Carrier Global vs Johnson Controls
Add, change or remove companies; up to four.
The short version
- Johnson Controls is the larger business, with $23.6B of revenue in fiscal 2025 against $21.7B for Carrier Global.
- Johnson Controls grew revenue faster (2.8%, against −3.3%).
- Carrier Global turned more of its sales into free cash flow (9.8% FCF margin, against 9.0%).
- Investors pay more for each dollar of Carrier Global’s earnings: a P/E of 36.8x against 26.0x for Johnson Controls.
| Latest fiscal year | CARR · FY25 | JCI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.4B | $88.4B |
| Revenue | $21.7B | $23.6B |
| Free cash flow | $2.1B | $2.1B |
| Net income | $1.5B | $3.3B |
| Growth | ||
| Revenue growth | −3.3% | 2.8% |
| 5-year growth | 4.5% | 1.1% |
| Share count change | −5.4% | −3.2% |
| Profitability | ||
| Gross margin | — | 36.4% |
| Operating margin | 10.0% | — |
| Net margin | 6.8% | 14.0% |
| FCF margin | 9.8% | 9.0% |
| Return on capital | 8.0% | 8.2% |
| Return on equity | 10.4% | 22.7% |
| Balance sheet | ||
| Net debt | $10.2B | $9.5B |
| Net debt / EBITDA | 3.0x | 3.0x |
| Dividends and buybacks | $3.7B | $7.0B |
| Valuation & quality | ||
| P/E | 36.8x | 26.0x |
| Piotroski F-score | 5 | 6 |
FY16
CARR —
JCI $20.8B
FY17
CARR —
JCI $22.8B
FY18
CARR $18.9B
JCI $23.4B
FY19
CARR $18.6B
JCI $24.0B
FY20
CARR $17.5B
JCI $22.3B
FY21
CARR $20.6B
JCI $23.7B
FY22
CARR $17.3B
JCI $20.6B
FY23
CARR $19.0B
JCI $22.3B
FY24
CARR $22.5B
JCI $23.0B
FY25
CARR $21.7B
JCI $23.6B
CARR
JCI
FY16
CARR —
JCI —
FY17
CARR —
JCI —
FY18
CARR 19.2%
JCI —
FY19
CARR 13.4%
JCI —
FY20
CARR 17.7%
JCI —
FY21
CARR 12.8%
JCI —
FY22
CARR 23.0%
JCI —
FY23
CARR 11.4%
JCI —
FY24
CARR 11.8%
JCI —
FY25
CARR 10.0%
JCI —
CARR
JCI
FY16
CARR —
JCI $659M
FY17
CARR —
JCI −$389M
FY18
CARR $1.8B
JCI $875M
FY19
CARR $1.8B
JCI $1.2B
FY20
CARR $1.4B
JCI $2.0B
FY21
CARR $1.9B
JCI $2.0B
FY22
CARR $1.4B
JCI $750M
FY23
CARR $2.2B
JCI $1.4B
FY24
CARR $44.0M
JCI $1.1B
FY25
CARR $2.1B
JCI $2.1B
CARR
JCI
FY16
CARR —
JCI 4.7%
FY17
CARR —
JCI 3.1%
FY18
CARR —
JCI 5.0%
FY19
CARR —
JCI 4.8%
FY20
CARR 15.8%
JCI 4.1%
FY21
CARR 13.6%
JCI 7.6%
FY22
CARR 24.4%
JCI 5.4%
FY23
CARR 11.8%
JCI 5.6%
FY24
CARR 7.8%
JCI 6.7%
FY25
CARR 8.0%
JCI 8.2%
CARR
JCI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.