# Carrier Global Corporation (CARR) — Stock CV

Carrier Global Corporation 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.

> 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.

## Identity

- **Ticker**: CARR
- **Sector**: Industrials
- **Industry**: Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
- **Headquarters**: PALM BEACH GARDENS, FL
- **Employees**: 47 000
- **Website**: https://www.corporate.carrier.com
- **Market cap**: $45.8B
- **Last price**: $55.56
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $22.1B
- **Net income**: $1.22B
- **Free cash flow**: $1.93B
- **Net debt**: $10.3B
- **P/E**: 37.5
- **Revenue growth (YoY)**: 5.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 49 |
| Growth | 31 |
| Profitability | 35 |
| Health | 49 |
| Quality | 90 |
| Moat | 62 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +5.5% YoY
- [x] Profitable — $1.22B TTM
- [ ] Profit growing — -25.2% YoY
- [x] Generates cash — $1.93B TTM
- [ ] Debt under control — ~5.3y of cash flow to repay
- [x] Established company — $45.8B market cap
- [x] Not printing shares — -2.0% shares over ~5y
- [x] Proven track record — 6/6 profitable years
- [ ] Financially stable — health score 37/100
- [x] Pays a dividend — yield 1.71%
- [x] Valuation not extreme — P/E 37.5

## Experience (career milestones)

- **FY2024** — Best year on record: $5.60B net income
- **FY2020** — Profitable every year on record: 6 consecutive profitable years in our data
- **FY2020** — Revenue already above $10B: $17.5B in first reported year
- **FY2020** — Positive free cash flow every year since: 6-year streak
- **2020** — United Technologies announced that the separation and spin-off of Carrier had been completed
- **2016** — Otis was split off, with the remainder becoming UTC Climate, Controls & Security
- **2008** — Carrier acquired Environmental Market Solutions, Inc
- **2006** — Carrier acquired Sensitech, Inc., a provider of logistics and tracking technologies based in Beverly,…
- **Mar 15, 2004** — Carrier acquired the refrigeration subsidiary of Linde
- **1999** — International Comfort Products (ICP), headquartered in Lewisburg, Tennessee, was acquired by Carrier in 1999
- **1979** — Carrier was acquired by United Technologies in 1979, but it was spun off as an independent company 41 years later in…
- **1955** — Carrier merged with Affiliated Gas Equipment, Inc., which owned the Bryant Heater Co., Day & Night Water…
- **1920** — They purchased their first factory in 1920, in Newark, New Jersey
- **1908** — The Carrier Air Conditioner Company of America was created as a subsidiary of the Buffalo Forge Company

## Strengths

- Interest covered 14.3× by operating earnings

## Watch-outs

- Net debt equals ~5.3 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $20.6B | $1.66B | $1.89B |
| FY2022 | $20.4B | $3.53B | $1.39B |
| FY2023 | $22.1B | $1.35B | $2.14B |
| FY2024 | $22.5B | $5.60B | $44.0M |
| FY2025 | $21.7B | $1.48B | $2.12B |

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Source: https://stockcv.com/CARR — derived from company filings; may be delayed or incomplete. Information, not investment advice.