Otis Worldwide Corp (OTIS)
Gross profit margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|
| Gross profit | US$ in thousands | 12,036,000 | 11,644,000 | 12,060,000 | 3,779,000 |
| Revenue | US$ in thousands | 14,059,000 | 13,542,000 | 14,162,000 | 12,634,000 |
| Gross profit margin | 85.61% | 85.98% | 85.16% | 29.91% |
December 31, 2023 calculation
Gross profit margin = Gross profit ÷ Revenue
= $12,036,000K ÷ $14,059,000K
= 85.61%
The gross profit margin of Otis Worldwide Corp has fluctuated over the past five years, ranging from 28.64% in 2019 to 29.63% in 2020. In 2021, the margin slightly decreased to 29.33% before rising again to 28.64% in 2022. However, in the most recent period ending December 31, 2023, the gross profit margin improved to 29.51%. This indicates that the company was able to generate more gross profit relative to its revenue in 2023 compared to the previous year, albeit still below the peak achieved in 2020. Further analysis of the factors influencing gross profit margin changes may provide insights into Otis Worldwide Corp's operational efficiency and pricing strategies.
Peer comparison
Dec 31, 2023