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Johnson Controls

JCI NYSE Building Products Financials FY2016–FY2025

Johnson Controls' revenue rose 2.8% to $23.6 billion in fiscal 2025. Its net margin was 13.9%, up from 7.4% a year earlier. Free cash flow was $2.1 billion, up 97.4%. It paid out $7.0 billion in dividends and buybacks, 329% of free cash flow. The diluted share count fell 3.2%.

Last close · Oct 23, 2026

$143.96

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$23.6B
2.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$3.3B
93.0%
Free cash flow Cash from operations minus capital spending.
$2.1B
97.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.2%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$88.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
26.0x
On $5.53 EPS (TTM)

What Johnson Controls does

Johnson Controls, headquartered in Cork, Ireland, makes, installs and services equipment that heats, cools, secures and protects commercial buildings. Its products include commercial heating, ventilation and air-conditioning (HVAC) equipment, industrial refrigeration, building controls, security systems and fire detection and suppression systems. Customers include owners of offices, data centers, hospitals, schools and government buildings. Its brands include York, Metasys and Simplex.

The company sells mainly through its own sales and service offices, and also through distributors. In fiscal 2025 products and systems were about 68% of sales from continuing operations and services were 32%. Services include maintenance, repair and replacement of equipment, plus energy consulting and an OpenBlue software platform for managing buildings. It has three regional segments: Americas, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific).

On July 31, 2025 it sold its residential and light commercial HVAC business to Bosch. It names Honeywell, Siemens, Schneider Electric, Carrier, Trane and Daikin among its larger competitors.

Legal name
JOHNSON CONTROLS INTERNATIONAL PLC
Fiscal year ends
September 30, 2025
Latest annual report
10-K · Nov 14, 2025
Accession · CIK
0000833444-25-000097
0000833444

Revenue and margins

Johnson Controls had $23.6B of revenue in fiscal 2025, up 2.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.1B in fiscal 2025, 9.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Johnson Controls returned $7.0B to shareholders in fiscal 2025, 329% of free cash flow. The diluted share count fell 3.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Johnson Controls yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.5B and divides by 654.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 26.0x · peers 33.7x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Johnson Controls can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$2.0B$828M$606M$379M
Debt incl. finance leases $7.8B$9.0B$8.8B$9.5B$9.9B
Net debt / EBITDA 1.8x3.4x3.7x3.3x3.0x
Debt / equity 0.4x0.6x0.5x0.6x0.8x
Interest coverage 12.9x5.9x4.9x5.2x7.1x
Current ratio 1.1x1.0x1.0x0.9x0.9x
Quick ratio 0.9x0.8x0.8x0.8x0.8x
Total assets $41.9B$42.2B$42.2B$42.7B$37.9B
Total liabilities $23.1B$24.8B$24.5B$25.3B$25.0B
Shareholders' equity $17.6B$16.3B$16.5B$16.1B$12.9B
Net debt (− = net cash) $6.4B$7.0B$8.0B$8.9B$9.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

1 insider

Sold, 12 months

$26.2M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 19, 2026 Pierre E CohadeDirector Sold 3,300 $147.79 $0.5M Form 4
Aug 4, 2026 Lei Zhang SchlitzVP & Pres, GP & Solutions Sold 23,417 $153.07 $3.6M Form 4
Jun 9, 2026 Todd M GrabowskiVP and President, Americas Sold 1,800 $146.20 $0.3M Form 4
May 14, 2026 Todd M GrabowskiVP and President, Americas Sold 4,274 $145.50 $0.6M Form 4
May 8, 2026 Lei Zhang SchlitzVP & Pres, GP & Solutions Sold 88,809 $140.99 $12.5M Form 4
Feb 23, 2026 Daniel C McConeghyVP Chief Accounting & Tax Ofcr Sold 3,600 $142.56 $0.5M Form 4
Feb 6, 2026 Todd M GrabowskiVP and President, Americas Sold 6,050 $134.90 $0.8M Form 4
Feb 5, 2026 Mark VergnanoDirector Bought 7,665 $131.94 $1.0M Form 4
Dec 10, 2025 John DonofrioExec VP & General Counsel Sold 21,595 $116.00 $2.5M Form 4
Nov 21, 2025 Lei Zhang SchlitzVP & Pres, Global Products Sold 32,031 $113.20 $3.6M Form 4
Nov 6, 2025 Lei Zhang SchlitzVP & Pres, Global Products Sold 10,500 $122.03 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 8 / 95 / 96 / 9
Accruals ratio −0.0%0.3%1.8%
Altman Z'' 1.030.960.82

