Stock Analysis on Net
Stock Analysis on Net

Carrier Global Corp. (NYSE:CARR)

This company has been moved to the archive! The financial data has not been updated since April 26, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Carrier Global Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.78 0.79 0.70
Adjusted 0.79 0.80 0.70
Liquidity Ratio
Current Ratio
Reported 1.64 1.72 1.67
Adjusted 1.70 1.77 1.73
Solvency Ratios
Debt to Equity
Reported 1.14 1.43 1.64
Adjusted 1.09 1.38 1.52
Debt to Capital
Reported 0.53 0.59 0.62
Adjusted 0.52 0.58 0.60
Financial Leverage
Reported 3.36 3.87 4.01
Adjusted 2.97 3.45 3.42
Profitability Ratios
Net Profit Margin
Reported 17.31% 8.07% 11.35%
Adjusted 13.68% 6.89% 15.15%
Return on Equity (ROE)
Reported 45.55% 24.59% 31.70%
Adjusted 32.14% 18.95% 36.43%
Return on Assets (ROA)
Reported 13.55% 6.36% 7.90%
Adjusted 10.83% 5.50% 10.64%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Carrier Global Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Carrier Global Corp. adjusted current ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Carrier Global Corp. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Carrier Global Corp. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Carrier Global Corp. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Carrier Global Corp. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Carrier Global Corp. adjusted ROE deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Carrier Global Corp. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Carrier Global Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 20,421 20,613 17,456
Total assets 26,086 26,172 25,093
Activity Ratio
Total asset turnover1 0.78 0.79 0.70
Adjusted
Selected Financial Data (US$ in millions)
Net sales 20,421 20,613 17,456
Adjusted total assets2 25,790 25,838 24,851
Activity Ratio
Adjusted total asset turnover3 0.79 0.80 0.70

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
Total asset turnover = Net sales ÷ Total assets
= 20,421 ÷ 26,086 = 0.78

2 Adjusted total assets. See details »

3 2022 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 20,421 ÷ 25,790 = 0.79

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Carrier Global Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 9,879 11,407 8,524
Current liabilities 6,032 6,627 5,110
Liquidity Ratio
Current ratio1 1.64 1.72 1.67
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 10,195 11,636 8,731
Adjusted current liabilities3 6,008 6,573 5,061
Liquidity Ratio
Adjusted current ratio4 1.70 1.77 1.73

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,879 ÷ 6,032 = 1.64

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 10,195 ÷ 6,008 = 1.70

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Carrier Global Corp. adjusted current ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 8,842 9,696 10,227
Equity attributable to common shareowners 7,758 6,767 6,252
Solvency Ratio
Debt to equity1 1.14 1.43 1.64
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 9,503 10,353 11,030
Adjusted total equity3 8,689 7,493 7,257
Solvency Ratio
Adjusted debt to equity4 1.09 1.38 1.52

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
Debt to equity = Total debt ÷ Equity attributable to common shareowners
= 8,842 ÷ 7,758 = 1.14

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 9,503 ÷ 8,689 = 1.09

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Carrier Global Corp. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 8,842 9,696 10,227
Total capital 16,600 16,463 16,479
Solvency Ratio
Debt to capital1 0.53 0.59 0.62
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 9,503 10,353 11,030
Adjusted total capital3 18,192 17,846 18,287
Solvency Ratio
Adjusted debt to capital4 0.52 0.58 0.60

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,842 ÷ 16,600 = 0.53

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 9,503 ÷ 18,192 = 0.52

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Carrier Global Corp. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 26,086 26,172 25,093
Equity attributable to common shareowners 7,758 6,767 6,252
Solvency Ratio
Financial leverage1 3.36 3.87 4.01
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 25,790 25,838 24,851
Adjusted total equity3 8,689 7,493 7,257
Solvency Ratio
Adjusted financial leverage4 2.97 3.45 3.42

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
Financial leverage = Total assets ÷ Equity attributable to common shareowners
= 26,086 ÷ 7,758 = 3.36

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 25,790 ÷ 8,689 = 2.97

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Carrier Global Corp. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to common shareowners 3,534 1,664 1,982
Net sales 20,421 20,613 17,456
Profitability Ratio
Net profit margin1 17.31% 8.07% 11.35%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income from operations2 2,793 1,420 2,644
Net sales 20,421 20,613 17,456
Profitability Ratio
Adjusted net profit margin3 13.68% 6.89% 15.15%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
Net profit margin = 100 × Net income attributable to common shareowners ÷ Net sales
= 100 × 3,534 ÷ 20,421 = 17.31%

2 Adjusted net income from operations. See details »

3 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income from operations ÷ Net sales
= 100 × 2,793 ÷ 20,421 = 13.68%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Carrier Global Corp. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to common shareowners 3,534 1,664 1,982
Equity attributable to common shareowners 7,758 6,767 6,252
Profitability Ratio
ROE1 45.55% 24.59% 31.70%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income from operations2 2,793 1,420 2,644
Adjusted total equity3 8,689 7,493 7,257
Profitability Ratio
Adjusted ROE4 32.14% 18.95% 36.43%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
ROE = 100 × Net income attributable to common shareowners ÷ Equity attributable to common shareowners
= 100 × 3,534 ÷ 7,758 = 45.55%

2 Adjusted net income from operations. See details »

3 Adjusted total equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income from operations ÷ Adjusted total equity
= 100 × 2,793 ÷ 8,689 = 32.14%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Carrier Global Corp. adjusted ROE deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to common shareowners 3,534 1,664 1,982
Total assets 26,086 26,172 25,093
Profitability Ratio
ROA1 13.55% 6.36% 7.90%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income from operations2 2,793 1,420 2,644
Adjusted total assets3 25,790 25,838 24,851
Profitability Ratio
Adjusted ROA4 10.83% 5.50% 10.64%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2022 Calculation
ROA = 100 × Net income attributable to common shareowners ÷ Total assets
= 100 × 3,534 ÷ 26,086 = 13.55%

2 Adjusted net income from operations. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income from operations ÷ Adjusted total assets
= 100 × 2,793 ÷ 25,790 = 10.83%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Carrier Global Corp. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.