JNJ diverse revenue base has helped insulate it from the highs and lows that affect its competitors from time to time. As a result of this and its acquisition strategy, JNJ has reported more than 70 years of sales growth and produce impressive free cash flow, which is its operating cash flow less capital expenditures, reaching almost 20% of sales. This excellent cash generation has enabled JNJ to grow its dividend for the last 44 years, a trend that is expected to continue in the next couple of years.