Carrier Global (CARR)
Industrials · $45.6B market cap · SEC CIK 0001783180
fundamentals score out of 100
Next reports on Oct 26, 2026, before the open, with analysts expecting $0.78 in earnings per share.
The case for CARR
- Pays a modest 1.4% dividend.
The case against
- Earnings per share down 68.0%.
- Pricey at 37.3× earnings, against a long-run market average nearer 20×.
- Near the bottom of its 52-week range, 28% below the high. Falling prices usually have a reason; find it first.
- Revenue was flat on the year (-1.6%).
- Net margin of 6% is thinner than 86% of Industrials companies.
- Long-term debt of $11.4B against $1.6B of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 51 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 18 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 28 |
| Momentumhow the price has behaved lately | 22 |
| Stabilityhow violently it moves, what it owes and what it pays you | 35 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 37.3× |
|---|---|
| Price / book | 4.63× |
| Price / sales | 2.1× |
| Revenue growth (YoY) | -1.6% |
| EPS growth (YoY) | -68.0% |
| Gross margin | 25% |
| Operating margin | 8% |
| Net margin | 6% |
| Return on equity | 9% |
| Debt / equity | 0.91× |
| Current ratio | 1.02 |
| Dividend yield | 1.40% |
| Beta | 1.32 |
| 52-week range | $50.24 – $76.76 |
| Position in that range | 19% of the way up |
| 3-month return | -23.9% |
| 1-year return | -9.6% |
Five years of financials, as filed
Pulled from Carrier Global's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $21.7B | $22.5B | $19.0B | $17.3B | $20.6B |
| Operating income | $2.2B | $2.6B | $2.2B | $4.0B | $2.6B |
| Net income | $1.5B | $5.6B | $1.3B | $3.5B | — |
| Operating cash flow | $2.5B | $563M | $2.6B | $1.7B | $2.2B |
| Capital expenditure | $392M | $519M | $439M | $317M | $344M |
| Total assets | $37.2B | $37.4B | $32.8B | $26.1B | $26.2B |
| Total liabilities | $23.1B | $23.0B | $23.8B | $18.0B | $19.1B |
| Cash | $1.6B | $4.0B | $9.9B | $3.3B | $3.0B |
| Long-term debt | $11.4B | $11.0B | $14.2B | $8.7B | $9.5B |
| Free cash flow | $2.1B | $44.0M | $2.2B | $1.4B | $1.9B |
| Operating margin | 10.0% | 11.8% | 11.4% | 23.0% | 12.8% |
| Net margin | 6.8% | 24.9% | 7.1% | 20.4% | — |
| Diluted shares | 862M | 912M | 853M | 861M | 890M |
Share count is down 3.1% over 4 years. Buybacks have been shrinking the pie.
What Carrier Global says it does
Carrier Global Corporation ("we" or "our" or the "Company") is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends,…
Risk factors CARR lists in its 10-K
- Risks Related to the Separation from UTC
- Risks associated with our international operations could adversely affect our competitive position, results of operations, cash flows or financial condition
- We are party to joint ventures and other strategic relationships, which may not be successful and may expose us to unique risks and restrictions
- Risks associated with climate events, government regulations and incentives associated with climate events and mitigation efforts could adversely affect our business
- Demand for our HVAC products and services is influenced by weather conditions and seasonality
- Cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information, and adversely impact our reputation and results of operations
- We incurred debt obligations, and we may incur additional debt in the future, which could adversely affect our business and profitability and our ability to meet other obligations
- We design, manufacture and service products that incorporate advanced technologies. The introduction of new products and technologies involves risks, and we may not realize the degree or timing of benefits initially anticipated
- We operate in a competitive environment and our profitability and competitive position depend on our ability to accurately estimate the costs and timing of providing our products and services
- Customers and others may take disruptive actions
- Labor matters may impact our business
- Our defined benefit pension plans are subject to financial market risks that could adversely affect our results
- We may not realize expected benefits from our cost reduction and restructuring efforts, and our profitability or our business otherwise might be adversely affected
- Failure to achieve and maintain a high level of product and service quality could damage our reputation with customers and negatively impact our results