olivLaw · US equity research
Otis Worldwide Corporation OTIS
Electronic & Other Electrical Equipment (No Computer Equip) · SIC 3600 · Vertical: Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600)
Otis is the world's largest manufacturer, installer and service provider of elevators and escalators, with revenue dominated by its Service segment. Amid tariffs and geopolitical uncertainty, growth in Service offsets weakness in New Equipment.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Otis Worldwide Corporation (OTIS) stock was 79.79 USD (+3.87% on the day), with market capitalisation 30.4 bn USD, P/E 19.8 on diluted EPS of 4.02 USD over the last 12 months, dividend yield 2.16%, beta 0.37, 52-week range 64.05–93.62 USD. Latest reported quarter (Q3 2026): revenue of 3.9 bn USD (+6.1% YoY), net income of 414.0 m USD (+10.7% YoY), diluted EPS 1.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 64.71 – 80.41
- in the upper half of the band · %B 0.96 · band width 21.6%
- SMA 50 / 200
- 70.04 / 76.12
- mixed trend
- MACD (12, 26, 9)
- 2.50 / 1.82
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.1% | −1.1% | +22.2 pp | — |
| 3 months | +9.2% | −0.5% | +9.6 pp | — |
| 6 months | +4.0% | +4.4% | −0.4 pp | — |
| Year to date | −8.7% | +12.3% | −21.0 pp | — |
| 1 year | −12.0% | +13.5% | −25.6 pp | −39.2% |
| 3 years | −0.0% | +76.4% | −76.4 pp | −99.9% |
| 5 years | −2.3% | +63.7% | −66.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 3.4 bn | 3.6 bn | 3.7 bn | 3.8 bn | 3.6 bn | 3.9 bn | 3.9 bn |
| Research & development | 37.0 m | 37.0 m | 38.0 m | 36.0 m | 41.0 m | 38.0 m | 39.0 m | 40.0 m |
| SG&A | 495.0 m | 464.0 m | 499.0 m | 504.0 m | 512.0 m | 510.0 m | 520.0 m | 489.0 m |
| Operating income | 531.0 m | 411.0 m | 547.0 m | 586.0 m | 589.0 m | 539.0 m | 575.0 m | 620.0 m |
| Depreciation & amortisation | 48.0 m | 42.0 m | 44.0 m ≈ | 44.0 m ≈ | 45.0 m | 41.0 m | 42.0 m ≈ | 41.0 m ≈ |
| Interest expense | 54.0 m | 57.0 m | 50.0 m | 53.0 m | 57.0 m | 58.0 m | 62.0 m | 65.0 m |
| Pre-tax income | 483.0 m | 366.0 m | 521.0 m | 521.0 m | 526.0 m | 480.0 m | 547.0 m | 552.0 m |
| Income tax | 130.0 m | 110.0 m | 98.0 m | 129.0 m | 142.0 m | 127.0 m | 98.0 m | 126.0 m |
| Net income | 337.0 m | 243.0 m | 393.0 m | 374.0 m | 374.0 m | 340.0 m | 428.0 m | 414.0 m |
| Diluted EPS | 0.84 ≈ | 0.61 | 0.99 | 0.95 | 0.95 ≈ | 0.87 | 1.12 | 1.08 |
| Operating cash flow | 690.0 m | 190.0 m | 215.0 m ≈ | 374.0 m ≈ | 817.0 m | 413.0 m | 267.0 m ≈ | 337.0 m ≈ |
| Capex | 39.0 m | 34.0 m | 36.0 m ≈ | 37.0 m ≈ | 45.0 m | 33.0 m | 44.0 m ≈ | 39.0 m ≈ |
| Dividends paid | 156.0 m | 155.0 m | 164.0 m ≈ | 164.0 m ≈ | 164.0 m | 163.0 m | 167.0 m ≈ | 168.0 m ≈ |
| Share repurchases | 207.0 m | 253.0 m | 308.0 m ≈ | 248.0 m ≈ | 0 | 400.0 m | 407.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 7 percentile of its own 27-quarter history (min 16.0, median 26.4, max 32.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.9 bn | 13.1 bn | 12.8 bn | 14.3 bn | 13.7 bn | 14.2 bn | 14.3 bn | 14.4 bn |
| Revenue YoY | unavailable | +1.6% | −2.8% | +12.1% | −4.3% | +3.8% | +0.4% | +1.2% |
