Johnson Controls International plc (JCI) — payout ratio, three ways
Fiscal year ending 2025-09-30 · sector Industrials · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 30.0% | The figure most screeners publish. |
| Operating cash flow | 38.2% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
| Free cash flow | 46.0% | What is left after maintaining the business. |
Spread between highest and lowest: 16 percentage points. Same filings, different denominators.
Coverage rating 41 / 100 — Tight. ? Peer standing 9/50Direction 30/30Stability 2/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-09-30 | 46.0% |
| 2024-09-30 | 93.1% |
| 2023-09-30 | 69.5% |
| 2022-09-30 | 122.1% |
| 2021-09-30 | 38.1% |
| 2020-09-30 | 38.8% |
Among the 73 industrials companies here, only 18% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $1.51 ÷ diluted EPS $5.03
- Operating cash flow — dividends paid $976.0m ÷ operating cash flow $2,554.0m
- Free cash flow — dividends paid $976.0m ÷ (operating cash flow $2,554.0m − capex $434.0m)
Where the figures came from
- 10-K filed 2025-11-14 · accession
0000833444-25-000097
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.