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.

Analysis of Short-term (Operating) Activity Ratios 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Carrier Global Corp., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
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
Turnover Ratios
Inventory turnover 5.53 5.67 5.58 6.23 6.23 7.43 7.36 7.36 6.95 7.58
Receivables turnover 6.94 7.21 6.81 7.20 7.91 8.58 7.52 6.31 6.45 6.28
Payables turnover 5.29 5.28 5.28 6.09 5.83 6.27 6.57 5.87 5.92 6.38
Working capital turnover 5.01 5.31 5.49 5.45 5.05 4.31 3.84 6.27 5.73 5.11
Average No. Days
Average inventory processing period 66 64 65 59 59 49 50 50 53 48
Add: Average receivable collection period 53 51 54 51 46 43 49 58 57 58
Operating cycle 119 115 119 110 105 92 99 108 110 106
Less: Average payables payment period 69 69 69 60 63 58 56 62 62 57
Cash conversion cycle 50 46 50 50 42 34 43 46 48 49

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Carrier Global Corp. inventory turnover ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Carrier Global Corp. receivables turnover ratio improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023 not reaching Q3 2022 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Carrier Global Corp. payables turnover ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Carrier Global Corp. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Carrier Global Corp. number of days of inventory outstanding improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Carrier Global Corp. number of days of receivables outstanding improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023 not reaching Q3 2022 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Inventory Turnover

Carrier Global Corp., inventory turnover calculation (quarterly data)

Microsoft Excel
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)
Cost of products and services sold 3,895 3,858 3,974 3,764 3,361 3,767 3,740 3,821 3,305 3,309 3,441 2,831 2,766
Inventories, net 2,803 2,640 2,664 2,350 2,358 1,970 1,926 1,885 1,854 1,629 1,581 1,639 1,556
Short-term Activity Ratio
Inventory turnover1 5.53 5.67 5.58 6.23 6.23 7.43 7.36 7.36 6.95 7.58
Benchmarks
Inventory Turnover, Competitors2
Boeing Co. 0.83 0.81 0.78 0.74 0.74 0.75 0.77 0.76 0.74 0.78 0.71 0.78 0.88
Caterpillar Inc. 2.38 2.54 2.36 2.40 2.46 2.53 2.44 2.49 2.46 2.55 2.66 2.82 2.97
Eaton Corp. plc 3.94 4.04 3.95 3.87 4.03 4.48 4.73 4.86 5.12 5.88 6.10 6.20 6.00
GE Aerospace 3.32 3.19 3.10 3.04 3.25 3.40 3.21 3.28 3.46 3.80 4.36 4.41 4.50
Honeywell International Inc. 3.90 4.04 4.09 4.06 4.20 4.55 4.72 4.88 4.85 4.94 4.79 4.88 5.23
Lockheed Martin Corp. 16.63 18.68 18.09 16.20 18.12 19.45 19.81 18.64 17.58 16.01 16.91 15.46 14.94
RTX Corp. 4.81 5.03 5.03 5.14 5.33 5.65 5.57 5.49 5.48 5.11 4.93 4.85 4.51

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
Inventory turnover = (Cost of products and services soldQ1 2023 + Cost of products and services soldQ4 2022 + Cost of products and services soldQ3 2022 + Cost of products and services soldQ2 2022) ÷ Inventories, net
= (3,895 + 3,858 + 3,974 + 3,764) ÷ 2,803 = 5.53

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Carrier Global Corp. inventory turnover ratio improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Receivables Turnover

Carrier Global Corp., receivables turnover calculation (quarterly data)

Microsoft Excel
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 5,273 5,105 5,451 5,211 4,654 5,133 5,341 5,440 4,699 4,594 5,002 3,972 3,888
Accounts receivable, net 3,032 2,833 3,003 2,823 2,599 2,403 2,669 3,128 2,831 2,781 2,872 2,665 2,674
Short-term Activity Ratio
Receivables turnover1 6.94 7.21 6.81 7.20 7.91 8.58 7.52 6.31 6.45 6.28
Benchmarks
Receivables Turnover, Competitors2
Boeing Co. 24.65 26.46 22.98 20.27 25.37 23.58 27.95 24.76 23.97 29.75 22.00 23.85 21.97
Caterpillar Inc. 6.37 6.39 6.59 6.10 5.46 5.68 5.97 5.51 5.07 5.33 5.86 6.11 6.12
Eaton Corp. plc 5.05 5.09 5.28 5.15 5.39 5.95 5.75 5.72 5.79 6.15 6.40 7.25 7.07
GE Aerospace 5.00 4.09 4.19 4.39 4.43 4.55 4.83 4.74 4.59 4.37 4.46 5.03 5.08
Honeywell International Inc. 4.57 4.77 4.74 4.45 4.82 5.04 4.78 4.89 4.89 4.78 4.83 5.14 4.87
Lockheed Martin Corp. 25.61 26.34 26.06 18.87 26.02 34.15 29.27 25.59 29.81 33.06 25.90 22.19 21.14
RTX Corp. 6.81 7.36 7.15 6.28 7.15 6.66 6.69 6.99 6.03 6.11 5.90 6.79 5.35

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
Receivables turnover = (Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022 + Net salesQ2 2022) ÷ Accounts receivable, net
= (5,273 + 5,105 + 5,451 + 5,211) ÷ 3,032 = 6.94

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Carrier Global Corp. receivables turnover ratio improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023 not reaching Q3 2022 level.

