Total Asset Turnover
since 2005
Calculation
Johnson Controls International plc, total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Sep 30, 2023 | 0.63 | = | 26,793) | ÷ | 42,242) |
| Sep 30, 2022 | 0.60 | = | 25,299) | ÷ | 42,158) |
| Sep 30, 2021 | 0.57 | = | 23,668) | ÷ | 41,890) |
| Sep 30, 2020 | 0.55 | = | 22,317) | ÷ | 40,815) |
| Sep 30, 2019 | 0.57 | = | 23,968) | ÷ | 42,287) |
| Sep 30, 2018 | 0.64 | = | 31,400) | ÷ | 48,797) |
| Sep 30, 2017 | 0.58 | = | 30,172) | ÷ | 51,884) |
| Sep 30, 2016 | 0.60 | = | 37,674) | ÷ | 63,253) |
| Sep 30, 2015 | 1.25 | = | 37,179) | ÷ | 29,673) |
| Sep 30, 2014 | 1.31 | = | 42,828) | ÷ | 32,804) |
| Sep 30, 2013 | 1.36 | = | 42,730) | ÷ | 31,518) |
| Sep 30, 2012 | 1.36 | = | 41,955) | ÷ | 30,884) |
| Sep 30, 2011 | 1.38 | = | 40,833) | ÷ | 29,676) |
| Sep 30, 2010 | 1.33 | = | 34,305) | ÷ | 25,743) |
| Sep 30, 2009 | 1.18 | = | 28,497) | ÷ | 24,088) |
| Sep 30, 2008 | 1.52 | = | 38,062) | ÷ | 24,987) |
| Sep 30, 2007 | 1.44 | = | 34,624) | ÷ | 24,105) |
| Sep 30, 2006 | 1.47 | = | 32,235) | ÷ | 21,921) |
| Sep 30, 2005 | 1.70 | = | 27,479) | ÷ | 16,144) |
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$ in millions
A significant long-term decline in asset utilization efficiency is evident between 2005 and 2023. The total asset turnover ratio transitioned from a high of 1.70 in 2005 to a stabilized range between 0.55 and 0.64 in the latter part of the period, indicating that the company now generates substantially fewer sales per dollar of assets than it did in the previous decade.
- Initial Efficiency Phase (2005–2015)
- During this period, total asset turnover remained relatively strong, consistently exceeding 1.20. While a gradual downward trajectory was observed from 1.70 in 2005 to 1.25 in 2015, the company maintained a robust capability to convert its asset base into revenue. Net sales grew from approximately $27.5 billion to a peak of $42.8 billion in 2014, while the asset base grew at a more measured pace, peaking at $32.8 billion in the same year.
- Structural Shift and Asset Expansion (2016)
- A sharp inflection point occurred in 2016, characterized by a dramatic increase in total assets, which rose from $29.7 billion in 2015 to $63.3 billion. This rapid expansion of the balance sheet was not accompanied by a corresponding increase in net sales, which remained relatively flat at $37.7 billion. Consequently, the total asset turnover ratio plummeted to 0.60, representing a fundamental shift in the company's asset-to-revenue relationship.
- Stabilization at Lower Productivity (2017–2023)
- Following the 2016 asset peak, the total asset turnover ratio remained depressed, fluctuating within a narrow band between 0.55 and 0.64. Although total assets were reduced from the 2016 peak to approximately $42.2 billion by 2023, net sales also experienced a downward trend, falling to $26.8 billion. The consistency of the ratio at these lower levels suggests a new, lower operational baseline for asset productivity compared to the 2005–2015 era.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
