Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Analysis of Solvency Ratios
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Long-term Activity Ratios (Summary)
Johnson Controls International plc, long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
- Net Fixed Asset Turnover
- Over the observed period, the net fixed asset turnover ratio shows a general declining trend from 8.88 at the end of 2018 to a low of approximately 7.16 by the end of 2019, indicating a decrease in efficiency in generating sales from fixed assets during this period. Following this decline, the ratio stabilizes with minor fluctuations throughout 2020 and 2021, maintaining values around 7.3 to 7.5. Starting from early 2022, a notable upward trend occurs, with the ratio increasing steadily to reach 8.64 by the first quarter of 2024. This recovery and subsequent growth suggest enhanced utilization of fixed assets or improved sales generation relative to fixed assets in the most recent periods.
- Total Asset Turnover
- The total asset turnover ratio exhibits moderate variability but remains within a narrow range throughout the periods examined. Beginning at 0.61 at the end of 2018, it declines slightly to 0.53 by the end of 2020, signaling a reduction in overall asset efficiency in generating sales. Subsequently, the ratio recovers gradually starting in 2021, ascending to approximately 0.62 by the first quarter of 2024. This pattern indicates that asset utilization experienced mild pressures during 2019 and 2020 but improved steadily in recent years, reflecting better management or increased sales relative to total assets.
- Equity Turnover
- The equity turnover ratio displays a steady downward movement from 1.46 at year-end 2018 to 1.21 around the third quarter of 2019, implying decreasing sales efficiency relative to shareholders' equity during that timeframe. From late 2019 through 2021, the ratio gradually climbs, reaching 1.40 by the end of 2021. This upward momentum continues more strongly in 2022 and into early 2023, culminating in a peak of 1.71 in the first quarter of 2024. The overall trajectory suggests improving effectiveness in generating revenues from the equity base, with particularly strong gains evident in the most recent quarters.
Net Fixed Asset Turnover
Johnson Controls International plc, net fixed asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q2 2024 Calculation
Net fixed asset turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales exhibited fluctuations over the reported periods, showing an overall recovery trend after declines around early 2020. Initial sales rose from 5,464 million US dollars at the end of 2018 to a peak of 6,451 million in mid-2019, followed by a dip towards the end of 2019 and the first half of 2020, likely reflecting external challenges during that time. From the second half of 2020 onwards, net sales generally increased, reaching highs above 7,000 million US dollars in later quarters, though some seasonal or periodic decreases were notable towards the end of 2023 and early 2024.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment showed relative stability with a slight downward trend over the analyzed timeframe. Values started at around 3,314 million US dollars at the end of 2018 and experienced minor declines and recoveries, settling close to 3,100 million by early 2024. The fluctuations suggest modest levels of asset disposals, depreciation, or controlled investment in fixed assets without significant expansions or reductions.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate sales, displayed a declining trend from late 2018 through 2019, dropping from 8.88 to approximately 7.16. This corresponds with the observed decreases in sales against relatively stable asset bases during that period. However, starting in 2020, the ratio improved consistently, climbing back above 8.5 by early 2024. This improvement indicates enhanced utilization of fixed assets or recovery in sales volumes, contributing to increased operational efficiency related to asset use.
- Summary Insight
- Overall, the data reflects a period of initial sales growth followed by a downturn coinciding with broader market disruptions around early 2020. Despite modest reductions in the fixed asset base, the company improved its asset utilization over time, as indicated by the rising net fixed asset turnover ratio post-2020. This suggests adaptations in operational efficiency or sales strategies that have enabled better leveraging of existing assets. The relative stabilization of property, plant, and equipment values indicates controlled capital expenditure and asset management during these periods.
Total Asset Turnover
Johnson Controls International plc, total asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q2 2024 Calculation
Total asset turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited fluctuations over the observed periods, beginning at $5,464 million at the end of 2018 and generally increasing with some volatility. In 2019, sales fluctuated around the $5,300 million to $6,450 million range, peaking in mid-2019 before declining towards the end of the year and early 2020. During 2020, the sales remained relatively subdued, influenced likely by market conditions, with values mostly below $6,000 million. Starting in 2021, a recovery trend is visible as net sales rose progressively, surpassing previous highs with peaks over $7,100 million in mid to late 2023. However, the end of 2023 and early 2024 show a slight decline to just above $6,000 million, indicating some recent softness after sustained growth.
