A Business at a Glance
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CARRIER GLOBAL Corp
CARR
$59.4B
Mkt Cap
$68.88
-0.39%
CARRIER GLOBAL Corp (CARR) has a current P/E ratio of 40.0, 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 13.1%. This indicates solid capital allocation.
CARRIER GLOBAL Corp (CARR) has a market capitalization of $58.1B. It is classified as a large-cap stock.
Yes, CARRIER GLOBAL Corp (CARR) pays a dividend with a trailing twelve-month yield of 1.34%. The company also returns capital through share buybacks, with a buyback yield of 3.29%.
Based on historical P/E analysis, CARRIER GLOBAL Corp (CARR) appears expensive. The current P/E of 40.0 is 88% above its historical median of 21.3. The estimated fair value CAGR (P/E method) is 5.7%.
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 Corporation is a global leader in intelligent climate and energy solutions serving residential, commercial, and cold chain markets through four reportable segments: Climate Solutions Americas (CSA), Climate Solutions Europe (CSE), Climate Solutions Asia Pacific, Middle East & Africa (CSAME), and Climate Solutions Transportation (CST). The company operates a diversified portfolio of industry-leading brands including Carrier, Viessmann, Toshiba, Automated Logic, Bryant, and Carrier Transicold, offering heating, cooling, ventilation, and energy management systems alongside comprehensive building services such as installation, repair, maintenance, and monitoring. Carrier's business model combines new equipment sales (72% of 2025 net sales) with high-margin aftermarket parts and services (28% of 2025 net sales), generating recurring revenue streams through preventative maintenance contracts, digital monitoring subscriptions, and lifecycle solutions that connect customers to the company throughout product lifecycles. The company distributes products through direct sales to building contractors and owners as well as indirectly via joint ventures, independent representatives, distributors, wholesalers, dealers, and retail outlets, with international operations representing approximately 52% of 2025 net sales. Carrier's competitive moat rests on its portfolio of iconic, industry-leading brands, track record of innovation in energy-efficient and electrified solutions, digitally-enabled platforms such as Abound and Lynx that enhance customer engagement and aftermarket capture, and scale advantages in supply chain and sourcing. The company serves diverse end-markets including residential, commercial, education, healthcare, technology, retail, hospitality, data centers, and infrastructure, positioning it to benefit from secular trends including urbanization, population growth, electrification, food security demands, and accelerated digitalization.
【Commercial momentum and aftermarket expansion】 Management expects continued double-digit growth in global commercial HVAC and aftermarket businesses, which together represent approximately 45% of the portfolio, with particular strength anticipated in data center deployments as the company converts a robust backlog into 2026 revenues. The company is executing significant cost reduction actions initiated in 2025 that are expected to deliver over $100 million of carryover savings in 2026, supporting margin expansion despite near-term headwinds in shorter-cycle residential and light commercial businesses. Carrier Energy and digitally-enabled lifecycle solutions, including the residential digital ecosystem and Lynx subscription platform covering nearly 240,000 units with plans to triple that number in coming years, are positioned to drive incremental recurring revenue and enhance customer intimacy. Management remains focused on controlling controllables across growth, cost, and productivity while navigating macro uncertainty, with confidence that when shorter-cycle businesses recover from current softness, the company is positioned for outsized gains given its market-leading positions and aggressive cost actions.
| Metric | Target | Period |
|---|---|---|
| Net sales | approximately $22 billion | FY2026 |
