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Also traded in: Argentina, Austria, Brazil, Chile, Germany, Mexico, Switzerland, UK

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash-to-Debt 0.28
UTX's Cash-to-Debt is ranked lower than
60% of the 202 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.53 vs. UTX: 0.28 )
Ranked among companies with meaningful Cash-to-Debt only.
UTX' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.05  Med: 0.3 Max: 0.82
Current: 0.28
0.05
0.82
Equity-to-Asset 0.31
UTX's Equity-to-Asset is ranked lower than
71% of the 202 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.44 vs. UTX: 0.31 )
Ranked among companies with meaningful Equity-to-Asset only.
UTX' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.22  Med: 0.32 Max: 0.39
Current: 0.31
0.22
0.39
Debt-to-Equity 0.90
UTX's Debt-to-Equity is ranked lower than
73% of the 164 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.50 vs. UTX: 0.90 )
Ranked among companies with meaningful Debt-to-Equity only.
UTX' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.32  Med: 0.58 Max: 1.15
Current: 0.9
0.32
1.15
Debt-to-EBITDA 2.52
UTX's Debt-to-EBITDA is ranked higher than
50% of the 152 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.54 vs. UTX: 2.52 )
Ranked among companies with meaningful Debt-to-EBITDA only.
UTX' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 1.11  Med: 1.82 Max: 2.52
Current: 2.52
1.11
2.52
Interest Coverage 8.22
UTX's Interest Coverage is ranked lower than
57% of the 159 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 12.39 vs. UTX: 8.22 )
Ranked among companies with meaningful Interest Coverage only.
UTX' s Interest Coverage Range Over the Past 10 Years
Min: 7.04  Med: 8.67 Max: 11.66
Current: 8.22
7.04
11.66
Piotroski F-Score: 6
Altman Z-Score: 2.67
Beneish M-Score: -2.51
WACC vs ROIC
7.96%
10.92%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating Margin % 13.91
UTX's Operating Margin % is ranked higher than
83% of the 203 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 5.39 vs. UTX: 13.91 )
Ranked among companies with meaningful Operating Margin % only.
UTX' s Operating Margin % Range Over the Past 10 Years
Min: 12.16  Med: 13.7 Max: 16.57
Current: 13.91
12.16
16.57
Net Margin % 7.28
UTX's Net Margin % is ranked higher than
69% of the 203 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 3.92 vs. UTX: 7.28 )
Ranked among companies with meaningful Net Margin % only.
UTX' s Net Margin % Range Over the Past 10 Years
Min: 7.28  Med: 8.86 Max: 13.56
Current: 7.28
7.28
13.56
ROE % 15.28
UTX's ROE % is ranked higher than
77% of the 188 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 7.18 vs. UTX: 15.28 )
Ranked among companies with meaningful ROE % only.
UTX' s ROE % Range Over the Past 10 Years
Min: 15.28  Med: 21.24 Max: 25.98
Current: 15.28
15.28
25.98
ROA % 4.68
UTX's ROA % is ranked higher than
64% of the 204 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.78 vs. UTX: 4.68 )
Ranked among companies with meaningful ROA % only.
UTX' s ROA % Range Over the Past 10 Years
Min: 4.68  Med: 6.82 Max: 8.52
Current: 4.68
4.68
8.52
ROC (Joel Greenblatt) % 71.65
UTX's ROC (Joel Greenblatt) % is ranked higher than
94% of the 202 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 10.11 vs. UTX: 71.65 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
UTX' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 71.65  Med: 84.83 Max: 108.9
Current: 71.65
71.65
108.9
3-Year Revenue Growth Rate 5.60
UTX's 3-Year Revenue Growth Rate is ranked higher than
59% of the 181 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 4.30 vs. UTX: 5.60 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
UTX' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -2.9  Med: 4.1 Max: 15.8
Current: 5.6
-2.9
15.8
3-Year EBITDA Growth Rate 2.30
UTX's 3-Year EBITDA Growth Rate is ranked lower than
58% of the 154 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 5.60 vs. UTX: 2.30 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
UTX' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -20.6  Med: 8.2 Max: 32.6
Current: 2.3
-20.6
32.6
3-Year EPS without NRI Growth Rate -5.00
UTX's 3-Year EPS without NRI Growth Rate is ranked lower than
68% of the 136 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 7.70 vs. UTX: -5.00 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
UTX' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: 8.1 Max: 38.2
Current: -5
0
38.2
GuruFocus has detected 3 Warning Signs with United Technologies Corp UTX.
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» UTX's 30-Y Financials

Financials (Next Earnings Date: 2018-07-25)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q2 2017

UTX Guru Trades in Q2 2017

Ray Dalio 18,028 sh (New)
Paul Tudor Jones 6,722 sh (New)
Caxton Associates 40,000 sh (New)
John Buckingham 1,700 sh (New)
Steven Cohen 677,544 sh (+1593.86%)
Louis Moore Bacon 391,861 sh (+474.52%)
Manning & Napier Advisors, Inc 133,166 sh (+22.08%)
Tom Gayner 152,500 sh (+12.55%)
Pioneer Investments 1,276,178 sh (+4.28%)
Jeremy Grantham 1,988,544 sh (+2.74%)
Mairs and Power 14,957 sh (+0.63%)
Diamond Hill Capital 3,517,626 sh (+0.56%)
Mario Gabelli 14,316 sh (unchged)
First Eagle Investment 1,060 sh (unchged)
Chuck Royce 34,500 sh (unchged)
Louis Moore Bacon 160,000 sh (unchged)
Charles de Vaulx 444,019 sh (unchged)
Andreas Halvorsen Sold Out
Joel Greenblatt Sold Out
PRIMECAP Management 1,398,600 sh (-0.62%)
Barrow, Hanley, Mewhinney & Strauss 12,924,594 sh (-1.99%)
Chris Davis 7,765,681 sh (-4.48%)
First Pacific Advisors 5,645,435 sh (-6.36%)
Steven Romick 4,341,290 sh (-7.72%)
T Rowe Price Equity Income Fund 239,700 sh (-7.81%)
Mason Hawkins 5,194,741 sh (-8.46%)
Robert Olstein 64,000 sh (-15.79%)
Dodge & Cox 1,850 sh (-20.29%)
Ken Fisher 3,668,592 sh (-57.02%)
» More
Q3 2017

