Carrier Global Corporation Financial Ratios — CARR Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	39.29	15.1	19.48	25.56	48.66	16.42	49.25	10.64
Return on Assets (%)	- -	25.16	9.59	8.35	6.49	13.53	4.58	15.96	3.98
Return on Capital (%)	- -	38.68	14.31	13.12	10.66	21.5	7.23	22.86	6.64
Return on Invested Capital (%)	- -	24.49	11.93	7.82	9.57	9.24	7.46	4.42	6.19
Gross Margin (%)	29.11	29.44	29.12	29.27	29.01	24.86	27.24	26.6	25.86
EBITDA Margin (%)	14.65	15	13.93	12.64	13.07	12.91	13.47	14.81	14.63
Operating Margin (%)	12.56	13.11	12.13	10.71	11.43	11.01	10.88	9.33	8.77
Incremental Operating Margin (%)	- -	22.09	72.88	33.59	15.43	13.62	9.5	1.02	25.85
Pretax Margin (%)	17.14	20.31	14.36	16.36	11.64	22.11	10.55	10.11	8.27
Profit Margin (%)	6.89	14.45	11.37	11.35	8.07	20.44	7.12	24.92	6.82
Net Income to Common Margin (%)	6.89	14.45	11.37	11.35	8.07	20.44	7.12	24.92	6.82
Effective Tax Rate (%)	58.51	27.93	19.35	29.74	29.12	16.11	26.06	46.7	13.35
Dvd Payout Ratio (%)	- -	- -	- -	6.8	23.99	15.63	39.52	50.91	46.48
Sustainable Growth Rate (%)	- -	39.29	15.1	18.15	19.43	41.06	9.93	24.18	5.7

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	1,164	10,869	10,223	9,371	14,626	12,794	12,251
ST Debt	- -	- -	400	191	183	140	51	1,336	468
LT Debt	- -	- -	764	10,678	10,040	9,231	14,575	11,458	11,783
Total Debt/EBITDA	- -	- -	0.45	4.93	3.79	4.2	5.73	3.84	3.85
Net Debt/EBITDA	- -	-0.4	-0.24	3.22	2.49	2.38	1.74	2.52	3.23
Total Debt/EBIT	- -	- -	0.52	5.81	4.34	4.92	7.09	6.1	6.42
Net Debt/EBIT	- -	-0.46	-0.28	3.8	2.85	2.8	2.15	4	5.39
EBITDA to Interest Expense	11.91	33.77	34.56	7.4	8.45	7.39	8.34	5.74	6.95
EBITDA-CapEx/Interest Expense	11.91	33.77	34.56	7.4	8.45	7.39	8.34	5.74	6.95
EBIT to Interest Expense	10.21	29.52	30.09	6.28	7.39	6.3	6.74	3.62	4.16
Interest Expense	219	84	75	298	319	302	306	580	458
Common Equity/Total Assets	- -	64.02	62.94	24.92	25.86	29.74	26.44	37.65	37.12
Long-Term Debt/Equity (%)	- -	- -	5.29	162.33	141.53	114.3	161.85	79.6	83.4
Long-Term Debt/Capital (%)	- -	- -	4.9	61.2	57.98	52.91	61.68	42.14	44.67
Long-Term Debt/Total Assets (%)	- -	- -	3.41	42.55	38.36	35.39	44.41	30.63	31.68
Total Debt/Equity (%)	- -	- -	8.06	165.23	144.11	116.04	162.42	88.88	86.71
Total Debt/Capital (%)	- -	- -	7.46	62.3	59.03	53.71	61.89	47.06	46.44
Total Debt/Total Assets (%)	- -	- -	5.2	43.31	39.06	35.92	44.56	34.21	32.94
Net Debt to Equity	- -	-7.91	-4.39	108.12	94.57	65.9	49.32	58.3	72.75
Net Debt/Capital (%)	- -	-8.59	-4.32	49.62	46.82	38.21	32.23	36.15	41.4
