CARR Industrials

Carrier Global Corporation

$55.37+0.36%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Industrials
Industry: Building Products & Equipment
Country: United States
Market cap: 45.6B USD
Enterprise value: 55.9B USD
Full-time employees: 47,000

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.29 vs a peer median of 0.64), less short-term liquidity (current ratio 1.02 vs a peer median of 1.62) and more debt relative to equity (0.89× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.29 vs peers 0.64), less liquidity (current ratio 1.02 vs peers 1.62) and more debt vs equity (0.89× vs peers 0.40×)
About average: profitability

Ranks #1,968 of 2,308 industrials companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $7.0B vs $4.3B of free cash flow over the 3 fiscal years to 2025.
Carrier Global returned $7.0B to shareholders over three years, 161% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Operating margin at a 6-year low. 10.0% in 2025, the weakest of the last 6 years.
Carrier Global's operating margin fell to 10.0% in 2025, its lowest in the 6 years of filings we have.
Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue +26%, operating profit −45%.Since 2022: revenue +26%, operating profit −45%.
Since 2022, Carrier Global's revenue changed +26% while operating profit fell 45%: costs rose faster than sales.
Profit is backed by cash. Free cash flow is 158% of reported profit.
Carrier Global's free cash flow is 158% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

29/ 100

Oct 5 30 → Nov 4 29 (-1)

Valuation

Is the price right?

39/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 38 → 39

Share price -4.3%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.37Sector median: 0.0377 · MAD: 0.0294

EBITDA yield5.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.38Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield4.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.14Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield29.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

20/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-68.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.05Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth5.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.25Sector median: 0.0421 · MAD: 0.0625

Revenue growth-1.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.78Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin7.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.01Sector median: 0.0773 · MAD: 0.0507

Return on assets3.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.07Sector median: 0.0311 · MAD: 0.0241

Return on invested capital5.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.27Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin24.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity9.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.29

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.35Sector median: 0.6440 · MAD: 0.2745

Current ratio1.02×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.12Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.89×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.44Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Carrier Global

Is Carrier Global getting weaker?: Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 29/100 since Oct 28, 2026.
How is Carrier Global valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 2,459 industrials peers. Earnings yield 2.7% vs a peer median of 3.8% (weaker than 62% of peers).Earnings yield 2.7% vs peers 3.8% (weaker than 62% of peers).
Is Carrier Global growing?: More slowly than most of its peers. Growth scores 20/100 against 2,459 industrials peers. Earnings per share growth -68.5% vs a peer median of 7.1% (weaker than 95% of peers).Earnings per share growth -68.5% vs peers 7.1% (weaker than 95% of peers).
How profitable is Carrier Global?: About as profitable as its peers. Profitability scores 44/100 against 2,459 industrials peers.
How risky is Carrier Global?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.29 vs a peer median of 0.64 (weaker than 88% of peers).Beta 1.29 vs peers 0.64 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	21.9B USD	22.1B USD	+1.1%
Net income (12 months)	1.3B USD	1.2B USD	−6.9%
Operating margin	8.2%	7.8%	−0.4 pts
Free cash flow (12 months)	1.7B USD	1.9B USD	+14.4%
Debt	12.2B USD	12.0B USD	−1.7%
Cash	1.4B USD	1.3B USD	−2.0%
Shares outstanding	830.6M	824.3M	−0.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Building Products & Equipment · 19 companies

Valuations in Building Products & Equipment are above their usual range since Nov 2016.

79% of months since Nov 2016 were valued lower than now.
25% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −19% and earnings −9% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −30%.

