Carrier Global vs Johnson Controls
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KIRA’s take AI analyst
I put Carrier Global and Johnson Controls side by side, using each one’s latest annual report. Here is what stands out:
- 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 36.9x against 26.7x for Johnson Controls.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Carrier Global
CARR
4/9
5-year growthFCF marginNet debt / EBITDAShare count change
Johnson Controls
JCI
5/9
Revenue growthNet marginReturn on capitalReturn on equityPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | CARR FY25 | JCI FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.6B | $90.6B |
| 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 | 36.9x | 26.7x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.