EBITDA	2,609	2,837	2,592	2,206	2,695	2,232	2,553	3,330	3,181
EBITDA-CapEx	2,609	2,837	2,592	2,206	2,695	2,232	2,553	3,330	3,181
Operating Income (Loss)	2,237	2,480	2,257	1,870	2,357	1,904	2,062	2,098	1,907

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.25	0.21	0.61	0.45	0.58	1.41	0.5	0.22
Current Ratio	- -	1.37	1.33	1.67	1.72	1.64	2.8	1.25	1.2
Quick Ratio	- -	0.98	0.96	1.28	0.89	1.14	1.71	0.84	0.59
CFO/Avg Current Liab	- -	0.92	0.46	0.35	0.38	0.28	0.4	0.08	0.33
Common Equity/Total Assets	- -	64.02	62.94	24.92	25.86	29.74	26.44	37.65	37.12
Long-Term Debt/Equity (%)	- -	- -	5.29	162.33	141.53	114.3	161.85	79.6	83.4
Long-Term Debt/Capital (%)	- -	- -	4.9	61.2	57.98	52.91	61.68	42.14	44.67
Long-Term Debt/Total Assets (%)	- -	- -	3.41	42.55	38.36	35.39	44.41	30.63	31.68
Total Debt/Equity (%)	- -	- -	8.06	165.23	144.11	116.04	162.42	88.88	86.71
Total Debt/Capital (%)	- -	- -	7.46	62.3	59.03	53.71	61.89	47.06	46.44
Total Debt/Total Assets (%)	- -	- -	5.2	43.31	39.06	35.92	44.56	34.21	32.94
CFO/Total Liabilities	- -	27.52	25.88	9.14	11.73	9.68	10.95	2.45	10.9
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	2.72	2.43	3.22	3.81	3.61	3.27	4.49	4.2

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	14.84	7.45	6.68	7.95	6.6	7.71	9.51	8.22
Days Sales Outstanding	- -	24.6	48.97	54.63	45.9	55.27	47.31	38.4	44.39
Inventory Turnover	- -	19.58	9.79	8.34	8.13	5.64	6.18	8.01	6.74
Days Inventory Outstanding	- -	18.64	37.29	43.77	44.89	64.76	59.07	45.58	54.13
Accounts Payable Turnover	- -	15.13	7.22	6.95	7.01	5.29	4.88	6.87	6.32
Accounts Payable Turnover Days	- -	24.12	50.56	52.5	52.04	69.03	74.79	53.1	57.75
Cash Conversion Cycle	- -	19.11	35.71	45.9	38.74	51.01	31.59	30.87	40.77
Inventory to Cash Days	- -	5.96	11.68	10.86	1.01	-9.49	-11.76	-7.18	-9.74
Inventories	- -	1,363	1,332	1,629	1,970	2,640	1,823	2,299	2,483
Raw Materials	- -	336	290	363	559	884	534	625	666
Work In Process	- -	102	120	143	197	230	245	213	245
Finished Goods	- -	925	922	1,123	1,214	1,526	1,044	1,461	1,572
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	32,735	46,811	34,430	48,253	59,955	44,182
- Cash & Cash Equivalents	- -	1,129	952	3,115	2,987	3,520	9,852	3,969	1,555
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	352	333	326	327	318	328	314	324
+ Total Debt	- -	- -	1,164	10,869	10,223	9,371	14,626	12,794	12,251
Enterprise Value	- -	-777	545	40,815	54,374	40,599	53,355	69,094	55,202
Total Capital	- -	14,269	15,599	17,447	17,317	17,447	23,631	27,189	26,379