| Net income | 1.0 bn | 1.1 bn | 906.0 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.4 bn |
| Net income YoY | unavailable | +6.4% | −18.8% | +37.5% | +0.6% | +12.2% | +17.0% | −15.9% |
| Diluted EPS | 2.42 | 2.55 | 2.08 | 2.89 | 2.96 | 3.39 | 4.07 | 3.50 |
| Diluted EPS YoY | unavailable | +5.4% | −18.4% | +38.9% | +2.4% | +14.5% | +20.1% | −14.0% |
| net % | 8.1% | 8.5% | 7.1% | 8.7% | 9.2% | 9.9% | 11.5% | 9.6% |
| Free cash flow | 1.4 bn | 1.3 bn | 1.3 bn | 1.6 bn | 1.4 bn | 1.5 bn | 1.4 bn | 1.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 8.0 bn USD
- Net debt
- 6.9 bn USD
- Equity
- -5.3 bn USD
- Total assets
- 10.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.85x
- ROE
- unavailable
- ROA
- 12.6%
- FCF margin
- 10.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.8 bn | 14.3 bn | 13.7 bn | 14.2 bn | 14.3 bn | 14.4 bn | SEC (XBRL)· 05 Feb 2026verified |
| Research & development | 152.0 m | 159.0 m | 150.0 m | 144.0 m | 152.0 m | 152.0 m | SEC (XBRL)· 05 Feb 2026verified |
| SG&A | 1.9 bn | 1.9 bn | 1.8 bn | 1.9 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 05 Feb 2026verified |
| Operating income | 1.6 bn | 2.1 bn | 2.0 bn | 2.2 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 05 Feb 2026verified |
| Depreciation & amortisation | 191.0 m | 203.0 m | 191.0 m | 193.0 m | 181.0 m | 175.0 m | SEC (XBRL)· 05 Feb 2026verified |
| EBITDA | 1.8 bn ≈ | 2.3 bn ≈ | 2.2 bn ≈ | 2.4 bn ≈ | 2.2 bn ≈ | 2.3 bn ≈ | SEC (XBRL)· 05 Feb 2026derived |
| Interest expense | 124.0 m | 136.0 m | 140.0 m | 155.0 m | 183.0 m | 217.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Pre-tax income | 1.5 bn | 2.0 bn | 1.9 bn | 2.0 bn | 2.0 bn | 1.9 bn | SEC (XBRL)· 05 Feb 2026verified |
| Income tax | 455.0 m | 541.0 m | 519.0 m | 533.0 m | 305.0 m | 479.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Net income | 906.0 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.4 bn | SEC (XBRL)· 05 Feb 2026verified |
| Diluted EPS | 2.08 | 2.89 | 2.96 | 3.39 | 4.07 | 3.50 | SEC (XBRL)· 05 Feb 2026verified |
| Weighted average diluted shares | 434.6 m | 431.4 m | 423.0 m | 414.6 m | 404.4 m | 394.9 m | SEC (XBRL)· 05 Feb 2026verified |
| Dividend per share | 0.60 | 0.92 | 1.11 | 1.31 | 1.51 | 1.65 | SEC (XBRL)· 05 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 1.6 bn | 1.2 bn | 1.3 bn | 2.3 bn | 1.1 bn | SEC (XBRL)· 05 Feb 2026verified |
| Receivables | 3.1 bn | 3.2 bn | 3.4 bn | 3.5 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 05 Feb 2026verified |
| Inventories | 659.0 m | 622.0 m | 617.0 m | 612.0 m | 557.0 m | 613.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Current assets | 6.5 bn | 8.3 bn | 6.1 bn | 6.4 bn | 7.7 bn | 6.5 bn | SEC (XBRL)· 05 Feb 2026verified |
| Property, plant & equipment, net | 774.0 m | 774.0 m | 719.0 m | 727.0 m | 701.0 m | 743.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Goodwill | 1.8 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 05 Feb 2026verified |
| Intangibles (excl. goodwill) | 484.0 m | 419.0 m | 369.0 m | 335.0 m | 311.0 m | 343.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Total assets | 10.7 bn | 12.3 bn | 9.8 bn | 10.1 bn | 11.3 bn | 10.7 bn | SEC (XBRL)· 05 Feb 2026verified |