Johnson Controls International plc, total asset turnover, 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. | |
|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | 0.63 | 0.57 | 0.73 | 0.60 | 0.40 | 0.60 | 1.29 | 0.43 |
| Sep 30, 2022 | 0.60 | 0.49 | 0.69 | 0.59 | 0.39 | 0.57 | 1.25 | 0.42 |
| Sep 30, 2021 | 0.57 | 0.45 | 0.58 | 0.58 | 0.36 | 0.53 | 1.32 | 0.40 |
| Sep 30, 2020 | 0.55 | 0.38 | 0.50 | 0.56 | 0.29 | 0.51 | 1.29 | 0.35 |
| Sep 30, 2019 | 0.57 | 0.57 | 0.65 | 0.65 | 0.33 | 0.63 | 1.26 | 0.55 |
| Sep 30, 2018 | 0.64 | 0.86 | 0.66 | 0.70 | 0.37 | 0.72 | 1.20 | 0.50 |
| Sep 30, 2017 | 0.58 | 1.01 | 0.55 | 0.63 | 0.30 | 0.68 | 1.10 | 0.62 |
| Sep 30, 2016 | 0.60 | 1.05 | 0.48 | 0.65 | 0.30 | 0.73 | 0.99 | 0.64 |
| Sep 30, 2015 | 1.25 | 1.02 | 0.56 | 0.67 | 0.21 | 0.78 | 0.94 | 0.64 |
| Sep 30, 2014 | 1.31 | 0.91 | 0.62 | 0.67 | 0.16 | 0.89 | 1.23 | 0.71 |
| Sep 30, 2013 | 1.36 | 0.93 | 0.62 | 0.62 | 0.15 | 0.86 | 1.25 | 0.69 |
| Sep 30, 2012 | 1.36 | 0.92 | 0.71 | 0.46 | 0.15 | 0.90 | 1.22 | 0.65 |
| Sep 30, 2011 | 1.38 | 0.86 | 0.70 | 0.90 | 0.13 | 0.92 | 1.23 | 0.95 |
| Sep 30, 2010 | 1.33 | 0.94 | 0.62 | 0.79 | 0.13 | 0.88 | 1.31 | 0.93 |
| Sep 30, 2009 | 1.18 | 1.10 | 0.49 | 0.73 | 0.13 | 0.86 | 1.29 | 0.94 |
| Sep 30, 2008 | 1.52 | 1.13 | 0.71 | 0.92 | 0.14 | 1.03 | 1.28 | 1.03 |
| Sep 30, 2007 | 1.44 | 1.13 | 0.75 | 0.97 | 0.13 | 1.02 | 1.45 | 0.99 |
| Sep 30, 2006 | 1.47 | 1.19 | 0.76 | 1.08 | 0.14 | 1.01 | 1.40 | 1.00 |
| Sep 30, 2005 | 1.70 | 0.91 | 0.72 | 1.09 | 0.14 | 0.86 | 1.34 | 0.92 |
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, total asset turnover, long-term trends, comparison to sector (capital goods)
| Johnson Controls International plc | Capital Goods | |
|---|---|---|
| Sep 30, 2023 | 0.63 | 0.57 |
| Sep 30, 2022 | 0.60 | 0.54 |
| Sep 30, 2021 | 0.57 | 0.50 |
| Sep 30, 2020 | 0.55 | 0.43 |
| Sep 30, 2019 | 0.57 | 0.54 |
| Sep 30, 2018 | 0.64 | 0.58 |
| Sep 30, 2017 | 0.58 | 0.54 |
| Sep 30, 2016 | 0.60 | 0.54 |
| Sep 30, 2015 | 1.25 | 0.46 |
| Sep 30, 2014 | 1.31 | 0.41 |
| Sep 30, 2013 | 1.36 | 0.39 |
| Sep 30, 2012 | 1.36 | 0.38 |
| Sep 30, 2011 | 1.38 | 0.36 |
| Sep 30, 2010 | 1.33 | 0.34 |
| Sep 30, 2009 | 1.18 | 0.33 |
| Sep 30, 2008 | 1.52 | 0.35 |
| Sep 30, 2007 | 1.44 | 0.34 |
| Sep 30, 2006 | 1.47 | 0.36 |
| Sep 30, 2005 | 1.70 | 0.33 |
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, total asset turnover, long-term trends, comparison to industry (industrials)
| Johnson Controls International plc | Industrials | |
|---|---|---|
| Sep 30, 2023 | 0.63 | 0.67 |
| Sep 30, 2022 | 0.60 | 0.66 |
| Sep 30, 2021 | 0.57 | 0.58 |
| Sep 30, 2020 | 0.55 | 0.50 |
| Sep 30, 2019 | 0.57 | 0.62 |
| Sep 30, 2018 | 0.64 | 0.67 |
| Sep 30, 2017 | 0.58 | 0.62 |
| Sep 30, 2016 | 0.60 | 0.61 |
| Sep 30, 2015 | 1.25 | 0.54 |
| Sep 30, 2014 | 1.31 | 0.49 |
| Sep 30, 2013 | 1.36 | 0.47 |
| Sep 30, 2012 | 1.36 | 0.46 |
| Sep 30, 2011 | 1.38 | 0.45 |
| Sep 30, 2010 | 1.33 | 0.41 |
| Sep 30, 2009 | 1.18 | 0.39 |
| Sep 30, 2008 | 1.52 | 0.43 |
| Sep 30, 2007 | 1.44 | 0.41 |
| Sep 30, 2006 | 1.47 | 0.43 |
| Sep 30, 2005 | 1.70 | 0.40 |
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).