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Johnson Controls (JCI) stock

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NYSE: JCI NYSE Building Products Next results ~February 3, 2027

B Fundamentals grade

Johnson Controls is a US-listed company in the building products industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$63

Cash-flow model

Base case. Range ~$44–$88 across our lower- and higher-growth cases (0.6%–10.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 57% below it.

Price used: $146.49, November 2, 2026

Johnson Controls valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling1 purchase and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds772 adding, 644 cuttingOf 98 active managers that changed their stake, 47 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Johnson Controls files

Where Johnson Controls stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.0bn, up 6.8% on a year earlier, faster than 5.1% a quarter earlier. Free-cash-flow margin rose to 12.7% from 8.9% a year earlier. The diluted share count is down 6.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 1 financial-health checks. Our cash-flow model value is $61.69 a share, against a share price of $147. At that price, our model says the market is pricing in about 19.3% a year of cash-flow growth for five years, faster than the 1.1% a year revenue growth it has delivered.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Johnson Controls's trailing-twelve-month revenue grew 6.8% year on year, with a free-cash-flow margin of 12.7%. Where it stands out: change in share count of -6.8% ranks 2 of 44 building products companies we cover. Where it lags: days sales outstanding of 102 days ranks 32 of 34 building products companies we cover.

Our discounted-cash-flow model values the business at ~$63 per share in the base case (~$44–$88 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 6.8% (+1.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 6.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 8.6% over 90 days.

Things to watch

  • Priced above our value. The share price of $146.49 is 57% above our value per share of $63.
  • Below peers: days sales outstanding. Days sales outstanding of 102 days ranks 32 of 34 building products companies we cover (median 53 days).

Latest results: FY2026 Q3

Filed July 29, 2026
Earnings per share
$1.66 against an average estimate of $1.59: beat by 4.6%
Revenue
$6.61bn, up 9.3% on a year earlier
Share reaction
+6.7% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
organic sales growth growth 12% to 14% (fiscal 2027 first quarter); operating leverage 30% to 35% (fiscal 2027 first quarter)
Next report
October 27, 2026; average EPS estimate $1.13

Johnson Controls' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.7%
  • 1 week-0.7%
  • 1 month-6.2%
  • This year+23.4%
  • 1 year+29.2%
  • 5 years+121.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25B
Net margin
14.3%
EPS (TTM, diluted)
$5.79

Growth

Revenue growth
+6.8%
Change in growth rate
+1.7 pts
Share count change
−6.8%

Cash

Free cash flow (TTM)
$3.2B
FCF margin
12.7%
Stock pay % of revenue
0.5%

Earnings

Last results
October 27, 2026
Next results (est.)
February 3, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Our research
  5. Leadership
  6. Leadership
  7. Dividend
  8. Insider trade
  9. Results
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Johnson Controls valuation models and calculator

What the price is pricing in

The share price implies about 19.6% a year of cash-flow growth for five years.That is faster than the 1.1% a year revenue growth Johnson Controls has delivered.

  • Priced in19.6%
  • Last 12 months6.8%
  • 3 years a year4.4%
  • 5 years a year1.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($150.01, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$63
Price used
$150.01close November 3, 2026
Implied change
▼ 58%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Johnson Controls's free cash flow after stock-based pay with after-tax interest added back ($2.3B, FY2026 Q3 TTM), growing 7.6% and 6.1% in the next two years (forecasts, guidance and its record), then back to 5.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$44–~$88 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Johnson Controls's free cash flow after stock-based pay ( $2.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Johnson Controls as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$63 ~$44–$88 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$100–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$31 ~$23–$42 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$34 ~$30–$40 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$61 ~$31–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Johnson Controls with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +52%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $39$58$83$117$160$216
8.5% $26$40$58$82$113$153
10% $19$29$43$62$85$116

