A Business at a Glance
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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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 21.7B | 21.7B | 22.5B | 19.0B | 20.4B | 20.6B |
| Net Income | 1.5B | 1.5B | 5.6B | 1.3B | 3.5B | 1.7B |
| EPS | $1.72 | $1.72 | $6.15 | $1.58 | $4.10 | $1.87 |
| Free Cash Flow | 2.1B | 2.1B | 44M | 2.2B | 1.4B | 1.9B |
| ROIC | 7.4% | 8.6% | 7.7% | 40.1% | 35.7% | 16.3% |
| Gross Margin | 34.6% | 34.6% | 35.2% | 27.2% | 34.7% | 40.3% |
| Debt/Equity | 0.90 | 0.90 | 0.98 | 1.63 | 1.18 | 1.47 |
| Dividends/Share | $0.89 | $0.68 | $0.80 | $0.75 | $0.64 | $0.51 |
| Operating Income | 2.2B | 2.2B | 2.6B | 2.2B | 4.5B | 2.6B |
| Operating Margin | 10.0% | 10.0% | 11.8% | 11.4% | 22.1% | 12.8% |
| ROE | 10.5% | 10.4% | 38.9% | 15.0% | 43.8% | 23.5% |
| Shares Outstanding | 863M | 863M | 911M | 854M | 862M | 890M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 18.9B | 18.6B | 17.5B | 20.6B | 20.4B | 19.0B | 22.5B | 21.7B | 21.7B |
| Gross Margin | N/A | 41.5% | 41.7% | 40.3% | 34.7% | 27.2% | 35.2% | 34.6% | 34.6% |
| R&D | 400M | 401M | 419M | 503M | 539M | 493M | 686M | 625M | 625M |
| SG&A | 2.7B | 2.8B | 2.8B | 3.1B | 2.5B | 2.6B | 3.2B | 3.1B | 3.1B |
| EBIT | 3.6B | 2.5B | 3.1B | 2.6B | 4.5B | 2.2B | 2.6B | 2.2B | 2.2B |
| Op. Margin | 19.2% | 13.4% | 17.7% | 12.8% | 22.1% | 11.4% | 11.8% | 10.0% | 10.0% |
| Net Income | 2.7B | 2.1B | 2.0B | 1.7B | 3.5B | 1.3B | 5.6B | 1.5B | 1.5B |
| Net Margin | 14.5% | 11.4% | 11.4% | 8.1% | 17.3% | 7.1% | 24.9% | 6.8% | 6.8% |
| Non-Recurring | 879M | 0 | 49M | 89M | 31M | 97M | 108M | 178M | 178M |
| Returns on Capital | |||||||||
| ROIC | N/A | 14.6% | 19.0% | 16.3% | 35.7% | 40.1% | 7.7% | 8.6% | 7.4% |
| ROE | N/A | 14.7% | 30.1% | 23.5% | 43.8% | 15.0% | 38.9% | 10.4% | 10.5% |
| ROA | N/A | 9.4% | 7.9% | 6.4% | 13.5% | 4.1% | 15.0% | 4.0% | 4.0% |
| Cash Flow | |||||||||
| Op. Cash Flow | 2.1B | 2.1B | 1.7B | 2.2B | 1.7B | 2.6B | 563M | 2.5B | 2.5B |
| Free Cash Flow | 1.8B | 1.8B | 1.4B | 1.9B | 1.4B | 2.2B | 44M | 2.1B | 2.1B |
| Owner Earnings | 1.7B | 1.7B | 1.3B | 1.8B | 1.3B | 2.0B | -767M | 1.2B | 1.2B |
| CapEx | 263M | 243M | 312M | 344M | 353M | 439M | 519M | 392M | 392M |
| Maint. CapEx | 357M | 335M | 336M | 338M | 380M | 491M | 1.2B | 1.3B | 1.3B |
| Growth CapEx | 0 | 0 | 0 | 6.0M | 0 | 0 | 0 | 0 | 0 |
| D&A | 357M | 335M | 336M | 338M | 380M | 491M | 1.2B | 1.3B | 1.3B |
| CapEx/OCF | N/A | N/A | 18.4% | 15.4% | 20.3% | 16.8% | 92.2% | 15.6% | 15.6% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 138M | 417M | 509M | 620M | 670M | 772M | 772M |
| Dividend Yield | N/A | N/A | 0.6% | 1.0% | 1.5% | 1.5% | 1.1% | 1.4% | 1.4% |
| Share Buybacks | 0 | 0 | 0 | 527M | 1.4B | 62M | 1.9B | 2.9B | 2.9B |
| Buyback Yield | 0.0% | N/A | N/A | 1.2% | 4.1% | 0.1% | 3.1% | 6.3% | 5.2% |
| Stock-Based Comp | 44M | 52M | 77M | 92M | 77M | 81M | 98M | 74M | 74M |
| Debt Repayment | 0 | 138M | 1.9B | 704M | 1.3B | 111M | 5.3B | 1.2B | 1.2B |
| Balance Sheet | |||||||||
| Net Debt | -1.0B | -666M | 4.8B | 4.4B | 2.5B | -5.0B | 6.2B | 9.6B | 11.2B |
| Cash & Equiv. | 1.1B | 952M | 3.1B | 3.0B | 3.5B | 9.9B | 4.0B | 1.6B | 1.6B |
| Long-Term Debt | 117M | 82M | 10.0B | 9.5B | 8.7B | 14.2B | 11.0B | 11.4B | 11.4B |
| Debt/Equity | N/A | 0.09 | 1.68 | 1.47 | 1.18 | 1.63 | 0.98 | 0.90 | 0.90 |
| Interest Coverage | N/A | 92.3 | 10.7 | 8.6 | 20.6 | 13.5 | 7.1 | 6.0 | 6.0 |
| Equity | N/A | 14.4B | 6.6B | 7.1B | 8.1B | 9.0B | 14.4B | 14.1B | 14.1B |
| Total Assets | N/A | 22.4B | 25.1B | 26.2B | 26.1B | 32.8B | 37.4B | 37.2B | 37.2B |
| Total Liabilities | 88M | 8.0B | 18.5B | 19.1B | 18.0B | 23.8B | 23.0B | 23.1B | 23.1B |
| Intangibles | N/A | 1.1B | 1.0B | 509M | 1.3B | 945M | 6.4B | 6.3B | 6.3B |
| Retained Earnings | N/A | 0 | 1.6B | 2.9B | 5.9B | 6.6B | 11.5B | 12.2B | 12.2B |
