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Carrier Global Corp. (NYSE:CARR)

This company has been moved to the archive! The financial data has not been updated since April 26, 2023.

Enterprise Value (EV)

Microsoft Excel

Current Enterprise Value (EV)

Carrier Global Corp., current enterprise value calculation

Microsoft Excel
Current share price (P) $40.65
No. shares of common stock outstanding 834,838,102
US$ in millions
Common equity (market value)1 33,936
Add: Non-controlling interest (per books) 318
Total equity 34,254
Add: Current portion of long-term debt (per books) 140
Add: Long-term debt, net of current portion (per books) 8,702
Total equity and debt 43,096
Less: Cash and cash equivalents 3,520
Enterprise value (EV) 39,576

Based on: 10-K (reporting date: 2022-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 40.65 × 834,838,102

Historical Enterprise Value (EV)

Carrier Global Corp., EV calculation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2 $44.39 $46.06 $37.25
No. shares of common stock outstanding1 834,187,942 855,514,035 869,213,146
US$ in millions
Common equity (market value)3 37,030 39,405 32,378
Add: Non-controlling interest (book value) 318 327 326
Total equity 37,348 39,732 32,704
Add: Current portion of long-term debt (book value) 140 183 191
Add: Long-term debt, net of current portion (book value) 8,702 9,513 10,036
Total equity and debt 46,190 49,428 42,931
Less: Cash and cash equivalents 3,520 2,987 3,115
Enterprise value (EV) 42,670 46,441 39,816

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Carrier Global Corp. Annual Report.

3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 44.39 × 834,187,942

The financial metrics for Carrier Global Corp. between 2020 and 2022 demonstrate a period of expansion followed by a moderate contraction. A synchronized movement is observed across all measured capital indicators, with a peak in valuation and leverage occurring in 2021.

Equity Valuation Trends
Common equity market value rose from 32,378 million US$ in 2020 to 39,405 million US$ in 2021, before declining to 37,030 million US$ in 2022. This trajectory closely mirrors total book equity, which moved from 32,704 million US$ to 39,732 million US$ and then down to 37,348 million US$ over the same period, indicating a strong alignment between market perception and book value.
Enterprise Value (EV) Fluctuations
Enterprise value experienced an increase of approximately 16.6% between 2020 and 2021, reaching 46,441 million US$. This growth was reversed in 2022, with a decline of 8.1% bringing the EV to 42,670 million US$. The fluctuations in EV are predominantly driven by the volatility in common equity market value.
Capital Structure Analysis
Total equity and debt increased from 42,931 million US$ in 2020 to 49,428 million US$ in 2021, before decreasing to 46,190 million US$ in 2022. The consistent gap observed between total equity and debt and the resulting enterprise value suggests that the company maintains cash or cash-equivalent holdings that offset a portion of the total debt load in the EV calculation.

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