- Price
- $66.45 → $65.95(−0.8%)
- Discount
- 36.7% → 37.2%(+0.5 pts)
- Balance sheet
- 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 then, but this is not a sign of distress. Treasury stock was $4.2 billion at December 31, 2025. 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. Total debt was $8.4 billion at June 30, 2026. Almost all of itdebt is unsecured fixed-rate notes at the parent, with a weighted average maturity of about 6 years. Net debt was $7.6 billion. This was about 3.1 timesEBITDA is operating profit before depreciation and amortization of about $2.5 billion overfor the 12 months to June 2026. In the first half of 2026,Interest cover is operating profit of $1.1 billion coveredover interest expense on external debt in the first half of $120 million about 9 times2026. Cash was $813 million, and the $1.5 billion revolving credit facility to August 2030 was undrawn. 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. The Moody's (Baa1, stable outlook when affirmed inrating is from April 2025), and S&P givealso gives Otis an investment-grade ratingsrating. 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 2026-06-30.