• Johnson Controls average return on tangible equity for 2023 was -37.22, a 52.6% decline from 2022.
• Johnson Controls average return on tangible equity for 2022 was -24.39, a 22.2% increase from 2021.
• Johnson Controls average return on tangible equity for 2021 was -31.35, a 40.15% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.