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$33.37$33.15$29.64$38.21$36.60$62.09$45.98$50.91$75.97$109.00$146.49
Market value$22.4bn$31.3bn$27.6bn$33.4bn$27.6bn$44.8bn$32.2bn$35.0bn$51.4bn$71.3bn$90.5bn
+ Net debt (− = net cash)$15.7bn$13.3bn$10.8bn$4.4bn$5.9bn$6.4bn$7.0bn$8.0bn$8.9bn$9.5bn$8.8bn
Enterprise value$38.2bn$44.6bn$38.4bn$37.9bn$33.5bn$51.2bn$39.1bn$43.0bn$60.3bn$80.8bn$99.3bn
Multiples
Price / sales 1.1x1.4x1.2x1.4x1.2x1.9x1.6x1.6x2.2x3.0x3.6x
Price / earnings —19.4x12.8x5.9x43.7x27.3x21.0x18.9x30.1x21.7x25.3x
Price / free cash flow 34.1x—31.6x28.9x13.5x22.4x42.9x24.8x47.8x33.6x28.6x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Moderate moat

How hard Johnson Controls's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.2% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.4%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.6%; its worst year was -8.2%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 15.0% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.27 +21% $28.1bn +9%
Next $7.25 +16% $30.0bn +7%

Next year's EPS estimate has moved +8.6% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.4% on 90 days ago. In the last 30 days, 6 analysts raised Johnson Controls's forecast and 1 cut it.

Consensus EPS forecast Johnson Controls, last 90 days
$5.50 $6.00 $6.50 $7.00 $7.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.78 Current fiscal year, 60 days ago: $6.03 Current fiscal year, 30 days ago: $6.08 Current fiscal year, 7 days ago: $6.13 Current fiscal year, Now: $6.27 $6.27 Next fiscal year, 90 days ago: $6.68 Next fiscal year, 60 days ago: $7.07 Next fiscal year, 30 days ago: $7.14 Next fiscal year, 7 days ago: $7.18 Next fiscal year, Now: $7.25 $7.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.78$6.68
60 days ago $6.03$7.07
30 days ago $6.08$7.14
7 days ago $6.13$7.18
Now $6.27$7.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.59 $1.66 +4.6%
Jun 2026 $1.30 $1.42 +9.0%
Mar 2026 $1.12 $1.19 +6.5%
Dec 2025 $0.84 $0.89 +5.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Organic sales growth fiscal 2027 full year 11% growth to 12% growth Non-GAAP New
    “Organic sales growth of 11% to 12%” source
  • Organic sales growth fiscal 2027 first quarter 12% growth to 14% growth Non-GAAP New
    “Organic sales growth of 12% to 14%” source
  • Adjusted EPS fiscal 2027 full year $6.15 to $6.30 Non-GAAP New
    “Adjusted EPS of $6.15 to $6.30” source
  • Adjusted EPS fiscal 2027 first quarter $1.15 to $1.20 Non-GAAP New
    “Adjusted EPS of $1.15 to $1.20” source
  • Operating leverage fiscal 2027 full year about 30% Non-GAAP New
    “Operating leverage of 30%+” source
  • Adjusted free cash flow conversion fiscal 2027 full year about 95% Non-GAAP New
    “Adjusted free cash flow conversion of ~95%” source
Show 1 more item
  • Operating leverage fiscal 2027 first quarter 30% to 35% Non-GAAP New
    “Operating leverage of 30% to 35%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Johnson Controls's revenue by +7.6% next year and +6.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.5%, weight 68%) and the company's own record (+5.6%, weight 32%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1255%
Hold941%
Sell15%

Monthly trend

  1. Oct 202611922
  2. Sep 2026118222
  3. Aug 2026108221
  4. Jul 2026108221

Counts of recommendations published by analysts covering Johnson Controls, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
2.67
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.2%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +29.2%

$113.41 on October 31, 2025 to $146.49

ThenNowEffect
Revenue (last 12 months) $23.4bn $25.0bn +6.8%
Net margin 9.5% 14.3% +50.2%
P/E multiple 33.7x 25.3x −25.0%
Share count 663m 618m +7.3%

Biggest factor: net margin.

Last 3 years +197.4%

$49.25 on November 3, 2023 to $146.49

ThenNowEffect
Revenue (last 12 months) $21.9bn $25.0bn +13.9%
Net margin 9.4% 14.3% +52.5%
P/E multiple 16.5x 25.3x +53.5%
Share count 689m 618m +11.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
JCI+77%−19%−8%+40%+53%+23%
Industry peers (median)+22%−24%+45%+10%−12%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
JCI92%42%42%58%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
JCI−10%−42%−31%−11%−21%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 46% from November 4, 2019 to March 23, 2020. Getting back needed a 86% gain, reached on October 8, 2020, 199 days after the low.

