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Author
Jae Jun
mail questions or comments to: jjun0366@gmail.comwww.oldschoolvalue.com
Disclaimer
Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be arecommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as anendorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. OldSchool Value holds no responsibility for any investment whatsoever.
 
2/18/2009
JNJ
1998199920002001200220032004200520062007
TTM
Revenue23,657.0$ 27,471.0$ 29,139.0$ 33,004.0$ 36,298.0$ 41,862.0$ 47,348.0$ 50,514.0$ 53,324.0$ 61,095.0$ 64,522.0$
COGS7,496.0$ 8,442.0$ 8,861.0$ 9,536.0$ 10,447.0$ 12,176.0$ 13,422.0$ 13,954.0$ 15,057.0$ 17,751.0$ 18,873.0$ COGS (%)31.7%30.7%30.4%28.9%28.8%29.1%28.3%27.6%28.2%29.1%29.3%
Gross Profit16,161.0$ 19,029.0$ 20,278.0$ 23,468.0$ 25,851.0$ 29,686.0$ 33,926.0$ 36,560.0$ 38,267.0$ 43,344.0$ 45,649.0$ Gross Profit (%)68.3%69.3%69.6%71.1%71.2%70.9%71.7%72.4%71.8%70.9%70.7%
SG&A8,907.0$ 10,503.0$ 10,875.0$ 11,992.0$ 12,216.0$ 14,131.0$ 15,860.0$ 16,877.0$ 17,433.0$ 20,451.0$ 21,546.0$ SG&A (%)37.7%38.2%37.3%36.3%33.7%33.8%33.5%33.4%32.7%33.5%33.4%R&D2,433.0$ 2,600.0$ 2,980.0$ 3,696.0$ 4,146.0$ 5,602.0$ 5,221.0$ 6,674.0$ 7,684.0$ 8,487.0$ 7,837.0$ R&D (%)10.3%9.5%10.2%11.2%11.4%13.4%11.0%13.2%14.4%13.9%12.1%Other704.0$ 222.0$ 34.0$ 185.0$ 294.0$ (385.0)$ 15.0$ (214.0)$ (671.0)$ 1,279.0$ 534.0$ Other (%)3.0%0.8%0.1%0.6%0.8%-0.9%0.0%-0.4%-1.3%2.1%0.8%
Operating Income4,117.0$ 5,704.0$ 6,389.0$ 7,595.0$ 9,195.0$ 10,338.0$ 12,830.0$ 13,223.0$ 13,821.0$ 13,127.0$ 15,732.0$ Operating Income (%)17.4%20.8%21.9%23.0%25.3%24.7%27.1%26.2%25.9%21.5%24.4%
Net Int Inc & Other152.0$ 49.0$ 233.0$ 303.0$ 96.0$ (30.0)$ 8.0$ 433.0$ 766.0$ 156.0$ 300.0$
Earnings Before Taxes4,269.0$ 5,753.0$ 6,622.0$ 7,898.0$ 9,291.0$ 10,308.0$ 12,838.0$ 13,656.0$ 14,587.0$ 13,283.0$ 15,744.0$
Income Taxes1,210.0$ 1,586.0$ 1,822.0$ 2,230.0$ 2,694.0$ 3,111.0$ 4,329.0$ 3,245.0$ 3,534.0$ 2,707.0$ 3,135.0$
Earnings After Taxes3,059.0$ 4,167.0$ 4,800.0$ 5,668.0$ 6,597.0$ 7,197.0$ 8,509.0$ 10,411.0$ 11,053.0$ 10,576.0$ 12,609.0$
Acctg Changes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Disc Operations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Ext Items-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income3,059.0$ 4,167.0$ 4,800.0$ 5,668.0$ 6,597.0$ 7,197.0$ 8,509.0$ 10,411.0$ 11,053.0$ 10,576.0$ 12,609.0$ Net Income (%)12.9%15.2%16.5%17.2%18.2%17.2%18.0%20.6%20.7%17.3%19.5%
