Name: Johnson Controls International plc (NYSE:JCI) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Johnson Controls International plc, current enterprise value calculation

Current share price (P)	$60.47
No. shares of common stock outstanding	673,675,568
US$ in millions
Common equity (market value)¹	40,737)
Add: Preferred shares, par value $0.01; none outstanding (per books)	—)
Add: Noncontrolling interests (per books)	1,149)
Total equity	41,886)
Add: Short-term debt (per books)	385)
Add: Current portion of long-term debt (per books)	645)
Add: Long-term debt, less current portion (per books)	7,818)
Total equity and debt	50,734)
Less: Cash and cash equivalents	835)
Enterprise value (EV)	49,899)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.47 × 673,675,568

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Johnson Controls International plc, EV calculation

	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018
Share price^1, 2	$54.10	$66.40	$78.33	$45.36	$42.23	$33.34
No. shares of common stock outstanding¹	680,673,839	686,703,889	704,332,395	723,907,803	771,419,761	924,058,960
US$ in millions
Common equity (market value)³	36,824)	45,597)	55,170)	32,836)	32,577)	30,808)
Add: Preferred shares, par value $0.01; none outstanding (book value)	—)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	1,149)	1,134)	1,191)	1,086)	1,063)	1,294)
Total equity	37,973)	46,731)	56,361)	33,922)	33,640)	32,102)
Add: Short-term debt (book value)	385)	669)	8)	31)	10)	1,315)
Add: Current portion of long-term debt (book value)	645)	865)	226)	262)	501)	26)
Add: Long-term debt, less current portion (book value)	7,818)	7,426)	7,506)	7,526)	6,708)	9,654)
Total equity and debt	46,821)	55,691)	64,101)	41,741)	40,859)	43,097)
Less: Cash and cash equivalents	835)	2,031)	1,336)	1,951)	2,805)	200)
Enterprise value (EV)	45,986)	53,660)	62,765)	39,790)	38,054)	42,897)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Johnson Controls International plc Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 54.10 × 680,673,839

The financial trajectory from 2018 to 2023 is characterized by a period of relative stability, a significant valuation peak in 2021, and a subsequent contraction. The enterprise value (EV) and market capitalization exhibited a high degree of correlation, reflecting significant volatility in the overall valuation of the firm.

Enterprise Value Trends: The enterprise value shifted from 42,897 million USD in 2018 to a peak of 62,765 million USD in 2021, before declining to 45,986 million USD by September 30, 2023. This movement indicates a substantial expansion in the firm's total value mid-period, followed by a correction that returned the EV to levels slightly above the 2018 baseline.
Market Valuation and Equity Dynamics: Common equity market value demonstrated a sharp increase in 2021, rising from 32,836 million USD in 2020 to 55,170 million USD. This surge was the primary driver of the overall increase in enterprise value during that period. Subsequently, a consistent downward trend occurred, with market equity falling to 36,824 million USD by 2023, indicating a reduction in market capitalization.
Capital Structure and Debt Influence: The relationship between total equity and debt and the resulting enterprise value remained consistent across the analyzed years. Total equity and debt reached a maximum of 64,101 million USD in 2021. The subsequent reduction in this combined figure to 46,821 million USD by 2023 aligns with the contraction seen in the enterprise value, reflecting a narrowing of the overall capital base.

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Johnson Controls International plc (NYSE:JCI)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)