Carrier Global Corporation CARR SPX

Industrials · Building Products & Equipment · United States

https://www.carrier.com

Carrier Global Corporation provides intelligent climate and energy solutions in the United States, Europe, the Asia Pacific, and internationally. It operates through four segments: Climate Solutions Americas; Climate Solutions Europe; Climate Solutions Asia Pacific, Middle East & Africa; and Climate Solutions Transportation. The company provides air conditioners, heating systems, heat pumps, home and building energy management systems, automation systems, aftermarket components, and repair and maintenance and rental services, as well as modernization and upgrades to meet the heating, cooling, and ventilation needs of residential and commercial customers. It also offers transport refrigeration and monitoring products, services, and digital solutions for trucks, trailers, shipping containers, and intermodal and rail applications. The company offers its products under the Carrier, Viessmann, Toshiba, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, Carrier Transicold, and Sensitech brands. The company was incorporated in 2019 and is headquartered in Palm Beach Gardens, Florida.

Market & Price

Market Cap

$53.05B

Current Price

$63.87

High / Low (52W)

$79.79 / $49.97

Beta

1.38

Valuation

Stock P/E

42.58

Industry PE

28.38

Forward P/E

19.95

PEG Ratio

1.53

Book Value

$16.18

Price to Book

3.95

P/S

2.43

EV/EBITDA

20.57

Dividend Yield

1.50%

Profitability & Returns

ROCE

7.50%

ROE

9.91%

ROA

3.15%

Profit Margin

5.99%

Op Margin

6.57%

EPS (Latest Qtr)

$0.28

EPS (TTM)

$1.50

Balance Sheet & Liquidity

Debt/Equity

0.91

Quick Ratio

0.59

Current Ratio

1.05

Debt

$12.57B

Total Assets

$37.19B

Current Assets

$8.53B

Working Capital

$1.42B

Ownership

Promoter Holding

4.73%

Chg in Prom Hold

FII / Inst Holding

89.22%

Chg in FII Hold

-0.01%

Financial Snapshot

Enterprise Value

$64.60B

Total Revenue (TTM)

$21.87B

EBITDA

$3.14B

Free Cash Flow

$849.75M

Operating Cash Flow

$2.11B

Shares Outstanding

830.58M

Gross Margin

25.18%

Payout Ratio

61.00%

Growth (CAGR)

Revenue 5Y

7.95%

Profit 5Y

-25.12%

Revenue (YoY)

2.40%

Earnings (YoY)

-40.70%

PROS

Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Earnings shrank at -25.1% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	CARR Carrier Global Corporation SPX	63.87	42.58	$53.05B	1.50%	7.50%	9.91%	7.95%	-25.12%
2	CAT Caterpillar Inc. SPX	875.87	43.66	$403.42B	0.69%	19.42%	51.33%	4.38%	9.83%
3	GE GE Aerospace SPX	323.76	40.17	$338.27B	0.58%	11.89%	45.43%	16.32%	195.89%
4	GEV GE Vernova Inc. SPXAI	968.32	28.33	$260.21B	0.21%	6.30%	75.71%	8.68%	92.84%
5	RTX RTX Corporation SPX	179.66	33.64	$241.95B	1.54%	9.41%	11.57%	9.72%	9.01%
6	UNP Union Pacific Corporation SPX	262.64	21.60	$155.93B	2.10%	16.19%	40.69%	-0.49%	0.66%
7	ETN Eaton Corporation plc SPXAI	400.60	39.20	$155.55B	1.10%	16.23%	20.84%	9.77%	18.41%
8	HON Honeywell International Inc. NDXSPX	237.86	38.00	$150.72B	2.00%	13.57%	24.26%	1.82%	-1.62%
9	DE Deere & Company SPX	542.18	30.67	$146.45B	1.20%	12.82%	18.35%	-4.50%	-11.00%

Quarterly Results

Figures in USD.