Price behaviour

52-week range
$109.90 – $158.76
From 52-week high
−7.7%
vs 50-day average
−0.6%
vs 200-day average
+4.1%
Volatility (1 year)
32%
Beta vs S&P 500
1.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±6.3%
After a week
7 up, 4 down
typical move ±7.8%
After a month
9 up, 2 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +6.7% +0.9% — —
July 29, 2026 +2.6% +0.1% +9.5% +1.4%
May 6, 2026 −3.8% +1.1% −0.7% −0.8%
February 4, 2026 +6.9% −1.7% +13.7% +6.8%
November 5, 2025 +10.1% −0.7% +10.5% +2.9%
July 29, 2025 −6.7% −0.4% −6.0% −2.0%
May 7, 2025 +2.7% +1.1% +8.5% +16.9%
February 5, 2025 +13.9% +0.8% +15.2% +3.6%
November 6, 2024 +9.4% +3.3% +14.5% +12.7%
July 31, 2024 +1.9% +0.2% −4.7% +3.0%
July 23, 2024 −3.8% −2.4% −1.7% +0.5%
May 1, 2024 −6.6% +0.6% +0.3% +10.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Johnson Controls’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.29× the last 60 days’ realised volatility , richer than 72% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

JCI Johnson Controls Grade B $145.61

Own 100 shares, sell the $155 call expiring December 18, 2026 (46 days) for $3.90 a share — $390 per contract.

Previous session · Bid $3.90, ask $5.00, quoted Mon 2 Nov, 17:27 New York time with JCI at $145.61. Option prices move with the shares: check the live chain at your broker before trading.

  • If JCI ends below $155: you keep your shares and the $390 — 2.7% extra on the position, 21.3% a year at that pace.
  • If it ends above $155: your shares are sold at $155, a total return of 9.1% including the premium — at or above our value of ~$63.
$1.3k $0 −$2.8k Break-even $141.71 Price $145.61 ← Our value ~$63
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$390
Annualised
21.3%
Break-even
$141.71
Max gain
$1,329
Chance of selling
~37%

Collar

Own the shares, buy the $135 put and sell the $155 call, both expiring December 18, 2026 (46 days).

