Johnson Controls International PLC (JCI) intrinsic value & 10-year financials
Johnson Controls International PLC (JCI) has a Graham intrinsic value of $106.32 per share. At $145.47 on Oct 17, 2026, the stock trades 37% above that value. Over the last 10 fiscal years revenue shrank 5.1% a year to $23.6B, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- $106.32
- Share price (Oct 17, 2026)
- $145.47
- Price vs Graham value
- 37% above
- Market cap
- $95.2B
- Revenue (FY2025)
- $23.6B
- Revenue growth (10-yr CAGR)
- -5.1%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2025)
- $2.1B
JCI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.6B | $3.3B | $5.03 | $2.1B | — | 14.4% |
| FY2024 | $23.0B | $1.7B | $2.52 | $1.1B | — | 7.1% |
| FY2023 | $26.8B | $1.8B | $2.69 | $1.7B | — | 7.9% |
| FY2022 | $25.3B | $1.5B | $2.19 | $1.4B | — | 6.6% |
| FY2021 | $23.7B | $1.6B | $2.27 | $2.0B | — | 6.9% |
| FY2020 | $22.3B | $631.0M | $0.84 | $2.0B | — | 2.7% |
| FY2019 | $24.0B | $5.7B | $6.49 | $1.2B | — | 20.7% |
| FY2018 | $23.4B | $2.2B | $2.32 | $1.5B | — | 6.8% |
| FY2017 | $22.8B | $1.6B | $1.71 | -$1.3B | — | 4.5% |
| FY2016 | $37.7B | -$868.0M | -$1.30 | $646.0M | — | -2.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Johnson Controls is facing top-line stagnation, with revenue contracting over the decade.
Johnson Controls has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
Johnson Controls has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Johnson Controls is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $106.32 per share.