Price to Sales (P/S)
since 2005
Calculation
Johnson Controls International plc, P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 14, 2023 | 1.37 | = | 54.10 | ÷ | 39.36 | 39.36 | = | 26,793 | ÷ | 680,673,839 | |
| Nov 15, 2022 | 1.80 | = | 66.40 | ÷ | 36.84 | 36.84 | = | 25,299 | ÷ | 686,703,889 | |
| Nov 15, 2021 | 2.33 | = | 78.33 | ÷ | 33.60 | 33.60 | = | 23,668 | ÷ | 704,332,395 | |
| Nov 16, 2020 | 1.47 | = | 45.36 | ÷ | 30.83 | 30.83 | = | 22,317 | ÷ | 723,907,803 | |
| Nov 21, 2019 | 1.36 | = | 42.23 | ÷ | 31.07 | 31.07 | = | 23,968 | ÷ | 771,419,761 | |
| Nov 20, 2018 | 0.98 | = | 33.34 | ÷ | 33.98 | 33.98 | = | 31,400 | ÷ | 924,058,960 | |
| Nov 21, 2017 | 1.10 | = | 36.00 | ÷ | 32.60 | 32.60 | = | 30,172 | ÷ | 925,435,012 | |
| Nov 23, 2016 | 1.13 | = | 45.61 | ÷ | 40.22 | 40.22 | = | 37,674 | ÷ | 936,718,105 | |
| Nov 18, 2015 | 0.62 | = | 35.84 | ÷ | 57.40 | 57.40 | = | 37,179 | ÷ | 647,676,732 | |
| Nov 19, 2014 | 0.65 | = | 41.62 | ÷ | 64.29 | 64.29 | = | 42,828 | ÷ | 666,188,889 | |
| Nov 21, 2013 | 0.60 | = | 37.68 | ÷ | 62.36 | 62.36 | = | 42,730 | ÷ | 685,160,911 | |
| Nov 19, 2012 | 0.44 | = | 27.00 | ÷ | 61.36 | 61.36 | = | 41,955 | ÷ | 683,797,753 | |
| Nov 22, 2011 | 0.76 | = | 45.44 | ÷ | 60.01 | 60.01 | = | 40,833 | ÷ | 680,381,571 | |
| Nov 23, 2010 | 0.74 | = | 37.43 | ÷ | 50.87 | 50.87 | = | 34,305 | ÷ | 674,375,572 | |
| Nov 25, 2009 | 0.86 | = | 36.47 | ÷ | 42.46 | 42.46 | = | 28,497 | ÷ | 671,080,237 | |
| Nov 25, 2008 | 0.31 | = | 20.16 | ÷ | 64.06 | 64.06 | = | 38,062 | ÷ | 594,179,011 | |
| Nov 29, 2007 | 0.68 | = | 39.91 | ÷ | 58.31 | 58.31 | = | 34,624 | ÷ | 593,815,378 | |
| Dec 5, 2006 | 0.18 | = | 10.11 | ÷ | 54.88 | 54.88 | = | 32,235 | ÷ | 587,361,150 | |
| Dec 9, 2005 | 0.20 | = | 9.46 | ÷ | 47.47 | 47.47 | = | 27,479 | ÷ | 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-Sales (P/S) ratio exhibits a long-term upward trajectory from 2005 to 2021, followed by a moderate contraction through 2023. The valuation evolved from a state of significant undervaluation relative to revenue in the mid-2000s to a period of expanded multiples in the early 2020s.
- Early Valuation Period (2005-2015)
- During this interval, the P/S ratio remained predominantly below 1.0, starting at a low of 0.18 in 2006. This period was characterized by high sales per share, which reached 64.29 in 2014, while share prices remained relatively suppressed, resulting in consistently low valuation multiples.
- Valuation Expansion (2016-2021)
- A distinct structural shift occurred starting in 2016, as the P/S ratio exceeded 1.0 for the first time in the recorded series. This expansion was driven by a simultaneous decline in sales per share—which fell to a low of 30.83 by 2020—and a substantial increase in share price, culminating in a peak P/S ratio of 2.33 in 2021.
- Recent Correction and Stabilization (2022-2023)
- Following the 2021 peak, a downward correction is observed. The P/S ratio decreased to 1.80 in 2022 and further to 1.37 by December 2023. This trend aligns with a reduction in share price from 78.33 to 54.10, occurring despite a modest recovery in sales per share to 39.36.