Payables Turnover

Carrier Global Corp., payables turnover calculation (quarterly data)

Microsoft Excel
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)
Cost of products and services sold 3,895 3,858 3,974 3,764 3,361 3,767 3,740 3,821 3,305 3,309 3,441 2,831 2,766
Accounts payable 2,926 2,833 2,817 2,403 2,519 2,334 2,158 2,362 2,175 1,936 2,019 1,765 1,776
Short-term Activity Ratio
Payables turnover1 5.29 5.28 5.28 6.09 5.83 6.27 6.57 5.87 5.92 6.38
Benchmarks
Payables Turnover, Competitors2
Boeing Co. 6.37 6.18 6.36 6.17 6.73 6.40 6.20 5.45 4.90 4.94 4.25 4.77 4.69
Caterpillar Inc. 4.68 4.76 4.81 4.72 4.43 4.36 4.61 4.57 4.46 4.75 5.86 6.31 6.05
Eaton Corp. plc 4.55 4.51 4.61 4.43 4.67 4.75 5.11 5.22 5.66 6.24 7.15 8.18 7.88
GE Aerospace 3.57 2.98 3.14 3.14 3.32 3.32 3.33 3.35 3.56 3.67 4.67 4.99 4.57
Honeywell International Inc. 3.50 3.53 3.68 3.63 3.66 3.61 3.83 3.76 3.86 3.86 4.27 4.32 4.23
Lockheed Martin Corp. 17.65 27.25 21.48 24.07 21.92 74.34 37.83 36.15 30.31 64.48 37.34 37.46 16.70
RTX Corp. 5.42 5.40 5.82 5.36 6.28 5.93 6.06 6.52 5.67 5.56 5.96 6.92 4.73

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
Payables turnover = (Cost of products and services soldQ1 2023 + Cost of products and services soldQ4 2022 + Cost of products and services soldQ3 2022 + Cost of products and services soldQ2 2022) ÷ Accounts payable
= (3,895 + 3,858 + 3,974 + 3,764) ÷ 2,926 = 5.29

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Carrier Global Corp. payables turnover ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Working Capital Turnover

Carrier Global Corp., working capital turnover calculation (quarterly data)

Microsoft Excel
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)
Current assets 10,158 9,879 9,740 9,276 9,602 11,407 11,300 8,754 8,328 8,524 9,334 8,053 5,968
Less: Current liabilities 5,958 6,032 6,013 5,546 5,531 6,627 6,068 5,604 5,138 5,110 5,182 4,789 4,451
Working capital 4,200 3,847 3,727 3,730 4,071 4,780 5,232 3,150 3,190 3,414 4,152 3,264 1,517
 
Net sales 5,273 5,105 5,451 5,211 4,654 5,133 5,341 5,440 4,699 4,594 5,002 3,972 3,888
Short-term Activity Ratio
Working capital turnover1 5.01 5.31 5.49 5.45 5.05 4.31 3.84 6.27 5.73 5.11
Benchmarks
Working Capital Turnover, Competitors2
Boeing Co. 4.61 3.42 3.13 2.87 2.51 2.34 2.02 2.00 1.88 1.69 1.57 1.76 4.27
Caterpillar Inc. 4.25 4.62 4.35 3.93 3.83 3.54 2.87 2.80 2.52 2.84 3.01 3.45 4.33
Eaton Corp. plc 7.01 8.70 10.69 65.65 12.41 21.65 5.34 5.42 6.42 7.05 5.60
GE Aerospace 5.87 7.93 13.29 10.55 7.14 4.94 1.57 1.57 1.27 2.26 5.06 6.05 8.72
Honeywell International Inc. 7.79 7.03 7.91 8.84 8.07 5.86 5.94 4.52 4.27 3.64 3.02 3.14 6.93
Lockheed Martin Corp. 12.81 12.93 14.03 14.28 15.14 11.52 10.48 12.30 11.93 12.01 12.62 13.44 17.12
RTX Corp. 12.76 20.15 19.15 17.77 11.41 9.75 8.11 10.24 9.77 7.52 7.51 9.23 9.50

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
Working capital turnover = (Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022 + Net salesQ2 2022) ÷ Working capital
= (5,273 + 5,105 + 5,451 + 5,211) ÷ 4,200 = 5.01

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Carrier Global Corp. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Average Inventory Processing Period

Carrier Global Corp., average inventory processing period calculation (quarterly data)

Microsoft Excel
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
Inventory turnover 5.53 5.67 5.58 6.23 6.23 7.43 7.36 7.36 6.95 7.58
Short-term Activity Ratio (no. days)
Average inventory processing period1 66 64 65 59 59 49 50 50 53 48
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Boeing Co. 438 452 468 494 493 486 475 478 496 467 516 468 416
Caterpillar Inc. 154 144 155 152 148 144 150 146 149 143 137 129 123
Eaton Corp. plc 93 90 92 94 90 82 77 75 71 62 60 59 61
GE Aerospace 110 114 118 120 112 107 114 111 105 96 84 83 81
Honeywell International Inc. 94 90 89 90 87 80 77 75 75 74 76 75 70
Lockheed Martin Corp. 22 20 20 23 20 19 18 20 21 23 22 24 24
RTX Corp. 76 73 73 71 69 65 65 66 67 71 74 75 81

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.53 = 66

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Carrier Global Corp. number of days of inventory outstanding improved from Q3 2022 to Q4 2022 but then deteriorated significantly from Q4 2022 to Q1 2023.