UTX Guru Trades in Q3 2017

Jim Simons 1,994,200 sh (New)
Joel Greenblatt 81,290 sh (New)
Andreas Halvorsen 4,178,808 sh (New)
Steven Cohen 1,066,269 sh (+57.37%)
Chuck Royce 39,000 sh (+13.04%)
Pioneer Investments 1,412,397 sh (+10.67%)
Tom Gayner 165,000 sh (+8.20%)
Diamond Hill Capital 3,751,891 sh (+6.66%)
Ken Fisher 3,672,217 sh (+0.10%)
Mario Gabelli 14,316 sh (unchged)
First Eagle Investment 1,060 sh (unchged)
Ray Dalio 18,028 sh (unchged)
Dodge & Cox 1,850 sh (unchged)
Jeremy Grantham 183,600 sh (unchged)
Paul Tudor Jones 50,000 sh (unchged)
John Buckingham Sold Out
Chris Davis 7,666,203 sh (-1.28%)
Charles de Vaulx 437,808 sh (-1.40%)
Barrow, Hanley, Mewhinney & Strauss 12,406,583 sh (-4.01%)
Steven Romick 4,109,350 sh (-5.34%)
T Rowe Price Equity Income Fund 226,900 sh (-5.34%)
Mairs and Power 14,057 sh (-6.02%)
Mason Hawkins 4,856,874 sh (-6.50%)
Manning & Napier Advisors, Inc 124,391 sh (-6.59%)
Robert Olstein 59,500 sh (-7.03%)
First Pacific Advisors 5,240,990 sh (-7.16%)
Jeremy Grantham 1,755,297 sh (-11.73%)
Caxton Associates 35,200 sh (-12.00%)
PRIMECAP Management 748,600 sh (-46.48%)
Paul Tudor Jones 2,424 sh (-63.94%)
Louis Moore Bacon 17,722 sh (-95.48%)
» More
Q4 2017

UTX Guru Trades in Q4 2017

John Buckingham 1,700 sh (New)
David Dreman 3,845 sh (New)
Murray Stahl 2,170 sh (New)
Caxton Associates 110,000 sh (+212.50%)
Pioneer Investments 2,407,472 sh (+70.45%)
Andreas Halvorsen 5,963,163 sh (+42.70%)
Joel Greenblatt 90,507 sh (+11.34%)
Ken Fisher 3,801,530 sh (+3.52%)
Diamond Hill Capital 3,778,056 sh (+0.70%)
First Pacific Advisors 5,270,120 sh (+0.56%)
Steven Romick 4,109,350 sh (unchged)
T Rowe Price Equity Income Fund 226,900 sh (unchged)
First Eagle Investment 1,060 sh (unchged)
Chuck Royce 39,000 sh (unchged)
Tom Gayner 165,000 sh (unchged)
Jeremy Grantham 183,600 sh (unchged)
Dodge & Cox 1,850 sh (unchged)
Paul Tudor Jones 50,000 sh (unchged)
Charles de Vaulx 437,808 sh (unchged)
Ray Dalio Sold Out
Paul Tudor Jones Sold Out
Chris Davis 7,599,394 sh (-0.87%)
PRIMECAP Management 737,200 sh (-1.52%)
Robert Olstein 58,500 sh (-1.68%)
Jeremy Grantham 1,667,043 sh (-5.03%)
Barrow, Hanley, Mewhinney & Strauss 11,779,551 sh (-5.05%)
Jim Simons 1,813,800 sh (-9.05%)
Mairs and Power 12,719 sh (-9.52%)
Mason Hawkins 4,318,133 sh (-11.09%)
Louis Moore Bacon 13,772 sh (-22.29%)
Mario Gabelli 7,316 sh (-48.90%)
Steven Cohen 508,911 sh (-52.27%)
» More
Q1 2018