- Total Assets
- Total assets showed a general decreasing trend from the end of 2018 at about $48,016 million to below $41,000 million by early 2020. From 2020 onwards, total assets stabilized and largely fluctuated within a narrow band around $41,000 to $44,000 million. The asset base did not grow significantly, and by early 2024, total assets stood slightly lower than the peak observed around 2023, suggesting cautious asset management or divestitures.
- Total Asset Turnover
- The total asset turnover ratio, indicating efficiency in using assets to generate sales, remained moderately stable but showed a gradual improvement over time. Initially around 0.61 in late 2018, it declined to mid-0.5 levels between 2019 and 2020, consistent with asset adjustments and fluctuating sales. From 2021 onwards, a clear upward trend emerges, increasing from approximately 0.54 to above 0.60 by late 2023 and early 2024. This trend reflects enhanced operational efficiency, with the company generating higher sales per unit of asset employed despite a relatively stable asset base.
- Overall Insights
- The company’s financial data reveal a volatile but generally improving sales performance after initial disruptions, likely related to external market factors. The stable total asset base coupled with increasing asset turnover suggests an improving efficiency in asset utilization. While net sales reached record highs in 2023, the recent slight decline in sales may warrant monitoring for potential cyclical influences or market adjustments. The combination of controlling assets and driving higher turnover points to focused management efforts on operational performance.
Equity Turnover
Johnson Controls International plc, equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Shareholders’ equity attributable to Johnson Controls | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31).
1 Q2 2024 Calculation
Equity turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Shareholders’ equity attributable to Johnson Controls
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibit a fluctuating pattern over the observed periods. Starting at $5,464 million at the end of 2018, sales increased in the first half of 2019, peaking at $6,451 million in June 2019. However, a decline is observed in the latter half of 2019, reaching approximately $5,341 million in December 2020. Subsequently, there is a recovery and growth trend from early 2021 through mid-2023, with net sales reaching a high of $7,133 million in June 2023. Towards the end of 2023 and into the first quarter of 2024, a decline is apparent, with net sales dropping to $6,094 million in December 2023 before a slight rebound to $6,699 million in March 2024. This indicates variable sales performance with periods of growth interrupted by downturns, possibly reflecting seasonal, economic, or market influences.
- Shareholders’ Equity Attributable to Johnson Controls
- The shareholders’ equity shows a predominantly declining trend over the timeline. Beginning with a value of $20,102 million at the end of 2018, equity gradually decreased through 2019 and 2020, reaching around $17,656 million by December 2020. Further decline continues into 2022, hitting a low near $15,988 million in June 2022. After this trough, the equity experiences moderate fluctuations but does not return to earlier high levels, stabilizing around $15,658 million by March 2024. The general downward trend in equity could reflect factors such as share buybacks, dividend payments, or net losses, indicating a reduction in net assets available to shareholders over time.
- Equity Turnover
- The equity turnover ratio presents a gradual upward trend across the periods. Initially recorded at 1.46 at the end of 2018, it slightly declines in 2019, reaching a low point near 1.21 in September 2019. From late 2019 onwards, the ratio increases steadily, surpassing 1.5 by 2022 and peaking at 1.71 in March 2024. This increase in equity turnover suggests improving efficiency in generating sales from shareholders’ equity, possibly due to better asset utilization or operational improvements against a backdrop of declining equity. The upward trend complements the mixed net sales performance by demonstrating enhanced capital use effectiveness.
- Summary Insights
- The combined analysis of net sales, shareholders’ equity, and equity turnover reveals a complex financial dynamic. While net sales show cyclical growth and decline patterns, equity steadily diminishes, indicating potential capital reduction mechanisms at play. Concurrently, the equity turnover ratio's rise points to enhanced effectiveness in translating equity into revenue. This pattern suggests that despite fluctuating sales and shrinking equity base, the company is becoming more efficient in utilizing its equity to drive revenue. Continuous monitoring of these trends will be essential to assess financial health and operational efficiency going forward.