Analysis of Solvency Ratios
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:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2020
- Return on Equity (ROE) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Debt
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Solvency Ratios (Summary)
Carrier Global Corp., solvency ratios
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
Carrier Global Corp., debt to equity 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 | ||||
| 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
Carrier Global Corp., debt to capital 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 | ||||
| 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
Carrier Global Corp., debt to assets 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 | ||||
| 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
Carrier Global Corp., financial leverage calculation, comparison to benchmarks
| 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
Carrier Global Corp., interest coverage calculation, comparison to benchmarks
| 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
Carrier Global Corp., fixed charge coverage calculation, comparison to benchmarks
| 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. |