Diluted EPS, Cont Ops$-$ 1.5$ 1.7$ 1.8$ 2.2$ 2.4$ 2.8$ 3.5$ 3.7$ 3.6$ 4.4$ Diluted EPS$-$ 1.5$ 1.7$ 1.8$ 2.2$ 2.4$ 2.8$ 3.5$ 3.7$ 3.6$ 4.4$ Shares02834282330803054299829963008296329132859Cash and Equiv1,927.0$ 2,363.0$ 3,411.0$ 3,758.0$ 2,894.0$ 5,377.0$ 9,203.0$ 16,055.0$ 4,083.0$ 7,770.0$ 14,018.0$ Short-Term Investments-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Accts Rec3,661.0$ 4,233.0$ 4,464.0$ 4,630.0$ 5,399.0$ 6,574.0$ 6,831.0$ 7,010.0$ 8,712.0$ 9,444.0$ 10,156.0$ Inventory2,853.0$ 3,095.0$ 2,842.0$ 2,992.0$ 3,303.0$ 3,588.0$ 3,744.0$ 3,959.0$ 4,889.0$ 5,110.0$ 5,473.0$ Other Current Assets2,691.0$ 3,509.0$ 4,733.0$ 7,093.0$ 7,670.0$ 7,456.0$ 7,542.0$ 4,370.0$ 5,291.0$ 7,621.0$ 6,943.0$
Total Current Assets11,132.0$ 13,200.0$ 15,450.0$ 18,473.0$ 19,266.0$ 22,995.0$ 27,320.0$ 31,394.0$ 22,975.0$ 29,945.0$ 36,590.0$
Net PP&E6,240.0$ 6,719.0$ 6,971.0$ 7,719.0$ 8,710.0$ 9,846.0$ 10,436.0$ 10,830.0$ 13,044.0$ 14,185.0$ 14,355.0$ Intangibles7,209.0$ 7,571.0$ 7,256.0$ 9,077.0$ 9,246.0$ 11,539.0$ 11,842.0$ 12,175.0$ 28,688.0$ 28,763.0$ 28,571.0$ Other Long-Term Assets1,630.0$ 1,673.0$ 1,644.0$ 3,219.0$ 3,334.0$ 3,883.0$ 3,719.0$ 3,626.0$ 5,849.0$ 8,061.0$ 8,208.0$
Total Assets26,211.0$ 29,163.0$ 31,321.0$ 38,488.0$ 40,556.0$ 48,263.0$ 53,317.0$ 58,025.0$ 70,556.0$ 80,954.0$ 87,724.0$
Accts Payable1,861.0$ 2,003.0$ 2,083.0$ 2,838.0$ 3,621.0$ 4,966.0$ 5,227.0$ 4,315.0$ 5,691.0$ 6,909.0$ 6,384.0$ Short-Term Debt2,747.0$ 1,806.0$ 1,479.0$ 565.0$ 2,117.0$ 1,139.0$ 280.0$ 668.0$ 4,579.0$ 2,463.0$ 6,245.0$ Taxes Payable206.0$ 206.0$ 314.0$ 537.0$ 710.0$ 944.0$ 1,506.0$ 940.0$ 724.0$ 223.0$ 458.0$ Accrued Liabilities3,348.0$ 3,439.0$ 3,264.0$ 4,104.0$ 5,001.0$ 6,399.0$ 6,914.0$ 6,712.0$ 8,167.0$ 10,242.0$ 9,643.0$ Other Short-TermLiabilities-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Current Liabilities8,162.0$ 7,454.0$ 7,140.0$ 8,044.0$ 11,449.0$ 13,448.0$ 13,927.0$ 12,635.0$ 19,161.0$ 19,837.0$ 22,730.0$
Long-Term Debt1,269.0$ 2,450.0$ 2,037.0$ 2,217.0$ 2,022.0$ 2,955.0$ 2,565.0$ 2,017.0$ 2,014.0$ 7,074.0$ 8,395.0$ Other Long-TermLiabilities3,190.0$ 3,046.0$ 3,336.0$ 3,994.0$ 4,388.0$ 4,991.0$ 5,012.0$ 5,502.0$ 10,063.0$ 10,724.0$ 10,865.0$
Total Liabilities12,621.0$ 12,950.0$ 12,513.0$ 14,255.0$ 17,859.0$ 21,394.0$ 21,504.0$ 20,154.0$ 31,238.0$ 37,635.0$ 41,990.0$ Total Equity13,590.0$ 16,213.0$ 18,808.0$ 24,233.0$ 22,697.0$ 26,869.0$ 31,813.0$ 37,871.0$ 39,318.0$ 43,319.0$ 45,734.0$ Total Liabilities & Equity26,211.0$ 29,163.0$ 31,321.0$ 38,488.0$ 40,556.0$ 48,263.0$ 53,317.0$ 58,025.0$ 70,556.0$ 80,954.0$ 87,724.0$
Liabilities & Stockholders' Equity
JOHNSON & JOHNSON
Company Name
Income Statement
Operating ExpensesOther Income and Expense