  • Net credit of $0.40 a share ($40.00 per contract of 100 shares).
  • Worst case at expiry: -7.0%, if the shares fall below $135 (-7.3% from today).
  • Best case at expiry: +6.7%, if the shares rise above $155 (+6.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $63.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Johnson Controls in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Johnson Controls
$18B $20B $22B $24B $26B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $22.3B Revenue (TTM), FY24 Q1: $21.5B Revenue (TTM), FY24 Q2: $20.4B Revenue (TTM), FY24 Q3: $19.1B Revenue (TTM), FY24 Q4: $23B Revenue (TTM), FY25 Q1: $23.2B Revenue (TTM), FY25 Q2: $23.2B Revenue (TTM), FY25 Q3: $23.4B Revenue (TTM), FY25 Q4: $23.6B Revenue (TTM), FY26 Q1: $24B Revenue (TTM), FY26 Q2: $24.4B Revenue (TTM), FY26 Q3: $25B $25B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $22.3B
FY24 Q1 $21.5B
FY24 Q2 $20.4B
FY24 Q3 $19.1B
FY24 Q4 $23B
FY25 Q1 $23.2B
FY25 Q2 $23.2B
FY25 Q3 $23.4B
FY25 Q4 $23.6B
FY26 Q1 $24B
FY26 Q2 $24.4B
FY26 Q3 $25B
Revenue growth, TTM YoY Johnson Controls
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.2% Revenue growth, TTM YoY, FY24 Q1: 3.0% Revenue growth, TTM YoY, FY24 Q2: -4.9% Revenue growth, TTM YoY, FY24 Q3: -12.8% Revenue growth, TTM YoY, FY24 Q4: 2.8% Revenue growth, TTM YoY, FY25 Q1: 7.9% Revenue growth, TTM YoY, FY25 Q2: 14.1% Revenue growth, TTM YoY, FY25 Q3: 22.2% Revenue growth, TTM YoY, FY25 Q4: 2.8% Revenue growth, TTM YoY, FY26 Q1: 3.4% Revenue growth, TTM YoY, FY26 Q2: 5.1% Revenue growth, TTM YoY, FY26 Q3: 6.8% 6.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.2%
FY24 Q1 3.0%
FY24 Q2 -4.9%
FY24 Q3 -12.8%
FY24 Q4 2.8%
FY25 Q1 7.9%
FY25 Q2 14.1%
FY25 Q3 22.2%
FY25 Q4 2.8%
FY26 Q1 3.4%
FY26 Q2 5.1%
FY26 Q3 6.8%
Operating margin (TTM) Johnson Controls
4% 6% 8% 10% 12% FY13 Q4 FY14 Q3 FY15 Q2 FY16 Q3 Operating margin (TTM), FY13 Q4: 7.2% Operating margin (TTM), FY14 Q1: 8.3% Operating margin (TTM), FY14 Q2: 9.9% Operating margin (TTM), FY14 Q3: 11.1% Operating margin (TTM), FY14 Q4: 6.8% Operating margin (TTM), FY15 Q1: 5.4% Operating margin (TTM), FY15 Q2: 5.0% Operating margin (TTM), FY15 Q3: 4.7% Operating margin (TTM), FY15 Q4: 8.9% Operating margin (TTM), FY16 Q1: 8.1% Operating margin (TTM), FY16 Q2: 6.8% Operating margin (TTM), FY16 Q3: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY13 Q4 7.2%
FY14 Q1 8.3%
FY14 Q2 9.9%
FY14 Q3 11.1%
FY14 Q4 6.8%
FY15 Q1 5.4%
FY15 Q2 5.0%
FY15 Q3 4.7%
FY15 Q4 8.9%
FY16 Q1 8.1%
FY16 Q2 6.8%
FY16 Q3 5.6%
FCF margin (TTM) Johnson Controls
4% 6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.3% FCF margin (TTM), FY24 Q1: 7.0% FCF margin (TTM), FY24 Q2: 4.8% FCF margin (TTM), FY24 Q3: 6.4% FCF margin (TTM), FY24 Q4: 4.7% FCF margin (TTM), FY25 Q1: 6.6% FCF margin (TTM), FY25 Q2: 10.0% FCF margin (TTM), FY25 Q3: 8.9% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 10.5% FCF margin (TTM), FY26 Q2: 10.9% FCF margin (TTM), FY26 Q3: 12.7% 12.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.3%
FY24 Q1 7.0%
FY24 Q2 4.8%
FY24 Q3 6.4%
FY24 Q4 4.7%
FY25 Q1 6.6%
FY25 Q2 10.0%
FY25 Q3 8.9%
FY25 Q4 9.0%
FY26 Q1 10.5%
FY26 Q2 10.9%
FY26 Q3 12.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 16.9 11.0 10.6 9.9 10.1 38.7 17.1 20.8 22.8 23.4 24.0 22.3 23.7 20.6 22.3 23.0 23.6 25.0
Gross profit 6.0 3.6 3.7 6.0 6.1 6.3 4.5 5.7 7.5 7.7 7.7 7.4 8.1 7.1 7.8 8.1 8.6 9.2
EBITDA −0.4 1.1 1.4 1.0 1.1 1.7 1.7 — — — — — — — — — — —
Operating income −1.5 0.6 1.0 0.6 0.7 0.7 0.9 — — — — — — — — — — —
Net income −1.8 1.1 1.7 0.5 0.5 1.2 1.6 −0.9 1.6 2.2 5.7 0.6 1.6 1.5 1.8 1.7 3.3 3.6
Diluted EPS −$3.80 $2.31 $3.59 $1.02 $1.14 $1.80 $2.36 −$1.29 $1.71 $2.32 $6.49 $0.84 $2.27 $2.19 $2.69 $2.52 $5.03 $5.79
Growth (year on year)
Revenue −14.4% −34.7% −4.2% −6.3% +1.7% +285.3% −55.9% +21.9% +9.6% +2.5% +2.4% −6.9% +6.1% −12.8% +8.2% +2.8% +2.8% +6.8%
EBITDA −112.5% — +31.9% −31.8% +14.0% +51.7% +5.4% — — — — — — — — — — —
Operating income −179.4% — +59.7% −41.1% +23.2% −1.7% — — — — — — — — — — — —
Net income −215.8% — +52.1% −72.5% +13.6% +126.7% +28.6% −155.5% — +34.2% +162.4% −88.9% +159.4% −6.4% +20.7% −7.8% +93.0% +60.4%
Diluted EPS −219.1% — +55.4% −71.6% +11.8% +57.9% +31.1% −154.7% — +35.7% +179.7% −87.1% +170.2% −3.5% +22.8% −6.3% +99.6% +72.2%
Margins