| Accounts payable | 1.5 bn | 1.6 bn | 1.7 bn | 1.9 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 05 Feb 2026verified |
| Short-term debt | 701.0 m | 24.0 m | 670.0 m | 32.0 m | 1.4 bn | 1.1 bn | SEC (XBRL)· 05 Feb 2026verified |
| Long-term debt | 5.3 bn | 7.2 bn | 6.1 bn | 6.9 bn | 7.0 bn | 6.9 bn | SEC (XBRL)· 05 Feb 2026verified |
| Current liabilities | 6.7 bn | 6.2 bn | 6.8 bn | 6.5 bn | 7.7 bn | 7.7 bn | SEC (XBRL)· 05 Feb 2026verified |
| Total liabilities | 13.9 bn | 15.3 bn | 14.5 bn | 14.8 bn | 16.0 bn | 15.9 bn | SEC (XBRL)· 05 Feb 2026verified |
| Equity | -3.4 bn | -3.1 bn | -4.8 bn | -4.9 bn | -4.8 bn | -5.3 bn | SEC (XBRL)· 05 Feb 2026verified |
| Shares outstanding at year end | — | — | 414.9 m | 405.5 m | — | — | SEC (XBRL)· 26 Oct 2023verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.8 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 05 Feb 2026verified |
| Capex | 183.0 m | 156.0 m | 115.0 m | 138.0 m | 126.0 m | 152.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Free cash flow | 1.3 bn ≈ | 1.6 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | 1.4 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 05 Feb 2026derived |
| Investing cash flow | -353.0 m | -89.0 m | -33.0 m | -183.0 m | -164.0 m | -406.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Financing cash flow | -844.0 m | 58.0 m | -3.7 bn | -1.4 bn | -309.0 m | -2.4 bn | SEC (XBRL)· 05 Feb 2026verified |
| Dividends paid | 260.0 m | 393.0 m | 465.0 m | 539.0 m | 606.0 m | 647.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Share repurchases | 0 | 725.0 m | 850.0 m | 800.0 m | 1.0 bn | 809.0 m | SEC (XBRL)· 05 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 30.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation89
- Returns100
- Quality53
- Balance sheet2
- Growth10
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 49.16 – 262.81 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)49.16 – 93.15 (Mid 65.49)WACC 8.3% · starting FCFF 1.9 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 8.6%
- Peers: EV/Sales196.10 – 262.81 (Mid 219.88)4 companies used · median multiple 6.0x · quartiles 5.4x – 7.1xEMR, GE, GEV, MKDW
- Peers: EV/EBITDAunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | 15.3% | 61 (on a fixed band) | 10% |
| FCF margin · Quality | 11.1% | 44 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 1.8% | 7 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 1.2% | 17 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | 3.0x | 1 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.9x | 3 (on a fixed band) | 7% |
| EV/Sales · Valuation | 2.5x | 80 (vs peers) | 19% |
| FCF yield · Valuation | 5.5% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 4.8% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 2/2 factors with a value
- Growth10/100 · 2/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation89/100 · 2/2 factors with a value
Memo
OTIS WORLDWIDE CORPORATION (OTIS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 14.4 bn USD in 2025; YoY growth 1.2%; net margin 10.3%; net debt/EBITDA 3.0x.
