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

Insider Decisions trades per month

Total buys 1.02
Total sells 750.00
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 5.21%

Capital & Financial Ratios $m

Market Cap 45,300.00
Revenue 22,108.00
Net Income 1,323.00
Free Cash Flow 1,928.00
Net Debt 10,608.00
Current Ratio 1.02
Debt/Equity 0.89
P/E ratio 37.93 (above 35: high)
Fwd P/E 31.10
P/S ratio 2.06
P/B ratio 3.38
Past 5Y EPS Growth (5.23%) (below 0%: weak)
This Y EPS Growth 11.60%
Next Y EPS Growth 14.22%
Next Y revenue growth 20.25% (at or above 10%: strong)
Next 5Y EPS Growth 13.09%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 88.13%
10-year low 10-year high
P/S against its own 10 years 35.25%
10-year low 10-year high
P/B against its own 10 years 5.80%
10-year low 10-year high
EV/Sales against its own 10 years 43.05%
10-year low 10-year high
EV/FCF against its own 10 years 39.72%
10-year low 10-year high

Dividends

Payout Ratio 0.82
Annual Dividend Rate 1.19
Annual Dividend Yield 2.15%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.96
0.24
0.24
0.24
0.24
2025 1.09
0.23
0.23
0.23
2024 0.80
0.19
0.19
0.19
0.23
2023 0.75
0.19
0.19
0.19
0.19
2022 0.64
0.15
0.15
0.15
0.19
2021 0.51
0.12
0.12
0.12
0.15
2020 0.28
0.08
0.08
0.12
2019 Powerpack
2018 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9,852 3,969 1,555 1,344
Receivables 2,080 2,651 2,639 3,246
Inventory 1,823 2,299 2,483 2,759
Other 728 972 1,264 1,250
19,576 9,891 8,533 9,414
2023 2024 2025 Q'26
Payables 2,483 2,458 2,702 3,216
ST’ Debt 51 1,252 468 1,638
Other 425 1,336 468 —
6,981 7,892 7,114 9,231

Compound Annual Growth %

10y 5y 3y
Sales — 4.49% 7.95%
Cash Flow — 8.23% 12.97%
Earnings — (5.62%) (25.12%)
Book Value — 16.52% 20.49%

Revenue $m

Mar Jun Sep Dec Year
’26 5,341 6,351 — — —
’25 5,218 6,113 5,579 4,837 21,747
’24 5,420 5,934 5,984 5,148 22,486
’23 5,273 5,992 4,935 2,751 18,951
’22 4,654 5,211 5,451 1,972 17,288
’21 4,699 5,440 5,341 5,133 20,613
’20 3,888 3,972 5,002 4,594 17,456
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 79 927 — — —
’25 483 649 341 1,040 2,513
’24 40 660 (269) 132 563
’23 120 384 1,041 1,062 2,607
’22 (202) 32 790 1,123 1,743
’21 184 561 579 913 2,237
’20 47 509 937 199 1,692
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (15) 810 — — —
’25 420 568 224 909 2,121
’24 (62) 552 (361) (85) 44
’23 50 310 968 840 2,168
’22 (258) (34) 699 1,019 1,426
’21 131 482 505 775 1,893
’20 (1) 463 880 38 1,380
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.28 0.60 — — —
’25 0.47 0.68 0.50 0.06 1.72
’24 0.29 2.55 0.62 2.82 6.15
’23 0.44 0.23 0.42 0.49 1.58
’22 1.58 0.67 1.53 0.32 4.10
’21 0.43 0.55 0.53 0.36 1.87
’20 0.11 0.30 0.84 1.00 2.25
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — 11.50 34.21 33.10 40.28 53.13 50.30