Nov 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	24.9%	27.2%	26.6%	—	—
Operating margin	12.8%	23.0%	11.4%	11.8%	10.0%	▼ 1.8 pts
Net margin	8.3%	20.4%	7.1%	24.9%	6.8%	▼ 18 pts
Return on assets (ROA)	6.5%	13.5%	4.1%	15.0%	4.0%	▼ 11 pts
Return on equity (ROE)	24.0%	43.8%	15.0%	38.9%	10.5%	▼ 28 pts
Free cash flow margin	9.2%	8.2%	11.4%	0.2%	9.8%	▲ 9.6 pts
Current ratio	1.72×	1.64×	2.80×	1.25×	1.20×	▼ 4.3%
Quick ratio	1.42×	1.20×	2.54×	0.96×	0.85×	▼ 12%
Debt to equity	1.37×	1.09×	1.59×	0.86×	0.84×	▼ 2.5%
Interest coverage	8.29×	16.74×	7.06×	4.56×	4.74×	▲ 4.0%

CARR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.29 vs a peer median of 0.64), less short-term liquidity (current ratio 1.02 vs a peer median of 1.62) and more debt relative to equity (0.89× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.29 vs peers 0.64), less liquidity (current ratio 1.02 vs peers 1.62) and more debt vs equity (0.89× vs peers 0.40×)

About average: profitability

Ranks #1,968 of 2,308 industrials companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $7.0B vs $4.3B of free cash flow over the 3 fiscal years to 2025.

Carrier Global returned $7.0B to shareholders over three years, 161% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Operating margin at a 6-year low. 10.0% in 2025, the weakest of the last 6 years.

Carrier Global's operating margin fell to 10.0% in 2025, its lowest in the 6 years of filings we have.

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue +26%, operating profit −45%.Since 2022: revenue +26%, operating profit −45%.

Since 2022, Carrier Global's revenue changed +26% while operating profit fell 45%: costs rose faster than sales.

Profit is backed by cash. Free cash flow is 158% of reported profit.

Carrier Global's free cash flow is 158% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Carrier Global

Is Carrier Global getting weaker?

Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 29/100 since Oct 28, 2026.

How is Carrier Global valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 2,459 industrials peers. Earnings yield 2.7% vs a peer median of 3.8% (weaker than 62% of peers).Earnings yield 2.7% vs peers 3.8% (weaker than 62% of peers).

Is Carrier Global growing?

More slowly than most of its peers. Growth scores 20/100 against 2,459 industrials peers. Earnings per share growth -68.5% vs a peer median of 7.1% (weaker than 95% of peers).Earnings per share growth -68.5% vs peers 7.1% (weaker than 95% of peers).

How profitable is Carrier Global?

About as profitable as its peers. Profitability scores 44/100 against 2,459 industrials peers.

How risky is Carrier Global?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.29 vs a peer median of 0.64 (weaker than 88% of peers).Beta 1.29 vs peers 0.64 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

21.9B USD

22.1B USD

+1.1%

Net income (12 months)

1.3B USD

1.2B USD

−6.9%

Operating margin

8.2%

7.8%

−0.4 pts

Free cash flow (12 months)

1.7B USD

1.9B USD

+14.4%

Debt

12.2B USD

12.0B USD

−1.7%

Cash

1.4B USD

1.3B USD

−2.0%

Shares outstanding

830.6M

824.3M

−0.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

24.9%

27.2%

26.6%

—

Operating margin

12.8%

23.0%

11.4%

11.8%

10.0%

▼ 1.8 pts

Net margin

8.3%

20.4%

7.1%

24.9%

6.8%

▼ 18 pts

Return on assets (ROA)

6.5%

13.5%

4.1%

15.0%

4.0%

▼ 11 pts

Return on equity (ROE)

24.0%

43.8%

15.0%

38.9%

10.5%

▼ 28 pts

Free cash flow margin

9.2%

8.2%

11.4%

0.2%

9.8%

▲ 9.6 pts

Current ratio

1.72×

1.64×

2.80×

1.25×

1.20×

▼ 4.3%

Quick ratio

1.42×

1.20×

2.54×

0.96×

0.85×

▼ 12%

Debt to equity

1.37×

1.09×

1.59×

0.86×

0.84×

▼ 2.5%

Interest coverage

8.29×

16.74×

7.06×

4.56×

4.74×

▲ 4.0%