Otis Worldwide
OTIS NYSE Industrial Machinery & Supplies & Components Financials FY2018–FY2025
Otis Worldwide's revenue rose 1.2% to $14.4 billion in fiscal 2025. Its operating margin was 14.8%, up from 14.1% a year earlier. Free cash flow was $1.4 billion, up 0.5%. It paid out $1.5 billion in dividends and buybacks, 101% of free cash flow. The diluted share count fell 2.4%.
What Otis Worldwide does
Otis makes, installs, services and modernizes elevators, escalators and moving walkways. It serves customers in over 200 countries and territories and has a direct presence in more than 70 countries, with more than 1,400 branches and offices.
It has two segments. New Equipment designs, makes, sells and installs elevators and escalators for homes, offices, shops and infrastructure such as airports and metros. Its customers are mainly property developers and general contractors, as well as government agencies. Service maintains, repairs and modernizes elevators and escalators already in use. Otis reports: 35% of net sales came from New Equipment and 65% from Service, while Service produced 91% of segment operating profit and New Equipment 9%.
About 71% of 2025 net sales came from outside the United States. Otis says it is not dependent on any single customer. Customers usually make an advance payment on new equipment orders, followed by progress payments, and Otis recognizes that revenue as the work is completed. Its main elevator models are Gen2, Gen3, Gen360 and SkyRise.
- Legal name
- OTIS WORLDWIDE CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Accession · CIK
- 0001781335-26-000011
0001781335
Revenue and margins
Otis Worldwide had $14.4B of revenue in fiscal 2025, up 1.2% on the year before.
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 5.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.4B in fiscal 2025, 10.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Otis Worldwide returned $1.5B to shareholders in fiscal 2025, 101% of free cash flow. The diluted share count fell 2.4%.
Value Otis Worldwide yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.9B and divides by 394.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 19.3x · peers 28.0x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Otis Worldwide can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $1.2B | $1.3B | $2.3B | $1.1B |
| Debt incl. finance leases | $7.3B | $6.8B | $6.9B | $8.3B | $8.0B |
| Net debt / EBITDA | 2.5x | 2.5x | 2.4x | 2.8x | 3.0x |
| Interest coverage | 15.5x | 14.5x | 14.1x | 11.0x | 9.8x |
| Current ratio | 1.3x | 0.9x | 1.0x | 1.0x | 0.9x |
| Quick ratio | 1.2x | 0.8x | 0.9x | 0.9x | 0.8x |
| Total assets | $12.3B | $9.8B | $10.1B | $11.3B | $10.7B |
| Total liabilities | $15.3B | $14.5B | $14.8B | $16.0B | $15.9B |
| Shareholders' equity | −$3.6B | −$4.9B | −$4.9B | −$4.8B | −$5.4B |
| Net debt (− = net cash) | $5.7B | $5.6B | $5.6B | $6.0B | $6.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$17.2M
6 insiders
Of sales under plans
54%
$9.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 7, 2026 | Thibault Pierre Marie LefeburePresident, Otis EMEA | Sold | 1,628 | $76.89 | $0.1M | Form 4 |
| Feb 12, 2026 | Montlivault Stephane dePresident, Otis Asia Pacific | Sold | 47,944 | $92.25 | $4.4M | Form 4 |
| Feb 10, 2026 | Michael Patrick RyanSVP, CAO & Controller | Sold | 1,182 | $90.06 | $0.1M | Form 4 |
| Feb 10, 2026 | Nora E. LaFreniereEVP, General Counsel | Sold | 27,418 | $90.38 | $2.5M | Form 4 |
| Feb 5, 2026 | Judith Fran MarksChair, CEO and President, Director | Sold plan | 56,107 | $90.89 | $5.1M | Form 4 |
| Feb 4, 2026 | Judith Fran MarksChair, CEO and President, Director | Sold plan | 46,780 | $89.57 | $4.2M | Form 4 |
| Feb 2, 2026 | Neil GreenEVP & Chief Digital Officer | Sold | 6,000 | $86.45 | $0.5M | Form 4 |
| Nov 5, 2025 | Michael Patrick RyanSVP, CAO & Controller | Sold | 3,028 | $91.69 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | −2.2% | 0.8% | −1.9% |
| Altman Z'' | 0.41 | 0.55 | 0.15 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Otis Worldwide OTIS | $28.8B | 1.2% | 14.8% | 10.0% | 116.6% | 19.3x | 5 | |
| Stanley Black & Decker SWK | $14.9B | −1.5% | — | 4.6% | 6.2% | 24.2x | 6 | Compare → |
| Illinois Tool Works ITW | $79.1B | 0.9% | 26.3% | 16.9% | 30.2% | 25.0x | 6 | Compare → |
| W. W. Grainger GWW | $63.7B | 4.5% | 13.9% | 7.4% | 32.3% | 34.4x | 6 | Compare → |