Analyst estimates 2026–2028

Powerpack
High — — — — 41.48 58.89 54.64 60.04 83.32 81.09
People
People Employees — — — 52,635 19,000 58,000 52,000 53,000 48,000 47,000
Revenue/emp, $m — 0.00 0.00 0.35 0.92 0.36 0.33 0.36 0.47 0.46
Income, $m
Income, $m Revenue — 17,814 18,914 18,608 17,456 20,613 17,288 18,951 22,486 21,747
Gross margin, % — 29.11 29.44 29.12 29.27 29.01 24.86 27.24 26.60 25.86
EBT — 3,054 3,842 2,672 2,855 2,400 3,823 1,999 2,274 1,798
EBT margin, % — 17.14 20.31 14.36 16.36 11.64 22.11 10.55 10.11 8.27
Net income — 1,267 2,769 2,155 2,006 1,701 3,584 1,440 5,708 1,587
Depreciation — 372 357 335 336 338 328 491 1,232 1,274
Per share, $
Per share, $ Revenue — 20.57 21.84 21.48 20.15 23.76 20.50 22.63 25.03 25.51
Earnings — 1.42 3.20 2.49 2.29 1.92 4.19 1.61 6.24 1.74
Cash flow — 2.42 2.37 2.38 1.95 2.58 2.07 3.11 0.63 2.95
Capex — (0.38) (0.30) (0.28) (0.36) (0.40) (0.38) (0.52) (0.58) (0.46)
Free cash flow — 2.05 2.07 2.10 1.59 2.18 1.69 2.59 0.05 2.49
Book value — 0.00 16.47 16.66 7.59 8.18 9.58 10.75 16.03 16.57
Shares, m — 866 866 866 867 868 843 837 898 852
Valuation, ×
Valuation, × P/E — 2.66 4.82 4.82 16.47 28.25 9.95 34.85 10.68 30.72
P/S — 0.00 0.56 0.56 1.87 2.28 2.03 2.49 2.73 2.07
P/B — 0.72 0.72 0.72 4.97 6.63 4.35 5.25 4.26 3.19
EV/Sales — 0.00 0.52 0.52 2.28 2.61 2.34 2.73 3.10 2.54
EV/FCF — 0.00 5.55 5.55 28.84 28.41 28.34 23.85 1,584.18 26.08
Cash, $m
Cash, $m Operating cash flow — 2,098 2,055 2,063 1,692 2,237 1,743 2,607 563 2,513
Capex — (326) (263) (243) (312) (344) (317) (439) (519) (392)
Free cash flow — 1,772 1,792 1,820 1,380 1,893 1,426 2,168 44 2,121
Balance, $m
Balance, $m Working capital — — 1,643 1,490 3,414 4,780 3,847 12,595 1,999 1,419
Total debt — — 287 319 10,227 9,696 8,842 14,293 12,278 11,833
Net debt — — (842) (633) 7,112 6,709 5,322 4,441 8,309 10,278
Shareholders’ equity — — 14,269 14,435 6,578 7,094 8,076 9,005 14,395 14,128
Returns, %
Returns, % ROA — 11.29 25.16 9.59 8.35 6.49 13.53 4.58 15.96 3.98
ROIC — 0.00 16.93 11.28 14.08 11.98 18.58 10.04 7.28 5.56
ROE — 0.00 19.52 14.74 18.86 24.34 46.59 15.80 47.90 10.41
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Carrier Global Corporation vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TT Trane Technologies plc $100.6B 34.8× 30.8× +10.56% (above 0%: growing) +6.94% (above 0%: growing) +67.93% (above 0%: growing) 35.57% 19.27% Compare
JCI Johnson Controls International plc $89.4B 25.2× 30.7× +9.29% (above 0%: growing) +14.95% (above 0%: growing) +72.29% (above 0%: growing) 37.41% 14.92% Compare
CARR Carrier Global Corporation $45.3B 37.9× 31.1× +3.89% (above 0%: growing) −13.04% (below 0%: shrinking) +42.61% (above 0%: growing) 27.21% 12.99%
MAS Masco Corporation $14.3B 16.8× 16.5× −2.88% (below 0%: shrinking) +25.00% (above 0%: growing) +67.78% (above 0%: growing) 43.57% 23.64% Compare
CSL Carlisle Companies Incorporated $13.3B 19.0× 18.5× +8.33% (above 0%: growing) +6.75% (above 0%: growing) −22.53% (below 0%: shrinking) 36.20% 22.45% Compare
LII Lennox International, Inc. $12.4B 16.1× 20.8× +2.96% (above 0%: growing) −1.40% (below 0%: shrinking) +133.39% (above 0%: growing) 34.91% 22.97% Compare
WMS Advanced Drainage Systems, Inc. $9.7B 21.9× 21.2× +20.63% (above 0%: growing) +18.92% (above 0%: growing) −8.28% (below 0%: shrinking) 40.76% 25.43% Compare
OC Owens Corning Inc $9.0B — (loss-making) 13.4× +0.33% (above 0%: growing) −34.19% (below 0%: shrinking) +61.87% (above 0%: growing) 28.77% 17.49% Compare
SPXC SPX Technologies, Inc. $8.4B 29.5× 34.3× +22.92% (above 0%: growing) +40.18% (above 0%: growing) +96.84% (above 0%: growing) 40.18% 16.94% Compare
Median of peers $12.9B 21.9× 21.0× +8.81% +10.94% +67.86% 36.81% 20.86%

All 35 Building Products & Equipment stocks →

CARR metrics, ten years each

Carrier Global Corporation (CARR) key facts

  • Concern: Carrier Global Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.7 billion, down 3.29% from fiscal 2024.
  • Carrier Global Corporation (CARR) is a Building Products & Equipment company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, CARR traded at $55.00, a market capitalization of $45.3 billion.
  • Carrier Global Corporation pays an annual dividend of $1.19 per share, a yield of 2.15%, with a payout ratio of 82.3%.
  • Return on equity was 10.4% and debt-to-equity 0.89.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.45 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Carrier Global Corporation (CARR) Latest News

stockrow.com/CARR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com