| Working Capital | N/A | 1.5B | 3.4B | 4.8B | 3.8B | 12.6B | 2.0B | 1.4B | 1.4B |
| Current Assets | N/A | 6.0B | 8.5B | 11.4B | 9.9B | 19.6B | 9.9B | 8.5B | 8.5B |
| Current Liabilities | N/A | 4.5B | 5.1B | 6.6B | 6.0B | 7.0B | 7.9B | 7.1B | 7.1B |
| Per Share Data | |||||||||
| EPS | 3.16 | 2.44 | 2.25 | 1.87 | 4.10 | 1.58 | 6.15 | 1.72 | 1.72 |
| Owner EPS | 1.91 | 1.93 | 1.45 | 2.03 | 1.49 | 2.38 | -0.84 | 1.35 | 1.35 |
| Book Value | N/A | 16.65 | 7.47 | 7.97 | 9.37 | 10.55 | 15.80 | 16.37 | 16.37 |
| Cash Flow/Share | 2.38 | 2.38 | 1.92 | 2.51 | 2.02 | 3.05 | 0.62 | 2.91 | 3.20 |
| Dividends/Share | 0.00 | 0.00 | 0.28 | 0.51 | 0.64 | 0.75 | 0.80 | 0.68 | 0.89 |
| Shares Out. | 865.2M | 867.2M | 880.9M | 889.8M | 862.0M | 853.8M | 911.2M | 862.8M | 862.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 15.7 | 27.0 | 9.6 | 35.5 | 11.0 | 31.0 | 37.4 |
| P/FCF | N/A | N/A | 22.5 | 23.7 | 24.4 | 22.1 | N/A | 21.7 | 26.2 |
| EV/EBIT | N/A | N/A | 11.4 | 18.4 | 7.9 | 19.7 | 25.6 | 25.4 | 30.7 |
| Price/Book | N/A | N/A | 4.7 | 6.3 | 4.2 | 5.3 | 4.3 | 3.3 | 3.9 |
| Price/Sales | N/A | N/A | 1.3 | 1.9 | 1.7 | 2.1 | 2.6 | 2.5 | 2.6 |
| FCF Yield | N/A | N/A | 4.4% | 4.2% | 4.1% | 4.5% | 0.1% | 4.6% | 3.8% |
| Market Cap | 0 | N/A | 31.0B | 44.9B | 33.9B | 47.9B | 61.9B | 46.0B | 55.5B |
| Avg. Price | 0.00 | N/A | 24.98 | 44.72 | 39.58 | 47.36 | 64.32 | 63.90 | 64.32 |
| Year-End Price | 0.00 | N/A | 35.24 | 50.44 | 39.28 | 56.14 | 67.92 | 53.36 | 64.32 |
CARRIER GLOBAL Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
CARRIER GLOBAL Corp trades at 37.4x trailing earnings, compared to its 15-year median P/E of 21.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 25.3x vs a median of 22.5x. The company's 5-year average ROIC is 21.7% with a gross margin of 34.4%. Total shareholder yield (dividends + buybacks) is 6.6%. At current prices, the estimated annualized return to fair value is -4.4%.
CARRIER GLOBAL Corp (CARR) has a current P/E ratio of 37.4, compared to its historical median P/E of 21.3. The stock is currently considered Expensive based on its historical valuation range.
CARRIER GLOBAL Corp (CARR) has a 5-year average return on invested capital (ROIC) of 21.7%. This indicates strong capital allocation and a potential competitive advantage.
CARRIER GLOBAL Corp (CARR) has a market capitalization of $55.5B. It is classified as a large-cap stock.
Yes, CARRIER GLOBAL Corp (CARR) pays a dividend with a trailing twelve-month yield of 1.39%. The company also returns capital through share buybacks, with a buyback yield of 5.21%.
Based on historical P/E analysis, CARRIER GLOBAL Corp (CARR) appears expensive. The current P/E of 37.4 is 75% above its historical median of 21.3. The estimated fair value CAGR (P/E method) is 5.3%.
CARRIER GLOBAL Corp (CARR) operates in the Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip industry, within the Industrials sector.
CARRIER GLOBAL Corp (CARR) reported annual revenue of $21.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
CARRIER GLOBAL Corp (CARR) has a net profit margin of 6.8%. This is a modest margin.
CARRIER GLOBAL Corp (CARR) generated $2.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CARRIER GLOBAL Corp (CARR) has a debt-to-equity ratio of 0.90. This indicates moderate leverage.
CARRIER GLOBAL Corp (CARR) reported earnings per share (EPS) of $1.72 in its most recent fiscal year.
CARRIER GLOBAL Corp (CARR) has a return on equity (ROE) of 10.4%. This indicates moderate shareholder returns.
CARRIER GLOBAL Corp (CARR) has a 5-year average gross margin of 34.4%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for CARRIER GLOBAL Corp (CARR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CARRIER GLOBAL Corp (CARR) has a book value per share of $16.37, based on its most recent annual SEC filing.