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Comparison to Competitors
Johnson Controls International plc, P/S, 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 | 1.37 | 1.66 | 2.52 | 4.98 | 2.30 | 3.51 | 1.57 | 1.78 |
| Nov 15, 2022 | 1.80 | 1.90 | 2.27 | 3.31 | 1.20 | 3.78 | 1.78 | 2.14 |
| Nov 15, 2021 | 2.33 | 1.87 | 2.26 | 3.03 | 1.50 | 3.73 | 1.57 | 2.21 |
| Nov 16, 2020 | 1.47 | 1.96 | 2.83 | 2.96 | 1.41 | 4.34 | 1.40 | 1.95 |
| Nov 21, 2019 | 1.36 | 2.34 | 1.48 | 1.87 | 1.18 | 3.51 | 2.07 | 1.75 |
| Nov 20, 2018 | 0.98 | 2.26 | 1.47 | 1.58 | 0.82 | 2.59 | 1.58 | 1.56 |
| Nov 21, 2017 | 1.10 | 2.17 | 2.24 | 1.74 | 1.11 | 2.74 | 1.91 | 1.67 |
| Nov 23, 2016 | 1.13 | 1.06 | 1.62 | 1.65 | 2.39 | 2.36 | 1.59 | 1.55 |
| Nov 18, 2015 | 0.62 | 0.80 | 0.86 | 1.25 | 2.59 | 2.06 | 1.43 | 1.26 |
| Nov 19, 2014 | 0.65 | 1.15 | 0.99 | 1.49 | 2.45 | 2.03 | 1.34 | 1.67 |
| Nov 21, 2013 | 0.60 | 1.12 | 1.17 | 1.63 | 2.54 | 1.90 | 1.15 | 1.60 |
| Nov 19, 2012 | 0.44 | 0.70 | 0.99 | 1.79 | 2.39 | 1.46 | 0.60 | 1.43 |
| Nov 22, 2011 | 0.76 | 0.82 | 1.30 | 1.08 | 2.15 | 1.28 | 0.62 | 1.31 |
| Nov 23, 2010 | 0.74 | 0.83 | 1.63 | 1.33 | 2.20 | 1.36 | 0.61 | 1.44 |
| Nov 25, 2009 | 0.86 | 0.64 | 1.23 | 0.95 | 1.66 | 0.94 | 0.64 | 1.19 |
| Nov 25, 2008 | 0.31 | 0.51 | 0.33 | 0.39 | 1.02 | 0.66 | 0.64 | 0.77 |
| Nov 29, 2007 | 0.68 | 0.98 | 1.06 | 0.91 | 3.45 | 1.21 | 1.03 | 1.30 |
| Dec 5, 2006 | 0.18 | 1.17 | 1.12 | 0.96 | 3.54 | 1.22 | 1.08 | 1.44 |
| Dec 9, 2005 | 0.20 | 1.06 | 1.44 | 0.93 | 3.72 | 1.24 | 0.86 | 1.36 |
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/S, long-term trends, comparison to sector (capital goods)
| Johnson Controls International plc | Capital Goods | |
|---|---|---|
| Dec 14, 2023 | 1.37 | 2.26 |
| Nov 15, 2022 | 1.80 | 2.09 |
| Nov 15, 2021 | 2.33 | 2.09 |
| Nov 16, 2020 | 1.47 | 2.11 |
| Nov 21, 2019 | 1.36 | 1.92 |
| Nov 20, 2018 | 0.98 | 1.62 |
| Nov 21, 2017 | 1.10 | 1.82 |
| Nov 23, 2016 | 1.13 | 1.76 |
| Nov 18, 2015 | 0.62 | 1.55 |
| Nov 19, 2014 | 0.65 | 1.66 |
| Nov 21, 2013 | 0.60 | 1.66 |
| Nov 19, 2012 | 0.44 | 1.37 |
| Nov 22, 2011 | 0.76 | 1.33 |
| Nov 23, 2010 | 0.74 | 1.45 |
| Nov 25, 2009 | 0.86 | 1.12 |
| Nov 25, 2008 | 0.31 | 0.71 |
| Nov 29, 2007 | 0.68 | 1.76 |
| Dec 5, 2006 | 0.18 | 1.91 |
| Dec 9, 2005 | 0.20 | 1.95 |
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).
Comparison to Industry (Industrials)
Johnson Controls International plc, P/S, long-term trends, comparison to industry (industrials)
| Johnson Controls International plc | Industrials | |
|---|---|---|
| Dec 14, 2023 | 1.37 | 2.06 |
| Nov 15, 2022 | 1.80 | 1.80 |
| Nov 15, 2021 | 2.33 | 2.07 |
| Nov 16, 2020 | 1.47 | 2.14 |
| Nov 21, 2019 | 1.36 | 1.77 |
| Nov 20, 2018 | 0.98 | 1.58 |
| Nov 21, 2017 | 1.10 | 1.71 |
| Nov 23, 2016 | 1.13 | 1.68 |
| Nov 18, 2015 | 0.62 | 1.48 |
| Nov 19, 2014 | 0.65 | 1.65 |
| Nov 21, 2013 | 0.60 | 1.57 |
| Nov 19, 2012 | 0.44 | 1.31 |
| Nov 22, 2011 | 0.76 | 1.27 |
| Nov 23, 2010 | 0.74 | 1.39 |
| Nov 25, 2009 | 0.86 | 1.09 |
| Nov 25, 2008 | 0.31 | 0.71 |
| Nov 29, 2007 | 0.68 | 1.62 |
| Dec 5, 2006 | 0.18 | 1.73 |
| Dec 9, 2005 | 0.20 | 1.80 |
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).