Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Historical Valuation Ratios (Summary)
Carrier Global Corp., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio began recording values from the first quarter of 2021. From March 31, 2021, to December 31, 2021, there was a consistent upward trend, increasing from 16.34 to 21.2, and further rising to peak at 23.68 by March 31, 2022. Subsequently, the ratio showed a sharp decline over the next three quarters, dropping to a low of 8.83 by September 30, 2022. After this trough, it recovered somewhat, reaching 13.42 by March 31, 2023. This pattern reflects an initial valuation increase followed by a significant revaluation and partial recovery.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio trends align closely with those of the P/E ratio. Starting at 10.5 on March 31, 2021, the ratio increased steadily to 14.9 by March 31, 2022. A marked decline followed, bringing the ratio down to 6.97 in September 2022. It rebounded moderately to 10.18 by March 31, 2023. This movement suggests fluctuations in market pricing relative to operating profitability, mirroring overall market sentiment and earnings expectations.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited a gradual rise from 1.85 at the end of the first quarter of 2021 to a peak of 2.37 in the third quarter of 2021. This was followed by a declining phase, decreasing to 1.55 by December 31, 2022. A slight uptick was observed afterward, with the ratio reaching 1.61 in the first quarter of 2023. The less volatile nature of the P/S ratio compared to P/E and P/OP indicates relatively stable valuation in relation to sales over this period, albeit with a mild downward adjustment towards the end of 2022.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed a downward trend over the entire period analyzed. Starting at 5.89 at the beginning of 2020, it generally declined with minor fluctuations, reaching 4.17 by the first quarter of 2023. This sustained decrease may indicate a market reassessment of the company’s net asset value or changes in book value that impacted market valuation more significantly over time.
Price to Earnings (P/E)
Carrier Global Corp., historical P/E 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Net income attributable to common shareowners (in millions) | ||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income attributable to common shareownersQ1 2023
+ Net income attributable to common shareownersQ4 2022
+ Net income attributable to common shareownersQ3 2022
+ Net income attributable to common shareownersQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a strong upward trajectory from March 31, 2020, to September 30, 2021, increasing from $18.35 to a peak of $54.42. This growth was followed by a decline over the next two quarters, reaching a low of $37.88 in September 30, 2022. Subsequently, the share price recovered moderately, closing at $40.65 by March 31, 2023.
- Earnings Per Share (EPS) Development
- Beginning with recorded data from March 31, 2021, EPS demonstrated consistent growth from $2.28 to a peak of $4.29 by December 31, 2022. After this peak, EPS experienced a drop to $3.03 by March 31, 2023. This pattern indicates overall profitability improvements during the observation period, despite the recent decline.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio started at 16.34 in March 31, 2021, rising steadily to a high of 23.68 in March 31, 2022. This increase in P/E coincides with rising share prices and earnings, reflecting heightened market valuations relative to earnings. Following the peak, the P/E ratio dropped significantly to 8.83 by December 31, 2022, before increasing slightly to 13.42 by March 31, 2023. The sharp decrease suggests that share price adjustments occurred more quickly than earnings revisions, implying possible market revaluation or correction.
- Overall Insights
- Over the periods observed, the company experienced substantial growth in share price and earnings, indicating strengthened financial performance. However, the latter quarters show some volatility and correction in market valuation, as evidenced by declines in both share price and P/E ratio alongside a decrease in EPS. This suggests a more cautious market sentiment or external factors influencing investor perceptions and earnings quality.
Price to Operating Profit (P/OP)
Carrier Global Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Operating profit (in millions) | ||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022
+ Operating profitQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a strong upward trend from March 31, 2020, to September 30, 2021, rising from $18.35 to a peak of $54.42. Following this peak, the price declined substantially by December 31, 2021, to $46.06 and continued to fluctuate moderately through March 31, 2023, ending at $40.65. This indicates a significant appreciation in value during the initial period followed by a correction and subsequent stabilization.
