Analysis of Reportable Segments
Carrier Global Corp. operates in 3 segments: HVAC; Refrigeration; and Fire & Security.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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Segment Profit Margin
Carrier Global Corp., profit margin by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | HVAC | HVAC segment profit margin ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Refrigeration | Refrigeration segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. | |
| Fire & Security | Fire & Security segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: HVAC
Carrier Global Corp.; HVAC; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Operating profit | |||
| Net sales | |||
| Segment Profitability Ratio | |||
| Segment profit margin1 | |||
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
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | HVAC | HVAC segment profit margin ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Segment Profit Margin: Refrigeration
Carrier Global Corp.; Refrigeration; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Operating profit | |||
| Net sales | |||
| Segment Profitability Ratio | |||
| Segment profit margin1 | |||
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
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Refrigeration | Refrigeration segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: Fire & Security
Carrier Global Corp.; Fire & Security; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Operating profit | |||
| Net sales | |||
| Segment Profitability Ratio | |||
| Segment profit margin1 | |||
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
Segment profit margin = 100 × Operating profit ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Fire & Security | Fire & Security segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Return on Assets (Segment ROA)
Carrier Global Corp., ROA by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | HVAC | HVAC segment ROA deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Refrigeration | Refrigeration segment ROA improved from 2020 to 2021 and from 2021 to 2022. | |
| Fire & Security | Fire & Security segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
Segment ROA: HVAC
Carrier Global Corp.; HVAC; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Operating profit | |||
| Segment assets | |||
| Segment Profitability Ratio | |||
| Segment ROA1 | |||
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
Segment ROA = 100 × Operating profit ÷ Segment assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | HVAC | HVAC segment ROA deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Segment ROA: Refrigeration
Carrier Global Corp.; Refrigeration; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Operating profit | |||
| Segment assets | |||
| Segment Profitability Ratio | |||
| Segment ROA1 | |||
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
Segment ROA = 100 × Operating profit ÷ Segment assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Refrigeration | Refrigeration segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
Segment ROA: Fire & Security
Carrier Global Corp.; Fire & Security; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Operating profit | |||
| Segment assets | |||
| Segment Profitability Ratio | |||
| Segment ROA1 | |||
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
Segment ROA = 100 × Operating profit ÷ Segment assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Fire & Security | Fire & Security segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
Segment Asset Turnover
Carrier Global Corp., asset turnover by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | HVAC | HVAC segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
| Refrigeration | Refrigeration segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. | |
| Fire & Security | Fire & Security segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Asset Turnover: HVAC
Carrier Global Corp.; HVAC; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Net sales | |||
| Segment assets | |||
| Segment Activity Ratio | |||
| Segment 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
Segment asset turnover = Net sales ÷ Segment assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | HVAC | HVAC segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Asset Turnover: Refrigeration
Carrier Global Corp.; Refrigeration; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Net sales | |||
| Segment assets | |||
| Segment Activity Ratio | |||
| Segment 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
Segment asset turnover = Net sales ÷ Segment assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Refrigeration | Refrigeration segment asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Asset Turnover: Fire & Security
Carrier Global Corp.; Fire & Security; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Net sales | |||
| Segment assets | |||
| Segment Activity Ratio | |||
| Segment 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
Segment asset turnover = Net sales ÷ Segment assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Fire & Security | Fire & Security segment asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Capital Expenditures to Depreciation
Carrier Global Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | HVAC | HVAC segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
| Refrigeration | Refrigeration segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. | |
| Fire & Security | Fire & Security segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: HVAC
Carrier Global Corp.; HVAC; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Capital expenditures | |||
| Depreciation & amortization | |||
| Segment Financial Ratio | |||
| Segment capital expenditures to depreciation1 | |||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | HVAC | HVAC segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Refrigeration
Carrier Global Corp.; Refrigeration; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Capital expenditures | |||
| Depreciation & amortization | |||
| Segment Financial Ratio | |||
| Segment capital expenditures to depreciation1 | |||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Refrigeration | Refrigeration segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Fire & Security
Carrier Global Corp.; Fire & Security; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||
| Capital expenditures | |||
| Depreciation & amortization | |||
| Segment Financial Ratio | |||
| Segment capital expenditures to depreciation1 | |||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Fire & Security | Fire & Security segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
Net sales
Carrier Global Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security | |||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Operating profit
Carrier Global Corp., operating profit by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security | |||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Segment assets
Carrier Global Corp., segment assets by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security | |||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Capital expenditures
Carrier Global Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security | |||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Depreciation & amortization
Carrier Global Corp., depreciation & amortization by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|
| HVAC | |||
| Refrigeration | |||
| Fire & Security | |||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).