Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Debt to Equity since 2020
- Total Asset Turnover since 2020
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Carrier Global Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the financial ratios over the specified quarters reveals distinct trends in the valuation metrics of the company, highlighting changes in market perceptions and financial performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio increased steadily from 16.9 in the first quarter of 2021 to a peak of 23.68 by the end of 2021, indicating growing investor optimism or expectations of higher future earnings during that period. However, from early 2022 onwards, the P/E ratio experienced a significant decline, reaching a low of 8.83 by the third quarter of 2022. It partially recovered by the first quarter of 2023 to 13.42. This pattern suggests a shift in market sentiment or changes in earnings performance, possibly reflecting challenges or reassessments by investors following the initial 2021 growth phase.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio rose from 11.49 at the beginning of 2021 to 14.9 by the year's end, indicating increased valuation relative to operating profit. Subsequently, the ratio declined sharply to 6.97 in the third quarter of 2022 before rebounding to 10.18 in the first quarter of 2023. This trend aligns with that of the P/E ratio, reinforcing the perspective of a significant market revaluation in 2022 following a strong growth trend in 2021.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited a moderate increase from 2.1 in the first quarter of 2021 up to 2.37 in the second quarter of that year, then fluctuated slightly before declining notably to 1.55 in the third quarter of 2022. While it showed a slight uptick to 1.81 by the end of 2022, it decreased again to 1.61 in early 2023. This trend indicates that the market valuation relative to sales weakened over time, suggesting either slower revenue growth or a more cautious investor approach toward revenue expectations.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio peaked at 6.93 in the second quarter of 2021 and then declined steadily through early 2023, falling to 4.17 in the first quarter of 2023. This downward trend implies a diminishing premium over book value shareholders were willing to pay, which may reflect concerns about asset valuation, profitability, or overall company performance relative to its net asset base.
Overall, the data reflect a strong appreciation in valuation ratios through 2021, followed by a pronounced decline in most valuation multiples during 2022, with partial recoveries observed in the first quarter of 2023. These trends suggest a period of optimism transitioning to more conservative market assessments, potentially influenced by shifts in earnings outlook, operating profit performance, revenue growth, and asset valuation considerations.
Price to Earnings (P/E)
Carrier Global Corp., historical P/E calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||
| Selected Financial Data (US$) | |||||||||||||
| Net income attributable to common shareowners (in millions) | |||||||||||||
| Earnings per share (EPS)2 | |||||||||||||
| Share price1, 3 | |||||||||||||
| Valuation Ratio | |||||||||||||
| P/E ratio4 | |||||||||||||
| Benchmarks | |||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||
| Boeing Co. | |||||||||||||
| Caterpillar Inc. | |||||||||||||
| Eaton Corp. plc | |||||||||||||
| GE Aerospace | |||||||||||||
| Honeywell International Inc. | |||||||||||||
| Lockheed Martin Corp. | |||||||||||||
| RTX Corp. | |||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income attributable to common shareownersQ1 2023
+ Net income attributable to common shareownersQ4 2022
+ Net income attributable to common shareownersQ3 2022
+ Net income attributable to common shareownersQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced an overall decline from March 2021 to March 2023. It started at $44.15 and saw an increase reaching a peak of $54.42 in September 2021. Subsequently, the price exhibited a downward trend, declining to $39.41 by March 2022, followed by a slight stabilization between June and December 2022, with a modest increase in December 2022 to $44.39. However, the price declined again to $40.65 by March 2023. This pattern reflects volatility with an initial strong upward movement followed by a sustained decrease over the period.
