Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Carrier Global Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2020
- Price to Operating Profit (P/OP) since 2020
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Solvency Ratios (Summary)
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Carrier Global Corp. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Carrier Global Corp. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Carrier Global Corp. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Carrier Global Corp. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Carrier Global Corp. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Carrier Global Corp. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Carrier Global Corp. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Carrier Global Corp. interest coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Carrier Global Corp. fixed charge coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Equity
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Current portion of long-term debt | ||||
Long-term debt, net of current portion | ||||
Total debt | ||||
Equity attributable to common shareowners | ||||
Solvency Ratio | ||||
Debt to equity1 | ||||
Benchmarks | ||||
Debt to Equity, Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Debt to Equity, Sector | ||||
Capital Goods | ||||
Debt to Equity, Industry | ||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Carrier Global Corp. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
Carrier Global Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Current portion of long-term debt | ||||
Long-term debt, net of current portion | ||||
Total debt | ||||
Current operating lease liabilities (included in Accrued liabilities) | ||||
Long-term operating lease liabilities | ||||
Total debt (including operating lease liability) | ||||
Equity attributable to common shareowners | ||||
Solvency Ratio | ||||
Debt to equity (including operating lease liability)1 | ||||
Benchmarks | ||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Debt to Equity (including Operating Lease Liability), Sector | ||||
Capital Goods | ||||
Debt to Equity (including Operating Lease Liability), Industry | ||||
Industrials |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Equity attributable to common shareowners
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Carrier Global Corp. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Current portion of long-term debt | ||||
Long-term debt, net of current portion | ||||
Total debt | ||||
Equity attributable to common shareowners | ||||
Total capital | ||||
Solvency Ratio | ||||
Debt to capital1 | ||||
Benchmarks | ||||
Debt to Capital, Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Debt to Capital, Sector | ||||
Capital Goods | ||||
Debt to Capital, Industry | ||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Carrier Global Corp. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
Carrier Global Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Current portion of long-term debt | ||||
Long-term debt, net of current portion | ||||
Total debt | ||||
Current operating lease liabilities (included in Accrued liabilities) | ||||
Long-term operating lease liabilities | ||||
Total debt (including operating lease liability) | ||||
Equity attributable to common shareowners | ||||
Total capital (including operating lease liability) | ||||
Solvency Ratio | ||||
Debt to capital (including operating lease liability)1 | ||||
Benchmarks | ||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Debt to Capital (including Operating Lease Liability), Sector | ||||
Capital Goods | ||||
Debt to Capital (including Operating Lease Liability), Industry | ||||
Industrials |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Carrier Global Corp. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Current portion of long-term debt | ||||
Long-term debt, net of current portion | ||||
Total debt | ||||
Total assets | ||||
Solvency Ratio | ||||
Debt to assets1 | ||||
Benchmarks | ||||
Debt to Assets, Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Debt to Assets, Sector | ||||
Capital Goods | ||||
Debt to Assets, Industry | ||||
Industrials |
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 assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Carrier Global Corp. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
Carrier Global Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Current portion of long-term debt | ||||
Long-term debt, net of current portion | ||||
Total debt | ||||
Current operating lease liabilities (included in Accrued liabilities) | ||||
Long-term operating lease liabilities | ||||
Total debt (including operating lease liability) | ||||
Total assets | ||||
Solvency Ratio | ||||
Debt to assets (including operating lease liability)1 | ||||
Benchmarks | ||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Debt to Assets (including Operating Lease Liability), Sector | ||||
Capital Goods | ||||
Debt to Assets (including Operating Lease Liability), Industry | ||||
Industrials |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Carrier Global Corp. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Total assets | ||||
Equity attributable to common shareowners | ||||
Solvency Ratio | ||||
Financial leverage1 | ||||
Benchmarks | ||||
Financial Leverage, Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Financial Leverage, Sector | ||||
Capital Goods | ||||
Financial Leverage, Industry | ||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Carrier Global Corp. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Interest Coverage
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Net income attributable to common shareowners | ||||
Add: Net income attributable to noncontrolling interest | ||||
Add: Income tax expense | ||||
Add: Interest expense | ||||
Earnings before interest and tax (EBIT) | ||||
Solvency Ratio | ||||
Interest coverage1 | ||||
Benchmarks | ||||
Interest Coverage, Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Interest Coverage, Sector | ||||
Capital Goods | ||||
Interest Coverage, Industry | ||||
Industrials |
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
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Carrier Global Corp. interest coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Fixed Charge Coverage
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||
Net income attributable to common shareowners | ||||
Add: Net income attributable to noncontrolling interest | ||||
Add: Income tax expense | ||||
Add: Interest expense | ||||
Earnings before interest and tax (EBIT) | ||||
Add: Operating lease expense | ||||
Earnings before fixed charges and tax | ||||
Interest expense | ||||
Operating lease expense | ||||
Fixed charges | ||||
Solvency Ratio | ||||
Fixed charge coverage1 | ||||
Benchmarks | ||||
Fixed Charge Coverage, Competitors2 | ||||
Boeing Co. | ||||
Caterpillar Inc. | ||||
Eaton Corp. plc | ||||
GE Aerospace | ||||
Honeywell International Inc. | ||||
Lockheed Martin Corp. | ||||
RTX Corp. | ||||
Fixed Charge Coverage, Sector | ||||
Capital Goods | ||||
Fixed Charge Coverage, Industry | ||||
Industrials |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Carrier Global Corp. fixed charge coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |