NYSE: JCI
Johnson Controls
Industrials · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
52-week range
$108.41$160.41
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$79.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $43.6B |
| FY2017, ended Sep 30, 2017 | $37.3B |
| FY2018, ended Sep 30, 2018 | $32.3B |
| FY2019, ended Sep 30, 2019 | $33.9B |
| FY2020, ended Sep 30, 2020 | $29.6B |
| FY2021, ended Sep 30, 2021 | $48.0B |
| FY2022, ended Sep 30, 2022 | $33.8B |
| FY2023, ended Sep 30, 2023 | $36.2B |
| FY2024, ended Sep 30, 2024 | $51.4B |
| FY2025, ended Sep 30, 2025 | $67.2B |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | $79.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$24.4B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $20.8B |
| FY2017, ended Sep 30, 2017 | $30.2B |
| FY2018, ended Sep 30, 2018 | $31.4B |
| FY2019, ended Sep 30, 2019 | $24.0B |
| FY2020, ended Sep 30, 2020 | $22.3B |
| FY2021, ended Sep 30, 2021 | $23.7B |
| FY2022, ended Sep 30, 2022 | $20.6B |
| FY2023, ended Sep 30, 2023 | $22.3B |
| FY2024, ended Sep 30, 2024 | $23.0B |
| FY2025, ended Sep 30, 2025 | $23.6B |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | $24.4B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | −$868M | $659M |
| FY2017, ended Sep 30, 2017 | $1.61B | −$389M |
| FY2018, ended Sep 30, 2018 | $2.16B | $875M |
| FY2019, ended Sep 30, 2019 | $5.67B | $1.16B |
| FY2020, ended Sep 30, 2020 | $631M | $2.04B |
| FY2021, ended Sep 30, 2021 | $1.64B | $2.00B |
| FY2022, ended Sep 30, 2022 | $1.53B | $750M |
| FY2023, ended Sep 30, 2023 | $1.85B | $1.41B |
| FY2024, ended Sep 30, 2024 | $1.71B | $1.07B |
| FY2025, ended Sep 30, 2025 | $3.29B | $2.12B |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | $3.53B | $2.67B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$698M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $579M |
| FY2017, ended Sep 30, 2017 | $301M |
| FY2018, ended Sep 30, 2018 | $185M |
| FY2019, ended Sep 30, 2019 | $2.81B |
| FY2020, ended Sep 30, 2020 | $1.95B |
| FY2021, ended Sep 30, 2021 | $1.34B |
| FY2022, ended Sep 30, 2022 | $2.03B |
| FY2023, ended Sep 30, 2023 | $828M |
| FY2024, ended Sep 30, 2024 | $606M |
| FY2025, ended Sep 30, 2025 | $379M |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | $698M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$9.52B
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| Period | Total debt |
|---|---|
| FY2016, ended Sep 30, 2016 | $16.3B |
| FY2017, ended Sep 30, 2017 | $13.6B |
| FY2018, ended Sep 30, 2018 | $11.0B |
| FY2019, ended Sep 30, 2019 | $7.25B |
| FY2020, ended Sep 30, 2020 | $7.85B |
| FY2021, ended Sep 30, 2021 | $7.77B |
| FY2022, ended Sep 30, 2022 | $8.99B |
| FY2023, ended Sep 30, 2023 | $8.82B |
| FY2024, ended Sep 30, 2024 | $9.52B |
| FY2025, ended Sep 30, 2025 | $9.92B |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | $9.52B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 34.9% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.610M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 937M |
| FY2017, ended Sep 30, 2017 | 925M |
| FY2018, ended Sep 30, 2018 | 924M |
| FY2019, ended Sep 30, 2019 | 771M |
| FY2020, ended Sep 30, 2020 | 724M |
| FY2021, ended Sep 30, 2021 | 704M |
| FY2022, ended Sep 30, 2022 | 687M |
| FY2023, ended Sep 30, 2023 | 681M |
| FY2024, ended Sep 30, 2024 | 662M |
| FY2025, ended Sep 30, 2025 | 611M |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | 610M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $5.40B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $501M | $142M |
| FY2017, ended Sep 30, 2017 | $651M | $134M |
| FY2018, ended Sep 30, 2018 | $300M | $106M |
| FY2019, ended Sep 30, 2019 | $5.98B | $95.0M |
| FY2020, ended Sep 30, 2020 | $2.20B | $74.0M |
| FY2021, ended Sep 30, 2021 | $1.31B | $76.0M |
| FY2022, ended Sep 30, 2022 | $1.44B | $98.0M |
| FY2023, ended Sep 30, 2023 | $625M | $107M |
| FY2024, ended Sep 30, 2024 | $1.25B | $107M |
| FY2025, ended Sep 30, 2025 | $5.99B | $140M |
| Trailing 12 months to Mar 31, 2026 (through Q2 FY2026) | $5.55B | $147M |
Revenue (TTM)
$24.4B
+5.1% YoY
Net income (TTM)
$3.53B
+41.0% YoY
Cash
$698M
−12.2% YoY
Total debt
$9.52B
−4.6% YoY
Valuation
At current price- Market Cap
- $90.9B
- P/E
- 25.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.7×
- Price / Book
- 6.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $24.4B
- Revenue Growth YoY
- 5.1%
- Revenue CAGR 3Y
- 4.6%
- Revenue CAGR 5Y
- 1.1%
- EPS Growth YoY
- 48.5%
- Net Income Growth YoY
- 41.0%
Profitability
Trailing 12 months- Gross Margin
- 36.6%
- Operating Margin
- —
- Net Margin
- 14.5%
- FCF Margin
- 10.9%
- Return on Equity
- 24.1%
Earnings
Trailing 12 months- Net Income
- $3.53B
- EPS (diluted)
- $5.54
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $698M
- Total Debt
- $9.52B
- Net Debt
- $8.82B
- Total Assets
- $38.4B
- Total Liabilities
- $24.8B
- Shareholders' Equity
- $13.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.04B
- Capital Expenditure
- $372M
- Free Cash Flow
- $2.67B
Dividends and risk
Last 12 months- Dividend Yield
- 0.8%
- Dividend / Share
- $1.20
- Beta (5Y)
- 1.27
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.1% year over year, at $24.4B.