- Earnings per Share (EPS)
- The EPS showed some fluctuations but a generally positive trend over the three years. Starting at $2.61 in March 2021, EPS increased to $2.88 by June 2021 but then decreased to $1.95 by December 2021. From March 2022 onward, the EPS demonstrated a robust upward trend, peaking at $4.29 in September 2022. This higher level of earnings was maintained around $4.24 in December 2022, before dropping to $3.03 in March 2023. Overall, the EPS increase in 2022 suggests improved profitability, despite the dip in the final quarter observed.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio followed a declining trajectory, inversely mirroring some of the share price and EPS movements. Initially, the ratio rose from 16.9 in March 2021 to a peak of 23.68 in December 2021, driven by rising share price coupled with stable or modest earnings growth. Beginning in early 2022, the P/E ratio fell sharply, reaching a low of 8.83 in September 2022, reflecting increased earnings outpacing the lower share price. The ratio slightly recovered to 10.48 in December 2022 and rose further to 13.42 by March 2023. The decline in P/E ratios during 2022 indicates a market reassessment of valuation, likely driven by improved earnings performance combined with a decline in share prices.
Price to Operating Profit (P/OP)
Carrier Global Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||
| Selected Financial Data (US$) | |||||||||||||
| Operating profit (in millions) | |||||||||||||
| Operating profit per share2 | |||||||||||||
| Share price1, 3 | |||||||||||||
| Valuation Ratio | |||||||||||||
| P/OP ratio4 | |||||||||||||
| Benchmarks | |||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||
| Boeing Co. | |||||||||||||
| Caterpillar Inc. | |||||||||||||
| Eaton Corp. plc | |||||||||||||
| GE Aerospace | |||||||||||||
| Honeywell International Inc. | |||||||||||||
| Lockheed Martin Corp. | |||||||||||||
| RTX Corp. | |||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022
+ Operating profitQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated volatility throughout the observed periods. Initially, there was a notable increase from $44.15 to a peak of $54.42 within the first three quarters of 2021. This was followed by a decline to $39.41 by the first quarter of 2022. Subsequently, the price experienced fluctuations, reaching a low near $37.88 in the third quarter of 2022 before recovering somewhat to $44.39 by the fourth quarter of 2022. In the first quarter of 2023, the share price declined again to $40.65. Overall, the share price exhibited an upward trend early on, succeeded by a period of instability and moderate decline.
- Operating Profit Per Share (OPPS)
- The operating profit per share showed a generally positive trajectory over the periods. From $3.84 at the beginning of 2021, it increased steadily to $4.24 and $3.95 in the following two quarters, before dipping to $3.09 in the last quarter of 2021. Beginning in 2022, the OPPS resumed its growth, peaking at $5.43 in the third quarter, followed by a slight decrease to $5.41 in the fourth quarter. However, the first quarter of 2023 marked a significant drop to $3.99. The pattern indicates strong operational performance improvements during 2022, despite some volatility towards the end of the observed period.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio fluctuated inversely to the operating profit per share due to its calculation basis. Initially, the ratio rose from 11.49 up to 14.9 during 2021, reflecting increasing share prices and relatively stable operating profits. In contrast, 2022 showed a substantial decrease in the P/OP ratio, reaching its lowest point of 6.97 in the third quarter, coinciding with the peak in operating profit per share and a trough in share price. The ratio then increased again towards early 2023, standing at 10.18 in the first quarter. This suggests shifting market valuation as operational profitability improved substantially in 2022 but faced correction in early 2023.
- Overall Insights
- The data suggests a period of strong operational improvements in 2022 as evidenced by rising operating profit per share and a corresponding decrease in the price to operating profit ratio, implying enhanced earnings quality or market undervaluation during that time. Concurrently, the share price showed some recovery but remained below peak 2021 levels, indicating external factors possibly influencing market sentiment. The early 2023 data points towards some weakening in profitability and share price performance, potentially signaling challenges in sustaining previous growth momentum.