UTX Guru Trades in Q1 2018

Daniel Loeb 7,100,000 sh (New)
Bill Ackman 1,944,420 sh (New)
Louis Moore Bacon 97,848 sh (+610.49%)
Joel Greenblatt 208,045 sh (+129.87%)
Steven Cohen 925,367 sh (+81.83%)
Mairs and Power 14,221 sh (+11.81%)
Tom Gayner 180,500 sh (+9.39%)
Jeremy Grantham 1,809,143 sh (+8.52%)
Murray Stahl 2,250 sh (+3.69%)
Ken Fisher 3,936,406 sh (+3.55%)
David Dreman 3,845 sh (unchged)
John Buckingham 1,700 sh (unchged)
Jeremy Grantham 183,600 sh (unchged)
Paul Tudor Jones 20,000 sh (unchged)
Steven Cohen 300,000 sh (unchged)
T Rowe Price Equity Income Fund Sold Out
First Eagle Investment Sold Out
Chris Davis 7,570,243 sh (-0.38%)
Barrow, Hanley, Mewhinney & Strauss 11,395,528 sh (-3.26%)
Dodge & Cox 1,750 sh (-5.41%)
Diamond Hill Capital 3,498,000 sh (-7.41%)
Mario Gabelli 6,753 sh (-7.70%)
Steven Romick 3,772,690 sh (-8.19%)
First Pacific Advisors 4,835,775 sh (-8.24%)
Robert Olstein 53,500 sh (-8.55%)
Andreas Halvorsen 5,451,703 sh (-8.58%)
Mason Hawkins 3,849,483 sh (-10.85%)
Caxton Associates 90,000 sh (-18.18%)
PRIMECAP Management 587,400 sh (-20.32%)
Chuck Royce 31,000 sh (-20.51%)
Jim Simons 973,500 sh (-46.33%)
Pioneer Investments 1,013,721 sh (-57.89%)
» More
» Details

Insider Trades

Latest Guru Trades with UTX

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Barrow, Hanley, Mewhinney & Strauss 2018-03-31 Reduce -3.26%0.07%$122.31 - $138.32 $ 128.10-2%11,395,528
Chris Davis 2018-03-31 Reduce -0.38%0.02%$122.31 - $138.32 $ 128.10-2%7,570,243
Ken Fisher 2018-03-31 Add 3.55%0.02%$122.31 - $138.32 $ 128.10-2%3,936,406
Mason Hawkins 2018-03-31 Reduce -10.85%0.74%$122.31 - $138.32 $ 128.10-2%3,849,483
Bill Ackman 2018-03-31 New Buy5.06%$122.31 - $138.32 $ 128.10-2%1,944,420
Joel Greenblatt 2018-03-31 Add 129.87%0.21%$122.31 - $138.32 $ 128.10-2%208,045
Tom Gayner 2018-03-31 Add 9.39%0.04%$122.31 - $138.32 $ 128.10-2%180,500
Robert Olstein 2018-03-31 Reduce -8.55%0.08%$122.31 - $138.32 $ 128.10-2%53,500
Mario Gabelli 2018-03-31 Reduce -7.70%$122.31 - $138.32 $ 128.10-2%6,753
Dodge & Cox 2018-03-31 Reduce -5.41%$122.31 - $138.32 $ 128.10-2%1,750
T Rowe Price Equity Income Fund 2018-03-31 Sold Out 0.14%$122.31 - $138.32 $ 128.10-2%0
First Eagle Investment 2018-03-31 Sold Out $122.31 - $138.32 $ 128.10-2%0
Barrow, Hanley, Mewhinney & Strauss 2017-12-31 Reduce -5.05%0.11%$116.38 - $128.12 $ 128.106%11,779,551
Chris Davis 2017-12-31 Reduce -0.87%0.03%$116.38 - $128.12 $ 128.106%7,599,394
Mason Hawkins 2017-12-31 Reduce -11.09%0.75%$116.38 - $128.12 $ 128.106%4,318,133
Ken Fisher 2017-12-31 Add 3.52%0.02%$116.38 - $128.12 $ 128.106%3,801,530
Joel Greenblatt 2017-12-31 Add 11.34%0.02%$116.38 - $128.12 $ 128.106%90,507
Robert Olstein 2017-12-31 Reduce -1.68%0.01%$116.38 - $128.12 $ 128.106%58,500
Mario Gabelli 2017-12-31 Reduce -48.90%$116.38 - $128.12 $ 128.106%7,316
David Dreman 2017-12-31 New Buy0.28%$116.38 - $128.12 $ 128.106%3,845
Barrow, Hanley, Mewhinney & Strauss 2017-09-30 Reduce -4.01%0.1%$109.55 - $123.71 $ 128.109%12,406,583
Chris Davis 2017-09-30 Reduce -1.28%0.05%$109.55 - $123.71 $ 128.109%7,666,203
Mason Hawkins 2017-09-30 Reduce -6.50%0.45%$109.55 - $123.71 $ 128.109%4,856,874
Ken Fisher 2017-09-30 Add 0.10%$109.55 - $123.71 $ 128.109%3,672,217
T Rowe Price Equity Income Fund 2017-09-30 Reduce -5.34%0.01%$109.55 - $123.71 $ 128.109%226,900
Tom Gayner 2017-09-30 Add 8.20%0.03%$109.55 - $123.71 $ 128.109%165,000
Joel Greenblatt 2017-09-30 New Buy0.14%$109.55 - $123.71 $ 128.109%81,290
Robert Olstein 2017-09-30 Reduce -7.03%0.07%$109.55 - $123.71 $ 128.109%59,500
Barrow, Hanley, Mewhinney & Strauss 2017-06-30 Reduce -1.99%0.04%$111.93 - $122.5 $ 128.108%12,924,594
Chris Davis 2017-06-30 Reduce -4.48%0.18%$111.93 - $122.5 $ 128.108%7,765,681
Mason Hawkins 2017-06-30 Reduce -8.46%0.55%$111.93 - $122.5 $ 128.108%5,194,741
Ken Fisher 2017-06-30 Reduce -57.02%0.91%$111.93 - $122.5 $ 128.108%3,668,592
T Rowe Price Equity Income Fund 2017-06-30 Reduce -7.81%0.01%$111.93 - $122.5 $ 128.108%239,700
Tom Gayner 2017-06-30 Add 12.55%0.04%$111.93 - $122.5 $ 128.108%152,500
Robert Olstein 2017-06-30 Reduce -15.79%0.17%$111.93 - $122.5 $ 128.108%64,000
Dodge & Cox 2017-06-30 Reduce -20.29%$111.93 - $122.5 $ 128.108%1,850
Joel Greenblatt 2017-06-30 Sold Out 0.07%$111.93 - $122.5 $ 128.108%0
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Business Description