- Operating Profit Per Share (OPPS) Dynamics
- Operating profit per share (OPPS) data is available from March 31, 2021. The OPPS generally showed an increasing trend from 3.55 to a high of 5.43 by December 31, 2022, reflecting improvements in operating profitability. There was a minor decline to 3.99 in March 31, 2023, suggesting some volatility in profitability at the start of 2023.
- Price to Operating Profit Ratio (P/OP) Analysis
- P/OP ratios from March 31, 2021, reveal a rising trend initially, increasing from 10.5 to a peak of 14.9 by March 31, 2022, indicating that share prices were increasing faster than earnings or that earnings had not caught up with price increases. From June 30, 2022, onwards, the P/OP ratio decreased significantly to 6.97 by December 31, 2022, before slightly rising again to 10.18 by March 31, 2023. This pattern suggests a period where operating profits rose faster than share price gains or market reassessed earnings relative to price.
- Overall Insights
- The data conveys that the company experienced a strong growth phase in share price during 2020 and early 2021, accompanied by improving operating profit per share from Q1 2021 onwards. The initial rise in the P/OP ratio highlights a market premium on the shares relative to earnings which later corrected as operating profits improved more substantially than share price increases in late 2022. The recent slight uptick in P/OP in Q1 2023 and decreased OPPS suggest caution, reflecting some uncertainty or volatility in near-term earnings or market sentiment.
Price to Sales (P/S)
Carrier Global Corp., historical P/S 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||
| Sales per share2 | ||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trajectory from March 2020 through December 2021, increasing from $18.35 to a peak of $54.42 in September 2021. Subsequently, a declining trend was observed from late 2021 into 2023, with the share price falling to $40.65 by March 31, 2023, despite some intermittent fluctuations, such as a rise to $44.39 at the end of 2022.
- Sales Per Share Trend
- Sales per share data begins from March 2021, showing a consistent upward trend over the observed periods. Starting at $20.08 in March 2021, sales per share steadily increased to $25.20 by March 2023, indicating gradual growth in revenue generation on a per-share basis.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio rose from 1.85 in March 2021 to a high of 2.37 in September 2021, reflecting increasing market valuation relative to sales. Thereafter, the ratio generally declined, dropping to 1.61 by March 2023, signaling a reduction in valuation multiples relative to sales despite the steady growth in sales per share.
- Insights
- The rising sales per share over the period suggests improving operational performance or revenue growth. However, the declining share price and P/S ratio after late 2021 may indicate market concerns or a reassessment of growth prospects and valuation levels. The divergence between increasing sales per share and decreasing valuation multiples points to a more cautious market sentiment toward the stock in recent quarters.
Price to Book Value (P/BV)
Carrier Global Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Equity attributable to common shareowners (in millions) | ||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||
| Benchmarks | ||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Equity attributable to common shareowners ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a consistent upward trajectory from March 31, 2020, ranging from $18.35 to reach a peak near the end of 2021 with a value above $54. Following this peak, the price experienced a decline in early 2022 with fluctuations observed throughout the year. By March 31, 2023, the share price settled at $40.65, which is a notable decrease from its highest point but still significantly higher than the initial value in March 2020.
- Book Value per Share (BVPS)
- The book value per share steadily increased over the period analyzed, starting at $3.11 in March 2020 and progressing to $9.74 by March 2023. This increase indicates consistent growth in the company’s net asset value on a per-share basis, reflecting potential strengthening in the company's financial foundation.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio initially hovered near 5.8-5.9 in 2020, peaked at nearly 7.0 in mid to late 2021, and then showed a downward trend throughout 2022 and early 2023, reaching approximately 4.17 by March 2023. This decreasing ratio suggests that the market valuation relative to the company's book value has contracted from its high levels, implying either a reduced market optimism or realignment of share price more closely with the underlying book value.
- Overall Interpretation
- The data indicates that while the company’s intrinsic value as measured by book value per share has steadily increased, the share price has experienced more volatility with a substantial rise followed by a correction phase. The declining P/BV ratio in recent periods reflects a market reassessment, possibly signaling more cautious investor sentiment or normalization of valuation after the earlier surge. The combination of these trends points toward improving fundamental value but with fluctuating market perception impacting share price valuation.