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Johnson Controls JCI $88.4B 2.8% — 9.0% 8.2% 26.0x 6
Carrier Global CARR $47.4B −3.3% 10.0% 9.8% 8.0% 36.8x 5 Compare →
Trane Technologies TT $99.0B 7.5% 18.6% 13.2% 29.0% 33.7x 8 Compare →
Owens Corning OC $9.2B 2.6% 3.6% 9.5% 1.9% — 4 Compare →
Masco MAS $15.5B −3.4% 16.5% 11.5% 40.4% 18.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $20.8B $22.8B $23.4B $24.0B $22.3B $23.7B $20.6B $22.3B $23.0B $23.6B
Gross profit $5.7B $7.5B $7.7B $7.7B $7.4B $8.1B $7.1B $7.8B $8.1B $8.6B
Research and development $158M $307M $310M $319M $274M $275M $236M $251M $267M $273M
Interest expense $293M $446M $409M $335M $240M $219M $225M $288M $361M $321M
Pretax income $1.1B $1.2B $1.5B $1.1B $903M $2.6B $1.1B $1.1B $1.5B $2.0B
Income tax $197M $322M $197M −$233M $108M $868M −$182M −$468M $111M $245M
Net income −$868M $1.6B $2.2B $5.7B $631M $1.6B $1.5B $1.8B $1.7B $3.3B
Diluted EPS −$1.29 $1.71 $2.32 $6.49 $0.84 $2.27 $2.19 $2.69 $2.52 $5.03
Diluted shares 0.67B 0.94B 0.93B 0.87B 0.75B 0.72B 0.70B 0.69B 0.68B 0.65B
Cash flow
Cash from operations $1.9B $371M $1.5B $1.7B $2.5B $2.6B $1.2B $1.9B $1.6B $2.6B
Capital expenditure $1.2B $760M $645M $586M $443M $552M $487M $446M $494M $434M
Free cash flow $659M −$389M $875M $1.2B $2.0B $2.0B $750M $1.4B $1.1B $2.1B
Depreciation and amortization $953M $919M $824M $825M $822M $845M $717M $745M $816M $865M
Stock-based compensation $142M $134M $106M $95.0M $74.0M $76.0M $98.0M $107M $107M $140M
Acquisitions $353M $6.0M $21.0M $25.0M $77.0M $725M $269M $726M $3.0M $10.0M
Share buybacks $501M $651M $300M $6.0B $2.2B $1.3B $1.4B $625M $1.2B $6.0B
Dividends paid $915M $702M $954M $920M $790M $762M $916M $980M $1.0B $976M
Dividends and buybacks $1.4B $1.4B $1.3B $6.9B $3.0B $2.1B $2.4B $1.6B $2.2B $7.0B
Balance sheet
Cash and short-term investments $579M $301M $185M $2.8B $2.0B $1.3B $2.0B $828M $606M $379M
Total debt $16.3B $13.6B $11.0B $7.3B $7.9B $7.8B $9.0B $8.8B $9.5B $9.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $17.1B $12.3B $11.8B $12.4B $10.1B $10.0B $11.7B $10.7B $11.2B $10.2B
Current liabilities $16.3B $11.9B $11.3B $9.1B $8.2B $9.1B $11.2B $11.1B $12.0B $10.9B
Inventory $2.9B $3.2B $1.8B $1.8B $1.8B $2.1B $2.7B $1.9B $1.8B $1.8B