Industry: Aerospace & Defense » Aerospace & Defense    NAICS: 336413    SIC: 3728
Compare:NYSE:LMT, XPAR:AIR, NYSE:GD, NYSE:RTN, NYSE:NOC, XPAR:SAF, LSE:BA., XPAR:HO, NYSE:COL, LSE:RR., SHSE:601989, XPAR:AM, NYSE:TDG, NYSE:TXT, NYSE:LLL, NYSE:HII, SHSE:600893, XPAR:MLHK, NYSE:SPR, XTER:MTX » details
Traded in other countries:UTX.Argentina, UTX.Austria, UTEC34.Brazil, UTX.Chile, UTC1.Germany, UTX.Mexico, UTX.Switzerland, 0R2N.UK,
Headquarter Location:USA
United Technologies Corp is a diversified industrial conglomerate. It provides high technology products and services to the building systems and aerospace industries.

United Technologies is a diversified industrial conglomerate that sells aerospace and building components and systems. Pratt & Whitney manufactures engines for military and commercial aircraft. UTC Aerospace Systems makes brakes, landing gear, flight-control systems, interiors, avionics, and other aircraft components. Otis is the world's largest elevator manufacturer, and climate, controls, and security sells HVAC, fire, and security products for use in residential and commercial buildings.

Guru Investment Theses on United Technologies Corp

Bill Ackman Comments on United Technologies Corp - May 17, 2018

United Technologies Corporation (NYSE:UTX)

United Technologies is a leading industrial holding company which owns a number of high-quality businesses which benefit from favorable long-term growth trends and recurring long-term cash flows. The company operates in three distinct principal divisions: 1) Aerospace systems (UTAS) and engines (Pratt & Whitney), 2) Otis Elevator Company, and 3) Climate, Controls and Security.

UTX is a market-leading provider of mission-critical aerospace systems and engines for commercial, military and business aircraft. The business can be best described by analogy to the razor blade business, in which initial sales of new equipment are sold at prices close to breakeven (a modest profit for aerospace systems and a loss for engines), but generate highly profitable aftermarket sales of spare parts and services that persist for decades. The aerospace business has significant barriers to entry due to the large upfront required investments in research & development and manufacturing, the long-term nature of the new product development cycle, and high switching costs due to stringent regulatory requirements and the IP-intensive nature of the products.

The growing demand for global air travel should generate a strong tailwind for the aerospace business as a large number of new aircraft will be required to satisfy future passenger demand. The existing backlog of commercial aircraft orders is nearly a decade long at current production levels, which should reduce the business’ cyclicality, and serve as a sustainable source of future growth. UTX will shortly acquire Rockwell Collins, a leader in avionics systems, subject to the completion of antitrust review, which will further enhance UTAS’s competitive position by allowing it to compete in nearly all major aircraft sub-systems and provide a more integrated product offering.

Pratt & Whitney is one of two large engine manufacturers in single-aisle, commercial aircraft, and the leading engine provider for military and small aircraft. Pratt & Whitney recently introduced its new engine platform, the geared turbofan (GTF), which provides material improvements in fuel efficiency and noise reduction versus competitive offerings. Despite several high-profile stumbles during the GTF’s initial launch, which have largely been addressed, the engines’ seven-year order backlog is indicative of its commercial success. Pratt & Whitney’s profit margins, which are currently depressed due to the initial losses associated with the ramp-up of the GTF program, should meaningfully expand as the GTF begins to generate lucrative aftermarket revenues.

Otis is the leading elevator manufacturer and service provider with 30,000 technicians maintaining more than two million elevators. The elevator business benefits from global urbanization trends which support continued long-term growth of new elevator sales and servicing. Otis’ large scale and highly dense route networks enable it to cost effectively and efficiently provide on-site service to its customers. While new elevator sales are modestly profitable, the lifetime value of an elevator sale comes primarily from the associated service contract, which is typically very long-term and highly profitable. We estimate that more than 70% of Otis’ profits come from its service contracts, which represent a growing cash flow annuity as the installed base of elevators grows. While profit margins have declined over the last several years due to increased investments to reignite growth and weakness in China and certain markets in Europe, Otis’ margins are likely to improve as revenue growth accelerates and recent technological innovations improve the efficiency of its service technicians.

UTX’s Climate, Controls and Security (CC&S) business is a market leader in HVAC, refrigeration and fire and security products and services. CC&S offers products under highly regarded brands including Carrier (HVAC), Transicold (refrigeration), Kidde (fire) and Chubb (security). Carrier is number one in HVAC in both the U.S. residential and global commercial markets. Carrier’s leading market share in residential HVAC provides it with a significant advantage as it distributes products to dealers who typically stock only one or two brands according to demand from brand-loyal contractors. Carrier’s residential HVAC business has exhibited pricing power and strong volume growth from the current replacement cycle, which we believe is likely to continue for the foreseeable future. In commercial HVAC, Carrier provides a highly engineered product offering and benefits from the secular trend towards urbanization. The refrigeration business sells solutions for global trucking, shipping, and retail, with growth driven by cold storage transportation in urban markets, and an increased focus on food safety in emerging markets. The fire and security division maintains market-leading positions in product sales due to the strength of its brands, and benefits from high barriers to entry due to the complexity of local regulatory codes and standards.

