NYSE: JCI · Building Products
Johnson Controls
Johnson Controls International, headquartered in Cork, Ireland and founded in Wisconsin in 1885, sells and services commercial building systems — HVAC equipment, controls and building management, fire detection and suppression, security systems and software — for commercial, industrial, data center, institutional and government customers. It reports three regional segments: Americas ($15,831 million of fiscal 2025 sales), EMEA ($4,968 million) and APAC ($2,797 million). After selling its residential and light commercial HVAC business to Bosch on July 31, 2025 (proceeds of $5.6 billion net), continuing sales for the year ended September 30, 2025 were $23,596 million and net income $3,291 million, including $1,789 million from discontinued operations. It launched a $5.0 billion accelerated share repurchase in August 2025. Its Tyco Fire Products unit faces thousands of AFFF firefighting-foam lawsuits, after paying $750 million to settle public water system claims.
Last updated
Analysis last edited: October 26, 2026 · Financial data fetched: October 26, 2026 13:11 (SEC EDGAR) · Source 10-K filed: November 14, 2025
Built on10-K FY2025 · filed 2025-11-1410-Q (quarter ended 2026-06-30) · filed 2026-07-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.78x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 25.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.03
Higher than 22% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 4% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$139.08close on 2026-11-04
Market cap$85B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 25.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.1%
At FY2025 year-end: 21.9x
Earnings: fiscal FY2025
At FY2025 year-end: 5.2x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 3.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Oct 27, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$5.68B → $6.14B (vs. a year earlier)↑ +8.2%$5.68B → $6.14B (vs. a year earlier)
- Net income$478M → $613M (vs. a year earlier)↑ +28.2%$478M → $613M (vs. a year earlier)
- Diluted EPS$0.72 → $1.00 (vs. a year earlier)↑ +38.9%$0.72 → $1.00 (vs. a year earlier)
- Cash$552M → $698M (vs. previous quarter-end)↑ +26.4%$552M → $698M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
Initiated fiscal 2027 full-year guidance. Source sentence
The Company initiated fiscal 2027 full year continuing operations guidance:
Key changes
Q4 sales up 10% to $7.1B. Source sentence
Q4 sales increased 10% to $7.1 billion and organic sales increased 12%.
Backlog $23.0B, up 43% organically. Source sentence
▪ Backlog of $23.0 billion increased 43% organically year-over-year
Q4 orders up 44% organically. Source sentence
▪ Q4 orders +44% organically year-over-year
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Johnson Controls International plc
- Headquarters
- CORK, Ireland
- Incorporated in
- Ireland
- Fiscal year end
- 09/30
- Exchange & ticker
- NYSE: JCI
- Industry
- Building Products
- CIK
- 833444
Workforce (as of FY2025 year-end)
Employees
87,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q1 FY2027
Quarter end: December 2026. In past years, Q1 results were released 30–36 days after quarter end (Feb 4, 2026; Feb 5, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around September 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–73 days after quarter end over the last 13 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q4 FY2026 | — | Oct 27, 2026 | Not yet filed |
| Q3 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 6, 2026 10-Q (+36 days) |
| Q1 FY2026 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 4, 2026 10-Q (+35 days) |
| Q4 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 14, 2025 10-K (+45 days) |
| Q3 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Aug 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Mar 31, 2025 | May 7, 2025 (+37 days) | May 7, 2025 10-Q (+37 days) |
| Q1 FY2025 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 5, 2025 10-Q (+36 days) |
| Q4 FY2024 | Sep 30, 2024 | Nov 6, 2024 (+37 days) | Nov 19, 2024 10-K (+50 days) |
| Q3 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q1 FY2024 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Jan 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Sep 30, 2023 | Dec 12, 2023 (+73 days) | Dec 14, 2023 10-K (+75 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
All segments
Commercial HVAC
York chillers, air handlers and applied HVAC equipment for commercial and data center buildings.
All segments
Controls and building management
Building automation systems and digital (software) solutions.
All segments
Fire and security
Fire detection and suppression and integrated electronic security systems.
All segments
Services
Inspection, scheduled maintenance, repair and energy efficiency solutions.
From the Form 10-K, FY2025, year ended 2025-09-30.
U.S. and worldwide share of flagship products/services
The 10-K cites leading positions in HVAC, controls, fire, security and services but gives no market-share figures.
