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.

Enterprise Value to EBITDA (EV/EBITDA) 

Microsoft Excel

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Carrier Global Corp., EBITDA calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net income attributable to common shareowners 3,534 1,664 1,982
Add: Net income attributable to noncontrolling interest 50 37 24
Add: Income tax expense 708 699 849
Earnings before tax (EBT) 4,292 2,400 2,855
Add: Interest expense 302 319 298
Earnings before interest and tax (EBIT) 4,594 2,719 3,153
Add: Depreciation and amortization 380 338 336
Earnings before interest, tax, depreciation and amortization (EBITDA) 4,974 3,057 3,489

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

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Carrier Global Corp. EBITDA decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Enterprise Value to EBITDA Ratio, Current

Carrier Global Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 39,576
Earnings before interest, tax, depreciation and amortization (EBITDA) 4,974
Valuation Ratio
EV/EBITDA 7.96
Benchmarks
EV/EBITDA, Competitors1
Boeing Co. 54.71
Caterpillar Inc. 13.64
Eaton Corp. plc 30.41
GE Aerospace 14.35
Honeywell International Inc. 17.62
Lockheed Martin Corp. 13.67
RTX Corp. 20.35
EV/EBITDA, Sector
Capital Goods 23.76
EV/EBITDA, Industry
Industrials 20.73

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

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Carrier Global Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 42,670 46,441 39,816
Earnings before interest, tax, depreciation and amortization (EBITDA)2 4,974 3,057 3,489
Valuation Ratio
EV/EBITDA3 8.58 15.19 11.41
Benchmarks
EV/EBITDA, Competitors4
Boeing Co.
Caterpillar Inc. 13.86 12.43 19.87
Eaton Corp. plc 19.18 17.06 22.11
GE Aerospace 14.82 95.57 9.35
Honeywell International Inc. 18.01 15.57 20.21
Lockheed Martin Corp. 14.98 11.97 9.97
RTX Corp. 14.92 15.48 41.71
EV/EBITDA, Sector
Capital Goods 19.01 19.87 25.02
EV/EBITDA, Industry
Industrials 17.07 16.21 26.87

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

1 See details »

2 See details »

3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 42,670 ÷ 4,974 = 8.58

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Carrier Global Corp. EV/EBITDA ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.