Analysis of Geographic Areas
Carrier Global Corp. operates in 4 regions: United States Operations; Europe; Asia Pacific; and Other.
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- 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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Area Asset Turnover
Carrier Global Corp., asset turnover by geographic area
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| United States Operations | |||
| Europe | |||
| Asia Pacific | |||
| Other |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- United States Operations Asset Turnover
- The asset turnover ratio for United States Operations exhibits a consistent upward trend over the three-year period. Beginning at 11.64 in 2020, it increased to 13.59 in 2021 and further to 14.69 in 2022. This steady growth indicates increasing efficiency in utilizing assets to generate revenue within this region.
- Europe Asset Turnover
- Europe’s asset turnover ratio shows a rise from 10.07 in 2020 to 12.13 in 2021, reflecting improved asset utilization. However, this trend reverses in 2022, with a decline to 9.62. This drop suggests reduced efficiency or potential challenges in asset deployment in the European region during the latest period.
- Asia Pacific Asset Turnover
- The Asia Pacific region follows a similar initial upward trajectory, increasing from 10.66 in 2020 to 12.42 in 2021. Nevertheless, a significant reduction is observed in 2022, where the ratio falls sharply to 6.09. The marked decrease indicates a considerable decline in asset efficiency, potentially stemming from operational challenges or market conditions adversely affecting this area.
- Other Regions Asset Turnover
- The asset turnover ratio for Other regions remains relatively low throughout the period, with a slight upward movement from 2.63 in 2020 to 2.95 in 2021, followed by a decline to 1.88 in 2022. The low ratios and recent decrease imply limited asset efficiency and possibly reduced operational activity or market presence in these areas.
- Overall Observations
- The data reveals that the United States consistently improves in asset turnover, suggesting strong operational performance. In contrast, Europe and Asia Pacific regions experience volatility with initial improvements followed by declines in the final year. The Other regions remain minimal in terms of contribution to asset turnover and show a declining trend in the latest period. These patterns could indicate regional disparities in operational efficiency and market conditions impacting asset utilization.
Area Asset Turnover: United States Operations
Carrier Global Corp.; United States Operations; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| External sales | |||
| Long-lived assets | |||
| Area Activity Ratio | |||
| Area asset turnover1 | |||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2022 Calculation
Area asset turnover = External sales ÷ Long-lived assets
= ÷ =
- External Sales
- There is a consistent upward trend in external sales over the three-year period. Sales increased from 9,105 million US dollars in 2020 to 10,492 million in 2021, representing an approximate 15.3% growth. The upward trajectory continued in 2022 with sales reaching 11,797 million US dollars, an increase of about 12.5% compared to the previous year.
- Long-lived Assets
- The value of long-lived assets remained relatively stable throughout the period, with a slight decrease from 782 million US dollars in 2020 to 772 million in 2021, followed by a modest increase to 803 million US dollars in 2022. These fluctuations suggest limited changes in the company’s investment in long-term assets during this timeframe.
- Area Asset Turnover
- The area asset turnover ratio showed a positive trend, rising steadily each year. The ratio increased from 11.64 in 2020 to 13.59 in 2021 and further to 14.69 in 2022. This improvement indicates enhanced efficiency in the utilization of assets to generate sales, implying that the company managed to generate more revenue per unit of asset value over time.
Area Asset Turnover: Europe
Carrier Global Corp.; Europe; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| External sales | |||
| Long-lived assets | |||
| Area Activity Ratio | |||
| Area asset turnover1 | |||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2022 Calculation
Area asset turnover = External sales ÷ Long-lived assets
= ÷ =
- External Sales
- External sales increased notably from 4,935 million US dollars in 2020 to 5,776 million US dollars in 2021, representing a substantial growth. However, in 2022, external sales declined sharply to 4,359 million US dollars, falling below the 2020 level. This indicates a volatile trend with a peak in 2021 followed by a significant downturn in the subsequent year.
- Long-lived Assets
- The value of long-lived assets shows a steady decline over the three-year period, decreasing from 490 million US dollars at the end of 2020 to 476 million in 2021, and further down to 453 million in 2022. This consistent reduction suggests possible asset disposals, depreciation, or a lack of reinvestment in long-lived assets in this geographic area.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset utilization to generate sales, improved from 10.07 in 2020 to 12.13 in 2021, indicating enhanced effectiveness in using assets. Nevertheless, in 2022, this ratio declined to 9.62, lower than the 2020 level. This trend mirrors the pattern seen in external sales, implying that asset efficiency peaked in 2021 before decreasing substantially in 2022.
Area Asset Turnover: Asia Pacific
Carrier Global Corp.; Asia Pacific; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| External sales | |||
| Long-lived assets | |||
| Area Activity Ratio | |||
| Area asset turnover1 | |||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2022 Calculation
Area asset turnover = External sales ÷ Long-lived assets
= ÷ =
- External Sales
- External sales exhibited a consistent increase over the three-year period. In 2020, sales were 2,655 million US dollars, rising significantly to 3,464 million in 2021, and slightly increasing further to 3,489 million in 2022. This reflects sustained growth, with the most notable increase occurring between 2020 and 2021.
- Long-lived Assets
- Long-lived assets showed a marked upward trend during the timeframe. Starting at 249 million US dollars in 2020, the asset value grew to 279 million in 2021 and experienced a substantial jump to 573 million in 2022. This indicates considerable investment or capital expenditure in the later period, more than doubling the asset base from 2021 to 2022.