Reviewed: Form 10-K (FY2025, year ended 2025-09-30) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Portfolio simplification
Sold the residential and light commercial HVAC business (incl. the Hitachi JV) to Bosch on July 31, 2025; recognized a $2.7B pre-tax gain.
Source: Form 10-K (FY2025, year ended 2025-09-30)
Share repurchases
Entered $5.0B accelerated share repurchase transactions on August 7, 2025.
Source: Form 10-K (FY2025, year ended 2025-09-30)
Operating model
Several senior leaders left in 2025–2026 as part of planned changes in the operating model; a long-term Value Growth Incentive Program was adopted in May 2026.
Source: Form 8-K (2026-05-13) — Item 5.02 Value Growth Incentive Program
Nine months to June 2026
Income from continuing operations attributable to JCI $1,913M versus $1,454M.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
0.50x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$434M ÷ $865M = 0.50x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
1.2%
formularesearch & development expense ÷ revenue × 100
e.g.$273M ÷ $23,596M × 100 = 1.2%
M&A spend (4-year total)
$1.01B
Latest year: $10M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $487M in FY2022 to $434M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-14
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Revenue (FY2025)
$23.6B
As reported in the 10-K
Revenue CAGR (3 years)
+4.6%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($23,596M ÷ $20,637M) ^ (1÷3) − 1 = 4.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
22.7%▲favorable
4-year average: 13.4%
As reported in the 10-K
P/B (FY2025 end)
5.20x
formulafiscal year-end closing price ÷ book value per share
e.g.$109.95 ÷ $21.15 = 5.20x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.6% a year over 3 years (modest growth)
From $20.64B in FY2022 to $23.6B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 34.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 13.4% over 4 years (latest: 22.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Commercial HVAC equipment and chillers
- Building controls and management software
- Fire detection and suppression
- Security systems
06 · what it draws on
Key resources
- About 87,000 employees (31,000 in the U.S.)
- Brands incl. York HVAC and Tyco fire and security
- Large installed base of building systems
02 · why customers buy
Value propositions
- HVAC, controls, fire, security and digital building solutions with differentiated services.
04 · how it keeps them
Customer relationships
- Service contracts and backlog of $16.6 billion at September 30, 2025.
03 · how it reaches them
Channels
- Direct sales and installation teams, plus third-party distributors.
01 · who it serves
Customer segments
- Commercial, industrial, data center, institutional and government building owners
09 · where money goes
Cost structure
FY2025, share of revenue ($23.6B)
- Cost of revenue63.6%
- Research & development1.2%
- Selling, general & administrative24.4%
Depreciation & amortization (inside the costs above): $865M. Capital spending: $434M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Americas $15,831M (FY2025)
- EMEA $4,968M
- APAC $2,797M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Designs, manufactures, installs and services HVAC, controls, fire, security and digital solutions for commercial buildings, and earns recurring revenue from service, inspection and maintenance of a large installed base.
01 what it draws on
Inputs & resources
- About 87,000 employees (31,000 in the U.S.)
- Brands incl. York HVAC and Tyco fire and security
- Large installed base of building systems
02 what it does
Activities
- Commercial HVAC equipment and chillers
- Building controls and management software
- Fire detection and suppression
- Security systems
- Service, energy efficiency and technical services
03 who it serves
Customers
- Commercial, industrial, data center, institutional and government building owners
04 how money comes in
How it earns
- Americas $15,831M (FY2025)
- EMEA $4,968M
- APAC $2,797M
How the business makes money
- Segment EBITA (non-GAAP) rose to $4,007M in fiscal 2025 from $3,370M in fiscal 2023.
- United States sales $13,303M; outside the U.S. $10,293M.
- Joakim Weidemanis, formerly of Danaher, became CEO in March 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Johnson Controls faces PFAS cleanup in Marinette, Wisconsin and trade measures.
Environmental rules
PFAS in Marinette
Wisconsin DNR directed expanded PFAS evaluation in the Marinette region from 2019.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade rules
Countries could adopt tariffs and limits on foreign investment.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Americas
15,831 (67%)EMEA
4,968 (21%)APAC
2,797 (12%)
Source: Form 10-K (FY2025, year ended 2025-09-30) Net sales by reportable segment; total $23,596M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 56% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
13,303 (56%)Other non-U.S.
10,293 (44%)
Source: Form 10-K (FY2025, year ended 2025-09-30) Net sales by location where the sale originated.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Commercial, industrial, data center, institutional and government customers worldwide.
Named by the company
The 10-K names no customer accounting for a material share of sales.
