Compiled 2026-09-26Data through 2026-04-242 min read
Dated source-based research · No live market data

Observation

Across 9 eligible healthcare companies, the equal-weight median liabilities as a share of assets was 57.29% for the latest selected annual periods.

Data context

The eligible sample covers 9 of 16 selected companies. The latest selected annual periods span 2025-12-28 to 2026-04-24. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.

Company evidence

JNJ 59.07% (period 2025-12-28); NVS 58.04% (period 2025-12-31); AZN 57.29% (period 2025-12-31); PFE 58.31% (period 2025-12-31); ISRG 12.30% (period 2025-12-31); VRTX 27.21% (period 2025-12-31); BMY 79.45% (period 2025-12-31); MDT 46.18% (period 2026-04-24); SYK 53.14% (period 2025-12-31).

Distribution

The sample range is 12.30% (ISRG) to 79.45% (BMY). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.

Interpretation

Drug developers, device manufacturers and care providers depend on distinct clinical, reimbursement and operating economics. The numerator is totalLiabilities; the denominator is total assets. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.

What to watch

Product concentration, research investment, utilization, reimbursement and cash generation.

Research limitations

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.

Company-level observations · percent
CompanyValuePeriod end
JNJ59.07%2025-12-28
NVS58.04%2025-12-31
AZN57.29%2025-12-31
PFE58.31%2025-12-31
ISRG12.30%2025-12-31
VRTX27.21%2025-12-31
BMY79.45%2025-12-31
MDT46.18%2026-04-24
SYK53.14%2025-12-31

Sources & dates