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).
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).
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Carrier Global Corp. P/E ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Carrier Global Corp. P/OP ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Carrier Global Corp. P/S ratio increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023 not reaching Q3 2022 level. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Carrier Global Corp. P/BV ratio increased from Q3 2022 to Q4 2022 but then decreased significantly from Q4 2022 to Q1 2023. |
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 | 834,838,102 | 834,187,942 | 836,261,515 | 841,583,456 | 848,241,752 | 855,514,035 | 866,584,932 | 867,701,396 | 868,998,500 | 869,213,146 | 866,687,269 | 866,164,968 | 866,158,910 | |||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Net income attributable to common shareowners (in millions) | 373) | 270) | 1,312) | 573) | 1,379) | 324) | 469) | 487) | 384) | 884) | 741) | 261) | 96) | |||||
| Earnings per share (EPS)2 | 3.03 | 4.24 | 4.29 | 3.26 | 3.13 | 1.95 | 2.57 | 2.88 | 2.61 | 2.28 | 0.00 | 0.00 | 0.00 | |||||
| Share price1, 3 | 40.65 | 44.39 | 37.88 | 39.48 | 39.41 | 46.06 | 54.42 | 53.94 | 44.15 | 37.25 | 34.07 | 27.24 | 18.35 | |||||
| Valuation Ratio | ||||||||||||||||||
| P/E ratio4 | 13.42 | 10.48 | 8.83 | 12.10 | 12.57 | 23.68 | 21.20 | 18.75 | 16.90 | 16.34 | — | — | — | |||||
| Benchmarks | ||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Caterpillar Inc. | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | 16.82 | 21.38 | 25.50 | 37.92 | 36.80 | 25.43 | 17.65 | 11.00 | |||||
| Eaton Corp. plc | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | 27.77 | 33.08 | 34.43 | 40.32 | 37.46 | 31.97 | 25.14 | 15.70 | |||||
| General Electric Co. | 12.78 | — | — | — | — | — | — | — | — | 19.67 | 19.55 | — | — | |||||
| Honeywell International Inc. | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | 23.14 | 27.35 | 31.83 | 33.71 | 29.63 | 23.23 | 17.93 | 15.27 | |||||
| Lockheed Martin Corp. | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | 16.70 | 15.11 | 14.27 | 15.48 | 13.44 | 15.79 | 16.26 | 17.09 | |||||
| RTX Corp. | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | 36.79 | 40.28 | 60.91 | — | — | — | — | 12.02 | |||||
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
= (373,000,000 + 270,000,000 + 1,312,000,000 + 573,000,000)
÷ 834,838,102 = 3.03
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
= 40.65 ÷ 3.03 = 13.42
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Carrier Global Corp. P/E ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
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 | 834,838,102 | 834,187,942 | 836,261,515 | 841,583,456 | 848,241,752 | 855,514,035 | 866,584,932 | 867,701,396 | 868,998,500 | 869,213,146 | 866,687,269 | 866,164,968 | 866,158,910 | |||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Operating profit (in millions) | 555) | 433) | 1,526) | 819) | 1,737) | 463) | 828) | 783) | 571) | 1,245) | 1,081) | 442) | 315) | |||||
| Operating profit per share2 | 3.99 | 5.41 | 5.43 | 4.57 | 4.49 | 3.09 | 3.95 | 4.24 | 3.84 | 3.55 | 0.00 | 0.00 | 0.00 | |||||
| Share price1, 3 | 40.65 | 44.39 | 37.88 | 39.48 | 39.41 | 46.06 | 54.42 | 53.94 | 44.15 | 37.25 | 34.07 | 27.24 | 18.35 | |||||
| Valuation Ratio | ||||||||||||||||||
| P/OP ratio4 | 10.18 | 8.20 | 6.97 | 8.64 | 8.77 | 14.90 | 13.76 | 12.72 | 11.49 | 10.50 | — | — | — | |||||
| Benchmarks | ||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Caterpillar Inc. | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | 15.87 | 16.57 | 18.76 | 26.25 | 24.23 | 16.79 | 12.06 | 7.79 | |||||
| Eaton Corp. plc | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | 19.33 | 22.62 | 27.06 | 30.03 | 25.83 | 21.15 | 17.02 | 11.54 | |||||
| General Electric Co. | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | 17.46 | 20.90 | 23.40 | 35.58 | 25.64 | 11.62 | 7.77 | 5.53 | |||||
| Honeywell International Inc. | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | 20.68 | 23.54 | 25.98 | 28.28 | 24.86 | 20.25 | 17.03 | 13.96 | |||||
| Lockheed Martin Corp. | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | 11.56 | 10.22 | 11.57 | 12.37 | 10.63 | 12.14 | 12.39 | 12.72 | |||||
| RTX Corp. | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | 28.68 | 35.30 | 46.33 | — | — | — | 48.47 | 6.01 | |||||
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
= (555,000,000 + 433,000,000 + 1,526,000,000 + 819,000,000)