Total Debt/Capital (%)	- -	- -	7.46	62.3	59.03	53.71	61.89	47.06	46.44
Total Debt / EV	- -	- -	2.14	0.27	0.19	0.23	0.27	0.19	0.22
EV/Sales	- -	- -	0.03	2.34	2.64	2.35	2.82	3.07	2.54
EV/EBITDA	- -	- -	0.21	18.5	20.18	18.19	20.9	20.75	17.35
EV/EBIT	- -	- -	0.24	21.83	23.07	21.32	25.88	32.93	28.95
EV/Cash Flow to Firm	- -	- -	0.26	21.47	22.08	20.34	18.83	79.22	18.97
EV/Free Cash Flow to Firm	- -	- -	0.26	21.47	22.08	20.34	18.83	79.22	18.97
Diluted Market Cap	- -	- -	- -	33,201	48,290	35,524	49,005	62,233	45,569
Diluted Enterprise Value	- -	-777	545	41,281	55,853	41,694	54,107	71,372	56,589
EV per Share	- -	- -	0.63	47.03	63	48.64	63.52	78.66	66.02
TTM Sales	17,814	18,914	18,608	17,456	20,613	17,288	18,951	22,486	21,747
TTM EBITDA	2,609	2,837	2,592	2,206	2,695	2,232	2,553	3,330	3,181
TTM Operating Income	2,237	2,480	2,257	1,870	2,357	1,904	2,062	2,098	1,907
TTM Cash Flow to Firm	2,189	2,116	2,123	1,901	2,463	1,996	2,833	872	2,910
TTM Free Cash Flow to Firm	2,189	2,116	2,123	1,901	2,463	1,996	2,833	872	2,910

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	19.62	21.59	20.38	18.8	110.54	18.13
EV/EBIT	- -	- -	0.24	21.83	23.07	21.32	25.88	32.93	28.95
Enterprise Value	- -	-777	545	40,815	54,374	40,599	53,355	69,094	55,202
Low Price	- -	- -	- -	11.5	34.21	33.1	40.28	53.13	50.3
EV/Sales	- -	- -	0.03	2.34	2.64	2.35	2.82	3.07	2.54
EV/EBITDA	- -	- -	0.21	18.5	20.18	18.19	20.9	20.75	17.35
Price/Earnings	- -	- -	- -	16.49	28.28	9.84	35.66	10.94	30.35
Price/Earnings Average	- -	- -	- -	11.83	25.01	9.92	30.55	10.54	36.99
Price/Earnings High	- -	- -	- -	18.13	30.71	13.04	37.27	13.35	46.58
Price/Earnings Low	- -	- -	- -	5.03	17.84	7.9	25	8.52	28.89
Price/Book Value	- -	- -	- -	5.24	6.92	4.44	5.56	4.26	3.2
Price/Book Value Average	- -	- -	- -	3.76	6.12	4.47	4.76	4.1	3.9
Price/Book Value High	- -	- -	- -	5.76	7.51	5.88	5.81	5.2	4.91
Price/Book Value Low	- -	- -	- -	1.6	4.36	3.56	3.9	3.31	3.05
Price/Tangible Book Value	- -	- -	- -	-6.65	-15.14	-9.67	227.61	-8.62	-5.51
Price/Tangible Book Value Average	- -	- -	- -	-4.77	-13.39	-9.74	194.98	-8.31	-6.71
Price/Tangible Book Value High	- -	- -	- -	-7.31	-16.44	-12.81	237.87	-10.53	-8.45
Price/Tangible Book Value Low	- -	- -	- -	-2.03	-9.55	-7.76	159.58	-6.71	-5.24
Price/Sales	- -	- -	- -	1.87	2.28	2.01	2.54	2.73	2.07
Price/Sales Average	- -	- -	- -	1.34	2.02	2.03	2.17	2.63	2.52
Price/Sales High	- -	- -	- -	2.06	2.48	2.67	2.65	3.33	3.18
Price/Sales Low	- -	- -	- -	0.57	1.44	1.61	1.78	2.12	1.97
Price/Cash Flow	- -	- -	- -	19.32	21.04	19.96	18.45	108.9	17.92
