Johnson & Johnson management check
JNJ · Health Care · Pharmaceuticals · CEO J. Duato
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2022 grew to $152, against $189 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 4 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.93 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.1% of net income$32.8m of reported pay in fiscal 2025, against $26.8bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 3.2 years of payThe CEO holds 399,258 shares, directly or through trusts (unvested awards not counted): about 3.2 years of pay. 6 insiders sold $70.2m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.6% a year over the last three fiscal years. Stock-based pay was 1.4% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: A. Gorsky, J. Duato. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 25 | 26 | |
| Pay for performance | 97 | 85 | |
| CEO cost | 100 | 44 | |
| Skin in the game | 40 | 46 | |
| Dilution | 82 | 68 | |
| Stable leadership | 40 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Pharmaceuticals, by management score. Johnson & Johnson is 20th of 60 in its sector.
- 32LLYLilly (Eli)84
- 181ZTSZoetis70
- 190JNJJohnson & Johnson69
- 207BMYBristol Myers Squibb68
- 263PFEPfizer64
- 323MRKMerck & Co.60
- 369VTRSViatris57
Pay versus performance
From the proxy statement filed March 11, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | J. Duato | $32.8m | $68.3m | $12.5m | $152 | $189 | $26.8bn |
| 2024 | J. Duato | $24.3m | $17.0m | $11.2m | $103 | $148 | $14.1bn |
| 2023 | J. Duato | $28.4m | $13.8m | $12.5m | $108 | $137 | $35.2bn |
| 2022 | A. Gorsky | $26.7m | $39.4m | $12.5m | $111 | $126 | $20.9bn |
The board says pay is tied most to Annual relative total shareholder return. Its other key measures: •Operational sales, •Three-year cumulative adjusted operational EPS, •Adjusted operational EPS growth, •Three-year TSR compound annual growth rate versus the competitor composite peer group, •Free cash flow, •Share price, •Share price appreciation.
Insiders and the CEO's stake
Joaquin Duato (CEO and Chairman of the Board) held 399,258 shares directly after their latest Form 4 on Aug 13, 2026, roughly $104.2m at that filing's price.
6 insiders sold $70.2m in the last six months and none bought.
- SoldJoaquin DuatoCEO and Chairman of the Board$44.7mAug 13, 2026
- SoldTimothy SchmidEVP, WW Chair, MedTech$9.2mSep 2, 2026
- SoldVanessa BroadhurstEVP, Global Corp Affairs$5.8mJul 20, 2026
- SoldElizabeth ForminardEVP, Chief Legal Officer$4.1mAug 6, 2026
Leadership and governance on file
- Aug 4, 2026Leadership change8-K 5.02
- Sep 9, 2025Leadership change8-K 5.02
- Jun 10, 2025Leadership change8-K 5.02
- Apr 30, 2025Leadership change8-K 5.02
- Sep 10, 2024Leadership change8-K 5.02
- Aug 26, 2024Leadership change8-K 5.02
- Dec 5, 2023Leadership change8-K 5.02
- Nov 27, 2023Leadership change8-K 5.02
- Oct 23, 2023Leadership change8-K 5.02
- May 1, 2023Leadership change8-K 5.02
- Apr 3, 2023Leadership change8-K 5.02
- Feb 15, 2023Leadership change8-K/A 5.02
Latest shareholder vote results: Apr 28, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $22.9bn returned to owners in buybacks and dividends, 20% of net income, and $6.0bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $78.7bn | $80.0bn | $85.2bn | $88.8bn | $94.2bn |
| Net income | $20.9bn | $17.9bn | $35.2bn | $14.1bn | $26.8bn |
| Stock-based pay | $1.1bn | $1.1bn | $1.2bn | $1.2bn | $1.4bn |
| Buybacks | $3.5bn | $6.0bn | $5.1bn | $2.4bn | $6.0bn |
| Dividends | — | — | — | — | — |
| Diluted shares | 2674m | 2664m | 2560m | 2429m | 2429m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.