÷ 834,838,102 = 3.99
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
= 40.65 ÷ 3.99 = 10.18
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Carrier Global Corp. P/OP ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023. |
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 | 834,838,102 | 834,187,942 | 836,261,515 | 841,583,456 | 848,241,752 | 855,514,035 | 866,584,932 | 867,701,396 | 868,998,500 | 869,213,146 | 866,687,269 | 866,164,968 | 866,158,910 | |||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Net sales (in millions) | 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) | |||||
| Sales per share2 | 25.20 | 24.48 | 24.45 | 24.17 | 24.25 | 24.09 | 23.16 | 22.74 | 21.02 | 20.08 | 0.00 | 0.00 | 0.00 | |||||
| Share price1, 3 | 40.65 | 44.39 | 37.88 | 39.48 | 39.41 | 46.06 | 54.42 | 53.94 | 44.15 | 37.25 | 34.07 | 27.24 | 18.35 | |||||
| Valuation Ratio | ||||||||||||||||||
| P/S ratio4 | 1.61 | 1.81 | 1.55 | 1.63 | 1.63 | 1.91 | 2.35 | 2.37 | 2.10 | 1.85 | — | — | — | |||||
| Benchmarks | ||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||
| Boeing Co. | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | 1.87 | 1.93 | 2.20 | 2.44 | 1.96 | 1.38 | 1.41 | 1.11 | |||||
| Caterpillar Inc. | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | 2.26 | 2.41 | 2.59 | 3.23 | 2.83 | 2.06 | 1.68 | 1.22 | |||||
| Eaton Corp. plc | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | 3.03 | 3.51 | 3.39 | 3.25 | 2.96 | 2.41 | 2.02 | 1.60 | |||||
| General Electric Co. | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | 1.50 | 1.64 | 1.60 | 1.68 | 1.41 | 0.84 | 0.71 | 0.67 | |||||
| Honeywell International Inc. | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | 3.73 | 4.32 | 4.66 | 4.78 | 4.34 | 3.48 | 3.04 | 2.65 | |||||
| Lockheed Martin Corp. | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | 1.57 | 1.38 | 1.53 | 1.63 | 1.40 | 1.61 | 1.67 | 1.75 | |||||
| RTX Corp. | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | 2.21 | 2.09 | 2.14 | 2.07 | 1.95 | 1.44 | 1.41 | 0.71 | |||||
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
= (5,273,000,000 + 5,105,000,000 + 5,451,000,000 + 5,211,000,000)
÷ 834,838,102 = 25.20
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
= 40.65 ÷ 25.20 = 1.61
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Carrier Global Corp. P/S ratio increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023 not reaching Q3 2022 level. |
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 | 834,838,102 | 834,187,942 | 836,261,515 | 841,583,456 | 848,241,752 | 855,514,035 | 866,584,932 | 867,701,396 | 868,998,500 | 869,213,146 | 866,687,269 | 866,164,968 | 866,158,910 | |||||
| Selected Financial Data (US$) | ||||||||||||||||||
| Equity attributable to common shareowners (in millions) | 8,134) | 7,758) | 7,152) | 6,696) | 7,101) | 6,767) | 6,900) | 6,756) | 6,489) | 6,252) | 5,096) | 4,028) | 2,697) | |||||
| Book value per share (BVPS)2 | 9.74 | 9.30 | 8.55 | 7.96 | 8.37 | 7.91 | 7.96 | 7.79 | 7.47 | 7.19 | 5.88 | 4.65 | 3.11 | |||||
| Share price1, 3 | 40.65 | 44.39 | 37.88 | 39.48 | 39.41 | 46.06 | 54.42 | 53.94 | 44.15 | 37.25 | 34.07 | 27.24 | 18.35 | |||||
| Valuation Ratio | ||||||||||||||||||
| P/BV ratio4 | 4.17 | 4.77 | 4.43 | 4.96 | 4.71 | 5.82 | 6.83 | 6.93 | 5.91 | 5.18 | 5.79 | 5.86 | 5.89 | |||||
| Benchmarks | ||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Caterpillar Inc. | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | 6.62 | 6.61 | 6.65 | 7.86 | 7.20 | 5.64 | 5.32 | 4.11 | |||||
| Eaton Corp. plc | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | 3.63 | 4.28 | 4.21 | 3.84 | 3.54 | 3.06 | 2.73 | 2.34 | |||||
| General Electric Co. | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | 2.64 | 3.15 | 3.43 | 3.53 | 2.89 | 1.95 | 1.71 | 1.63 | |||||
| Honeywell International Inc. | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | 6.91 | 8.39 | 8.83 | 8.67 | 8.07 | 6.40 | 5.78 | 5.46 | |||||
| Lockheed Martin Corp. | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | 9.62 | 9.50 | 15.63 | 17.05 | 15.27 | 20.84 | 27.96 | 30.96 | |||||
| RTX Corp. | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | 1.95 | 1.87 | 1.87 | 1.75 | 1.53 | 1.26 | 1.35 | 1.25 | |||||
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
= 8,134,000,000 ÷ 834,838,102 = 9.74
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
= 40.65 ÷ 9.74 = 4.17
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Carrier Global Corp. P/BV ratio increased from Q3 2022 to Q4 2022 but then decreased significantly from Q4 2022 to Q1 2023. |