Carrier Global Corp., current enterprise value calculation

Current share price (P)	$40.65
No. shares of common stock outstanding	834,838,102
US$ in millions
Common equity (market value)¹	33,936)
Add: Non-controlling interest (per books)	318)
Total equity	34,254)
Add: Current portion of long-term debt (per books)	140)
Add: Long-term debt, net of current portion (per books)	8,702)
Total equity and debt	43,096)
Less: Cash and cash equivalents	3,520)
Enterprise value (EV)	39,576)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 40.65 × 834,838,102

Carrier Global Corp., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$44.39	$46.06	$37.25
No. shares of common stock outstanding¹	834,187,942	855,514,035	869,213,146
US$ in millions
Common equity (market value)³	37,030)	39,405)	32,378)
Add: Non-controlling interest (book value)	318)	327)	326)
Total equity	37,348)	39,732)	32,704)
Add: Current portion of long-term debt (book value)	140)	183)	191)
Add: Long-term debt, net of current portion (book value)	8,702)	9,513)	10,036)
Total equity and debt	46,190)	49,428)	42,931)
Less: Cash and cash equivalents	3,520)	2,987)	3,115)
Enterprise value (EV)	42,670)	46,441)	39,816)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Carrier Global Corp. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 44.39 × 834,187,942

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Carrier Global Corp. EV increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

Carrier Global Corp. (NYSE:CARR)

Enterprise Value (EV)