Johnson & Johnson (JNJ)
Johnson & Johnson develops prescription pharmaceuticals and medical devices following the spin-off of its consumer-health business. Its diversified drug and device pipeline supports a long record of dividend increases.
JNJ vs MRK: how the two businesses compare
- Bigger business: JNJ, with $94.2B of yearly revenue, about 1.4× MRK's $65.0B.
- More cash from each sale: JNJ turns 26 cents of each sales dollar into operating cash flow, against 25 cents at MRK.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Johnson & Johnson (JNJ) is the larger business by reported revenue: $94.2B in its fiscal year ended Dec 2025, about 1.4× MRK's $65.0B (fiscal year ended Dec 2025). JNJ's net margin was 28.5% and MRK's 28.1%. Both file with the SEC under the same industry code, SIC 2834 (Pharmaceutical Preparations).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Pharmaceutical Preparations
- Same classification
- Different
- JNJ January 3 · MRK December 31
- Feb 24, 2026
JNJ vs MRK: quick comparison
| Company fact | JNJ | MRK |
|---|---|---|
| Company | Johnson & Johnson | Merck & Co., Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | New Brunswick, New Jersey | Rahway, New Jersey |
| Founded | 1886 | 1891 |
| SEC industry | Pharmaceutical Preparations | Pharmaceutical Preparations |
| Fiscal year-end | January 3 | December 31 |
| Latest annual filing | 10-K · 2026-02-11 | 10-K · 2026-02-24 |
JNJ vs MRK: audited financials
- Scale: JNJ's $94.2B of revenue is about 1.4× MRK's $65.0B.
- Net margin: nearly identical at 28.5% (JNJ) and 28.1% (MRK).
- Cash conversion: operating cash flow equalled JNJ 26.0% of revenue, or 0.92× net income; MRK 25.3% of revenue, or 0.90× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end 3 days apart (2025-12-28 and 2025-12-31), so these annual figures cover close to the same months.
| Metric | JNJ | MRK |
|---|---|---|
| Revenue | $94.2B2024-12-30 to 2025-12-28 · SEC filing | $65.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $26.8B2024-12-30 to 2025-12-28 · SEC filing | $18.3B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $24.5B2024-12-30 to 2025-12-28 · SEC filing | $16.5B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $11.032024-12-30 to 2025-12-28 · SEC filing | $7.282025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 28.5%2024-12-30 to 2025-12-28 · SEC filing | 28.1%2025-01-01 to 2025-12-31 · SEC filing |
JNJ: FY ending 2025-12-28 · MRK: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where JNJ and MRK overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 2834, Pharmaceutical Preparations.
- Nearly aligned fiscal calendars: JNJ's year ends January 3 and MRK's December 31.
Differences
No differences in classification, themes, or calendar are recorded in the data; the differences sit in the businesses described below.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Merck & Co., Inc. (MRK)
Merck is a research-driven pharmaceutical company whose Keytruda immunotherapy is one of the world's top-selling cancer drugs. It also maintains major vaccine and animal-health businesses.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves JNJ
We have not yet published a company-specific driver list for JNJ. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
What moves MRK
We have not yet published a company-specific driver list for MRK. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-24.
The investment question
You now know JNJ reports about 1.4× MRK's revenue, and JNJ keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the pharmaceutical preparations cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. JNJ's fiscal year ends January 3, while MRK's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 69 matched transaction rows for JNJ and 43 matched transaction rows for MRK. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
JNJ primary filings
MRK primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving JNJ or MRK
JNJ vs MRK FAQs
Are JNJ and MRK direct competitors?
Johnson & Johnson and Merck share the SEC industry classification “Pharmaceutical Preparations.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is JNJ or MRK the bigger company by revenue?
Johnson & Johnson (JNJ) is the larger business by reported revenue: $94.2B in its fiscal year ended Dec 2025, about 1.4× MRK's $65.0B (fiscal year ended Dec 2025). JNJ's net margin was 28.5% and MRK's 28.1%. Both file with the SEC under the same industry code, SIC 2834 (Pharmaceutical Preparations). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, JNJ or MRK?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this JNJ vs MRK comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Johnson & Johnson and Merck & Co., Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
JNJ vs MRK compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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