Price to Sales (P/S)
Carrier Global Corp., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||
| Selected Financial Data (US$) | |||||||||||||
| Net sales (in millions) | |||||||||||||
| Sales per share2 | |||||||||||||
| Share price1, 3 | |||||||||||||
| Valuation Ratio | |||||||||||||
| P/S ratio4 | |||||||||||||
| Benchmarks | |||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||
| Boeing Co. | |||||||||||||
| Caterpillar Inc. | |||||||||||||
| Eaton Corp. plc | |||||||||||||
| GE Aerospace | |||||||||||||
| Honeywell International Inc. | |||||||||||||
| Lockheed Martin Corp. | |||||||||||||
| RTX Corp. | |||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the periods from March 2021 to March 2023.
- Share Price
- The share price exhibited volatility over the observed quarters. Initially, it rose from $44.15 in March 2021, reaching a peak above $54 in the third quarter of 2021. Following this peak, there was a noticeable decline, bottoming near $37.88 in September 2022. In the final two quarters observed, the price showed some recovery, increasing to $44.39 in December 2022 before declining again to $40.65 by March 2023. Overall, the share price showed a downward trend from its peak toward the end of the period.
- Sales per Share
- Sales per share demonstrated a consistent upward trajectory throughout the period. Starting at $21.02 in March 2021, sales per share steadily increased each quarter, reaching $25.20 by March 2023. This steady growth indicates improving revenue generation capacity on a per-share basis over the two-year timeframe.
- Price-to-Sales (P/S) Ratio
- The price-to-sales ratio showed a declining trend overall, influenced by both the movements in share price and sales per share. The P/S ratio started at 2.1 in March 2021, increased slightly to 2.37 by June 2021, then gradually declined through subsequent quarters, hitting a low of 1.55 in September 2022. A modest recovery to 1.81 occurred in December 2022, but the ratio decreased again to 1.61 by March 2023. This decline in P/S ratio generally indicates that the market valuation relative to sales has become more conservative over time, potentially reflecting market sentiment or valuation recalibrations despite the rise in sales.
Price to Book Value (P/BV)
Carrier Global Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||
| Selected Financial Data (US$) | |||||||||||||
| Equity attributable to common shareowners (in millions) | |||||||||||||
| Book value per share (BVPS)2 | |||||||||||||
| Share price1, 3 | |||||||||||||
| Valuation Ratio | |||||||||||||
| P/BV ratio4 | |||||||||||||
| Benchmarks | |||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||
| Boeing Co. | |||||||||||||
| Caterpillar Inc. | |||||||||||||
| Eaton Corp. plc | |||||||||||||
| GE Aerospace | |||||||||||||
| Honeywell International Inc. | |||||||||||||
| Lockheed Martin Corp. | |||||||||||||
| RTX Corp. | |||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Equity attributable to common shareowners ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Carrier Global Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in the company's share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the examined periods.
- Share Price (US$)
- The share price exhibited a general upward trend during the first three quarters, rising from $44.15 in March 2021 to a peak near $54.42 in September 2021. This was followed by a decline toward the end of 2021, dropping to $46.06 by December. The downward trend continued through 2022, with the price decreasing to around $37.88 by September 2022 and then recovering slightly to $44.39 by December 2022. However, the price declined again in the first quarter of 2023, ending at $40.65.
- Book Value per Share (BVPS) (US$)
- In contrast to the share price fluctuations, the BVPS showed a largely consistent upward trajectory over the entire period. Starting at $7.47 in March 2021, it steadily increased, reaching $9.74 by March 2023. Minor fluctuations were observed during the quarters, but the general improvement suggests growth in net asset value per share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio demonstrated a declining trend throughout the observed timeframe, starting at 5.91 in March 2021 and peaking at 6.93 in June 2021. Thereafter, it gradually decreased to 4.17 by March 2023. This decline reflects the combined effect of the share price decreasing and the BVPS increasing, indicating that the market valuation relative to book value has become more conservative over time.
Overall, the data suggest that while the company's intrinsic value per share (as represented by BVPS) has improved consistently, market sentiment, as represented by the share price and the P/BV ratio, has been more volatile and somewhat bearish in recent periods. The declining P/BV ratio indicates the market is valuing the company at a lower premium to its book value compared to earlier periods.