Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Johnson Controls International plc, EBITDA calculation

US$ in millions

12 months ended:	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018
Net income attributable to Johnson Controls	1,849)	1,532)	1,637)	631)	5,674)	2,162)
Add: Net income attributable to noncontrolling interest	184)	191)	233)	164)	213)	221)
Less: Income from discontinued operations, net of tax	—)	—)	124)	—)	4,598)	—)
Add: Income tax expense	(323)	(13)	868)	108)	(233)	518)
Earnings before tax (EBT)	1,710)	1,710)	2,614)	903)	1,056)	2,901)
Add: Interest expense, net of capitalized interest costs	307)	225)	219)	240)	335)	437)
Earnings before interest and tax (EBIT)	2,017)	1,935)	2,833)	1,143)	1,391)	3,338)
Add: Depreciation and amortization	848)	830)	845)	822)	825)	1,085)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,865)	2,765)	3,678)	1,965)	2,216)	4,423)

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Johnson Controls International plc EBITDA decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Johnson Controls International plc, current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	49,899)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,865)
Valuation Ratio
EV/EBITDA	17.42
Benchmarks
EV/EBITDA, Competitors¹
Boeing Co.	57.33
Caterpillar Inc.	12.84
Eaton Corp. plc	26.67
GE Aerospace	14.57
Honeywell International Inc.	16.00
Lockheed Martin Corp.	14.47
RTX Corp.	20.29
EV/EBITDA, Sector
Capital Goods	17.59
EV/EBITDA, Industry
Industrials	16.42

Based on: 10-K (reporting date: 2023-09-30).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Johnson Controls International plc, historical EV/EBITDA calculation, comparison to benchmarks

	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	45,986)	53,660)	62,765)	39,790)	38,054)	42,897)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	2,865)	2,765)	3,678)	1,965)	2,216)	4,423)
Valuation Ratio
EV/EBITDA³	16.05	19.41	17.07	20.25	17.17	9.70
Benchmarks
EV/EBITDA, Competitors⁴
Boeing Co.	71.32	—	—	—	284.02	—
Caterpillar Inc.	12.16	13.86	12.43	19.87	9.66	—
Eaton Corp. plc	24.91	19.18	17.06	22.11	12.86	—
GE Aerospace	11.06	14.82	95.57	9.35	13.66	—
Honeywell International Inc.	15.55	18.01	15.57	20.21	14.95	—
Lockheed Martin Corp.	11.71	14.98	11.97	9.97	14.86	—
RTX Corp.	16.62	14.92	15.48	41.71	12.60	—
EV/EBITDA, Sector
Capital Goods	16.03	19.01	19.87	25.02	16.22	—
EV/EBITDA, Industry
Industrials	15.63	17.07	16.21	26.87	17.56	—

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 45,986 ÷ 2,865 = 16.05

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Johnson Controls International plc EV/EBITDA ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Johnson Controls International plc (NYSE:JCI)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical