How does Johnson & Johnson’s P/E ratio compare with its history?
On this page, JNJ's current P/E is 31.8, compared with a multi-year average around 49.8. A lower P/E versus its own history is a calculated gap versus that average—not a conclusion that the stock is cheap. Pair it with profitability and earnings quality in the table (for example ROE/ROIC) to see whether the multiple moved with earnings.