Metric	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	4.32B	4.96B	4.82B	4.50B	3.89B	3.97B	5.00B	4.59B	4.70B	5.44B	5.34B	4.65B	5.21B	5.45B	4.52B	5.18B	4.93B	4.32B	5.42B	5.93B	5.98B	5.15B	5.22B	6.11B	5.58B	4.84B	5.34B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.77B	4.34B	4.13B	3.88B	4.10B
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.45B	1.77B	1.45B	961.00M	1.24B
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	882.00M	974.00M	954.00M	907.00M	1.00B
Operating Income	500.00M	805.00M	629.00M	557.00M	315.00M	442.00M	1.08B	1.25B	571.00M	783.00M	828.00M	1.74B	819.00M	1.53B	460.00M	651.00M	510.00M	539.00M	385.00M	724.00M	763.00M	774.00M	563.00M	795.00M	495.00M	54.00M	240.00M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	963.00M	1.24B	874.00M	449.00M	596.00M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	112.00M	115.00M	116.00M	115.00M	111.00M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	548.00M	812.00M	433.00M	5.00M	170.00M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	111.00M	162.00M	-1.00M	-32.00M	-96.00M
Net Income	400.00M	784.00M	492.00M	-	96.00M	261.00M	741.00M	-	-	-	-	-	-	-	-	-	357.00M	-	269.00M	2.34B	447.00M	-	412.00M	591.00M	428.00M	53.00M	238.00M
Diluted EPS	0.46	0.91	0.57	0.50	0.11	0.30	0.84	1.00	0.43	0.55	0.53	1.58	0.67	1.53	0.44	0.23	0.42	-	0.29	2.55	0.49	-	0.47	0.68	0.50	0.06	0.28
R&D Expense	97.00M	103.00M	102.00M	-	98.00M	94.00M	100.00M	-	121.00M	125.00M	123.00M	125.00M	122.00M	143.00M	139.00M	151.00M	126.00M	-	192.00M	160.00M	172.00M	-	153.00M	161.00M	151.00M	-	143.00M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	18.91B	18.61B	17.46B	-	17.29B	18.95B	22.49B	21.75B
Cost of Revenue	-	-	-	-	12.99B	13.79B	16.50B	16.12B
Gross Profit	-	-	-	-	4.30B	5.16B	5.98B	5.62B
Operating Expenses	-	-	-	-	2.39B	3.10B	3.88B	3.72B
Operating Income	3.64B	2.49B	3.08B	-	1.90B	2.06B	2.10B	1.91B
EBITDA	-	-	-	-	2.23B	2.80B	4.09B	3.53B
Interest Expense	-	-	-	-	302.00M	306.00M	580.00M	458.00M
Pretax Income	-	-	-	-	3.82B	2.00B	2.27B	1.80B
Tax Provision	-	-	-	-	616.00M	521.00M	1.06B	240.00M
Net Income	-	-	-	-	3.53B	1.35B	5.60B	1.48B
Diluted EPS	3.16	2.44	2.25	-	4.10	1.58	6.15	1.72
R&D Expense	400.00M	401.00M	419.00M	503.00M	416.00M	493.00M	686.00M	625.00M

Compounded Sales Growth

5 Years:	7.95%
1 Year:	2.40%

Compounded Profit Growth

5 Years:	-25.12%
1 Year:	-40.70%

Stock Price Performance

1 Year:	-8.97%
6 Months:	+19.32%
3 Months:	-0.47%
1 Month:	+3.82%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	22.41B	25.09B	-	26.09B	32.82B	37.40B	37.19B
Current Assets	-	-	-	-	-	9.88B	19.58B	9.89B	8.53B
Cash & Equivalents	-	1.13B	952.00M	3.12B	-	3.52B	9.85B	3.97B	1.55B
Inventory	-	-	-	-	-	2.64B	1.82B	2.30B	2.48B
Receivables	-	-	-	-	-	2.83B	2.08B	2.65B	2.64B
Total Liabilities	-	-	7.97B	18.52B	-	18.01B	23.82B	23.01B	23.06B
Current Liabilities	-	-	4.47B	5.11B	-	6.03B	6.98B	7.89B	7.11B
Long Term Debt	-	-	82.00M	10.04B	-	8.70B	14.24B	11.03B	11.37B
Total Debt	-	-	-	-	-	9.37B	14.63B	12.79B	12.25B
Total Equity	14.78B	14.27B	14.44B	6.58B	-	7.76B	8.68B	14.08B	13.80B
Shares Outstanding	-	-	-	-	-	876.77M	883.07M	948.43M	951.03M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	2.06B	2.06B	1.69B	-	1.74B	2.61B	563.00M	2.51B
Investing Cash Flow	415.00M	-259.00M	1.11B	-	1.75B	-660.00M	-2.02B	-307.00M
Financing Cash Flow	-2.63B	-1.98B	-681.00M	-	-2.93B	4.61B	-4.64B	-4.67B
Capital Expenditure	-	-	-	-	-317.00M	-439.00M	-519.00M	-392.00M
Free Cash Flow	-	-	-	-	1.43B	2.17B	44.00M	2.12B
Net Change in Cash	-	-	-	-	557.00M	6.56B	-6.10B	-2.47B
Share Buybacks	-	0	0	527.00M	1.38B	62.00M	1.94B	2.89B

Ratios (Annual)

Figures in %.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	24.9%	27.2%	26.6%	25.9%
Operating Margin %	19.2%	13.4%	17.7%	-	11.0%	10.9%	9.3%	8.8%
Net Margin %	-	-	-	-	20.4%	7.1%	24.9%	6.8%
ROE %	-	-	-	-	45.6%	15.5%	39.8%	10.8%
ROCE %	-	13.9%	15.4%	-	9.5%	8.0%	7.1%	6.3%

Shareholding Pattern

Insiders

4.73%

Institutions

89.22%

Public Float

93.64%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Capital Research Global Investors	14.01%	116.39M	$7.43B
2	Blackrock Inc.	6.97%	57.88M	$3.70B
3	Vanguard Capital Management LLC	6.18%	51.34M	$3.28B
4	Vanguard Portfolio Management LLC	4.40%	36.51M	$2.33B
5	JPMORGAN CHASE & CO	4.21%	34.96M	$2.23B
6	State Street Corporation	4.03%	33.51M	$2.14B
7	Dodge & Cox Inc.	3.21%	26.62M	$1.70B
8	Capital World Investors	2.37%	19.72M	$1.26B
9	Geode Capital Management, LLC	2.12%	17.64M	$1.13B
10	Fisher Asset Management, LLC	1.57%	13.03M	$832.21M

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