Despite having one of the most advantaged business portfolios in the multi-industrial sector, UTX is currently trading at about 16 times our estimate of this year’s earnings (pro forma for the acquisition of Rockwell Collins and its associated cost synergies). This valuation is significantly below our estimate of the company’s underlying value based on the overall quality and future earnings growth potential of UTX’s operating subsidiaries.

We have had a constructive engagement with UTX management who appear focused on unlocking shareholder value. UTX management has publicly stated that they will complete a review of strategic alternatives for its business portfolio following the acquisition of Rockwell Collins this summer, and announce the results of the review by year end. The review may result in a three-way separation of Aerospace, Otis, and Climate, Controls and Security. As each of these businesses has materially different capital requirements, competitive characteristics, and investor constituencies, we believe that they will be more likely to achieve fair value as independent companies. In a separation, management focus and alignment will also likely improve as compensation can be more easily designed to meet shareholder objectives, and entrepreneurial zeal is unleashed from the IPO-like nature of corporate spinoffs. Furthermore, by separating the three businesses, each company’s capital structure can be engineered to meet its competitive and long-term capital requirements.

From Bill Ackman (Trades, Portfolio)'s first-quarter 2018 shareholder letter.



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Daniel Loeb Comments on United Technologies Corp - May 07, 2018

In the fourth quarter of 2017, Third Point initiated a significant stake in United Technologies Corporation (NYSE:UTX) (“UTC” or the “Company”), a $100 billion industrial conglomerate organized into four business units: Otis Elevator Company (“Otis”), UTC Climate, Controls & Security (“CCS”), UTC Aerospace Systems (“UTAS”), and Pratt & Whitney. UTC has strong franchise assets with leading market share within each segment but the Company’s shares have lagged its industrial peers (XLI Index) by approximately 45% over the last five years. UTC fits a pattern of many underperforming conglomerates where value is diminished by the ill effects of a “one size fits all” approach to corporate strategy, incentive compensation, and capital allocation. At UTC, this has led to a well-documented history of poor management execution – exemplified most recently by the botched ramp-up of the next-generation geared turbofan (“GTF”) engine – as well as market share losses and underinvestment in key business areas. We have initiated a dialogue with UTC’s Board of Directors to express our concerns about the Company’s weak operating performance and the inherent disadvantages of its conglomerate structure.

To reverse its years of underperformance and realize the full potential of its franchise assets, we believe UTC should split into three focused, standalone businesses: Otis, CCS, and an aerospace company (“Aerospace RemainCo”) encompassing UTAS and Pratt & Whitney. In assessing the potential success of any such split, we ask ourselves two key questions: 1) are the business units and their key stakeholders better off as standalone entities; and 2) does the split create sustainable long-term value? The answer to each of these questions is clearly yes. We are encouraged that the Company’s CEO, Greg Hayes, has indicated that the Board is undertaking a portfolio review. We expect that an honest process will lead the Board to the same inescapable conclusion that UTC should be split into three.

The Case for a Split

As standalones, each of these businesses will benefit in the long run from a bespoke corporate strategy, more flexibility in allocating capital, better alignment of management incentives, a dedicated board of directors with relevant industry experience, and greater strategic optionality. The value creation from spin-offs has been well documented in academic studies and has many relevant precedents in the industrial sector including Danaher/Fortive, Ingersoll-Rand/Allegion, Northrop Grumman/Huntington Ingalls, ITT/Xylem/Exelis, and Tyco/Covidien/TE Connectivity. Beyond these spin-off benefits, we believe the split would also highlight to the market the overlooked value of the GTF program currently hidden within UTC.

The profitability of the GTF program will inflect positively as the GTF moves down the manufacturing learning curve and the highly profitable service revenue stream ramps with the installed base. Management has assessed the net present value of the GTF program at approximately $15 billion1 or $19 per share. Giving credit to GTF’s NPV rather than capitalizing today’s ramp-up losses of $1.2 billion would lower UTC’s headline valuation multiple of 11x forward EV/EBITDA to just 9x forward EV/EBITDA. The average forward EV/EBITDA multiple for the US large-cap multi-industry peer group is 13x or ~40% higher.

We believe such a significant disconnect exists because – in addition to issues with management execution – UTC’s current investor base is misaligned. Multi-industrial investors (a sector defined by low earnings volatility) value companies primarily on multiples of next year’s earnings and cash flow. Aerospace investors, on the other hand, tend to look through new program start-up losses once they are comfortable that peak losses and subsequent profit improvement are in sight. One clear example of this is Rolls-Royce. If Rolls-Royce were a subsidiary of UTC, it certainly would not be valued currently at $23 billion or 36x forward P/E.

Even before giving credit to GTF’s NPV, a three-way split would unlock in excess of $20 billion of value (>20% of market cap), net of separation costs. All three standalone entities will likely trade at higher multiples than the lowest common denominator assigned to the current UTC conglomerate. Otis peers Kone and Schindler trade on average at 15x forward EV/EBITDA. CCS peers, Allegion, Ingersoll-Rand, and Lennox2, trade on average at 13x forward EV/EBITDA.