Gross margin 35.6% 32.8% 34.7% 60.5% 60.4% 16.3% 26.5% 27.1% 33.0% 32.8% 32.1% 33.2% 34.1% 34.4% 34.9% 35.2% 36.4% 36.7%
EBITDA margin −2.3% 9.7% 13.3% 9.7% 10.8% 4.3% 10.2% — — — — — — — — — — —
Operating margin −8.9% 5.6% 9.3% 5.8% 7.1% 1.8% 5.2% — — — — — — — — — — —
Net margin −10.7% 10.3% 16.3% 4.8% 5.3% 3.1% 9.1% −4.2% 7.1% 9.2% 23.7% 2.8% 6.9% 7.4% 8.3% 7.4% 13.9% 14.3%
Free-cash-flow margin 10.0% 4.7% 2.7% 2.6% 4.3% 3.1% 2.7% 3.2% −1.7% 3.7% 4.8% 9.1% 8.4% 3.6% 6.3% 4.7% 9.0% 12.7%
Cash flow
Cash from operations 2.4 0.9 0.7 0.6 0.7 2.4 1.6 1.9 0.4 1.5 1.7 2.5 2.6 1.2 1.9 1.6 2.6 3.5
Capital spending 0.7 0.4 0.4 0.3 0.3 1.2 1.1 1.2 0.8 0.6 0.6 0.4 0.6 0.5 0.4 0.5 0.4 0.4
Free cash flow 1.7 0.5 0.3 0.3 0.4 1.2 0.5 0.7 −0.4 0.9 1.2 2.0 2.0 0.8 1.4 1.1 2.1 3.2
Stock-based pay 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.6 0.4 0.3 0.1 0.4 1.1 0.4 0.5 −0.5 0.8 1.1 2.0 1.9 0.7 1.3 1.0 2.0 3.0
Balance sheet
Cash 2.1 0.8 0.8 0.8 1.1 0.4 0.6 0.6 0.3 0.2 2.8 2.0 1.3 2.0 0.8 0.6 0.4 0.6
Total debt 4.3 4.2 4.1 1.5 — 1.5 6.6 16.3 13.6 11.0 7.3 7.9 7.8 9.0 8.8 9.5 9.9 9.5
Net debt (negative = net cash) 2.2 3.3 3.3 0.6 −1.1 1.1 6.1 15.7 13.3 10.8 4.4 5.9 6.4 7.0 8.0 8.9 9.5 8.8
Diluted shares 473m 488m 479m 463m 472m 675m 662m 673m 945m 932m 874m 754m 721m 700m 687m 676m 654m 618m
Returned to shareholders
Dividends 0.4 0.4 0.5 0.5 0.3 0.6 0.7 0.9 0.7 1.0 0.9 0.8 0.8 0.9 1.0 1.0 1.0 1.0
Buybacks — 0.9 1.3 0.5 0.3 1.2 1.4 0.5 0.7 0.3 6.0 2.2 1.3 1.4 0.6 1.2 6.0 5.9
Total returned 0.4 1.3 1.8 1.0 0.6 1.8 2.0 1.4 1.4 1.3 6.9 3.0 2.1 2.4 1.6 2.2 7.0 6.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $38.8bn
Short-term assets $11.3bnLonger-term assets $27.5bn
What it owes, and who funded it · $24.8bn
Short-term liabilities $11.3bnShareholders' equity $13.5bn
  • Short-term assets cover short-term liabilities $11.3bn of assets due within a year against $11.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $641m of cash against $9.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 68% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 68% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.5bn of operating cash flow against $9.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Johnson Controls's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$5.9B
Dividends (TTM)
$977M
Returned to shareholders
216%
of free cash flow
Buybacks, last 3 fiscal years
$7.9B
Diluted share count
−6.8%
year over year
Total shareholder yield
7.7%
dividends 1.1% + buybacks 6.6% of market value
Dividend payout ratio
27%
of net income paid out
Sales & admin spending
22.2%
of revenue
Days sales outstanding
102 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated JCI TT CARR BLDR OC MAS Median
Revenue, last 12 months $25.0bn $23.2bn $22.8bn $14.4bn $9.8bn $7.7bn $1.8bn
Revenue growth, last 12 months 6.8% 10.3% 3.3% −8.3% −7.2% 0.9% 3.7%
Revenue growth, 3-year average 4.4% 10.3% 11.1% −6.0% 0.5% −1.4% 3.6%
Revenue growth, latest quarter 9.3% 17.7% 12.3% −2.2% 0.3% 2.6% 8.0%
Gross margin 36.7% 31.8% — 28.5% 26.0% 37.6% 32.0%
Operating margin 5.6% 17.9% −4.8% 2.1% 0.5% 17.9% 7.0%
Operating margin, 3-year average 7.2% 18.0% 6.4% 6.4% 11.1% 17.2% 10.7%
Net margin 14.3% 13.6% −7.9% 0.3% −6.8% 12.1% 5.1%
Cash from operations / revenue 14.2% 18.0% 12.5% 3.5% 17.8% 15.7% 12.4%
Free-cash-flow margin 12.7% 16.4% 10.4% 1.8% 9.1% 13.6% 8.9%
Free-cash-flow margin, 3-year average 9.3% 14.4% 6.7% 6.2% 11.5% 12.4% 8.5%
Stock pay / revenue 0.5% 0.4% 0.3% 0.3% 0.7% 0.3% 0.7%
Change in share count −6.8% −1.4% −4.5% −3.6% −6.1% −5.2% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 6.8% 4.0% 18 of 46
Change in growth rate Growth +1.7pp +0.8pp 15 of 46
Gross margin Profitability 36.7% 32.1% 16 of 43
Net margin Profitability 14.3% 5.6% 8 of 46
Free-cash-flow margin Cash generation 12.7% 9.1% 18 of 46
Stock pay as % of revenue Cash generation 0.5% 0.7% 13 of 41
Long-term debt as % of assets Balance sheet 21.4% 25.7% 17 of 37
Change in share count Balance sheet -6.8% -0.6% 2 of 44
Days sales outstanding Balance sheet 102 days 53 days 32 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Americas $15.8B 67.1% ▲ 1.4%
EMEA $5B 21.1% ▲ 7.5%
APAC $2.8B 11.9% ▲ 2.6%
Products and services
Line of business Revenue Share YoY
Products and Systems $16.1B 68.3% ▲ 1.0%
Services $7.5B 31.7% ▲ 7.0%
Geography
Region Revenue Share YoY
United States $13.3B 56.4% ▲ 1.0%
Outside the US $10.3B 43.6% ▲ 5.2%