- Area Asset Turnover
- The area asset turnover ratio displayed a fluctuating trend. The ratio increased from 10.66 in 2020 to 12.42 in 2021, suggesting improved efficiency in using assets to generate sales in that year. However, in 2022, the ratio declined sharply to 6.09, indicating a significant decrease in asset utilization efficiency. This decline may be attributed to the large increase in long-lived assets that outpaced sales growth during that year.
Area Asset Turnover: Other
Carrier Global Corp.; Other; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| External sales | |||
| Long-lived assets | |||
| Area Activity Ratio | |||
| Area asset turnover1 | |||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2022 Calculation
Area asset turnover = External sales ÷ Long-lived assets
= ÷ =
- External Sales
- External sales increased from 761 million US dollars in 2020 to 881 million US dollars in 2021, representing a notable growth of approximately 15.7%. However, in 2022, sales declined to 776 million US dollars, indicating a reduction of nearly 11.9% from the previous year but remaining slightly above the 2020 level.
- Long-lived Assets
- The value of long-lived assets showed a consistent upward trend throughout the period. Beginning at 289 million US dollars in 2020, assets increased marginally to 299 million US dollars in 2021. A significant rise occurred in 2022, with assets reaching 412 million US dollars, an increase of about 37.8% over the previous year.
- Area Asset Turnover
- This ratio, which measures the efficiency of asset use to generate sales, displayed a rising trend from 2.63 in 2020 to 2.95 in 2021, indicating improved asset utilization. However, it dropped substantially to 1.88 in 2022. The decline suggests that despite the growth in asset base, the ability to convert these assets into sales diminished markedly in the most recent year.
External sales
Carrier Global Corp., external sales by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| United States Operations | |||
| Europe | |||
| Asia Pacific | |||
| International Operations | |||
| Other | |||
| Consolidated |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- United States Operations
- The United States Operations exhibited a consistent upward trend in external sales over the three-year period. Sales increased from $9,105 million in 2020 to $10,492 million in 2021, representing a significant growth. The upward momentum continued into 2022, with sales reaching $11,797 million, marking steady year-over-year growth.
- Europe
- Sales in the European region experienced growth from 2020 to 2021, rising from $4,935 million to $5,776 million. However, in 2022, there was a noticeable decline to $4,359 million, falling below the 2020 level. This indicates volatility and potential regional challenges affecting sales performance in Europe during the latest period.
- Asia Pacific
- The Asia Pacific region demonstrated continuous growth from 2020 through 2022, with sales increasing from $2,655 million in 2020 to $3,464 million in 2021, and further to $3,489 million in 2022. The sales growth, while moderate between 2021 and 2022, indicates sustained demand and expansion in this geographical area.
- International Operations
- International Operations, encompassing multiple regions, showed an increase in sales from $7,590 million in 2020 to $9,240 million in 2021. However, similar to the European segment, there was a decline in 2022 to $7,848 million. This reflects some instability or market pressures impacting the international market outside of the US and Asia Pacific.
- Other
- The Other category of sales followed a pattern of growth in 2021, increasing from $761 million in 2020 to $881 million, but then decreased in 2022 to $776 million, returning close to the 2020 level. This fluctuation may indicate minor variability in smaller or miscellaneous markets.
- Consolidated
- Overall consolidated external sales showed robust growth from 2020 to 2021, increasing from $17,456 million to $20,613 million. In 2022, consolidated sales slightly declined to $20,421 million, representing stability with a minor decrease. The consolidated figures suggest that growth in the US and Asia Pacific partially offset declines in Europe and other international areas.
Long-lived assets
Carrier Global Corp., long-lived assets by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| United States Operations | |||
| Europe | |||
| Asia Pacific | |||
| International Operations | |||
| Other | |||
| Consolidated |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- United States Operations
- The long-lived assets in the United States Operations exhibited a slight decline from 782 million USD in 2020 to 772 million USD in 2021, followed by a moderate increase to 803 million USD in 2022. Overall, the asset base remained relatively stable with a small upward trend by the end of the period.
- Europe
- Assets in the European segment showed a consistent downward trend over the three years, decreasing from 490 million USD in 2020 to 476 million USD in 2021 and further to 453 million USD in 2022. This indicates a gradual reduction in long-lived assets in this region.
- Asia Pacific
- The Asia Pacific region demonstrated significant growth, especially notable between 2021 and 2022. Assets increased from 249 million USD in 2020 to 279 million USD in 2021, followed by a substantial increase to 573 million USD in 2022. This reflects a strong expansion of long-lived assets in this area.
- International Operations
- International Operations grew steadily from 739 million USD in 2020 to 755 million USD in 2021, then experienced a marked increase to 1026 million USD in 2022. The pattern suggests accelerated investments or asset accumulation internationally during the most recent year.
- Other
- The 'Other' category of assets presented a gradual upward trajectory, increasing from 289 million USD in 2020 to 299 million USD in 2021, and then a more pronounced rise to 412 million USD in 2022. This indicates a diversification or growth in less specifically categorized long-lived assets.
- Consolidated
- The total consolidated long-lived assets showed steady growth, moving moderately from 1810 million USD in 2020 to 1826 million USD in 2021, then experiencing a significant jump to 2241 million USD in 2022. This overall increase is primarily driven by substantial growth in the Asia Pacific and International Operations segments.