Carrier Global Corporation
Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
Carrier Global, spun out of United Technologies in 2020, manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its flagship Carrier brand, as well as Bryant, Payne, Heil, and others across various price points.
It is a $45.8B industrial company. Revenue grew 5.5% over the last year, it keeps 6¢ of every dollar of sales as profit, and its net debt equals ~5.3 years of free cash flow. It trades at 37.5× earnings — in the most expensive third of its own history.
- Website
- corporate.carrier.com
- Location
- Palm Beach Gardens, FL
- Employees
- 47 000
- Sector
- Industrials
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Valuation, Growth, Profitability and Health lag behind.
Valuation49
- P/E vs own history79th pct · 5/25
- FCF yield4.2% · 12/25
- P/S2.1x · 20/25
- EV/EBITDA18.8x · 12/25
Growth31
- Revenue CAGR1.3% · 6/25
- Net income CAGR-2.8% · 0/25
- EPS CAGR ~5Y-5.2% · 0/25
- Fwd implied growth119.3% · 25/25
Profitability35
- ROIC6.1% · 5/25
- ROE8.9% · 12/25
- Net margin5.5% · 13/25
- Operating margin7.8% · 5/25
Health49
- Altman Zn/a · 0/25
- Current ratio1.02 · 12/25
- Interest coverage14.3x · 25/25
- Net cash / debtD/A 28% · 12/25
Quality90
- Piotroski F5/9 · 15/25
- Beneish M-3.88 · 25/25
- FCF conversion158% · 25/25
- Margin stabilityσ 3.0% · 25/25
Moat62
- ROIC >12% years3/6 yrs · 13/25
- Median gross margin27.9% · 6/25
- FCF-positive years6/6 yrs · 25/25
- Worst-year net marginworst 6.1% · 18/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2024FinancialBest year on record$5.60B net income
- FY2020FinancialProfitable every year on record6 consecutive profitable years in our data
- FY2020FinancialRevenue already above $10B$17.5B in first reported year
- FY2020FinancialPositive free cash flow every year since6-year streak
- 2020MilestoneUnited Technologies announced that the separation and spin-off of Carrier had been completed
- 2016MilestoneOtis was split off, with the remainder becoming UTC Climate, Controls & Security
- 2008AcquisitionCarrier acquired Environmental Market Solutions, Inc
- 2006AcquisitionCarrier acquired Sensitech, Inc., a provider of logistics and tracking technologies based in Beverly,…
- Mar 15, 2004AcquisitionCarrier acquired the refrigeration subsidiary of Linde
- 1999AcquisitionInternational Comfort Products (ICP), headquartered in Lewisburg, Tennessee, was acquired by Carrier in 1999
- 1979AcquisitionCarrier was acquired by United Technologies in 1979, but it was spun off as an independent company 41 years later in…
- 1955AcquisitionCarrier merged with Affiliated Gas Equipment, Inc., which owned the Bryant Heater Co., Day & Night Water…
- 1920AcquisitionThey purchased their first factory in 1920, in Newark, New Jersey
- 1908ProductThe Carrier Air Conditioner Company of America was created as a subsidiary of the Buffalo Forge Company
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Interest covered 14.3× by operating earnings
Watch-outs
- Net debt equals ~5.3 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+5.5% YoY
- Profitable — makes more than it spends$1.22B TTM
- Profit growing — earnings are higher than last year-25.2% YoY
- Generates cash — cash left after running and investing$1.93B TTM
- Debt under control — could handle its obligations~5.3y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$45.8B market cap
- Not printing shares — share count not ballooning — you keep your slice-2.0% shares over ~5y
- Proven track record — years of profitability behind it6/6 profitable years
- Financially stable — balance sheet not near distresshealth score 37/100
- Pays a dividend — returns cash to shareholdersyield 1.71%
- Valuation not extreme — price not wildly above earningsP/E 37.5
Peer comparisonCarrier Global Corporation vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| CARR this company | $45.8B | 37.5 | +5.5% | 5.5% | Mixed |
| LRCX Lam Research Corp | $399.2B | 54.9 | +26.0% | 31.3% | Strong |
| CAT Caterpillar Inc. | $368.0B | 33.9 | +18.4% | 14.5% | Solid |
| RTX RTX Corporation | $251.3B | 32.4 | +11.8% | 8.3% | Strained |
| DE Deere & Company | $167.7B | 34.4 | +8.3% | 10.2% | Solid |
| ETN Eaton Corporation, plc | $167.2B | 43.6 | +15.5% | 12.8% | Mixed |
| UNP Union Pacific Corp. | $166.8B | 22.6 | +4.2% | 28.8% | Strained |
Head-to-head: CARR vs LRCX · CARR vs CAT · CARR vs RTX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2020–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/CARR
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of CARR on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $55.56 · market cap $45.8B.