Johnson Controls International plc, FCFF 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)
Income attributable to noncontrolling interests	184)	191)	233)	164)	213)	221)
Net noncash charges	893)	1,006)	110)	872)	(2,374)	65)
Changes in assets and liabilities, excluding acquisitions and divestitures	(705)	(739)	571)	812)	(1,770)	65)
Cash provided by operating activities from continuing operations	2,221)	1,990)	2,551)	2,479)	1,743)	2,513)
Interest paid on short and long-term debt, net of tax¹	261)	198)	162)	217)	323)	340)
Capital expenditures	(539)	(592)	(552)	(443)	(586)	(1,030)
Sale of property, plant and equipment	32)	127)	124)	127)	27)	48)
Free cash flow to the firm (FCFF)	1,975)	1,723)	2,285)	2,380)	1,507)	1,871)

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 »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Johnson Controls International plc suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Johnson Controls International plc FCFF decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Johnson Controls International plc, interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	12.50%	12.50%	33.00%	12.00%	12.50%	18.00%
Interest Paid, Net of Tax
Interest paid on short and long-term debt, before tax	298)	226)	242)	247)	369)	415)
Less: Interest paid on short and long-term debt, tax²	37)	28)	80)	30)	46)	75)
Interest paid on short and long-term debt, net of tax	261)	198)	162)	217)	323)	340)

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 2023 Calculation
Interest paid on short and long-term debt, tax = Interest paid on short and long-term debt × EITR
= 298 × 12.50% = 37

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	49,899)
Free cash flow to the firm (FCFF)	1,975)
Valuation Ratio
EV/FCFF	25.27
Benchmarks
EV/FCFF, Competitors¹
Boeing Co.	19.76
Caterpillar Inc.	19.48
Eaton Corp. plc	46.84
GE Aerospace	38.95
Honeywell International Inc.	31.63
Lockheed Martin Corp.	21.15
RTX Corp.	29.70
EV/FCFF, Sector
Capital Goods	26.73
EV/FCFF, Industry
Industrials	27.73

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

¹ Click competitor name to see calculations.

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

Johnson Controls International plc, historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	1,975)	1,723)	2,285)	2,380)	1,507)	1,871)
Valuation Ratio
EV/FCFF³	23.29	31.15	27.47	16.72	25.25	22.92
Benchmarks
EV/FCFF, Competitors⁴
Boeing Co.	25.63	37.53	—	—	—	—
Caterpillar Inc.	16.08	23.54	20.50	23.83	16.84	—
Eaton Corp. plc	38.49	33.44	38.16	21.94	15.50	—
GE Aerospace	29.56	17.29	56.53	32.34	15.85	—
Honeywell International Inc.	29.13	29.82	25.22	26.49	21.13	—
Lockheed Martin Corp.	17.62	19.69	13.92	14.64	21.21	—
RTX Corp.	23.86	28.45	27.29	35.26	21.94	—
EV/FCFF, Sector
Capital Goods	23.34	25.87	32.16	74.97	24.73	—
EV/FCFF, Industry
Industrials	25.67	24.88	28.41	72.49	31.28	—

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/FCFF = EV ÷ FCFF
= 45,986 ÷ 1,975 = 23.29

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Johnson Controls International plc EV/FCFF ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Johnson Controls International plc (NYSE:JCI)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical