OTISNYSEelectronic & other electrical equipment (no computer equip)SEC CIK 1781335

Otis Worldwide Corp

$77.50

+0.36 (+0.47%) · delayed · Nov 13, 2026

Five-year price

52w $63.58 to $94.57

Market cap: $29.5B
Enterprise value: $36.2B
P/E: 22.1×; 21.2× on 3y avg EPS
EV / EBIT: 16.9×
FCF yield: 4.9%
ROIC: 128.1%
Debt / equity: —
Piotroski F: 5/9

Value scorecard · FY2025

Does it pass the value tests?

How we score

Quality

●ROIC > 12% (5y avg)5y avg ROIC 170.8%
–ROE > 15% (5y avg)5y avg ROE n/a
●Stable operating marginsMargin volatility 0.4% (σ, 5y)
●Earnings convert to cashFCF / net income 108% (5y avg)
○Growing revenueRevenue CAGR 5y 2.5%
●Shrinking share countDiluted shares -9.1% over 5y

Value

○P/E below 15P/E 22.1
○EV/EBIT below 12EV/EBIT 16.9
○FCF yield above 6%FCF yield 4.9%
–Price below Graham NumberGraham Number n/a
–P/B below 3P/B n/a

Safety

–Debt / equity below 0.5D/E n/a
○Debt payable in < 4 yrs of earningsNet debt $6.6B
●Interest coverage > 8xCoverage 9.3x
○Current ratio > 1.5Current ratio 0.85
○Piotroski F-score ≥ 6F-score 5/9

Graham Defensive

●Adequate size (revenue > $2B)Revenue $14.4B
○Strong condition (current ratio ≥ 2)Current ratio 0.85
●Earnings stability (no loss, 10y)8 years of data
○Uninterrupted dividendsDividends paid every year on record
●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 55%
○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 21.2
–P/E × P/B ≤ 22.5Product n/a

Valuation lab

What do you have to believe?

At $77.50, the market is pricing in about 8.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).

Starting cash flow

Growth, years 1–N2.0%Years of growth (N)10Discount rate9.00%Terminal growth2.50%

Net debt $6.6B · 381M shares · 5y revenue CAGR 2.5%

Intrinsic value

$40.15

Price

$77.50

Premium paid

93%

What the price implies

The market is paying for 8.6% annual cash-flow growth for 10 years at a 9.0% discount rate.

Terminal value share

53% of the value sits beyond year 10.

Financial statements

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12,915	13,118	12,756	14,298	13,685	14,209	14,261	14,431
Gross profit	—	—	—	—	—	—	—	—
Operating income	1,835	1,814	1,639	2,108	2,033	2,186	2,008	2,133
Operating margin	14.2%	13.8%	12.8%	14.7%	14.9%	15.4%	14.1%	14.8%
Pre-tax income	1,893	1,861	1,511	1,961	1,888	2,031	2,039	1,934
Income tax	683	594	455	541	519	533	305	479
Net income	1,049	1,116	906	1,246	1,253	1,406	1,645	1,384
EPS (diluted)	2.42	2.55	2.08	2.89	2.96	3.39	4.07	3.50
Diluted shares	433	433	435	431	423	415	404	395

Who owns it

Superinvestors

Filings wire

From the SEC

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12,915	13,118	12,756	14,298	13,685	14,209	14,261	14,431
Gross profit	—	—	—	—	—	—	—	—
Operating income	1,835	1,814	1,639	2,108	2,033	2,186	2,008	2,133
Operating margin	14.2%	13.8%	12.8%	14.7%	14.9%	15.4%	14.1%	14.8%
Pre-tax income	1,893	1,861	1,511	1,961	1,888	2,031	2,039	1,934
Income tax	683	594	455	541	519	533	305	479
Net income	1,049	1,116	906	1,246	1,253	1,406	1,645	1,384
EPS (diluted)	2.42	2.55	2.08	2.89	2.96	3.39	4.07	3.50
Diluted shares	433	433	435	431	423	415	404	395

Otis Worldwide Corp

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

Otis Worldwide Corp

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

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