From Johnson Controls's 10-K filed November 14, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$79.5B
Institutions reporting
1,591
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
142 / 86

Top buyers and sellers, Q2 2026: 772 institutions bought and 644 sold ; the biggest buyer was Blackrock, Inc (+3.1M shares) and the biggest seller Franklin Resources Inc (−7.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $8.1B 55.8M 10.3% ▼ 3.0%
Blackrock, Inc. $7.9B 54.4M 10.0% ▲ 6.0%
Vanguard Capital Management LLC $5.8B 39.8M 7.3% ▲ 0.2%
State Street Corp $4.1B 28.3M 5.2% ▲ 2.2%
Vanguard Portfolio Management LLC $3B 20.3M 3.7% ▲ 1.1%
Bank Of America Corp $2.6B 17.7M 3.2% ▼ 0.4%
Invesco Ltd. $2.6B 17.6M 3.2% ▲ 2.6%
Geode Capital Management, LLC $2B 14.0M 2.6% ▼ 1.0%
Morgan Stanley $1.7B 11.9M 2.2% ▲ 1.1%
Fisher Asset Management, LLC $1.6B 10.8M 2.0% ▼ 38.6%
Franklin Resources Inc $1.3B 8.9M 1.6% ▼ 44.8%
First Trust Advisors LP $1.2B 8.4M 1.6% ▲ 46.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Johnson Controls's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 1 trade by 1 insider, last 12 months Insider sales History → $26.9M 16 trades by 6 insiders · 0% under pre-set plans
Net ▼ $25.8M net selling
Insider Date Trade Shares Price Value
Tinggren Juergen Director October 28, 2026 Sell 4,000 $159.19 $636,760
Cohade Pierre E Director August 19, 2026 Sell 3,300 $147.79 $487,707
Schlitz Lei Zhang VP & Pres, GP & Solutions August 4, 2026 Sell 2,500 $153.79 $384,475
Schlitz Lei Zhang VP & Pres, GP & Solutions August 4, 2026 Sell 20,917 $152.98 $3.2M
Grabowski Todd M VP and President, Americas June 9, 2026 Sell 1,800 $146.20 $263,160
Grabowski Todd M VP and President, Americas May 14, 2026 Sell 4,274 $145.50 $621,867
Schlitz Lei Zhang VP & Pres, GP & Solutions May 8, 2026 Sell 900 $141.27 $127,143
Schlitz Lei Zhang VP & Pres, GP & Solutions May 8, 2026 Sell 25,138 $140.51 $3.5M
Schlitz Lei Zhang VP & Pres, GP & Solutions May 8, 2026 Sell 14,701 $141.55 $2.1M
Schlitz Lei Zhang VP & Pres, GP & Solutions May 8, 2026 Sell 48,070 $141.07 $6.8M
Mcconeghy Daniel C VP Chief Accounting & Tax Ofcr February 23, 2026 Sell 3,600 $142.56 $513,216
Grabowski Todd M VP and President, Americas February 6, 2026 Sell 1,050 $135.59 $142,370

