Johnson & Johnson's debt to equity: 5 definitions, 5 answers
Depending on which definition is used, Johnson & Johnson's debt to equity for FY2025 is anywhere from 0.48 to 1.44, every one of them arithmetically correct and all of them out of the same filing.
Computed from Johnson & Johnson's 10-K for fiscal 2025, the year ended 2025-12-28, filed 2026-02-11, 45 days after the books closed. Accession 0000200406-26-000016 Reported in USD.
The same filing, read 5 ways
| Definition | Formula, in filed line items | Measured over | Value |
|---|---|---|---|
| Long-term debt to equity | longTermDebt / totalStockholdersEquity | One filed fiscal year | 0.48 |
| Borrowings to equity | (shortTermDebt + longTermDebt) / totalStockholdersEquity | One filed fiscal year | 0.59 |
| Total debt to equity | totalDebt / totalStockholdersEquity | One filed fiscal year | 0.60 |
| Total debt to total equity including minority interests | totalDebt / totalEquity | One filed fiscal year | 0.60 |
| Total liabilities to equity | totalLiabilities / totalStockholdersEquity | One filed fiscal year | 1.44 |
Highest over lowest, a factor of 2.98.
- Long-term debt to equity
- Long-term debt 39.44 bn USD, Total stockholders' equity 81.54 bn USD, giving 0.48. Reading it instead of the one the product prints moves the answer by -0.13.
- Borrowings to equity
- Short-term debt 8.50 bn USD, Long-term debt 39.44 bn USD, Total stockholders' equity 81.54 bn USD, giving 0.59. Reading it instead of the one the product prints moves the answer by -0.02.
- Total debt to equity
- Total debt 49.34 bn USD, Total stockholders' equity 81.54 bn USD, giving 0.60. Reading it instead of the one the product prints moves the answer by -0.01.
- Total debt to total equity including minority interests
- Total debt 49.34 bn USD, Total equity 81.54 bn USD, giving 0.60. Reading it instead of the one the product prints moves the answer by -0.01.
- Total liabilities to equity
- Total liabilities 117.67 bn USD, Total stockholders' equity 81.54 bn USD, giving 1.44. Reading it instead of the one the product prints moves the answer by +0.83.
Our own figure for JNJ: 0.61. That matches none of the definitions above, which is worth saying plainly on a page about numbers disagreeing: our denominator differs from all of them for this filer.
The definitions disagree by 0.96 on this filer, against 0.71 between the median and the top quartile of the 2320-company cohort. Which definition you happened to read moves the answer further than a quarter of the market does.
Is that a lot
Johnson & Johnson's 0.61 (FY2025, on the definition this product prints) is +0.04 against the 0.57 median of the 2320 filers holding a debt to equity on 2026-10-21. Every mark, and the distance from it:
| Mark | Every filer (2320) | Distance | Healthcare (499) | Distance |
|---|---|---|---|---|
| p5 | 0.00 | +0.61 | 0.00 | +0.61 |
| p10 | 0.02 | +0.59 | 0.00 | +0.61 |
| p25 | 0.16 | +0.45 | 0.03 | +0.58 |
| p50 | 0.57 | +0.04 | 0.22 | +0.39 |
| p75 | 1.28 | -0.67 | 0.76 | -0.15 |
| p90 | 2.70 | -2.09 | 1.73 | -1.12 |
| p95 | 4.96 | -4.35 | 3.54 | -2.93 |
A distance is not a verdict. What the marks mean, and what this metric hides
Nothing here is quoted from another publisher, and none of these is called wrong.
What this page leaves out
Evaluated over 11 filed fiscal years, FY2015 to FY2025. Accounts filed before this company began tagging its statements in XBRL are not machine-readable and are outside this page. No share price is involved in any figure here, so nothing on this page is limited by the depth of our price archive.
Filings get mis-tagged and restated, so check a figure against the submission it names. Coverage for a company you own.