Suppliers
Raw materials, components and contractors.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names its larger competitors in building products and services and notes a highly fragmented services market.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Fiscal 2025 compensation peers from the 2026 proxy statement.
- 3Msite ↗
- Carriersite ↗
- Caterpillarsite ↗
- Cumminssite ↗
- Deere & Companysite ↗
- Eatonsite ↗
- Emersonsite ↗
- General Dynamicssite ↗
- Honeywellsite ↗
- Otis Worldwidesite ↗
- Parker-Hannifinsite ↗
- Stanley Black & Deckersite ↗
- Trane Technologiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-14
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-14
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-14
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-14
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 20,637 | 22,331 | 22,952 | 23,596 |
| Pretax income | 1,112 | 1,113 | 1,522 | 1,969 |
| Net income (attributable) | 1,532 | 1,849 | 1,705 | 3,291 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 8.2% | 2.8% | 2.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 7.4% | 8.3% | 7.4% | 13.9% |
| Balance sheet ($M) | ||||
| Total assets | 42,158 | 42,242 | 42,695 | 37,939 |
| Total equity | 17,402 | 17,694 | 17,361 | 12,954 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,426 | 8,823 | 9,521 | 9,918 |
| Equity ratio | 38.6% | 39.2% | 37.7% | 34.1% |
| ROE | 9.1% | 11.3% | 10.4% | 22.7% |
| Cash flow ($M) | ||||
| Operating CF | 1,237 | 1,856 | 1,568 | 2,554 |
| Investing CF | -693 | -1,184 | -184 | -412 |
| Financing CF | -516 | -2,174 | -1,948 | -6,784 |
| Free cash flowcalccash flow from operations − capital expenditures | 750 | 1,410 | 1,074 | 2,120 |
| Cash and equivalents | 2,029 | 828 | 606 | 379 |
| Per share & other | ||||
| EPS ($) | 2.19 | 2.69 | 2.52 | 5.03 |
| BVPS ($) | 23.62 | 24.32 | 24.29 | 21.15 |
| Dividend per share ($) | 1.39 | 1.45 | 1.48 | 1.51 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 63.5% | 53.9% | 58.7% | 30.0% |
| P/E (x) | 22.5 | 19.8 | 30.8 | 21.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.08 | 2.19 | 3.20 | 5.20 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-03-31 | $6.14B+8.2% | $613M+28.2% | $1.00 |
| 2025-12-31 | $5.8B+6.8% | $524M+25.1% | $0.85 |
| 2025-09-30 † | $6.44B+3.1% | $1.69B+167.5% | — |
| 2025-06-30 | $6.05B+2.6% | $701M-28.1% | $1.07 |
| 2025-03-31 | $5.68B | $478M | $0.72 |
| 2024-12-31 | $5.43B | $419M | $0.63 |
| 2024-09-30 † | $6.25B | $633M | — |
| 2024-06-30 | $5.9B | $975M | $1.45 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020: FY2020 figures include the residential and light commercial HVAC business sold to Bosch in July 2025 and were never restated, so they are not comparable.
- FY2021: FY2021 figures include the residential and light commercial HVAC business sold to Bosch in July 2025 and were never restated, so they are not comparable.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
7.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.8% − 2.2%
Past FCF growth (FY2022–FY2025)
+41.4%
Compound annual rate, 3 years
Past revenue growth (FY2022–FY2025)
+4.6%
Compound annual rate, 3 years
Inputs (FY2025): free cash flow $2.12B (operating CF − capex); enterprise value $94.54B = market cap $85B (latest close, 2026-11-04) + debt $9.92B − cash and short-term investments $379M; r = WACC of 9.8% using this page’s default assumptions (β 1.03, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$92.17B
FCF $2.12B ÷ (9.8% − 7.5%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.8% | 8.8% | 9.8% | 10.8% | 11.8% |
|---|---|---|---|---|---|
| 0% | 0.29x | 0.25x | 0.23x | 0.21x | 0.19x |
| 2% | 0.39x | 0.33x | 0.29x | 0.25x | 0.23x |
| 4% | 0.59x | 0.47x | 0.39x | 0.33x | 0.29x |
| 6% | 1.25x | 0.80x | 0.59x | 0.47x | 0.39x |
| 8% | — | 2.80x | 1.25x | 0.80x | 0.59x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.88x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): 1.8%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 101 → 95 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-14
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,554M ÷ $3,291M = 0.78x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($6,051M + $6,269M) ÷ 2 ÷ $23,596M × 365 = 95 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,774M + $1,820M) ÷ 2 ÷ $15,004M × 365 = 44 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 10.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 202 of 416
- Beta (adjusted)
- 1.03
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 48% of covered companies have more
above 1 = swings more than the market
- 544.8M shares reported by 1,611 13F filers ÷ 610.1M shares outstanding on 2026-03-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-01-16 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-03-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Leading positions
The 10-K cites leading positions across HVAC, controls, fire, security and services, a comprehensive portfolio and a significant installed base.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
2. Improving profitability
Segment EBITA rose from $3,370M (FY2023) to $4,007M (FY2025) on sales of $22,331M and $23,596M.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
3. Large capital return
$5.0B accelerated share repurchase in August 2025 and a $9.0B increase to the buyback authorization in June 2025; dividends of $1.51 per share in fiscal 2025.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
Weaknesses
1. AFFF litigation
Tyco Fire Products and Chemguard face more than 16,500 individual AFFF actions plus putative class actions, after a $750M water systems settlement.
