Otis Worldwide

Revenue and free cash flow are supported by recurring service contracts and a growing modernization backlog, which provides visibility even when construction cycles weaken. In Q2 2025, Otis reconfirmed its EPS outlook and guided to $1.4 to $1.5 billion adjusted free cash flow, consistent with TTM FCF near $1.5 billion.

Cyclicality persists in New Equipment, particularly China, but the overall model resembles a toll‑booth as the installed base ages and requires upgrades. Geographical diversity mitigates country risk.