Average Receivable Collection Period

Carrier Global Corp., average receivable collection period calculation (quarterly data)

Microsoft Excel
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
Receivables turnover 6.94 7.21 6.81 7.20 7.91 8.58 7.52 6.31 6.45 6.28
Short-term Activity Ratio (no. days)
Average receivable collection period1 53 51 54 51 46 43 49 58 57 58
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Boeing Co. 15 14 16 18 14 15 13 15 15 12 17 15 17
Caterpillar Inc. 57 57 55 60 67 64 61 66 72 68 62 60 60
Eaton Corp. plc 72 72 69 71 68 61 63 64 63 59 57 50 52
GE Aerospace 73 89 87 83 82 80 76 77 80 83 82 73 72
Honeywell International Inc. 80 77 77 82 76 72 76 75 75 76 76 71 75
Lockheed Martin Corp. 14 14 14 19 14 11 12 14 12 11 14 16 17
RTX Corp. 54 50 51 58 51 55 55 52 61 60 62 54 68

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.94 = 53

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Carrier Global Corp. number of days of receivables outstanding improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023 not reaching Q3 2022 level.

Operating Cycle

Carrier Global Corp., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
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
Average inventory processing period 66 64 65 59 59 49 50 50 53 48
Average receivable collection period 53 51 54 51 46 43 49 58 57 58
Short-term Activity Ratio
Operating cycle1 119 115 119 110 105 92 99 108 110 106
Benchmarks
Operating Cycle, Competitors2
Boeing Co. 453 466 484 512 507 501 488 493 511 479 533 483 433
Caterpillar Inc. 211 201 210 212 215 208 211 212 221 211 199 189 183
Eaton Corp. plc 165 162 161 165 158 143 140 139 134 121 117 109 113
GE Aerospace 183 203 205 203 194 187 190 188 185 179 166 156 153
Honeywell International Inc. 174 167 166 172 163 152 153 150 150 150 152 146 145
Lockheed Martin Corp. 36 34 34 42 34 30 30 34 33 34 36 40 41
RTX Corp. 130 123 124 129 120 120 120 118 128 131 136 129 149

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
Operating cycle = Average inventory processing period + Average receivable collection period
= 66 + 53 = 119

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Average Payables Payment Period

Carrier Global Corp., average payables payment period calculation (quarterly data)

Microsoft Excel
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
Payables turnover 5.29 5.28 5.28 6.09 5.83 6.27 6.57 5.87 5.92 6.38
Short-term Activity Ratio (no. days)
Average payables payment period1 69 69 69 60 63 58 56 62 62 57
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Boeing Co. 57 59 57 59 54 57 59 67 74 74 86 77 78
Caterpillar Inc. 78 77 76 77 82 84 79 80 82 77 62 58 60
Eaton Corp. plc 80 81 79 82 78 77 71 70 65 58 51 45 46
GE Aerospace 102 123 116 116 110 110 109 109 103 100 78 73 80
Honeywell International Inc. 104 103 99 101 100 101 95 97 95 95 85 85 86
Lockheed Martin Corp. 21 13 17 15 17 5 10 10 12 6 10 10 22
RTX Corp. 67 68 63 68 58 62 60 56 64 66 61 53 77

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.29 = 69

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

Carrier Global Corp., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
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
Average inventory processing period 66 64 65 59 59 49 50 50 53 48
Average receivable collection period 53 51 54 51 46 43 49 58 57 58
Average payables payment period 69 69 69 60 63 58 56 62 62 57
Short-term Activity Ratio
Cash conversion cycle1 50 46 50 50 42 34 43 46 48 49
Benchmarks
Cash Conversion Cycle, Competitors2
Boeing Co. 396 407 427 453 453 444 429 426 437 405 447 406 355
Caterpillar Inc. 133 124 134 135 133 124 132 132 139 134 137 131 123
Eaton Corp. plc 85 81 82 83 80 66 69 69 69 63 66 64 67
GE Aerospace 81 80 89 87 84 77 81 79 82 79 88 83 73
Honeywell International Inc. 70 64 67 71 63 51 58 53 55 55 67 61 59
Lockheed Martin Corp. 15 21 17 27 17 25 20 24 21 28 26 30 19
RTX Corp. 63 55 61 61 62 58 60 62 64 65 75 76 72

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 66 + 5369 = 50

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.