The remaining aerospace company would be the only liquid, US large-cap aerospace supplier other than TransDigm, which trades at 15x forward EV/EBITDA. Other US large-cap aerospace investment opportunities are limited to Boeing and Honeywell (only ~40% aerospace), which trade at 14x and 15x forward EV/EBITDA3, respectively. The Aerospace RemainCo will warrant a premium multiple due to synergy potential from Rockwell Collins and Pratt & Whitney’s depressed earnings. If Pratt & Whitney achieves an 18% EBIT margin by 2025, which management cited as a target, it will generate approximately $6 billion in EBITDA, which compares to $2.3 billion this year. Assigning a 13x EV/EBITDA multiple to Aerospace RemainCo after stripping out the GTF losses yields a UTC sum-of-the-parts valuation over $190 per share4 by year-end 2019. We see further upside to $210 per share if investors give credit to GTF’s positive NPV.

UTC’s management has acknowledged the disconnect between the Company’s intrinsic value and share price but it seems less open to a three-way split solution than shareholders might expect. Management’s initial assessment of dissynergies and one-time separation costs was surprisingly high, particularly considering that at the Investor Day in March 2018, Greg Hayes described each business unit as having “all the infrastructure and all the SG&A they need to run on a day-to-day basis.” He claimed that the one-time separation costs “could be $2 billion to $3 billion”, citing debt refinancing costs as the largest contributor. However, after reviewing UTC’s credit documents, we believe that the Company’s debt with maturities between 2020 and 2027 could be refinanced with total costs (make-whole payments and fees) of approximately $200 million, and that the Company could elect to keep the post-2027 maturities with the Aerospace RemainCo for no additional costs. Debt to be issued for the Rockwell Collins deal also can be structured to minimize refinancing costs.

As far as dissynergies are concerned, Hayes has also given imprecise numbers ranging from $100 million in 2015 to as much as $250 million in 2017 to set up standalone businesses5, showing a lack of precision that belies a serious approach to considering how best to create shareholder value. Our assessment of dissynergies is significantly lower based on both a top-down review of precedent spin-off transactions as well as a bottom-up assessment of required new public company costs to replicate treasury, tax, pension, and shared services provided by UTC corporate. For example, Danaher’s separation of Fortive resulted in less than $50 million of incremental corporate costs between the two entities. Honeywell stated that new public company costs for its two spin-offs will not exceed the existing corporate cost allocation. Furthermore, Honeywell has committed to eliminate any stranded corporate costs at its RemainCo within two years. UTC management ought to adopt best practices and demonstrate lean leadership in order to create shareholder value.

Third Point did not invest in UTC for what it is today but for what it could become. We intend to work constructively with the Company to see the portfolio review conclude successfully. We have shared our views in a more detailed letter to the Board. We are confident that, as fiduciaries focused on creating long-term value, they will come to agree that a separation into three major business lines will create focused companies better able to adapt to the challenges within their respective industries and encourage proper investment, driving meaningful value for all of UTC’s stakeholders.



From Daniel Loeb (Trades, Portfolio)'s first quarter 2018 shareholder commentary.

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Longleaf Partners Comments on United Technologies - Jan 22, 2018

United Technologies (NYSE:UTX) (+19%,+0.95%,+11%,+0.53%), the industrial conglomerate, reported gains across its segments, putting it among the Fund’s top contributors in the fourth quarter. Pratt & Whitney won large Delta and Dassault contracts for its new geared turbofan engine – business that will pay off for decades with lucrative servicing revenues. The company’s proposed acquisition of Rockwell Collins should boost its strong competitive position in fitting out and servicing the growing aerospace industry. Carrier benefitted from its leading position in air conditioning systems and ought to gain from digital Smart Home technological improvements over the next several decades. Otis Elevator, one of the most ubiquitous companies in the world’s cities, showed solid organic growth. CEO Greg Hayes has positioned each part of United Technologies for long-term performance and the ability to stand-alone as separate companies in the future. Although we sold shares as the stock’s discount decreased, the Fund kept a full position that reflected our longer term confidence in management and value growth.



From Longleaf Partners' 2017 shareholder letter.



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David Funds Comments on United Technologies - Aug 31, 2016

United Technologies (NYSE:UTX) is a good example of a company with both a durable business and an innovative culture. United Technologies’ four business segments are of roughly equal size and include Pratt & Whitney jet engines and aerospace parts such as landing gear and nacelles (the outer casing of an aircraft engine), Otis Elevator, and Carrier heating and ventilation systems. Pratt & Whitney, for example, enjoys solid growth prospects driven by increased global travel as well as a favorable market structure with only one key competitor in the narrow body or single aisle commercial aircraft business. Moreover, Pratt & Whitney is now rolling out its new PurePower Geared Turbofan (GTF) jet engine that, according to United Technologies, reduces fuel consumption by 16%, environmental emissions by 50% and noise levels during landing and takeoff by 75%.8 According to industry observers, Pratt & Whitney’s GTF jet engine represents one of the biggest advances in jet engines in the past 50 years, which could result in strong sales going forward. At $100 a share, United Technologies is trading at an attractive 15.5 times 2016 owner earnings.9





From David Global Fund Semi-Annual Review 2016.



