Otis Worldwide Corp (OTIS)

Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company. It serves customers in over 200 countries and territories, with more than 1,400 branches and offices and a direct physical presence in more than 70 countries. International operations represented about 71% of 2025 net sales.

The company has two segments, New Equipment and Service, which contributed 35% and 65% of 2025 net sales and 9% and 91% of segment operating profit, respectively. New Equipment designs, manufactures, sells and installs passenger and freight elevators, escalators and moving walkways. Its elevator platforms are Gen2 (the principal low- and mid-rise solution, with over one million units sold), Gen3, Gen360 and SkyRise for high-rise buildings. Service performs maintenance, repair and modernization of elevators and escalators, and covers a portfolio of about 2.5 million units, including equipment from other manufacturers. Maintenance offerings range from basic inspection contracts to tiered plans up to comprehensive component replacement, and modernization ranges from interior upgrades to replacement of machines, safety systems or entire cars. Digital offerings include the Otis ONE cloud-based IoT platform, with about 1.1 million connected units, plus eView in-car displays, the Compass 360 destination management system and the eCall Plus smartphone app. The 24/7 OTISLINE call center dispatches technicians.

New Equipment customers include real estate developers, general contractors and government agencies, particularly for infrastructure such as airports, railways and metros. Sales are mostly direct, supplemented by agents and distributors in China and certain other regions. Service customers are building owners, facility managers, housing associations and government agencies. No single customer, service contract, agent or distributor is material to Otis as a whole. New Equipment orders are generally delivered within 12 months, with advance and milestone payments and revenue recognized on a percentage-of-completion basis.

Otis operates 16 factories and 11 R&D centers worldwide, with major locations in China, India, Japan, France, Germany, Spain and the United States. R&D expense was $152 million in 2025, and the company has about 1,300 engineers, approximately 4,600 issued patents and about 1,300 pending applications. Service is delivered by about 37,000 mechanics, and the total workforce is about 72,000. China operations run through joint ventures, notably Otis China, and in October 2025 Otis bought out the noncontrolling shareholder of Otis Electric. About 400 key suppliers support manufacturing, and no single supplier is considered material. The industry is highly competitive, with major global competitors KONE, Schindler and TK Elevator, additional Asia Pacific competitors, and independent service providers holding about 50% of service units.