OTIS changes
Pick any two versions below to diff them.
- Price
- $66.45 → $65.95(−0.8%)
- Balance sheet
- added: Cash: $813M Debt: $8.4B Net debt: $7.6B EBITDA, last 12 months: $2.5B Net debt / EBITDA: 3.0× (medium) Interest cover: 9.0× Undrawn credit line: $1.5B, to August 2030 Ratings: Moody's Baa1 (stable outlook) Otis has negative equity: a total equity deficit of $5.6 billion at June 30, 2026. It took on debt at its 2020 spin-off from United Technologies and has bought back shares since removed: then. added: then, but this is not a sign of distress. Treasury stock was $4.2 billion at December 31, 2025. removed: This is not a sign of distress. The Service business maintains about 2.5 million units and gives steady cash flow. Customers also pay in advance, which shows as $3.0 billion of contract liabilities. removed: Total debt was $8.4 billion at June 30, 2026. Almost all removed: of it added: debt is unsecured fixed-rate notes at the parent, with a weighted average maturity of about 6 years. removed: Net debt was $7.6 billion. This was about 3.1 times added: EBITDA is operating profit before depreciation and amortization removed: of about $2.5 billion over added: for the 12 months to June 2026. removed: In the first half of 2026, added: Interest cover is operating profit removed: of $1.1 billion covered added: over interest expense on external debt removed: of $120 million about 9 times. Cash was $813 million, and added: in the removed: $1.5 billion revolving credit facility to August 2030 was undrawn. added: first half of 2026. No commercial paper was outstanding. In May 2026, Otis issued $700 million of notes due 2029, mostly to repay euro notes due December 15, 2026. added: The Moody's removed: (Baa1, stable outlook when affirmed in added: rating is from April removed: 2025) added: 2025, and S&P removed: give added: also gives Otis added: an investment-grade removed: ratings. added: rating. The debt lets Otis keep paying dividends and buying back shares ($807 million in the first half of 2026). But it leaves less room if Service margins keep falling. As of Jun 30, 2026.