks?
Johnson & Johnson (JNJ) reported medtech — indefinite-lived trademarks of $1.7B in Q4 2025.
What does medtech — indefinite-lived trademarks mean?
This metric represents the carrying value of intangible assets in the form of trademarks that are determined to have an indefinite useful life. These assets are not amortized but are instead subject to annual impairment testing to ensure their book value does not exceed their fair market value. This reflects the long-term brand equity and market positioning of products within the medical technology portfolio.

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