The estimated value range is 122.63–177.98 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 142.69 USD, the price of 79.79 USD leaves a potential of 78.8% (value / price − 1) and a margin of safety of 44.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 2.5x
- FCF yield: 5.5%
- Shareholder yield (distributions): 4.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 1.8%
- Revenue growth (YoY): 1.2%
- Net debt / EBITDA: 3.0x
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Gross margin.
Versus the vertical median
Electronic & Other Electrical Equipment (No Computer Equip) (SIC 3600) · same industry (4-digit SIC) · compared with 6 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GEGeneral Electric Company | 340.4 bn | 38.0 | 50.1% | 17.3% | +18.5% | +10% / +239% |
| GEVGE Vernova Inc. | 220.4 bn | 21.8 | 103.5% | 23.5% | +9.0% | +39% / unavailable |
| EMREmerson Electric Co. | 95.1 bn | 37.3 | 12.8% | 13.8% | +3.0% | +28% / +92% |
| OTISOtis Worldwide Corporation | 30.4 bn | 19.8 | — | 10.3% | +1.2% | −12% / −0% |
| MKDWMKDWELL Tech Inc. | 22.7 m | — | -401.0% | -104.0% | +51.6% | −97% / −100% |
| FXHOUTime Limited | 11.0 m | — | -328.7% | -14.2% | −17.7% | −89% / −100% |
| TRNRInteractive Strength Inc. | 2.0 m | — | -336.8% | -159.3% | +114.3% | −99% / −100% |
1- and 3-year price returns: for OTIS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 46.60 Total return -40% · Per year -40% | 82.50 Total return 6% · Per year 6% | 124.42 Total return 59% · Per year 59% |
| 3 years | 42.79 Total return -42% · Per year -16% | 85.47 Total return 14% · Per year 4% | 141.87 Total return 86% · Per year 23% |
| 5 years | 39.30 Total return -43% · Per year -11% | 88.55 Total return 23% · Per year 4% | 161.78 Total return 118% · Per year 17% |
- Exit P/E± 21.37
- Net margin± 14.96
- Annual revenue growth± 12.61
- Annual dilution± 1.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Otis is the world's largest manufacturer, installer and service provider of elevators and escalators, with revenue dominated by its Service segment. Amid tariffs and geopolitical uncertainty, growth in Service offsets weakness in New Equipment 13.
SWOT
Strengths
- Leading global position in elevators and escalators, with a broad branch network and the largest maintenance portfolio in the industry 13.
- The Service segment generates most of the profit and provides recurring revenue backed by long-term contracts with building owners and managers 1.
- A large patent portfolio and a network of R&D centers and factories support product innovation and digitalization 1.
Weaknesses
- The New Equipment segment has very thin operating margins and weak sales in China, weighing on overall profitability 3.
- Dependence on foreign markets and local currencies exposes results to exchange rate swings, and a stronger US dollar has already hurt reported sales 1.
- Restructuring and transformation costs have risen in recent years, and adjusted profit declined in the first half of 2026 13.
Opportunities
- Modernization of an aging elevator base and demand for reliability could expand Service revenue 3.
- Digital and predictive maintenance solutions could increase the number and value of service contracts 1.
- Emerging markets, where urbanization continues, could create new demand for equipment and services 1.
Threats
- Trade tariffs and US-China tensions could raise costs and reduce demand for new equipment 12.
- Geopolitical conflicts in the Middle East and between Russia and Ukraine could disrupt supply chains and reduce investment 2.
- Strong competition from global rivals and local operators could pressure prices and margins 1.
Risks
- China exposurehigh
China is the largest market for new equipment, and a pullback in credit or investment there could hurt New Equipment sales and Service growth 13.
- Tariffs and trademedium
Changes in trade policy could raise product and service costs, and the ability to pass these on to customers may be limited 12.
- Currencymedium
Most sales come from outside the US, and currency moves can change reported results in dollars 1.
- Geopolitical conflictsmedium
Conflicts in the Middle East and between Russia and Ukraine could raise operating costs and affect capital markets and supply chains 2.
- Supplier dependencelow
Some components come from a limited number of suppliers, and their difficulties could delay projects and raise costs 1.