Evidence: Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies
2. Restructuring costs
Restructuring and impairment costs of $546M in fiscal 2025 and $1,049M in fiscal 2023.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
3. Debt up while equity fell
Debt rose to $9.9B at end of fiscal 2025 while equity fell to $13.0B after buybacks.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
21.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.37%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
30%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.2%
(Operating CF − capex) ÷ market cap
1. Pure-play commercial buildings
After the R&LC sale, focused on commercial HVAC, controls, fire and security, including data centers.
- What has to hold
- Commercial and data center demand holds up.
- The other side
- AFFF litigation overhang.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
2. Capital return
Large buyback after the divestiture plus a steady dividend.
- What has to hold
- Cash flow funds both.
- The other side
- Debt rose to $9.9B.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
JCI does not report operating income. FY2020–21 are left out because they were not restated for the R&LC HVAC sale. FY2025 net income includes $1,789M from discontinued operations.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.3x
$379M vs. $1.29B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
2.2x
$2.12B vs. $976M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Stable continuing sales
Continuing-operations sales were $20,637M–$23,596M in fiscal 2022–2025.
Source: Form 10-K (FY2025, year ended 2025-09-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Johnson Controls’ largest legal exposure is AFFF (firefighting foam) litigation against its Tyco Fire Products and Chemguard units over PFAS contamination; it paid $750 million to settle public water system claims. A shareholder suit over the 2016 Tyco merger was dismissed and is on appeal.
4 open matters (2 flagged as major) · 1 settled or closed
AFFF individual and mass actions
PendingProduct liabilityMajorPlaintiffs v. Tyco Fire Products and Chemguard
More than 16,515 individual or mass actions pending in state or federal courts from 53 states and territories, mostly consolidated in a federal MDL, alleging injury from PFOS/PFOA in firefighting foam.
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies
AFFF putative class actions
PendingClass actionMajorClass plaintiffs v. Tyco Fire Products and Chemguard
Chemguard and Tyco Fire Products are named in about 50 pending putative class actions in federal courts.
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies
State of New York v. The 3M Company et al.
PendingEnvironmentalState of New York v. 3M et al.
New York State sued manufacturers including JCI affiliates over PFOS/PFOA contamination from firefighting foam at sites including Stewart and Gabreski Air National Guard bases.
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies
Gumm et al. v. Molinaroli et al.
PendingClass actionFormer Johnson Controls, Inc. shareholders v. former officers and directors
Shareholder class action in Wisconsin state court over the 2016 Johnson Controls–Tyco merger; dismissed March 28, 2025, and plaintiffs have appealed.
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies
Water systems AFFF settlement
SettledEnvironmentalPublic water systems v. Tyco Fire Products
In April 2024 Tyco Fire Products agreed to pay $750M to a nationwide class of public water systems; the final $415M payment was made in December 2024. Opt-out systems are not covered.