| Organic sales growth | flat to low single digits | FY2026 |
| Adjusted EPS | approximately $2.80 | FY2026 |
| Operating profit | about $3.4 billion | FY2026 |
| Free cash flow | approximately $2 billion | FY2026 |
| Share repurchases | about $1.5 billion | FY2026 |
Net sales (FY2026): “we are reaffirming our full-year sales outlook of approximately $22 billion with organic growth of flat to low single digits”
Organic sales growth (FY2026): “we are reaffirming our full-year sales outlook of approximately $22 billion with organic growth of flat to low single digits”
Adjusted EPS (FY2026): “We expect adjusted EPS of approximately $2.80, up high single digits versus 2025”
Operating profit (FY2026): “Total company adjusted operating profit is expected to be about $3.4 billion”
Free cash flow (FY2026): “We expect free cash flow to be approximately $2 billion, which will be second half-weighted, reflecting our normal seasonality”
Share repurchases (FY2026): “Finally, we intend to repurchase about $1.5 billion in shares”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 21.9B | 21.7B | 22.5B | 19.0B | 17.3B | 20.6B |
| Net Income | 1.3B | 1.5B | 5.6B | 1.3B | 3.5B | 1.7B |
| EPS | $1.52 | $1.72 | $6.15 | $1.58 | $4.10 | $1.87 |
| Free Cash Flow | 1.7B | 2.1B | 44M | 2.2B | 1.4B | 1.9B |
| ROIC | 7.4% | 7.9% | 8.6% | 11.7% | 23.9% | 13.3% |
| Gross Margin | - | 33.8% | 26.6% | 27.2% | 24.9% | 32.2% |
| Debt/Equity | 0.83 | 0.87 | 0.90 | 1.63 | 1.16 | 1.46 |
| Dividends/Share | $0.92 | $0.68 | $0.80 | $0.75 | $0.64 | $0.51 |
| Operating Income | 1.8B | 2.2B | 2.6B | 2.2B | 4.0B | 2.6B |
| Operating Margin | 8.2% | 10.0% | 11.8% | 11.4% | 23.0% | 12.8% |
| ROE | 9.5% | 10.4% | 47.9% | 15.8% | 46.6% | 24.3% |
| Shares Outstanding | 843M | 863M | 911M | 854M | 862M | 890M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 18.9B | 18.6B | 17.5B | 20.6B | 17.3B | 19.0B | 22.5B | 21.7B | 21.9B |
| Gross Margin | 31.3% | 31.1% | 32.9% | 32.2% | 24.9% | 27.2% | 26.6% | 33.8% | N/A |
| R&D | 400M | 401M | 419M | 503M | 416M | 493M | 686M | 625M | 615M |
| SG&A | 2.7B | 2.8B | 2.8B | 3.1B | 2.0B | 2.6B | 3.2B | 3.1B | 3.2B |
| EBIT | 3.6B | 2.5B | 3.1B | 2.6B | 4.0B | 2.2B | 2.6B | 2.2B | 1.8B |
| Op. Margin | 19.2% | 13.4% | 17.7% | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% | 8.2% |
| Net Income | 2.7B | 2.1B | 2.0B | 1.7B | 3.5B | 1.3B | 5.6B | 1.5B | 1.3B |
| Net Margin | 14.5% | 11.4% | 11.4% | 8.1% | 20.4% | 7.1% | 24.9% | 6.8% | 6.0% |
| Non-Recurring | 879M | 126M | 49M | 89M | 20M | 75M | 108M | 178M | 278M |
| Returns on Capital | |||||||||
| ROIC | N/A | 14.4% | 15.3% | 13.3% | 23.9% | 11.7% | 8.6% | 7.9% | 7.4% |
| ROE | N/A | 14.7% | 18.9% | 24.3% | 46.6% | 15.8% | 47.9% | 10.4% | 9.5% |
| ROA | N/A | 18.8% | 8.3% | 6.5% | 13.5% | 4.6% | 16.0% | 4.0% | 3.5% |
| Cash Flow | |||||||||
| Op. Cash Flow | 2.1B | 2.1B | 1.7B | 2.2B | 1.7B | 2.6B | 563M | 2.5B | 2.1B |
| Free Cash Flow | 1.8B | 1.8B | 1.4B | 1.9B | 1.4B | 2.2B | 44M | 2.1B | 1.7B |
| Owner Earnings | 1.7B | 1.7B | 1.3B | 1.8B | 1.3B | 2.0B | -767M | 1.2B | 751M |
| CapEx | 263M | 243M | 312M | 344M | 317M | 439M | 519M | 392M | 423M |
| Maint. CapEx | 357M | 335M | 336M | 338M | 328M | 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 | 328M | 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% | 20.1% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 138M | 417M | 509M | 620M | 670M | 772M | 775M |
| Dividend Yield | N/A | N/A | 0.6% | 1.0% | 1.5% | 1.5% | 1.1% | 1.4% | 1.3% |
| Share Buybacks | 0 | 0 | 0 | 527M | 1.4B | 62M | 1.9B | 2.9B | 1.9B |
| Buyback Yield | 0.0% | N/A | N/A | 1.2% | 4.1% | 0.1% | 3.1% | 6.3% | 3.3% |
| Stock-Based Comp | 44M | 52M | 77M | 92M | 77M | 81M | 98M | 74M | 72M |
| Debt Repayment | 0 | 138M | 1.9B | 704M | 1.3B | 111M | 5.3B | 1.2B | 1.2B |
| Balance Sheet | |||||||||
| Net Debt | -1.0B | 237M | 7.9B | 7.4B | 6.1B | 4.9B | 9.0B | 10.8B | 10.1B |
| Cash & Equiv. | 1.1B | 952M | 3.1B | 3.0B | 3.3B | 9.9B | 4.0B | 1.6B | 1.4B |
| Long-Term Debt | 117M | 82M | 10.0B | 9.5B | 8.7B | 14.2B | 11.0B | 11.4B | 10.4B |
| Debt/Equity | N/A | 0.08 | 1.67 | 1.46 | 1.16 | 1.63 | 0.90 | 0.87 | 0.83 |