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Top Ranked Articles about United Technologies Corp

UTC Aerospace Systems Unveils Lightweight, Laser-Compliant Optical Payload For Unmanned Aerial Systems
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Dan Loeb Fuels Ackman's United Technologies in 1st Quarter Event-driven investor reports quarterly portfolio
Third Point manager Daniel Loeb (Trades, Portfolio) disclosed on Tuesday that he established 11 new positions during the first quarter, including United Technologies Corp. (NYSE:UTX), Wynn Resorts Ltd. (NASDAQ:WYNN), PagSeguro Digital Ltd. (NYSE:PAGS), and Electronic Arts Inc. (NASDAQ:EA). Read more...
Bill Ackman Buys United Technologies, Axes Nike Activist investor throws support behind Loeb in breaking up United Technologies
Pershing Square leader Bill Ackman (Trades, Portfolio) disclosed that he established one position and exited another when he released his first-quarter portfolio this week. Read more...
UTC Aerospace Systems Enhances Aircraft Intelligence To Improve Fleet Operations And Passenger Experience
EcoEnergy Insights Launches CORTIX™ - The Intelligent IoT Platform For Buildings
United Technologies Prices Offering Of Euro-Denominated Senior Notes
United Technologies Chairman & CEO Gregory Hayes Presents at Electrical Products Group Conference
Otis Launches Gen2 MRL for High-Rise Market

Ratios

vs
industry
vs
history
PE Ratio 22.91
UTX's PE Ratio is ranked higher than
55% of the 139 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 24.70 vs. UTX: 22.91 )
Ranked among companies with meaningful PE Ratio only.
UTX' s PE Ratio Range Over the Past 10 Years
Min: 8.29  Med: 16.38 Max: 24.21
Current: 22.91
8.29
24.21
Forward PE Ratio 17.92
UTX's Forward PE Ratio is ranked higher than
59% of the 59 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 19.80 vs. UTX: 17.92 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 22.91
UTX's PE Ratio without NRI is ranked higher than
53% of the 139 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 24.70 vs. UTX: 22.91 )
Ranked among companies with meaningful PE Ratio without NRI only.
UTX' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.29  Med: 17.36 Max: 24.31
Current: 22.91
8.29
24.31
Price-to-Owner-Earnings 24.21
UTX's Price-to-Owner-Earnings is ranked higher than
51% of the 91 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 22.25 vs. UTX: 24.21 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
UTX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 7.55  Med: 13.67 Max: 25.35
Current: 24.21
7.55
25.35
PB Ratio 3.37
UTX's PB Ratio is ranked lower than
74% of the 187 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.22 vs. UTX: 3.37 )
Ranked among companies with meaningful PB Ratio only.
UTX' s PB Ratio Range Over the Past 10 Years
Min: 2.1  Med: 3.21 Max: 3.94
Current: 3.37
2.1
3.94
PS Ratio 1.65
UTX's PS Ratio is ranked lower than
59% of the 193 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.43 vs. UTX: 1.65 )
Ranked among companies with meaningful PS Ratio only.
UTX' s PS Ratio Range Over the Past 10 Years
Min: 0.63  Med: 1.42 Max: 1.91
Current: 1.65
0.63
1.91
Price-to-Free-Cash-Flow 37.76
UTX's Price-to-Free-Cash-Flow is ranked lower than
72% of the 90 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 22.96 vs. UTX: 37.76 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
UTX' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 7.85  Med: 18.41 Max: 59.28
Current: 37.76
7.85
59.28
Price-to-Operating-Cash-Flow 20.07
UTX's Price-to-Operating-Cash-Flow is ranked lower than
73% of the 109 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 13.84 vs. UTX: 20.07 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
UTX' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 6.3  Med: 13.25 Max: 25.66
Current: 20.07
6.3
25.66
EV-to-EBIT 14.36
UTX's EV-to-EBIT is ranked higher than
71% of the 155 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 19.18 vs. UTX: 14.36 )
Ranked among companies with meaningful EV-to-EBIT only.
UTX' s EV-to-EBIT Range Over the Past 10 Years
Min: 6  Med: 12.1 Max: 15.3
Current: 14.36
6
15.3
EV-to-EBITDA 11.45
UTX's EV-to-EBITDA is ranked higher than
57% of the 167 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 13.86 vs. UTX: 11.45 )
Ranked among companies with meaningful EV-to-EBITDA only.
UTX' s EV-to-EBITDA Range Over the Past 10 Years
Min: 5.2  Med: 10.2 Max: 12.1
Current: 11.45
5.2
12.1
EV-to-Revenue 2.01
UTX's EV-to-Revenue is ranked lower than
57% of the 200 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.70 vs. UTX: 2.01 )
Ranked among companies with meaningful EV-to-Revenue only.
UTX' s EV-to-Revenue Range Over the Past 10 Years
Min: 0.8  Med: 1.7 Max: 2.2
Current: 2.01
0.8
2.2
PEG Ratio 5.21
UTX's PEG Ratio is ranked lower than
72% of the 61 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.47 vs. UTX: 5.21 )
Ranked among companies with meaningful PEG Ratio only.
UTX' s PEG Ratio Range Over the Past 10 Years
Min: 0.51  Med: 2.7 Max: 10.03
Current: 5.21
0.51
10.03
Shiller PE Ratio 20.49
UTX's Shiller PE Ratio is ranked higher than
76% of the 89 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 33.61 vs. UTX: 20.49 )
Ranked among companies with meaningful Shiller PE Ratio only.
UTX' s Shiller PE Ratio Range Over the Past 10 Years
Min: 11.24  Med: 19.17 Max: 27.68
Current: 20.49
11.24
27.68
Current Ratio 1.32
UTX's Current Ratio is ranked lower than
66% of the 198 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.62 vs. UTX: 1.32 )
Ranked among companies with meaningful Current Ratio only.
UTX' s Current Ratio Range Over the Past 10 Years
Min: 1.09  Med: 1.29 Max: 1.98
Current: 1.32
1.09
1.98
Quick Ratio 0.96
UTX's Quick Ratio is ranked lower than
62% of the 197 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.15 vs. UTX: 0.96 )
Ranked among companies with meaningful Quick Ratio only.
UTX' s Quick Ratio Range Over the Past 10 Years
Min: 0.6  Med: 0.82 Max: 1.55
Current: 0.96
0.6
1.55
Days Inventory 77.84
UTX's Days Inventory is ranked higher than
71% of the 188 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 128.86 vs. UTX: 77.84 )
Ranked among companies with meaningful Days Inventory only.
UTX' s Days Inventory Range Over the Past 10 Years
Min: 68.76  Med: 74.28 Max: 89.59
Current: 77.84
68.76
89.59
Days Sales Outstanding 69.70
UTX's Days Sales Outstanding is ranked lower than
60% of the 169 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 66.94 vs. UTX: 69.70 )
Ranked among companies with meaningful Days Sales Outstanding only.
UTX' s Days Sales Outstanding Range Over the Past 10 Years
Min: 57.9  Med: 67.59 Max: 76.83
Current: 69.7
57.9
76.83
Days Payable 71.74
UTX's Days Payable is ranked higher than
57% of the 156 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 59.17 vs. UTX: 71.74 )
Ranked among companies with meaningful Days Payable only.
UTX' s Days Payable Range Over the Past 10 Years
Min: 43.52  Med: 55.74 Max: 79.55
Current: 71.74
43.52
79.55