Price/Cash Flow Average	- -	- -	- -	13.86	18.6	20.11	15.81	104.96	21.84
Price/Cash Flow High	- -	- -	- -	21.24	22.84	26.44	19.28	132.93	27.51
Price/Cash Flow Low	- -	- -	- -	5.89	13.27	16.02	12.94	84.76	17.06
Price/Free Cash Flow Average	- -	- -	- -	14.08	19.09	20.53	16.1	106.54	22.1
Price/Free Cash Flow High	- -	- -	- -	21.58	23.44	27	19.64	134.93	27.83
Price/Free Cash Flow Low	- -	- -	- -	5.98	13.62	16.35	13.18	86.04	17.26
EV/Sales Average	- -	- -	0.03	1.81	2.37	2.36	2.45	2.98	2.98
EV/Sales High	- -	- -	0.03	2.53	2.83	2.99	2.93	3.66	3.62
EV/Sales Low	- -	- -	0.03	1.03	1.8	1.95	2.05	2.48	2.44
EV/EBITDA Average	- -	-0.27	0.21	14.31	18.16	18.3	18.19	20.1	20.39
EV/EBITDA High	- -	-0.27	0.21	19.98	21.67	23.2	21.75	24.72	24.78
EV/EBITDA Low	- -	-0.27	0.21	8.19	13.76	15.14	15.25	16.76	16.69
EV/EBIT Average	- -	-0.31	0.24	16.88	20.77	21.46	22.52	31.9	34.01
EV/EBIT High	- -	-0.31	0.24	23.57	24.77	27.19	26.93	39.24	41.33
EV/EBIT Low	- -	-0.31	0.24	9.66	15.74	17.75	18.88	26.6	27.83
Last Price	- -	- -	- -	37.72	54.24	41.25	57.45	68.26	52.84
High Price	- -	- -	- -	41.48	58.89	54.64	60.04	83.32	81.09
Enterprise Value Average	- -	-777	545	31,571	48,952	40,853	46,438	66,925	64,865
Enterprise Value High	- -	-777	545	44,078	58,387	51,775	55,530	82,322	78,823
Enterprise Value Low	- -	-777	545	18,060	37,088	33,796	38,934	55,805	53,078

Shares Outstanding	- -	866	866	868	863	835	840	878	836
Diluted Weighted Avg Shares	873	873	866	880	890	861	853	912	862
Basic Weighted Avg Shares	866	866	866	866	868	843	837	898	852
Revenue per Share	20.57	21.84	21.48	20.15	23.76	20.5	22.63	25.03	25.51
EBITDA per Share	3.01	3.28	2.99	2.55	3.11	2.65	3.05	3.71	3.73
Operating Income per Share	2.58	2.86	2.61	2.16	2.72	2.26	2.46	2.34	2.24
Basic EPS, GAAP	1.42	3.16	2.44	2.29	1.92	4.19	1.61	6.24	1.74
Basic EPS from Cont Ops	1.46	3.2	2.49	2.32	1.96	3.8	1.77	1.35	1.83
Diluted EPS, GAAP	1.41	3.13	2.44	2.25	1.87	4.1	1.58	6.15	1.72
Diluted EPS from Cont Ops	1.45	3.17	2.49	2.28	1.91	3.72	1.73	1.33	1.81
Dividend per Share	- -	- -	- -	0.16	0.48	0.6	0.74	0.75	0.91
Cash Flow per Share	2.42	2.37	2.38	1.95	2.58	2.07	3.11	0.63	2.95
Free Cash Flow per Basic Share	2.42	2.37	2.38	1.95	2.58	2.07	3.11	0.63	2.95
Cash & Equivalents per Share	- -	1.3	1.1	3.59	3.46	4.22	11.73	4.52	1.86
Book Value per Share	- -	16.07	16.28	7.2	7.84	9.29	10.33	16.03	16.51
Tangible Book Value per Share	- -	3.29	3.62	-5.67	-3.58	-4.27	0.25	-7.91	-9.6

Carrier Global Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)