Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Price at writing: ~$139 per share (post-Q3 earnings, July 29–30, 2026; all-time high of $149.41 set July 1, 2026) Market capitalization: ~$84 billion (605.7 million shares outstanding at June 30, 2026) Enterprise value: ~$93 billion (net debt ~$8.8 billion) FY2026 guidance: ~8% organic revenue growth, ~$5.05 adjusted EPS (+35%), ~100% free cash flow conversion Warren here, with Charlie looking over my shoulder as always. Johnson Controls is one of the more interesting specimens we've examined in a while: a 140-year-old company that spent two decades burying a genuinely good business inside a mediocre conglomerate, and has spent the last two years digging it back out. What remains — commercial HVAC systems, fire detection and suppression, building controls, and the enormous service annuity attached to all of it — is a business we'd be happy to own at the right price.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-29), 8-K (2026-06-03), 8-K (2026-05-13).
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