Balance Sheet
ticker
JNJ
Assets
all figures in $Mil
Financial Data
 
et ncome3,059.04,167.04,800.05,668.06,597.07,197.08,509.010,411.011,053.010,576.012,609.0  Depr & Amort1,246.0$ 1,444.0$ 1,515.0$ 1,605.0$ 1,662.0$ 1,869.0$ 2,124.0$ 2,093.0$ 2,177.0$ 2,777.0$ 2,992.0$ Deferred Taxes(239.0)$ (7.0)$ (167.0)$ (106.0)$ (74.0)$ (720.0)$ (498.0)$ (46.0)$ (1,168.0)$ (1,762.0)$ (1,216.0)$ Other820.0$ 73.0$ 415.0$ 1,697.0$ (9.0)$ 2,249.0$ 996.0$ (581.0)$ 2,186.0$ 3,658.0$ 910.0$
Cash from Operations4,886.0$ 5,677.0$ 6,563.0$ 8,864.0$ 8,176.0$ 10,595.0$ 11,131.0$ 11,877.0$ 14,248.0$ 15,249.0$ 15,295.0$
Cap Ex(1,460.0)$ (1,728.0)$ (1,646.0)$ (1,731.0)$ (2,099.0)$ (2,262.0)$ (2,175.0)$ (2,632.0)$ (2,666.0)$ (2,942.0)$ (3,176.0)$ Purchase of Business(3,481.0)$ (271.0)$ (68.0)$ (225.0)$ (478.0)$ (2,812.0)$ (580.0)$ (987.0)$ (18,023.0)$ (1,388.0)$ (410.0)$ Other(698.0)$ (943.0)$ (654.0)$ (2,137.0)$ 380.0$ 548.0$ 408.0$ 3,340.0$ 398.0$ (1,809.0)$ 512.0$
Cash from Investing(5,639.0)$ (2,942.0)$ (2,368.0)$ (4,093.0)$ (2,197.0)$ (4,526.0)$ (2,347.0)$ (279.0)$ (20,291.0)$ (6,139.0)$ (3,074.0)$
Net Issuance of Stock(661.0)$ (577.0)$ (681.0)$ (2,056.0)$ (6,148.0)$ (872.0)$ (742.0)$ (1,021.0)$ (5,587.0)$ (4,045.0)$ (7,237.0)$ Net Issuance of Debt2,510.0$ 10,654.0$ 818.0$ 352.0$ 2,381.0$ 4,085.0$ 531.0$ 1,221.0$ 6,391.0$ 24,726.0$ 8,831.0$ Dividends(1,305.0)$ (1,479.0)$ (1,724.0)$ (2,047.0)$ (2,381.0)$ (2,746.0)$ (3,251.0)$ (3,793.0)$ (4,267.0)$ (4,670.0)$ (4,934.0)$ Other(642.0)$ (10,892.0)$ (1,513.0)$ (1,500.0)$ (805.0)$ (4,330.0)$ (1,686.0)$ (928.0)$ (2,646.0)$ (21,709.0)$ (1,502.0)$
Cash from Financing(98.0)$ (2,294.0)$ (3,100.0)$ (5,251.0)$ (6,953.0)$ (3,863.0)$ (5,148.0)$ (4,521.0)$ (6,109.0)$ (5,698.0)$ (4,842.0)$
Currency Adj-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Change in Cash(826.0)$ 369.0$ 1,048.0$ (520.0)$ (864.0)$ 2,483.0$ 3,826.0$ 6,852.0$ (11,972.0)$ 3,687.0$ 7,378.0$ Cash from Operations4,886.0$ 5,677.0$ 6,563.0$ 8,864.0$ 8,176.0$ 10,595.0$ 11,131.0$ 11,877.0$ 14,248.0$ 15,249.0$ 15,295.0$ Cap Ex(1,460.0)$ (1,728.0)$ (1,646.0)$ (1,731.0)$ (2,099.0)$ (2,262.0)$ (2,175.0)$ (2,632.0)$ (2,666.0)$ (2,942.0)$ (3,176.0)$
Free Cash Flow2,845.0$ 3,883.0$ 4,669.0$ 5,542.0$ 5,994.0$ 6,804.0$ 8,458.0$ 8,618.0$ 10,564.0$ 10,411.0$ 11,813.0$
Book Value Per Share#DIV/0!5.72$ 6.66$ 7.87$ 7.43$ 8.96$ 10.62$ 12.59$ 13.27$ 14.87$ 16.00$
Free Cash FlowCash Flows StatementCash Flows From Operating ActivitiesCash Flows From Investing ActivitiesCash Flows From Financing Activities
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