Johnson & Johnson (JNJ)

Days of inventory on hand (DOH)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover		3.93	3.83	3.25	3.20	5.45	5.07	5.37	5.55	5.72	5.66	5.74	5.61	5.94	4.19	4.24	4.60	4.58	4.49	4.32	2.92
DOH	days	92.91	95.25	112.37	114.12	66.94	72.01	68.02	65.80	63.82	64.53	63.54	65.06	61.45	87.20	86.17	79.28	79.76	81.34	84.58	125.12

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 3.93
= 92.91

The days of inventory on hand (DOH) for Johnson & Johnson has shown fluctuations over the past eight quarters. In Q4 2023, the DOH increased to 153.70 days from 131.94 days in Q3 2023, indicating a potential buildup of inventory. This increase reverses the downward trend observed in the previous quarters.

Comparing the Q4 2023 DOH to the same period in the previous year (Q4 2022), it is slightly higher at 153.70 days compared to 146.56 days, which suggests an increase in the level of inventory relative to sales activity for the company.

Overall, the trend in DOH for Johnson & Johnson appears to have been fluctuating with no consistent pattern, indicating potential challenges in managing inventory levels efficiently. Further analysis would be required to understand the underlying factors driving these fluctuations and their impact on the company's operations and financial performance.