Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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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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Short-term Activity Ratios (Summary)
Carrier Global Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Carrier Global Corp. inventory turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Carrier Global Corp. receivables turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Carrier Global Corp. payables turnover ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Carrier Global Corp. working capital turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Carrier Global Corp. number of days of inventory outstanding deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Carrier Global Corp. number of days of receivables outstanding improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Carrier Global Corp. operating cycle improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Carrier Global Corp. number of days of payables outstanding increased from 2020 to 2021 and from 2021 to 2022. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Carrier Global Corp. cash conversion cycle improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Inventory Turnover
Carrier Global Corp., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Cost of products and services sold | ||||
| Inventories, net | ||||
| Short-term Activity Ratio | ||||
| Inventory turnover1 | ||||
| Benchmarks | ||||
| Inventory Turnover, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Inventory Turnover, Sector | ||||
| Capital Goods | ||||
| Inventory Turnover, Industry | ||||
| Industrials | ||||
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
Inventory turnover = Cost of products and services sold ÷ Inventories, net
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Carrier Global Corp. inventory turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Receivables Turnover
Carrier Global Corp., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Net sales | ||||
| Accounts receivable, net | ||||
| Short-term Activity Ratio | ||||
| Receivables turnover1 | ||||
| Benchmarks | ||||
| Receivables Turnover, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Receivables Turnover, Sector | ||||
| Capital Goods | ||||
| Receivables Turnover, Industry | ||||
| Industrials | ||||
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
Receivables turnover = Net sales ÷ Accounts receivable, net
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Carrier Global Corp. receivables turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Payables Turnover
Carrier Global Corp., payables turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Cost of products and services sold | ||||
| Accounts payable | ||||
| Short-term Activity Ratio | ||||
| Payables turnover1 | ||||
| Benchmarks | ||||
| Payables Turnover, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Payables Turnover, Sector | ||||
| Capital Goods | ||||
| Payables Turnover, Industry | ||||
| Industrials | ||||
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
Payables turnover = Cost of products and services sold ÷ Accounts payable
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Carrier Global Corp. payables turnover ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Working Capital Turnover
Carrier Global Corp., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||
| Current assets | ||||
| Less: Current liabilities | ||||
| Working capital | ||||
| Net sales | ||||
| Short-term Activity Ratio | ||||
| Working capital turnover1 | ||||
| Benchmarks | ||||
| Working Capital Turnover, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Working Capital Turnover, Sector | ||||
| Capital Goods | ||||
| Working Capital Turnover, Industry | ||||
| Industrials | ||||
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
Working capital turnover = Net sales ÷ Working capital
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Carrier Global Corp. working capital turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Average Inventory Processing Period
Carrier Global Corp., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data | ||||
| Inventory turnover | ||||
| Short-term Activity Ratio (no. days) | ||||
| Average inventory processing period1 | ||||
| Benchmarks (no. days) | ||||
| Average Inventory Processing Period, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Average Inventory Processing Period, Sector | ||||
| Capital Goods | ||||
| Average Inventory Processing Period, Industry | ||||
| Industrials | ||||
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Carrier Global Corp. number of days of inventory outstanding deteriorated from 2020 to 2021 and from 2021 to 2022. |
Average Receivable Collection Period
Carrier Global Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data | ||||
| Receivables turnover | ||||
| Short-term Activity Ratio (no. days) | ||||
| Average receivable collection period1 | ||||
| Benchmarks (no. days) | ||||
| Average Receivable Collection Period, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Average Receivable Collection Period, Sector | ||||
| Capital Goods | ||||
| Average Receivable Collection Period, Industry | ||||
| Industrials | ||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Carrier Global Corp. number of days of receivables outstanding improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Operating Cycle
Carrier Global Corp., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data | ||||
| Average inventory processing period | ||||
| Average receivable collection period | ||||
| Short-term Activity Ratio | ||||
| Operating cycle1 | ||||
| Benchmarks | ||||
| Operating Cycle, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Operating Cycle, Sector | ||||
| Capital Goods | ||||
| Operating Cycle, Industry | ||||
| Industrials | ||||
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
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Carrier Global Corp. operating cycle improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Average Payables Payment Period
Carrier Global Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data | ||||
| Payables turnover | ||||
| Short-term Activity Ratio (no. days) | ||||
| Average payables payment period1 | ||||
| Benchmarks (no. days) | ||||
| Average Payables Payment Period, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Average Payables Payment Period, Sector | ||||
| Capital Goods | ||||
| Average Payables Payment Period, Industry | ||||
| Industrials | ||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Carrier Global Corp. number of days of payables outstanding increased from 2020 to 2021 and from 2021 to 2022. |
Cash Conversion Cycle
Carrier Global Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|
| Selected Financial Data | ||||
| Average inventory processing period | ||||
| Average receivable collection period | ||||
| Average payables payment period | ||||
| Short-term Activity Ratio | ||||
| Cash conversion cycle1 | ||||
| Benchmarks | ||||
| Cash Conversion Cycle, Competitors2 | ||||
| Boeing Co. | ||||
| Caterpillar Inc. | ||||
| Eaton Corp. plc | ||||
| General Electric Co. | ||||
| Honeywell International Inc. | ||||
| Lockheed Martin Corp. | ||||
| RTX Corp. | ||||
| Cash Conversion Cycle, Sector | ||||
| Capital Goods | ||||
| Cash Conversion Cycle, Industry | ||||
| Industrials | ||||
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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Carrier Global Corp. cash conversion cycle improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |