Johnson Controls International
JCI on NYSE. Johnson Controls sells building equipment and services to building owners. Market value $95.0bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.33 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 66 of 100. Price score: 56 of 100. Our list needs 70 on quality and 60 on price.
$156.85 a share, 50% above its 1-year low
Over the past year the price has ranged from $104.49 to $157.53.
Dividend: 1.0% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $3.2 billion in the past 12 months, $2.1 billion in the year to September 2025.
| Revenue | |||||
| Revenue | $23.7bn | $20.6bn | $22.3bn | $23.0bn | $23.6bn |
| Operating margin | |||||
| Operating margin | 12.0% | 6.5% | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.44 | 0.55 | 0.53 | 0.59 | 0.76 |
| Shares outstanding | |||||
| Shares outstanding | 0.69bn | 0.68bn | 0.67bn | 0.65bn | 0.61bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.76× equity
- Revenue growth, five yearsSlow, 1.1% a year
- Buying back its own sharesYes, 11% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.6 billion last quarter, up 9% on a year ago.
- Profit: $749 million, up 7% on a year ago.
- Spare cash over the past 12 months: $3.2 billion, up from $2.4 billion.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $8.8 billion more than cash, down from $9.6 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | Not reported |
| December 2024 | $5.4bn |
| March 2025 | $5.7bn |
| June 2025 | $6.1bn |
| September 2025 | $6.4bn |
| December 2025 | $5.8bn |
| March 2026 | $6.1bn |
| June 2026 | $6.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $633m |
| December 2024 | $419m |
| March 2025 | $478m |
| June 2025 | $701m |
| September 2025 | $1.7bn |
| December 2025 | $524m |
| March 2026 | $613m |
| June 2026 | $749m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 14 November 2025
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
13 long-term investors we follow own it, unchanged from 13 last quarter. 1,610 funds in all.
- Cullen Capital ManagementJames Cullen
- Value
- $244m
- Share of fund
- 2.4%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $60m
- Share of fund
- 0.1%
- Harris Associates (Oakmark)Bill Nygren
- Value
- $1m
- Share of fund
- <0.1%
- Auxier Asset ManagementJeff Auxier
- Value
- $573,043
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Dodge & CoxDodge & Cox investment committee | $8.1bn | 4.3% | Cut |
| Viking Global InvestorsAndreas Halvorsen | $614m | 1.8% | Cut |
| Barrow HanleyBarrow Hanley team | $510m | 1.5% | Cut |
| Lyrical Asset ManagementAndrew Wellington | $438m | 5.6% | Cut |
| Cullen Capital ManagementJames Cullen | $244m | 2.4% | |
| Gotham Asset ManagementJoel Greenblatt | $60m | 0.1% | |
| GAMCO InvestorsMario Gabelli | $47m | 0.4% | Cut |
| Davis Selected AdvisersChris Davis | $21m | <0.1% | Cut |
| Diamond Hill Capital ManagementRic Dillon (founder) | $17m | 0.1% | Cut |
| Beutel GoodmanBeutel Goodman team | $9m | <0.1% | Cut |
| Harris Associates (Oakmark)Bill Nygren | $1m | <0.1% | |
| Auxier Asset ManagementJeff Auxier | $573,043 | <0.1% | |
| First Manhattan Co.First Manhattan partners | $450,811 | <0.1% | Added |
Largest holders overall
- Dodge & Cox$8.1bnCut
- BlackRock$7.9bnAdded
- Vanguard Capital Management$5.8bn
- State Street$4.1bnAdded
- Vanguard Portfolio Management$3.0bn
- Bank of America$2.6bn
- Invesco$2.6bnAdded
- Geode Capital Management$2.0bn
- Morgan Stanley$1.7bn
- Fisher Asset Management$1.6bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Dodge & CoxPassive investor9.4%−1.3 ptsSince 31 March 2026
- BlackRock, Inc.Passive investor7.8%+1.1 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Dodge & Cox Passive investor | 9.4%−1.3 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.8%+1.1 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 5 sold $26m.
- Cohade Pierre EDirectorSold
- Date
- 19 August 2026
- Shares
- 3,300
- Price
- $147.79
- Value
- $487,707
- Schlitz Lei ZhangVP & Pres, GP & SolutionsSold
- Date
- 4 August 2026
- Shares
- 23,417
- Price
- $153.07
- Value
- $4m
- Grabowski Todd MVP and President, AmericasSold
- Date
- 9 June 2026
- Shares
- 1,800
- Price
- $146.20
- Value
- $263,160
- Grabowski Todd MVP and President, AmericasSold
- Date
- 14 May 2026
- Shares
- 4,274
- Price
- $145.50
- Value
- $621,867
- Schlitz Lei ZhangVP & Pres, GP & SolutionsSold
- Date
- 8 May 2026
- Shares
- 88,809
- Price
- $140.99
- Value
- $13m
- MCCONEGHY DANIEL CVP Chief Accounting & Tax OfcrSold
- Date
- 23 February 2026
- Shares
- 3,600
- Price
- $142.56
- Value
- $513,216
- Grabowski Todd MVP and President, AmericasSold
- Date
- 6 February 2026
- Shares
- 6,050
- Price
- $134.90
- Value
- $816,120
- Vergnano MarkDirectorBought
- Date
- 5 February 2026
- Shares
- 7,665
- Price
- $131.94
- Value
- $1m
- Donofrio JohnExec VP & General CounselSold
- Date
- 10 December 2025
- Shares
- 21,595
- Price
- $116.00
- Value
- $3m
- Schlitz Lei ZhangVP & Pres, Global ProductsSold
- Date
- 21 November 2025
- Shares
- 32,031
- Price
- $113.20
- Value
- $4m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 August 2026 | Cohade Pierre E Director | Sold | 3,300 | $147.79 | $487,707 |
| 4 August 2026 | Schlitz Lei Zhang VP & Pres, GP & Solutions | Sold | 23,417 | $153.07 | $4m |
| 9 June 2026 | Grabowski Todd M VP and President, Americas | Sold | 1,800 | $146.20 | $263,160 |
| 14 May 2026 | Grabowski Todd M VP and President, Americas | Sold | 4,274 | $145.50 | $621,867 |
| 8 May 2026 | Schlitz Lei Zhang VP & Pres, GP & Solutions | Sold | 88,809 | $140.99 | $13m |
| 23 February 2026 | MCCONEGHY DANIEL C VP Chief Accounting & Tax Ofcr | Sold | 3,600 | $142.56 | $513,216 |
| 6 February 2026 | Grabowski Todd M VP and President, Americas | Sold | 6,050 | $134.90 | $816,120 |
| 5 February 2026 | Vergnano Mark Director | Bought | 7,665 | $131.94 | $1m |
| 10 December 2025 | Donofrio John Exec VP & General Counsel | Sold | 21,595 | $116.00 | $3m |
| 21 November 2025 | Schlitz Lei Zhang VP & Pres, Global Products | Sold | 32,031 | $113.20 | $4m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 14 Nov 2025, plus the 10-Q filed 29 Jul 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 1.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.