Carrier Global
CARR NYSE· Building Products
Last close · Oct 26, 2026
$56.44
KIRA · Stoqly’s AI analyst, in plain words
- Carrier Global had $21.7B of revenue in fiscal 2025, down 3.3% on the year before. Over five years, revenue changed +4.5% a year on average.
- Its operating margin was 10.0%, down 1.8 pts: of every 100 in sales, about 10 is left after running the business.
- Carrier Global made $1.5B of net profit in fiscal 2025. From fiscal 2018 to 2025, diluted EPS grew −8.3% a year.
- Free cash flow was $2.1B in fiscal 2025, 9.8% of revenue.
- Carrier Global returned $3.7B to shareholders in fiscal 2025, 173% of free cash flow. The diluted share count fell 5.4%.
- Carrier Global owes $10.2B more than it holds in cash, about 3.0 years of operating profit.
Market cap
$47.6B
P/E
36.9x
Revenue
$21.7B
Net income
$1.5B
Free cash flow
$2.1B
Operating margin
10.0%
Carrier Global in 30 seconds · fiscal 2025
Are sales growing?
−3.3%
No. Sales fell 3.3% last year.
Does it make a profit?
6.8%
A little. It keeps 6.8% of every sale as profit.
Does profit turn into cash?
9.8%
Partly. 9.8% of sales ends up as free cash.
Is debt under control?
3.0x
Keep an eye on it. Repaying its debt would take 3.0 years of operating profit.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
36.9x
One share costs 36.9 times its yearly profit per share. Typical for its sector: 26.0x.
What Carrier Global does
Carrier makes heating, cooling and cold chain equipment and sells related building services. Its brands include Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold. Customers use its products in homes, in commercial buildings and in refrigerated transport and storage of food. Most of its sales come from products. In 2025 new equipment made up 72% of net sales, and parts and service made up 28%. Services include audits, design, installation, system integration, repair, maintenance and monitoring. Sales outside the United States, including U.S. exports, were about 52% of the total. Carrier became an independent company in April 2020, when United Technologies, now RTX, spun it off. It is building a new business, Carrier Energy, to help manage home energy use. The company says demand for its heating and cooling products depends on weather and the season, and that it competes in a market where it must estimate its costs and timing well.
Biggest risks, in its own words
- Demand for its heating and cooling products that moves with weather and the seasons.
- Risks from selling in many countries, including its joint ventures abroad.
- Debt it has taken on that could limit its flexibility.
- Not realizing the expected savings from its cost reduction and restructuring efforts.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Legal name
- CARRIER GLOBAL CORPORATION
- CIK
- 0001783180
Carrier Global · CARR
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $20.6B | $17.3B | $19.0B | $22.5B | $21.7B |
| Revenue growth | 18.1% | −16.1% | 9.6% | 18.7% | −3.3% |
| Gross margin | — | 24.9% | 27.2% | 26.6% | — |
| Operating margin | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| Net income | $1.7B | $3.5B | $1.3B | $5.6B | $1.5B |
| Net margin | 8.3% | 20.4% | 7.1% | 24.9% | 6.8% |
| Diluted EPS | $1.87 | $4.10 | $1.58 | $6.15 | $1.72 |
| Cash | |||||
| Cash from operations | $2.2B | $1.7B | $2.6B | $563M | $2.5B |
| Capital expenditure | $344M | $317M | $439M | $519M | $392M |
| Free cash flow | $1.9B | $1.4B | $2.2B | $44.0M | $2.1B |
| FCF margin | 9.2% | 8.3% | 11.4% | 0.2% | 9.8% |
| Dividends paid | $417M | $509M | $620M | $670M | $772M |
| Share buybacks | $527M | $1.4B | $62.0M | $1.9B | $2.9B |
| Share count change | 1.2% | −3.3% | −1.0% | 6.9% | −5.4% |
| Debt and strength | |||||
| Cash and short-term investments | $3.0B | $3.3B | $9.9B | $4.0B | $1.6B |
| Debt incl. finance leases | $9.7B | $8.8B | $14.3B | $12.3B | $11.8B |
| Shareholders' equity | $7.1B | $8.1B | $9.0B | $14.4B | $14.1B |
| Net debt / EBITDA | 2.3x | 1.3x | 1.7x | 2.1x | 3.0x |
| Current ratio | 1.7x | 1.6x | 2.8x | 1.3x | 1.2x |
| Interest coverage | 8.3x | 16.7x | 7.1x | 4.6x | 4.7x |
| Returns and quality | |||||
| Return on capital | 13.6% | 24.4% | 11.8% | 7.8% | 8.0% |
| Return on equity | 24.9% | 46.6% | 15.8% | 47.9% | 10.4% |
| Piotroski F-score | 6 | 5 | 7 | 4 | 5 |
| Altman Z'' | 2.6 | 3.2 | 4.0 | 2.5 | 2.4 |
Insiders bought, 12 months
$1.0M
1 insider
Insiders sold, 12 months
$750M
1 insider
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Carrier Global · CARR
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Carrier Global CARR | $47.6B | −3.3% | 10.0% | 9.8% | 8.0% | 36.9x | 5 |
| GE Aerospace GE | $300.3B | 18.5% | — | 15.8% | 35.8% | 33.3x | 5 |
| Lockheed Martin LMT | $147.0B | 5.6% | 10.3% | 9.2% | 27.1% | 22.6x | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $56.44 a share, the company is worth $47.6B: 36.9 times its earnings of the last four quarters.
Carrier Global grew sales faster than 0 of its 2 similar companies. Its P/E is higher than 2 of 2.
Source: SEC EDGAR XBRL filings (CIK 0001783180). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.