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

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

Common Equity (Market Value): The common equity exhibited a steady increase from 30,808 million USD in 2018 to a peak of 55,170 million USD in 2021. However, a subsequent decline occurred in the following two years, decreasing to 45,597 million USD in 2022 and further down to 36,824 million USD in 2023. This indicates significant growth until 2021 followed by a notable reduction.
Total Equity: Total equity followed a similar trend as common equity, rising consistently from 32,102 million USD in 2018 to 56,361 million USD in 2021. This was followed by a decline to 46,731 million USD in 2022 and further to 37,973 million USD in 2023. The close alignment between common equity and total equity suggests limited additional equity beyond common shares.
Total Equity and Debt: The combined total of equity and debt showed fluctuations with a decrease from 43,097 million USD in 2018 to 40,859 million USD in 2019, then a slight increase to 41,741 million USD in 2020. A marked increase occurred in 2021, reaching 64,101 million USD, followed by declines to 55,691 million USD in 2022 and 46,821 million USD in 2023. This pattern indicates a substantial increase in capital structure size in 2021 with retrenchment thereafter.
Enterprise Value (EV): Enterprise value decreased from 42,897 million USD in 2018 to a low point of 38,054 million USD in 2019, then gradually increased to 39,790 million USD in 2020. A significant rise occurred in 2021 to 62,765 million USD, followed by declines in 2022 and 2023 to 53,660 million USD and 45,986 million USD respectively. These movements are consistent with trends in equity and debt, reflecting valuation changes aligned with capital structure adjustments.

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Johnson Controls International plc (NYSE:JCI)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)