Price to Book Value (P/BV)
since 2020
Calculation
Carrier Global Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity attributable to common shareowners1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2023 | 4.77 | = | 44.39 | ÷ | 9.30 | 9.30 | = | 7,758 | ÷ | 834,187,942 | |
| Feb 8, 2022 | 5.82 | = | 46.06 | ÷ | 7.91 | 7.91 | = | 6,767 | ÷ | 855,514,035 | |
| Feb 9, 2021 | 5.18 | = | 37.25 | ÷ | 7.19 | 7.19 | = | 6,252 | ÷ | 869,213,146 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Carrier Global Corp. Annual Report.
- Share Price
- The share price increased significantly from $37.25 in 2021 to $46.06 in 2022, reflecting a rise of approximately 23.7%. However, in 2023, the share price decreased slightly to $44.39, representing a reduction of about 3.6% compared to the previous year.
- Book Value per Share (BVPS)
- The book value per share showed a consistent upward trend across the period. It increased from $7.19 in 2021 to $7.91 in 2022, marking an approximate 10% growth. This positive trend continued in 2023 with an increase to $9.30, amounting to a further growth of around 17.5% year-over-year.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio experienced fluctuations over the three years. It rose from 5.18 in 2021 to a peak of 5.82 in 2022, indicating the market price increased at a faster pace than the growth in book value during that period. Subsequently, the ratio declined to 4.77 in 2023, driven by the combination of a slightly lower share price and a higher book value per share, suggesting a more conservative valuation relative to the company's net asset value.
Comparison to Competitors
Carrier Global Corp., P/BV, long-term trends, comparison to competitors
| Carrier Global Corp. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 7, 2023 | 4.77 | — | 8.09 | 4.04 | 2.43 | 8.02 | 12.67 | 1.97 |
| Feb 8, 2022 | 5.82 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Feb 9, 2021 | 5.18 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Comparison to Sector (Capital Goods)
Carrier Global Corp., P/BV, long-term trends, comparison to sector (capital goods)
| Carrier Global Corp. | Capital Goods | |
|---|---|---|
| Feb 7, 2023 | 4.77 | 5.31 |
| Feb 8, 2022 | 5.82 | 4.77 |
| Feb 9, 2021 | 5.18 | 5.05 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Comparison to Industry (Industrials)
Carrier Global Corp., P/BV, long-term trends, comparison to industry (industrials)
| Carrier Global Corp. | Industrials | |
|---|---|---|
| Feb 7, 2023 | 4.77 | 5.50 |
| Feb 8, 2022 | 5.82 | 5.44 |
| Feb 9, 2021 | 5.18 | 5.89 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).