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 70 trades and filings

No trades in Johnson Controls disclosed in the last 12 months; 70 earlier trades on record.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded October 2, 2025, filed January 13, 2026
  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded August 19, 2025, filed September 12, 2025
  • Julia Letlow(R-LA 5):Sale (partial), $1,001 - $15,000, traded July 25, 2025, filed January 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 29, 2026
  • May 6, 2026
  • February 4, 2026
  • November 5, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Johnson Controls was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Johnson Controls in brief

What does Johnson Controls do?
Johnson Controls is a US-listed company in the building products industry. Its financial year ends in September.
What is Johnson Controls's stock ticker?
Johnson Controls trades under the ticker JCI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Johnson Controls's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Johnson Controls reported revenue of $25B, 6.8% higher than a year earlier, according to its SEC filings.
What is Johnson Controls's free cash flow?
Johnson Controls's free-cash-flow margin is 12.7% of revenue over the trailing twelve months, ranking 18 of the 46 building products companies we cover.
What is Johnson Controls's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Johnson Controls's free cash flow after stock-based pay gives ~$63 per share in the base case, and ~$44–$88 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Johnson Controls's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Johnson Controls buying back stock, and does it pay a dividend?
Johnson Controls spent $5.9B on share repurchases over the trailing twelve months, and its diluted share count fell 6.8% over the year.
What is Johnson Controls's market cap?
On November 2, 2026, Johnson Controls's market capitalisation was about $90.5B, with a price-to-earnings ratio of 25.3 and net debt of $8.8B. Market figures come from third-party market data and may be delayed.
Does Johnson Controls pay a dividend?
Yes: Johnson Controls paid $977M in dividends over the trailing twelve months, a dividend yield of 1.09% and a payout ratio of 27.3%.
How much debt does Johnson Controls have?
Johnson Controls's debt-to-equity ratio is 68.0%, from its latest balance sheet (43.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Johnson Controls's competitors?
In our Building Products peer group, the companies closest to Johnson Controls are Trane Technologies, Carrier Global, Builders Firstsource, Inc., Owens Corning and Masco. The side-by-side comparison below sets their revenue, margins and growth against Johnson Controls's.
Are insiders buying or selling Johnson Controls stock?
Over the last 12 months, Johnson Controls's directors and officers reported 1 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Johnson Controls's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Johnson Controls announces its own schedule.