Applied Industrial Technologies vs Carlisle Companies
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The short version
- Carlisle Companies is the larger business, with $5.0B of revenue in fiscal 2025 against $5.0B for Applied Industrial Technologies.
- Applied Industrial Technologies grew revenue faster (8.8%, against 0.3%).
- Carlisle Companies kept more of each dollar of sales as operating profit (20.0% operating margin, against 11.1%).
- Carlisle Companies turned more of its sales into free cash flow (19.3% FCF margin, against 9.3%).
- Carlisle Companies earned a higher return on the capital invested in it (21.9%, against 20.8%).
| Latest fiscal year | AIT · FY26 | CSL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.0B | $14.0B |
| Revenue | $5.0B | $5.0B |
| Free cash flow | $461M | $971M |
| Net income | $415M | $741M |
| Growth | ||
| Revenue growth | 8.8% | 0.3% |
| 5-year growth | 9.0% | 4.8% |
| Share count change | −2.5% | −8.3% |
| Profitability | ||
| Gross margin | 30.3% | 35.7% |
| Operating margin | 11.1% | 20.0% |
| Net margin | 8.4% | 14.8% |
| FCF margin | 9.3% | 19.3% |
| Return on capital | 20.8% | 21.9% |
| Return on equity | 22.4% | 34.8% |
| Balance sheet | ||
| Net debt | $135M | $1.8B |
| Net debt / EBITDA | 0.2x | 1.5x |
| Dividends and buybacks | $390M | $1.5B |
| Valuation & quality | ||
| P/E | — | 19.8x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
AIT $2.6B
CSL $3.8B
FY18
AIT $3.1B
CSL $4.5B
FY19
AIT $3.5B
CSL $4.5B
FY20
AIT $3.2B
CSL $4.0B
FY21
AIT $3.2B
CSL $3.8B
FY22
AIT $3.8B
CSL $5.4B
FY23
AIT $4.4B
CSL $4.6B
FY24
AIT $4.5B
CSL $5.0B
FY25
AIT $4.6B
CSL $5.0B
FY26
AIT $5.0B
CSL —
AIT
CSL
Operating margin
FY17
AIT 6.8%
CSL 12.4%
FY18
AIT 7.4%
CSL 11.4%
FY19
AIT 6.7%
CSL 14.1%
FY20
AIT 2.7%
CSL 12.3%
FY21
AIT 6.4%
CSL 15.0%
FY22
AIT 9.4%
CSL 22.1%
FY23
AIT 10.7%
CSL 21.4%
FY24
AIT 11.1%
CSL 22.9%
FY25
AIT 10.9%
CSL 20.0%
FY26
AIT 11.1%
CSL —
AIT
CSL
Free cash flow
FY17
AIT $148M
CSL $299M
FY18
AIT $124M
CSL $219M
FY19
AIT $162M
CSL $614M
FY20
AIT $277M
CSL $601M
FY21
AIT $226M
CSL $287M
FY22
AIT $169M
CSL $817M
FY23
AIT $317M
CSL $1.1B
FY24
AIT $347M
CSL $917M
FY25
AIT $465M
CSL $971M
FY26
AIT $461M
CSL —
AIT
CSL
Return on capital
FY17
AIT 15.1%
CSL 11.5%
FY18
AIT 11.8%
CSL 11.5%
FY19
AIT 10.0%
CSL 13.9%
FY20
AIT 2.7%
CSL 10.3%
FY21
AIT 11.2%
CSL 10.1%
FY22
AIT 17.7%
CSL 17.6%
FY23
AIT 21.5%
CSL 15.5%
FY24
AIT 21.6%
CSL 21.9%
FY25
AIT 20.3%
CSL 21.9%
FY26
AIT 20.8%
CSL —
AIT
CSL
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.