Price to Book Value (P/BV)
since 2005
Calculation
Johnson Controls International plc, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity attributable to Johnson Controls1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 14, 2023 | 2.23 | = | 54.10 | ÷ | 24.31 | 24.31 | = | 16,545 | ÷ | 680,673,839 | |
| Nov 15, 2022 | 2.80 | = | 66.40 | ÷ | 23.69 | 23.69 | = | 16,268 | ÷ | 686,703,889 | |
| Nov 15, 2021 | 3.14 | = | 78.33 | ÷ | 24.93 | 24.93 | = | 17,562 | ÷ | 704,332,395 | |
| Nov 16, 2020 | 1.88 | = | 45.36 | ÷ | 24.10 | 24.10 | = | 17,447 | ÷ | 723,907,803 | |
| Nov 21, 2019 | 1.65 | = | 42.23 | ÷ | 25.62 | 25.62 | = | 19,766 | ÷ | 771,419,761 | |
| Nov 20, 2018 | 1.46 | = | 33.34 | ÷ | 22.90 | 22.90 | = | 21,164 | ÷ | 924,058,960 | |
| Nov 21, 2017 | 1.63 | = | 36.00 | ÷ | 22.09 | 22.09 | = | 20,447 | ÷ | 925,435,012 | |
| Nov 23, 2016 | 1.77 | = | 45.61 | ÷ | 25.75 | 25.75 | = | 24,118 | ÷ | 936,718,105 | |
| Nov 18, 2015 | 2.24 | = | 35.84 | ÷ | 16.02 | 16.02 | = | 10,376 | ÷ | 647,676,732 | |
| Nov 19, 2014 | 2.45 | = | 41.62 | ÷ | 16.98 | 16.98 | = | 11,311 | ÷ | 666,188,889 | |
| Nov 21, 2013 | 2.10 | = | 37.68 | ÷ | 17.97 | 17.97 | = | 12,314 | ÷ | 685,160,911 | |
| Nov 19, 2012 | 1.60 | = | 27.00 | ÷ | 16.90 | 16.90 | = | 11,555 | ÷ | 683,797,753 | |
| Nov 22, 2011 | 2.80 | = | 45.44 | ÷ | 16.23 | 16.23 | = | 11,042 | ÷ | 680,381,571 | |
| Nov 23, 2010 | 2.51 | = | 37.43 | ÷ | 14.93 | 14.93 | = | 10,071 | ÷ | 674,375,572 | |
| Nov 25, 2009 | 2.68 | = | 36.47 | ÷ | 13.62 | 13.62 | = | 9,138 | ÷ | 671,080,237 | |
| Nov 25, 2008 | 1.27 | = | 20.16 | ÷ | 15.86 | 15.86 | = | 9,424 | ÷ | 594,179,011 | |
| Nov 29, 2007 | 2.66 | = | 39.91 | ÷ | 15.00 | 15.00 | = | 8,907 | ÷ | 593,815,378 | |
| Dec 5, 2006 | 0.81 | = | 10.11 | ÷ | 12.52 | 12.52 | = | 7,355 | ÷ | 587,361,150 | |
| Dec 9, 2005 | 0.90 | = | 9.46 | ÷ | 10.46 | 10.46 | = | 6,058 | ÷ | 578,918,610 |
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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Johnson Controls International plc Annual Report.
The Price to Book Value (P/BV) ratio exhibits a pattern of cyclical fluctuation, transitioning from a position of undervaluation in the mid-2000s to a sustained premium valuation over the subsequent two decades. While the ratio began below 1.0, it spent the majority of the period between 2007 and 2023 trading at a premium, indicating that the market generally valued the company's assets and future growth prospects above their accounting book value.
- P/BV Ratio Volatility and Trends
- An initial period of undervaluation is observed between 2005 and 2006, with ratios of 0.90 and 0.81 respectively. A sharp increase followed in 2007, reaching 2.66, before a correction to 1.27 occurred in 2008. The ratio then entered a phase of relative strength between 2009 and 2011, peaking at 2.80 in 2011. A subsequent decline and stabilization period occurred from 2012 to 2019, where the ratio largely fluctuated between 1.46 and 2.45. The most significant valuation peak occurred in November 2021, with the P/BV reaching a series high of 3.14, followed by a moderate contraction to 2.23 by December 2023.
- Book Value per Share (BVPS) Progression
- The Book Value per Share demonstrates a consistent long-term upward trajectory, rising from 10.46 USD in 2005 to 24.31 USD in 2023. Growth was steady through 2014, after which a notable increase was recorded in 2016, jumping to 25.75 USD. Since 2016, the BVPS has remained relatively stable, oscillating within the 22.00 USD to 25.00 USD range, suggesting a consolidation of the company's net asset base.