| Parker Hannifin PH | $112.8B | 8.3% | 23.6% | 18.2% | 17.6% | — | 9 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $12.9B | $13.1B | $12.8B | $14.3B | $13.7B | $14.2B | $14.3B | $14.4B |
| Research and development | $181M | $163M | $152M | $159M | $150M | $144M | $152M | $152M |
| Operating income | $1.8B | $1.8B | $1.6B | $2.1B | $2.0B | $2.2B | $2.0B | $2.1B |
| Interest expense | $20.0M | $0.0M | $124M | $136M | $140M | $155M | $183M | $217M |
| Pretax income | $1.9B | $1.9B | $1.5B | $2.0B | $1.9B | $2.0B | $2.0B | $1.9B |
| Income tax | $683M | $594M | $455M | $541M | $519M | $533M | $305M | $479M |
| Net income | $1.0B | $1.1B | $906M | $1.2B | $1.3B | $1.4B | $1.6B | $1.4B |
| Diluted EPS | $2.42 | $2.55 | $2.08 | $2.89 | $2.96 | $3.39 | $4.07 | $3.50 |
| Diluted shares | 0.43B | 0.43B | 0.43B | 0.43B | 0.42B | 0.41B | 0.40B | 0.39B |
| Cash flow | ||||||||
| Cash from operations | $1.6B | $1.5B | $1.5B | $1.8B | $1.6B | $1.6B | $1.6B | $1.6B |
| Capital expenditure | $172M | $145M | $183M | $156M | $115M | $138M | $126M | $152M |
| Free cash flow | $1.4B | $1.3B | $1.3B | $1.6B | $1.4B | $1.5B | $1.4B | $1.4B |
| Depreciation and amortization | $190M | $180M | $191M | $203M | $191M | $193M | $181M | $175M |
| Stock-based compensation | $38.0M | $37.0M | $63.0M | $65.0M | $67.0M | $64.0M | $73.0M | $80.0M |
| Acquisitions | $50.0M | $47.0M | $53.0M | $80.0M | $46.0M | $36.0M | $87.0M | $109M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $725M | $850M | $800M | $1.0B | $809M |
| Dividends paid | $0.0M | $0.0M | $260M | $393M | $465M | $539M | $606M | $647M |
| Dividends and buybacks | $0.0M | $0.0M | $260M | $1.1B | $1.3B | $1.3B | $1.6B | $1.5B |
| Balance sheet | ||||||||
| Cash and short-term investments | $1.3B | $1.4B | $1.8B | $1.6B | $1.2B | $1.3B | $2.3B | $1.1B |
| Total debt | — | $39.0M | $6.0B | $7.3B | $6.8B | $6.9B | $8.3B | $8.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $5.7B | $6.5B | $8.3B | $6.1B | $6.4B | $7.7B | $6.5B |
| Current liabilities | — | $5.4B | $6.7B | $6.2B | $6.8B | $6.5B | $7.7B | $7.7B |
| Inventory | $0.0M | $571M | $659M | $622M | $617M | $612M | $557M | $613M |
| Property and equipment, net | $678M | $721M | $774M | $774M | $719M | $727M | $701M | $743M |
| Total assets | — | $9.7B | $10.7B | $12.3B | $9.8B | $10.1B | $11.3B | $10.7B |
| Total liabilities | — | $7.4B | $13.9B | $15.3B | $14.5B | $14.8B | $16.0B | $15.9B |
| Shareholders' equity | $2.0B | $1.7B | −$3.9B | −$3.6B | −$4.9B | −$4.9B | −$4.8B | −$5.4B |
| Margins | ||||||||
| Operating margin | 14.2% | 13.8% | 12.9% | 14.7% | 14.9% | 15.4% | 14.1% | 14.8% |
| EBITDA margin | 15.7% | 15.2% | 14.4% | 16.2% | 16.3% | 16.7% | 15.4% | 16.0% |
| Net margin | 8.1% | 8.5% | 7.1% | 8.7% | 9.2% | 9.9% | 11.5% | 9.6% |
| FCF margin | 10.7% | 10.1% | 10.2% | 11.2% | 10.6% | 10.5% | 10.1% | 10.0% |
| Returns | ||||||||
| Return on capital | — | — | — | 91.1% | 88.2% | — | — | 116.6% |
| Return on capital employed | — | — | 39.3% | 41.9% | 45.1% | 66.1% | 55.7% | 65.0% |
| Return on assets | — | — | 8.9% | 10.8% | 11.3% | 14.1% | 15.4% | 12.6% |
| Growth | ||||||||
| Revenue growth | — | 1.6% | −2.8% | 12.1% | −4.3% | 3.8% | 0.4% | 1.2% |
| Net income growth | — | 6.4% | −18.8% | 37.5% | 0.6% | 12.2% | 17.0% | −15.9% |
| EPS growth | — | 5.4% | −18.4% | 38.9% | 2.4% | 14.5% | 20.1% | −14.0% |
| FCF growth | — | −3.9% | −2.0% | 22.9% | −9.4% | 3.0% | −3.5% | 0.5% |
| Share count change | — | 0.0% | 0.4% | −0.7% | −2.0% | −2.0% | −2.5% | −2.4% |
| Financial health | ||||||||
| Net debt / EBITDA | — | −0.7x | 2.3x | 2.5x | 2.5x | 2.4x | 2.8x | 3.0x |
| Debt / equity | — | 0.0x | — | — | — | — | — | — |
| Interest coverage | 91.8x | — | 13.2x | 15.5x | 14.5x | 14.1x | 11.0x | 9.8x |
| Current ratio | — | 1.1x | 1.0x | 1.3x | 0.9x | 1.0x | 1.0x | 0.9x |
| Quick ratio | — | 1.0x | 0.9x | 1.2x | 0.8x | 0.9x | 0.9x | 0.8x |
| Capital allocation | ||||||||
| Capex / revenue | 1.3% | 1.1% | 1.4% | 1.1% | 0.8% | 1.0% | 0.9% | 1.1% |
| Stock comp / revenue | 0.3% | 0.3% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.6% |
| Payouts / FCF | 0.0% | 0.0% | 20.1% | 70.1% | 91.0% | 89.9% | 112.3% | 100.8% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 7.0 | 5.0 | 7.0 | 5.0 | 5.0 |
| Altman Z'' | — | 1.8 | −0.3 | 1.4 | −0.4 | 0.4 | 0.6 | 0.2 |
| Accruals ratio | — | — | −5.6% | −4.4% | −2.8% | −2.2% | 0.8% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001781335). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.