Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2020
- Price to Book Value (P/BV) since 2020
- Analysis of Revenues
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Carrier Global Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a general upward trend from March 2021 through September 2022, increasing from 9.64 to a peak of 11.29 in the first quarter of 2022, before gradually declining to 9.24 by March 2023. This pattern suggests improving efficiency in the use of fixed assets during 2021 and early 2022, followed by a reduction in asset productivity in subsequent quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This metric also showed a consistent increase from March 2021 (6.72) through December 2021 (8.4), maintaining relatively high levels around 8.36 to 8.5 for most of 2022. A downward trend is observed in the last two reported quarters, with the ratio declining to 7.25 by March 2023. This suggests that when considering operating leases and right-of-use assets, asset utilization improved notably in 2021 but slightly decreased starting late 2022.
- Total Asset Turnover
- The total asset turnover ratio steadily improved from March 2021 at 0.70 to 0.86 in September 2022. After reaching this high point, the ratio declined slightly but remained relatively stable between 0.78 and 0.80 through the first quarter of 2023. This indicates better overall use of total assets for revenue generation over the period, followed by a slight stabilization or minor decrease in asset turnover efficiency.
- Equity Turnover
- Equity turnover demonstrated some fluctuations, starting from 2.79 in March 2021, increasing to a peak of 3.05 in the first quarter of 2022, followed by a fluctuation between 2.86 and 3.04 until the third quarter of 2022. Afterward, there was a noticeable decline to 2.59 by March 2023. These changes suggest variations in how effectively shareholder equity was used to generate sales, with peak efficiency reached early in 2022 and a decrease thereafter.
Net Fixed Asset Turnover
Carrier Global Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||
| Net sales | ||||||||||||||||||
| Fixed assets, net | ||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||
| Boeing Co. | ||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||
| GE Aerospace | ||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||
| RTX Corp. | ||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2023 Calculation
Net fixed asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Fixed assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company’s operational and asset management performance over the observed periods.
- Net Sales
- Net sales demonstrated a fluctuating yet generally upward trend from March 2020 through March 2023. The value started at 3,888 million USD in March 2020, with incremental growth observed into the third quarter of 2020, reaching a peak of 5,002 million USD. This was followed by some volatility, with occasional declines such as in December 2020 and March 2022. Nevertheless, the overall trajectory suggests recovery and stabilization with net sales rising again towards 5,273 million USD by March 2023.
- Fixed Assets, Net
- The net value of fixed assets showed a steady increase over the reported period. Beginning at 1,638 million USD in March 2020, there was a consistent rise across subsequent quarters, culminating in 2,277 million USD by March 2023. This increase indicates ongoing investment in property, plant, and equipment or revaluation adjustments, supporting potential growth and capacity expansion.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of fixed asset use in generating sales, became available only beginning in the first quarter of 2021. The ratio showed a positive trend from 9.64 in March 2021 to a peak of 11.38 in December 2021, indicating improved asset utilization. However, afterward, the ratio declined gradually to a low of 9.11 in December 2022 before a slight recovery to 9.24 in March 2023. This pattern suggests variations in how effectively the fixed assets were employed to generate revenue, potentially reflecting changes in sales intensity or capital expenditure strategies.
Overall, the data suggest that the company experienced growth in sales and asset base over the three-year period, with cycles of efficiency in asset utilization. The increasing fixed assets alongside fluctuating asset turnover ratios may imply phases of investment followed by adjustments in sales or operational efficiency.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Carrier Global Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||
| Net sales | ||||||||||||||||||
| Fixed assets, net | ||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||
| Fixed assets, net (including operating lease, right-of-use asset) | ||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||
| RTX Corp. | ||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Fixed assets, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit fluctuating patterns over the analyzed periods. Initially, sales increased from 3,888 million in March 2020 to a peak of 5,002 million in September 2020. Following this peak, a decline occurred in the fourth quarter of 2020, with sales dropping to 4,594 million. Throughout 2021, net sales generally increased, reaching another peak of 5,440 million in June before experiencing a moderate decline towards the end of the year. In 2022, the sales figures again showed variability, starting at 4,654 million in the first quarter, increasing mid-year to 5,451 million in the third quarter, and then slightly declining thereafter. The first quarter of 2023 recorded a moderate increase to 5,273 million, indicating some recovery or stabilization relative to the previous quarter.