- Share Price Correlation
- The fluctuations in the P/BV ratio are primarily driven by share price volatility rather than changes in book value. For instance, the peak P/BV in 2021 corresponds directly with the series-high share price of 78.33 USD. Similarly, the dips in the ratio during 2008 and 2012 align with significant drops in the market price. This indicates that market sentiment and external economic factors have had a more immediate and profound impact on the valuation ratio than the incremental growth of the company's underlying book value.
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Comparison to Competitors
Johnson Controls International plc, P/BV, long-term trends, comparison to competitors
| Johnson Controls International plc | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Dec 14, 2023 | 2.23 | — | 8.25 | 6.07 | 5.43 | 8.11 | 15.54 | 2.05 |
| Nov 15, 2022 | 2.80 | — | 8.09 | 4.04 | 2.43 | 8.02 | 12.67 | 1.97 |
| Nov 15, 2021 | 3.14 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Nov 16, 2020 | 1.88 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Nov 21, 2019 | 1.65 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Nov 20, 2018 | 1.46 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Nov 21, 2017 | 1.63 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Nov 23, 2016 | 1.77 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Nov 18, 2015 | 2.24 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Nov 19, 2014 | 2.45 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Nov 21, 2013 | 2.10 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Nov 19, 2012 | 1.60 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Nov 22, 2011 | 2.80 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Nov 23, 2010 | 2.51 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
| Nov 25, 2009 | 2.68 | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 7.00 | 3.12 |
| Nov 25, 2008 | 1.27 | — | 2.63 | 0.95 | 1.10 | 3.38 | 9.51 | 2.82 |
| Nov 29, 2007 | 2.66 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 4.38 | 3.28 |
| Dec 5, 2006 | 0.81 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 6.23 | 3.92 |
| Dec 9, 2005 | 0.90 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 4.05 | 3.39 |
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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Capital Goods)
Johnson Controls International plc, P/BV, long-term trends, comparison to sector (capital goods)
| Johnson Controls International plc | Capital Goods | |
|---|---|---|
| Dec 14, 2023 | 2.23 | 6.94 |
| Nov 15, 2022 | 2.80 | 5.31 |
| Nov 15, 2021 | 3.14 | 4.77 |
| Nov 16, 2020 | 1.88 | 5.05 |
| Nov 21, 2019 | 1.65 | 6.91 |
| Nov 20, 2018 | 1.46 | 6.11 |
| Nov 21, 2017 | 1.63 | 5.42 |
| Nov 23, 2016 | 1.77 | 4.64 |
| Nov 18, 2015 | 2.24 | 3.45 |
| Nov 19, 2014 | 2.45 | 3.17 |
| Nov 21, 2013 | 2.10 | 2.85 |
| Nov 19, 2012 | 1.60 | 2.77 |
| Nov 22, 2011 | 2.80 | 2.89 |
| Nov 23, 2010 | 2.51 | 2.90 |
| Nov 25, 2009 | 2.68 | 2.29 |
| Nov 25, 2008 | 1.27 | 1.86 |
| Nov 29, 2007 | 2.66 | 3.46 |
| Dec 5, 2006 | 0.81 | 3.91 |
| Dec 9, 2005 | 0.90 | 3.47 |
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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Industrials)
Johnson Controls International plc, P/BV, long-term trends, comparison to industry (industrials)
| Johnson Controls International plc | Industrials | |
|---|---|---|
| Dec 14, 2023 | 2.23 | 6.85 |
| Nov 15, 2022 | 2.80 | 5.50 |
| Nov 15, 2021 | 3.14 | 5.44 |
| Nov 16, 2020 | 1.88 | 5.89 |
| Nov 21, 2019 | 1.65 | 6.28 |
| Nov 20, 2018 | 1.46 | 5.96 |
| Nov 21, 2017 | 1.63 | 5.37 |
| Nov 23, 2016 | 1.77 | 4.89 |
| Nov 18, 2015 | 2.24 | 3.68 |
| Nov 19, 2014 | 2.45 | 3.70 |
| Nov 21, 2013 | 2.10 | 3.14 |
| Nov 19, 2012 | 1.60 | 3.06 |
| Nov 22, 2011 | 2.80 | 3.09 |
| Nov 23, 2010 | 2.51 | 3.05 |
| Nov 25, 2009 | 2.68 | 2.43 |
| Nov 25, 2008 | 1.27 | 2.01 |
| Nov 29, 2007 | 2.66 | 3.45 |
| Dec 5, 2006 | 0.81 | 3.75 |
| Dec 9, 2005 | 0.90 | 3.95 |
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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).