| Interest Coverage | N/A | 89.0 | 10.3 | 8.3 | 16.7 | 7.1 | 4.6 | 4.7 | 4.7 |
| Equity | N/A | 14.4B | 6.6B | 7.1B | 8.1B | 9.0B | 14.4B | 14.1B | 13.8B |
| 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 | 23.4B |
| Intangibles | N/A | 1.1B | 1.0B | 509M | 1.3B | 945M | 6.4B | 6.3B | 6.0B |
| Retained Earnings | N/A | 0 | 1.6B | 2.9B | 5.9B | 6.6B | 11.5B | 12.2B | 12.4B |
| Working Capital | N/A | 1.5B | 3.4B | 4.8B | 3.8B | 12.6B | 2.0B | 1.4B | 433M |
| Current Assets | N/A | 6.0B | 8.5B | 11.4B | 9.9B | 19.6B | 9.9B | 8.5B | 9.0B |
| Current Liabilities | N/A | 4.5B | 5.1B | 6.6B | 6.0B | 7.0B | 7.9B | 7.1B | 8.6B |
| Per Share Data | |||||||||
| EPS | 3.16 | 2.44 | 2.25 | 1.87 | 4.10 | 1.58 | 6.15 | 1.72 | 1.52 |
| Owner EPS | 1.91 | 1.93 | 1.45 | 2.03 | 1.55 | 2.38 | -0.84 | 1.35 | 0.89 |
| Book Value | N/A | 16.65 | 7.47 | 7.97 | 9.37 | 10.55 | 15.80 | 16.37 | 16.38 |
| Cash Flow/Share | 2.38 | 2.38 | 1.92 | 2.51 | 2.02 | 3.05 | 0.62 | 2.91 | 3.08 |
| Dividends/Share | 0.00 | 0.00 | 0.16 | 0.51 | 0.64 | 0.75 | 0.80 | 0.68 | 0.92 |
| Shares Out. | 865.2M | 867.2M | 880.9M | 889.8M | 862.0M | 853.8M | 911.2M | 862.8M | 842.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 15.7 | 27.0 | 9.6 | 35.5 | 11.0 | 31.0 | 45.4 |
| P/FCF | N/A | N/A | 22.5 | 23.7 | 23.7 | 22.1 | N/A | 21.7 | 34.4 |
| EV/EBIT | N/A | N/A | 11.4 | 18.4 | 7.9 | 19.7 | 25.6 | 25.4 | 37.8 |
| Price/Book | N/A | N/A | 4.7 | 6.3 | 4.2 | 5.3 | 4.3 | 3.3 | 4.2 |
| Price/Sales | N/A | N/A | 1.3 | 1.9 | 1.7 | 2.1 | 2.6 | 2.5 | 2.7 |
| FCF Yield | N/A | N/A | 4.4% | 4.2% | 4.2% | 4.5% | 0.1% | 4.6% | 2.9% |
| Market Cap | 0 | N/A | 31.0B | 44.9B | 33.9B | 47.9B | 61.9B | 46.0B | 58.1B |
| Avg. Price | 0.00 | N/A | 24.98 | 44.72 | 39.58 | 47.36 | 64.32 | 63.90 | 68.88 |
| Year-End Price | 0.00 | N/A | 35.24 | 50.44 | 39.28 | 56.14 | 67.92 | 53.36 | 68.88 |
CARRIER GLOBAL Corp passes 3 of 9 quality checks, indicating weak fundamentals.
CARRIER GLOBAL Corp trades at 40.0x 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 27.1x vs a median of 22.5x. The company's 5-year average ROIC is 13.1% with a gross margin of 28.9%. Total shareholder yield (dividends + buybacks) is 4.6%. At current prices, the estimated annualized return to fair value is -4.6%.
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 0.87. 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 28.9%. This lower margin is typical of capital-intensive or commodity businesses.
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.
Based on recent SEC filings and earnings disclosures, Management expects continued double-digit growth in global commercial HVAC and aftermarket businesses, which together represent approximately 45% of the portfolio, with particular strength anticipated in data center deployments as the company converts a robust backlog into 2026 revenues. The company is executing significant cost reduction actions initiated in 2025 that are expected to deliver over $100 million of carryover savings in 2026, supporting margin expansion despite near-term headwinds in shorter-cycle residential and light commercial businesses. Carrier Energy and digitally-enabled lifecycle solutions, including the residential digital ecosystem and Lynx subscription platform covering nearly 240,000 units with plans to triple that number in coming years, are positioned to drive incremental recurring revenue and enhance customer intimacy. Management remains focused on controlling controllables across growth, cost, and productivity while navigating macro uncertainty, with confidence that when shorter-cycle businesses recover from current softness, the company is positioned for outsized gains given its market-leading positions and aggressive cost actions.
Based on recent SEC filings and earnings calls, CARRIER GLOBAL Corp (CARR) has provided the following forward guidance: Net sales: approximately $22 billion (FY2026); Organic sales growth: flat to low single digits (FY2026); Adjusted EPS: approximately $2.80 (FY2026); Operating profit: about $3.4 billion (FY2026); Free cash flow: approximately $2 billion (FY2026), plus 1 additional metric.