- Fixed Assets, Net (Including Operating Lease, Right-of-Use Asset)
- Net fixed assets remained relatively stable with minor fluctuations throughout the period. Beginning at 2,503 million in the first quarter of 2020, the balance dipped slightly to 2,494 million mid-year and then increased to 2,598 million by the end of 2020. In 2021, the net fixed assets showed variability with a decrease toward the third quarter (2,390 million) followed by a modest increase to 2,466 million at year-end. In 2022, the asset base gradually increased from 2,421 million in the first quarter to 2,883 million in the fourth quarter. The first quarter of 2023 continues this upward trend, slightly increasing to 2,902 million. This trend indicates incremental reinvestment or capital expenditure over time, particularly strong in the latter part of the observed period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio, available from December 2020 onward, reveals an overall decreasing efficiency trend. Starting at a ratio of 6.72 in December 2020, it increased to peak at 8.5 in the second quarter of 2022, indicating improved utilization of fixed assets relative to sales. However, after this peak, the ratio declined steadily to 7.25 in the first quarter of 2023. This decrease may suggest diminishing returns on assets or increased asset base outpacing sales growth in recent quarters.
Total Asset Turnover
Carrier Global Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||
| Net sales | ||||||||||||||||||
| Total assets | ||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||
| Boeing Co. | ||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||
| GE Aerospace | ||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||
| RTX Corp. | ||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2023 Calculation
Total asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales demonstrate a fluctuating but generally increasing trend across the reported periods. Starting at $3,888 million in March 2020, sales rose steadily with a notable peak of $5,002 million in September 2020. Following this peak, sales experienced some variability but maintained higher levels than early 2020. The sales showed a dip around March 2022 to $4,654 million but rebounded again by March 2023 to $5,273 million, indicating resilience and recovery in revenue generation over the observed quarters.
- Total Assets
- Total assets increased from $22,001 million in March 2020 to a peak of about $26,172 million in December 2021. Subsequently, there was a slight decline through mid-2022, with assets dropping to $23,662 million by June 2022. However, the asset base grew again by the end of 2022 and into early 2023, reaching $26,411 million by March 2023. Overall, the asset values exhibit growth over the long term, with some short-term fluctuations likely reflecting strategic adjustments or market conditions.
- Total Asset Turnover
- Total asset turnover ratios were not provided before September 2020, but from that point onward, they show a gradual improvement. Beginning at 0.7 in September 2020, this efficiency metric increased to a high of 0.86 in June 2022, suggesting improved utilization of assets to generate sales. However, following this peak, turnover declined slightly to 0.78 by December 2022 before moderately rising again to 0.80 in March 2023. The trend indicates enhanced asset efficiency over time, with minor recent fluctuations.
- Summary
- Overall, the company exhibits growth in both sales and asset base over the analyzed quarters, alongside improving asset utilization efficiency as reflected in the total asset turnover ratio. Sales and assets display some volatility but trend upward, while asset turnover improvements suggest better operational effectiveness in converting assets into revenue. The recent period shows signs of stabilization after fluctuations in asset turnover and assets, reinforcing the company's adaptability within the market environment.
Equity Turnover
Carrier Global Corp., equity turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||
| Net sales | ||||||||||||||||||
| Equity attributable to common shareowners | ||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||
| Boeing Co. | ||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||
| GE Aerospace | ||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||
| RTX Corp. | ||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2023 Calculation
Equity turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Equity attributable to common shareowners
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a fluctuating pattern over the observed periods. Starting from 3,888 million US dollars in March 2020, sales generally increased, peaking at 5,441 million in September 2022. Several declines are noticeable, particularly from September 2020 to December 2020 and from December 2021 to March 2022. The data suggest a cyclical behavior with peaks generally occurring in September quarters, followed by decreases in subsequent quarters. By March 2023, sales reached 5,273 million, indicating a recovery from the recent dip.
- Equity Attributable to Common Shareowners
- Equity attributable to common shareowners shows a consistent upward trend across all periods. Beginning at 2,697 million US dollars in March 2020, equity increased steadily to reach 8,134 million by March 2023. Occasional slight decreases or slower growth rates can be observed, such as the decline from December 2021 (6,767 million) to June 2022 (6,696 million), but the overall trajectory remains positive. This suggests strengthening shareholder equity and a potentially improved capital structure over time.
- Equity Turnover
- Equity turnover ratios are available starting from December 2020, showing values predominantly around the range of 2.59 to 3.05. The ratio peaks at 3.05 in March 2022 and generally maintains levels slightly below 3 thereafter. A declining trend is observed from June 2022 (2.86) to March 2023 (2.59), pointing to a possible decrease in sales generated per unit of equity during the most recent quarters. Despite this, the turnover ratio remains at a moderate level relative to prior data.