Price to Sales (P/S)
since 2020
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Carrier Global Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Price to Earnings (P/E) since 2020
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Calculation
Carrier Global Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2021 | = | ÷ | = | ÷ |
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.
The financial data over the three-year period reveals several notable trends and patterns.
- Share Price
- The share price increased from $37.25 in 2021 to $46.06 in 2022, representing a substantial growth. However, in 2023, the share price decreased slightly to $44.39. This indicates an overall positive trend over the three years, with a peak in 2022 followed by a minor correction or stabilization in 2023.
- Sales per Share
- Sales per share showed a consistent upward trend across the period. Starting from $20.08 in 2021, the figure rose to $24.09 in 2022 and slightly increased again to $24.48 in 2023. This steady increase reflects an improvement in the company's revenue generation capability on a per-share basis.
- Price-to-Sales Ratio (P/S)
- The P/S ratio experienced a slight increase from 1.85 in 2021 to 1.91 in 2022, indicating that the market valuation per unit of sales increased. In 2023, this ratio fell back to 1.81, slightly below the 2021 level. This fluctuation points to market valuations adjusting in response to changes in sales growth and share price dynamics, suggesting a modest reduction in investor valuation multiples despite ongoing sales growth.
Overall, the data indicates that the company experienced growth in both share price and sales per share over the three-year period, with market valuation multiples reflecting some moderation after peaking in 2022. This suggests market reassessment of growth prospects or broader economic factors influencing investor behavior in 2023.
Comparison to Competitors
Carrier Global Corp., P/S, 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 | ||||||||
| Feb 8, 2022 | ||||||||
| Feb 9, 2021 |
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/S, long-term trends, comparison to sector (capital goods)
| Carrier Global Corp. | Capital Goods | |
|---|---|---|
| Feb 7, 2023 | ||
| Feb 8, 2022 | ||
| Feb 9, 2021 |
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/S, long-term trends, comparison to industry (industrials)
| Carrier Global Corp. | Industrials | |
|---|---|---|
| Feb 7, 2023 | ||
| Feb 8, 2022 | ||
| Feb 9, 2021 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).