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Carrier Global Corporation

CARR Industrials Building Products & Equipment

Carrier Global Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.7 billion, down 3.29% from fiscal 2024. In the quarter to June 2026, revenue grew 3.89%, EPS fell 13.0%, free cash flow grew 42.6% and total debt rose 4.45%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years; insiders bought in the last twelve months.

55.00 0.04 +0.07%
Market cap
$45.3B
P/E
37.9×
Fwd P/E
31.1×
Dividend yield
2.15%
F-score
5/9
Altman Z
2.45
Beneish M
−2.56
Dividend safety
67/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Carrier Global Corporation (CARR) Altman Z-score

Alert me on Altman Z-score

Carrier Global Corporation's Altman Z-score for fiscal 2025 is 2.45, in the grey zone (1.81–2.99).

Altman Z-score, annual

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Annual newest first

Period Altman Z-score Change (points)
FY2025 2.45 (0.47)
FY2024 2.93 0.18
FY2023 2.75 (0.07)
FY2022 2.82 (0.16)
FY2021 2.97 0.56
FY2020 2.42 —

How fiscal 2025’s score is made up

Component This year Year before Result Points
Working capital / total assets 0.04 — 0.05
Retained earnings / total assets 0.33 — 0.46
EBIT / total assets 0.06 — 0.19
Market value of equity / total liabilities 1.95 — 1.17
Sales / total assets 0.58 — 0.58
Altman Z-score Grey zone 2.45
Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) Grey zone 2.35

How the Altman Z-score works

Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.

Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.

Zone Z Z″
Safe zoneabove 2.99above 2.60
Grey zone1.81–2.991.10–2.60
Distress zonebelow 1.81below 1.10

Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.

Altman Z-score against peers

Company Altman Z-score
LII Lennox International, Inc. compare 7.5×
TT Trane Technologies plc compare 6.4×
SPXC SPX Technologies, Inc. compare 5.6×
CSL Carlisle Companies Incorporated compare 5.1×
WMS Advanced Drainage Systems, Inc. compare 4.3×
MAS Masco Corporation compare 3.9×
CARR Carrier Global Corporation 2.5×
OC Owens Corning Inc compare 2.0×
JCI Johnson Controls International plc compare —

What Altman Z-score is

The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.

1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets

The full definition of Altman Z-score →

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