Johnson Controls International plc (JCI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.7%

$50.16

vs $146.28 price

Levered DCF

$43.05

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.82

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.7×	41.65×	30.68×	19.71×	22.17×	29.47×	48.63×	80.58×
P/B	6.65×	5.54×	3.25×	2.18×	2.05×	2.63×	1.76×	1.93×
P/S	3.53×	3.04×	2.28×	1.62×	1.62×	1.95×	1.37×	1.59×
EV / EBITDA	24.05×	26.16×	21.85×	20.98×	19.68×	13.58×	17.59×	19.51×
Gross margin	37.1%	36.4%	35.2%	35.0%	34.4%	34.0%	33.2%	32.1%
Operating margin	14.4%	12.0%	10.5%	10.9%	9.7%	11.7%	7.9%	6.0%
Net margin	11.1%	13.9%	7.4%	8.3%	7.4%	6.9%	2.8%	2.0%
Current ratio	0.77×	0.93×	0.94×	0.97×	1.04×	1.1×	1.22×	1.37×
Debt / equity	0.6×	0.87×	0.59×	0.53×	0.55×	0.44×	0.45×	0.37×
Interest coverage	0×	18.01×	5.24×	9.95×	5.97×	6.62×	4.97×	4.76×
Dividend yield	1.1%	1.4%	1.9%	2.7%	2.7%	1.6%	2.6%	2.4%
Payout ratio	34.2%	29.7%	58.7%	53.0%	59.8%	46.5%	125.2%	194.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.0%	25.5%	10.6%	11.2%	9.4%	9.3%	3.6%	2.4%
Return on invested capital	15.6%	8.7%	7.0%	7.6%	6.2%	5.6%	4.7%	4.3%
Return on assets	7.1%	8.7%	4.0%	4.4%	3.6%	3.9%	1.5%	1.1%
Free cash flow yield	3.7%	1.3%	3.1%	4.9%	4.5%	4.2%	5.8%	1.6%
Earnings yield	3.2%	4.6%	3.3%	5.1%	4.6%	3.5%	2.1%	1.2%
Enterprise value	$98.1B	$82.5B	$61.2B	$44.1B	$40.3B	$52.6B	$36.5B	$42.6B
Net debt / EBITDA	1.86×	3.43×	3.17×	3.8×	3.38×	1.65×	2.82×	2.02×
Cash conversion cycle (days)	50	53	57	49	55	47	54	48