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Makes building technologies including HVAC, fire and security systems for commercial and residential buildings.
Makes building technologies including HVAC, fire and security systems for commercial and residential buildings.
Sells building equipment through contractors and its own sales force, then earns repeat income from long-term service and maintenance contracts on systems it has installed. Building controls tie the heating, fire and security systems together. In 2024 it agreed to sell its residential and light-commercial heating and cooling business to Bosch to concentrate on commercial buildings.
Moat: narrow (brand, installed base, scale). Large installed base of building systems drives recurring service revenue versus new-equipment-only rivals.
Headquarters: Cork, Ireland · Founded: 1885
Size Johnson Controls (JCI) is a United States Industrials company (Industrial Machinery) with a market value of $81.8B, the 166th largest of 3,117 United States companies the cockpit tracks. Shares closed at $135.03 on 6 Nov 2026.
Performance Over six months the shares fell 3.0%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 8.8% over the last twelve months (peer median +8.3%); the operating margin is 15.6% (peer median 18.0%).
Valuation It trades at 21.3× forward earnings against a peer median of 23.4× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.5 points above its cost of capital (10.7% WACC).
Backlog Backlog (remaining performance obligations) was $27.1B at 30 Jun 2026, up 21% on a year earlier — 1.1 years of trailing revenue. Backlog detail →
Credit Johnson Controls has 7 bonds outstanding ($3.15B), rated BBB+ by the agencies and trading like A- at a weighted spread of 78 bp.
Short interest Short interest is 1.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $25.7B | $25.7B | $23.6B | $23.0B | $22.3B |
| Revenue growth | — | +9% | +3% | +3% | — |
| Gross profit | $9.52B | $9.52B | $8.58B | $8.08B | $7.82B |
| EBITDA | $4.66B | $4.66B | $3.68B | $3.24B | $3.18B |
| Net income | $2.85B | $2.85B | $1.79B | $1.71B | $1.85B |
| Free cash flow | $3.29B | $3.29B | $965M | $1.60B | $1.77B |
| Capital expenditure | $465M | $465M | $434M | $494M | $446M |
| Total debt | $9.28B | $9.28B | $11.2B | $10.7B | $10.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JCI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.3% | -4.1% | 7th lowest of 21 |
| 6-month return | -3.0% | -1.0% | 9th lowest of 20 |
| Distance from 52-week high | -15.8% | -17.7% | 9th highest of 21 |
| Revenue growth (TTM) | +8.8% | +8.3% | 10th highest of 21 |
| Operating margin | 15.6% | 18.0% | 8th lowest of 21 |
| Forward P/E | 21.3× | 23.4× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 17.8% | 16.9% | 8th most demanding of 20 |
| Growth delivered (Del g) | +1.6% | +9.2% | 3rd lowest of 20 |
| Hurdle (Req g minus delivered) | +16.2 pp | +3.5 pp | most demanding of 20 |
| ROIC minus cost of capital | +3.5 pp | +5.7 pp | 8th lowest of 21 |
| EV / EBITDA | 19.4× | 17.2× | 5th most expensive of 16 |
| Net debt / EBITDA | 1.9× | 0.7× | 3rd most indebted of 17 |
| Bond spread | 78 bp | 71 bp | 4th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
| Trane Technologies TT | United States | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% | +11.4% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Parker Hannifin PH | United States | $116B | +4% | +8% | 22% | 24.4× | 19.0% | +8.4% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Siemens SIE.DE | Germany | $225B | -4% | +4% | 13% | 23.4× | 18.3% | +7.4% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
Johnson Controls has 7 bonds outstanding with $3.15B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.63%, a spread of 78 bp over government bonds.
Johnson Controls reported $27.1B of remaining performance obligations at 30 Jun 2026, up 21% from a year earlier and up 3% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.