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 2.18
UTX's Dividend Yield % is ranked higher than
75% of the 254 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.27 vs. UTX: 2.18 )
Ranked among companies with meaningful Dividend Yield % only.
UTX' s Dividend Yield % Range Over the Past 10 Years
Min: 1.38  Med: 2.25 Max: 3.66
Current: 2.18
1.38
3.66
Dividend Payout Ratio 0.49
UTX's Dividend Payout Ratio is ranked higher than
87% of the 128 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 0.28 vs. UTX: 0.49 )
Ranked among companies with meaningful Dividend Payout Ratio only.
UTX' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.27  Med: 0.38 Max: 0.57
Current: 0.49
0.27
0.57
3-Year Dividend Growth Rate 4.80
UTX's 3-Year Dividend Growth Rate is ranked higher than
52% of the 88 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 4.10 vs. UTX: 4.80 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
UTX' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: 9.2 Max: 21.6
Current: 4.8
0
21.6
Forward Dividend Yield % 2.24
UTX's Forward Dividend Yield % is ranked higher than
74% of the 240 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.49 vs. UTX: 2.24 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 3.00
UTX's 5-Year Yield-on-Cost % is ranked higher than
67% of the 327 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.07 vs. UTX: 3.00 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
UTX' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 1.86  Med: 3.03 Max: 4.92
Current: 3
1.86
4.92
3-Year Average Share Buyback Ratio 4.20
UTX's 3-Year Average Share Buyback Ratio is ranked higher than
93% of the 131 Companies
in the Global Aerospace & Defense industry.

( Industry Median: -3.10 vs. UTX: 4.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
UTX' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -3  Med: 0.6 Max: 4.2
Current: 4.2
-3
4.2

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 1.75
UTX's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
53% of the 106 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.84 vs. UTX: 1.75 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
UTX' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.6  Med: 1.3 Max: 2.3
Current: 1.75
0.6
2.3
Price-to-Intrinsic-Value-DCF (Earnings Based) 2.15
UTX's Price-to-Intrinsic-Value-DCF (Earnings Based) is ranked higher than
55% of the 31 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 2.32 vs. UTX: 2.15 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-DCF (Earnings Based) only.
UTX' s Price-to-Intrinsic-Value-DCF (Earnings Based) Range Over the Past 10 Years
Min: 0.32  Med: 1.15 Max: 2.11
Current: 2.15
0.32
2.11
Price-to-Median-PS-Value 1.18
UTX's Price-to-Median-PS-Value is ranked lower than
56% of the 162 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 1.08 vs. UTX: 1.18 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
UTX' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.19  Med: 0.86 Max: 1.32
Current: 1.18
0.19
1.32
Earnings Yield (Greenblatt) % 6.95
UTX's Earnings Yield (Greenblatt) % is ranked higher than
78% of the 204 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 3.57 vs. UTX: 6.95 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
UTX' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 6.5  Med: 8.3 Max: 16.5
Current: 6.95
6.5
16.5
Forward Rate of Return (Yacktman) % 6.42
UTX's Forward Rate of Return (Yacktman) % is ranked higher than
53% of the 120 Companies
in the Global Aerospace & Defense industry.

( Industry Median: 5.58 vs. UTX: 6.42 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
UTX' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 6  Med: 11.9 Max: 25.7
Current: 6.42
6
25.7

More Statistics

Revenue (TTM) (Mil) $61,264.00
EPS (TTM) $ 5.59
Beta1.03
Volatility14.74%
52-Week Range $109.10 - 139.24
Shares Outstanding (Mil)800.06

Analyst Estimate

Dec18 Dec19 Dec20
Revenue (Mil $) 67,157 72,355 72,709
EBIT (Mil $) 8,946 10,534 10,429
EBITDA (Mil $) 11,463 13,208 12,976
EPS ($) 7.00 7.88 8.41
EPS without NRI ($) 7.00 7.88 8.41
EPS Growth Rate
(Future 3Y To 5Y Estimate)
11.91%
Dividends per Share ($) 3.00 3.13 3.52

Piotroski F-Score Details

Piotroski F-Score: 66
Positive ROAY
Positive CFROAY
Higher ROA yoyN
CFROA > ROAY
Lower Leverage yoyN
Higher Current Ratio yoyY
Less Shares Outstanding yoyY
Higher Gross Margin yoyN
Higher Asset Turnover yoyY

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