Note
Net margin of 14.5% over the last 12 months.
Watch
Carries $8.82B of net debt without positive EBITDA.
Note
Free cash flow of $2.67B, 10.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 14, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K53Some concerns
53Some concerns
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 19, 2024 · Read the filing on EDGAR
- Sales from continuing operations rose 3% to $22.95 billion. Net income fell about 10% to $1,407 million, mainly because last year's large tax benefit did not repeat.
- Johnson Controls agreed to sell its residential HVAC business to Bosch, with its share worth about $6.7 billion. It expects about $5.0 billion in cash after tax when the deal closes in late fiscal 2025.
- Tyco Fire Products agreed to pay $750 million to settle PFAS claims from public water systems, partly offset by insurance recoveries.
- Last year's IT-control material weakness has been fixed. The CEO plans to retire, and a $400 million restructuring plan should save about $500 million a year.
Business momentum
Mixed
“Net income (loss) attributable to Johnson Controls 340 (321) 852 536 1,407”
Outlook
Positive
“The Company expects economic conditions in China to stabilize in fiscal 2025, however, if conditions do not stabilize, results of the Building Solutions Asia Pacific segment could be negatively impacted.”
Financial stress
Low
“The Company believes its capital resources and liquidity position, including cash and cash equivalents of $606 million at September 30, 2024, are adequate to fund operations and meet its obligations for the foreseeable future.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“Under the terms of the agreement, Tyco Fire Products agreed to contribute $750 million to resolve these PFAS claims.”
- Minor
Large write-down
“In the second quarter of fiscal 2024, the Company performed an interim goodwill impairment test as a result of a triggering event and impaired $230 million of goodwill in its Building Solutions EMEA/LA segment.”
- Minor
Other
“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.”
Positives
Segment profit up 10%, led by North America
“Building Solutions North America $ 11,348 $ 10,330 10 % $ 1,663 $ 1,394 19 %”
Material weakness fixed
“management to test these controls and conclude that the material weakness had been remediated as of September 30, 2024.”
Large cash expected from HVAC sale
“The Company expects to receive net cash proceeds related to the sale of its R&LC HVAC business of approximately $5.0 billion after tax and transaction-related expenses when the transaction closes”
Concerns
China weakness hit Asia Pacific
“The decrease in Building Solutions Asia Pacific was primarily due to continued weakness in the Systems business in China.”
Operating cash flow fell while net debt rose
“Cash provided by operating activities $ 1,568 $ 1,856”
Global minimum tax may raise the tax rate
“A number of countries, including Ireland, have enacted legislation to implement the core elements of Pillar Two, which will be effective for the Company beginning in fiscal 2025.”
New risks since the previous report
Residential HVAC sale may be delayed or reduce earnings
“Some divestitures, including the divestiture of our R&LC HVAC business, are or may be dilutive to earnings and we may not be successful in executing restructurings and other actions to minimize or offset dilution.”
Restructuring costs could hit fiscal 2025 profit
“the impact of costs on net income could be material in fiscal 2025.”
CEO succession
“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”
Risks from using AI
“The introduction of these technologies, particularly generative AI, into internal processes and/or new and existing offerings may result in new or expanded risks and liabilities”
New shareholder lawsuit over the 2016 Tyco merger
“In May 2024, stockholders of Johnson Controls, Inc., filed a putative class action Complaint against Johnson Controls, Inc., certain former officers and directors of Johnson Controls, Inc.”
Biggest risks named
- PFAS firefighting-foam lawsuits and environmental cleanup
- Executing the residential HVAC sale and restructuring
- China slowdown and strong US dollar
- Cybersecurity incidents
- Tax changes, global minimum tax and IRS challenge to Irish status
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −4.8 | |
| New risks | −2 | |
| Score | 53 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 14, 2025 | Pro | |||
| 10-K | Nov 19, 2024 | 53 | Mixed | 1 medium2 minor | |
| 10-K | Dec 14, 2023 | 49 | Strong improvement | 1 serious1 medium1 minor | |
| 10-K | Nov 15, 2022 | 46 | Mixed | 2 medium | |
| 10-K | Nov 15, 2021 | 70 | Strong improvement | None | |
| 10-K | Nov 16, 2020 | 36 | Sharp deterioration | 1 medium | |
| 10-K | Nov 21, 2019 | 52 | Mixed | 1 medium1 minor | |
| 10-K | Nov 20, 2018 | 70 | Strong improvement | None | |
| 10-K | Nov 21, 2017 | 64 | Strong improvement | 1 medium1 minor | |
| 10-K | Nov 23, 2016 | 37 | Sharp deterioration | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Mar 31, 2026), filed May 6, 2026. View filings on SEC EDGAR