- Amounts
- $750 million
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025, year ended 2025-09-30) — Note 20, Commitments and Contingencies, reviewed 2026-10-26. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
AFFF/PFAS litigation
- Company disclosure (summarized from the 10-K)
- Thousands of lawsuits allege contamination and injury from firefighting foam made by Tyco Fire Products and Chemguard; outcomes cannot be predicted.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Demand & macro
Commercial construction cycle
- Company disclosure (summarized from the 10-K)
- Demand depends on non-residential construction and building retrofit spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Larger competitors include Honeywell, Siemens, Schneider Electric, Carrier, Trane, Vertiv, API Group and Daikin, plus a fragmented services market.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Tax audits
- Company disclosure (summarized from the 10-K)
- U.S. fiscal 2017–2020 and several non-U.S. jurisdictions are under audit or appeal.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Labor & workforce
Workforce
- Company disclosure (summarized from the 10-K)
- About 21% of employees are covered by collective bargaining agreements or works councils.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Our ability to compete and generate sales depends in part on our capacity to meet customer demand and ensure that products and services are delivered to the customer on time. Read more
If we are unable to manufacture and deliver products to customers on time, we could experience lost sales and increased costs and we could be exposed to legal, financial, and reputational risks. The inability to deliver our products to customers on time could also restrict our manufacturing capacity, which could lead to the loss of customers and restrict our ability to grow sales.
The United States has announced tariffs and reciprocal tariffs on a wide range of products manufactured or produced worldwide, including Canada, China, the European Union, Japan and Mexico, among others. Read more
Several countries have similarly announced reciprocal or other tariffs impacting products manufactured or produced in the United States. The United States has and may in the future pause, reimpose or increase tariffs, and countries subject to such tariffs have and, in the future, may impose reciprocal tariffs or other restrictive trade measures in response to the imposition of tariffs by the United States. We maintain operations worldwide, including the jurisdictions impacted by announced and contemplated tariffs. If the actual and potential tariffs and reciprocal tariffs are implemented, we expect that such actions could negatively impact our revenue growth and margins in future…
Shareholders resident in the U.S., who are beneficially entitled to any dividends paid on their shares and hold their shares through DTC will not be subject to DWT provided the addresses of such shareholders in the records of the brokers holding such shares are recorded as being in the U.S. (and such brokers have further transmitted the relevant information to a qualifying intermediary appointed by us). U.S. resident shareholders that hold their shares outside of DTC and shareholders resident in European Union countries (other than Ireland) or other countries with which Ireland has signed a tax treaty (whether the treaty has been ratified or not) and irrespective of whether they hold their shares through DTC or outside DTC) should not be subject to DWT provided such shareholders are beneficially entitled to any dividends paid on their shares and they have furnished complete and valid…
No longer in the text (4)
In July 2024, we announced that George Oliver, our Chief Executive Officer, had informed the Board of his plan to retire and requested that the Board initiate the Company’s Chief Executive Officer succession plan. Read more
If we are unable to identify and retain a qualified successor for Mr. Oliver and successfully implement our Chief Executive Officer succession plan, then we could experience disruption in the setting and execution of our operational and strategic objectives, which could have a material adverse effect on our results of operations, financial condition and cash flows. We also may have difficulty attracting and recruiting, or retaining, qualified senior leadership during the pendency of our search for a new Chief Executive Officer.
example, our recent cybersecurity incident caused disruptions to our operations, adversely affecting our financial performance in early fiscal 2024. Read more
Further, the occurrence or reoccurrence of regional epidemics or a global pandemic, such as COVID-19, may adversely affect our operations, financial condition, and results of operations.
Risks associated with joint venture investments may adversely affect our business and financial results.
We have entered into several joint ventures and we may enter into additional joint ventures in the future. Read more
Our joint venture partners may at any time have economic, business or legal interests or goals that are inconsistent with our goals or with the goals of the joint venture. In addition, we may compete against our joint venture partners in certain of our markets. Disagreements with our business partners may impede our ability to maximize the benefits of our partnerships. Our joint venture arrangements may require us, among other matters, to pay certain costs or to make certain capital investments or to seek our joint venture partner’s consent to take certain actions. Our joint venture partners may be unable or unwilling to meet their economic or other obligations under the operative documents, and we may be required to either fulfill those obligations alone to ensure the ongoing…
1 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Nov 14, 2025 ↗ with the 10-K filed Nov 19, 2024 ↗.
25
What to watch going forwardSite analysis
- AFFF litigation developments.
- Organic growth in data center and commercial HVAC.
- Completion of the $5.0B ASR and further buybacks.
- Operating model changes under CEO Joakim Weidemanis.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 26, 2026 · Financial data fetched: October 26, 2026 13:11 (SEC EDGAR) · Source 10-K filed: November 14, 2025
Built on10-K FY2025 · filed 2025-11-14Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Johnson Controls’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.