Property and equipment, net $5.6B $3.3B $3.3B $3.3B $3.1B $3.2B $2.3B $2.4B $2.4B $2.2B
Total assets $63.2B $51.9B $48.8B $42.3B $40.8B $41.9B $42.2B $42.2B $42.7B $37.9B
Total liabilities $38.1B $30.5B $26.3B $21.5B $22.3B $23.1B $24.8B $24.5B $25.3B $25.0B
Shareholders' equity $24.1B $20.4B $21.2B $19.8B $17.4B $17.6B $16.3B $16.5B $16.1B $12.9B
Margins
Gross margin 27.1% 33.0% 32.8% 32.1% 33.2% 34.1% 34.4% 35.0% 35.2% 36.4%
EBITDA margin 11.1% 11.0% 11.9% 9.3% 8.8% 15.5% 10.0% 9.6% 11.8% 13.4%
Net margin −4.2% 7.1% 9.2% 23.7% 2.8% 6.9% 7.4% 8.3% 7.4% 14.0%
FCF margin 3.2% −1.7% 3.7% 4.8% 9.1% 8.5% 3.6% 6.3% 4.7% 9.0%
Returns
Return on capital 4.7% 3.1% 5.0% 4.8% 4.1% 7.6% 5.4% 5.6% 6.7% 8.2%
Return on capital employed 4.9% 3.7% 5.0% 3.9% 3.5% 8.7% 4.2% 4.5% 6.1% 7.9%
Return on equity −6.2% 7.2% 10.4% 27.7% 3.4% 9.4% 9.1% 11.3% 10.5% 22.7%
Return on assets −2.3% 2.8% 4.3% 12.5% 1.5% 4.0% 3.7% 4.4% 4.0% 8.2%
Growth
Revenue growth 110.4% 9.6% 2.5% 2.4% −6.9% 6.1% −12.8% 8.2% 2.8% 2.8%
Net income growth −257.5% — 34.2% 162.4% −88.9% 159.4% −6.4% 20.7% −7.8% 93.0%
EPS growth −200.0% — 35.7% 179.7% −87.1% 170.2% −3.5% 22.8% −6.3% 99.6%
FCF growth 122.6% −159.0% — 32.2% 76.0% −1.8% −62.5% 88.0% −23.8% 97.4%
Share count change 57.5% 40.4% −1.4% −6.2% −13.8% −4.3% −3.0% −1.7% −1.7% −3.2%
Financial health
Net debt / EBITDA 6.8x 5.3x 3.9x 2.0x 3.0x 1.8x 3.4x 3.7x 3.3x 3.0x
Debt / equity 0.7x 0.7x 0.5x 0.4x 0.5x 0.4x 0.6x 0.5x 0.6x 0.8x
Interest coverage 4.6x 3.6x 4.8x 4.2x 4.8x 12.9x 5.9x 4.9x 5.2x 7.1x
Current ratio 1.1x 1.0x 1.1x 1.4x 1.2x 1.1x 1.0x 1.0x 0.9x 0.9x
Quick ratio 0.9x 0.8x 0.9x 1.2x 1.0x 0.9x 0.8x 0.8x 0.8x 0.8x
Capital allocation
Capex / revenue 6.0% 3.3% 2.8% 2.4% 2.0% 2.3% 2.4% 2.0% 2.2% 1.8%
Stock comp / revenue 0.7% 0.6% 0.5% 0.4% 0.3% 0.3% 0.5% 0.5% 0.5% 0.6%
Payouts / FCF 214.9% — 143.3% 596.6% 147.1% 103.5% 314.3% 113.8% 209.1% 328.6%
Quality scores
Piotroski F-score 3.0 5.0 7.0 7.0 6.0 8.0 4.0 8.0 5.0 6.0
Altman Z'' 1.4 1.3 1.7 2.1 1.6 1.6 1.1 1.0 1.0 0.8
Accruals ratio −7.4% 2.2% 1.3% 8.6% −4.5% −2.2% 0.7% −0.0% 0.3% 1.8%

Source: SEC EDGAR XBRL filings (CIK 0000833444). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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