Investment thesis
What would need to be true (bull case)
- Growth in Service, with modernization and repair expanding, can support recurring revenue and long-term margins if demand holds 3.
- Modernization orders and a strong backlog give visibility into future revenue, and adjusted cash flow remains solid 3.
- The global leadership position and large maintenance portfolio could provide a lasting competitive advantage if digitalization expands 1.
What would break the thesis
- If weakness in China and New Equipment persists, overall profitability could remain under pressure 3.
- Tariffs and geopolitical tensions could raise costs and slow customer investment 12.
- Adjusted profit fell in the first half of the year, and continued spending on service quality could keep margins constrained 3.
What to watch
- Development of New Equipment sales in China and Asia PacificQ3 2026
- Pace of Service growth and modernization ordersQ3 2026
- Delivery against the 2026 adjusted operating profit and free cash flow outlook2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Otis operates two segments, New Equipment and Service, which in 2025 contributed 35% and 65% of net sales respectively, while Service generated 91% of segment operating profit 1. Net sales for 2025 were 14431 million USD 1. The company serves customers in over 200 countries and territories, with more than 1400 branches and offices 1.
The New Equipment segment designs, manufactures and installs passenger and freight elevators, escalators and moving walkways for residential, commercial and infrastructure projects, with customers mainly developers and general contractors 1. The Service segment provides maintenance, repair and modernization for a portfolio of approximately 2.5 million units 1.
The strategy relies on converting new installations into maintenance contracts, and the UpLift program, with annual run-rate savings of approximately 200 million USD, aims to simplify the operating model 12. The company also invests in digitalization through Otis ONE, with about 1.1 million units connected 1.
Segments
Market context
The elevator and escalator market is closely tied to construction and infrastructure investment, and China remains the largest market for new equipment, representing about one fifth of global New Equipment net sales 1. International operations make up 71% of net sales, showing strong exposure to foreign markets 1. The maintenance market is fragmented, and independent operators hold a significant share of installed units 1.
Trends
- Demand for modernization and repairtailwind
An aging installed base and customer focus on reliability and uptime support demand for modernization and repair, with modernization orders up 9% at constant currency 3. If this continues, it could support long-term Service growth.
- Digitalization and operating efficiencymixed
The Otis ONE platform and predictive maintenance tools could improve technician productivity and reduce elevator downtime, and the UpLift program has generated savings 13. The margin effect is mixed, as investment in service quality weighed on adjusted profit in the second quarter of 2026 3.
Competitive position
Major global competitors are KONE Oyj, Schindler Group and TK Elevator, with several additional competitors in Asia Pacific 1. In maintenance, independent service providers and small operators are significant competitors, holding about half of service units though a smaller share by value 1.
Competitiveness depends on local codes, price and reputation, delivery and execution, product quality and reliability, and long-term support 1. Distributors that also sell competing products can affect access to local markets, especially in China 1.
- KONE Oyj
Major global competitor in New Equipment and Service, named in the company's own filing.
- Schindler Group
Major global competitor in elevators and escalators, named in the company's own filing.
- TK Elevator
Major global competitor in New Equipment and maintenance, named in the company's own filing.
- Independent service providers
Local maintenance providers that control a significant share of installed units but a smaller share by value.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Show HN: I built Otis, a minimal AI agent that runs local models out of the boxHacker News · 14 Sept 2026 · EN
- Is Otis Worldwide Stock Underperforming the Nasdaq?Yahoo Finance — News · 10 Sept 2026 · EN
- "ДОМ.РФ" стал владельцем бывшей "дочки" производителя лифтов OtisInterfax Russia (RU) · 09 Sept 2026 · RU
- «Дом.РФ» стал собственником бывшего бизнеса Otis в РоссииRBC News (RU business+politics) · 09 Sept 2026 · RU
The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Current report07 May 2026Other events · Financial statements and exhibits
- Quarterly report23 Apr 2026
- Current report22 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Otis Worldwide Corporation · 05 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Otis Worldwide Corporation · 23 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Otis Worldwide Corporation · 22 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.