Otis is the world's largest elevator and escalator company, designing, manufacturing, installing, servicing, and modernizing elevators, escalators, and moving walkways across more than 200 countries. Otis operates two segments: New Equipment (~35% of revenue) covers the sale and installation of elevators and escalators to real estate developers, contractors, and government agencies; Service (~65% of revenue, ~91% of segment operating profit) covers maintenance contracts, repair, modernization of aging units, and Otis ONE, an IoT platform connecting roughly 1.1 million units to the cloud for predictive maintenance and remote diagnostics. Otis's core business model is a "service flywheel": each new equipment installation is a lead generation event for a recurring, high-margin maintenance contract. Profitability is driven by portfolio density (more units per geography means more efficient mechanic deployment), high retention rates (~92-93% outside China), and annual price increases in mature markets. Modernization — upgrading units that are 20+ years old in developed markets — is a growing focus, with Otis targeting what it sees as a large pool of aging units globally. China, once Otis's highest-margin new equipment market, has seen significant volume and pricing declines since 2021, and Otis is repositioning its China business toward service and modernization. Otis is capital-light, generates roughly $1.6B in annual free cash flow, and returns most of it to shareholders through buybacks and dividends.