Carrier Global vs GE Aerospace
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The short version
- GE Aerospace is the larger business, with $45.9B of revenue in fiscal 2025 against $21.7B for Carrier Global, about 2.1 times as much.
- GE Aerospace grew revenue faster (18.5%, against −3.3%).
- GE Aerospace turned more of its sales into free cash flow (15.8% FCF margin, against 9.8%).
- GE Aerospace earned a higher return on the capital invested in it (35.8%, against 8.0%).
- Investors pay more for each dollar of Carrier Global’s earnings: a P/E of 36.8x against 33.0x for GE Aerospace.
| Latest fiscal year | CARR · FY25 | GE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.4B | $297.4B |
| Revenue | $21.7B | $45.9B |
| Free cash flow | $2.1B | $7.3B |
| Net income | $1.5B | $8.7B |
| Growth | ||
| Revenue growth | −3.3% | 18.5% |
| 5-year growth | 4.5% | −9.6% |
| Share count change | −5.4% | −2.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.0% | — |
| Net margin | 6.8% | 19.0% |
| FCF margin | 9.8% | 15.8% |
| Return on capital | 8.0% | 35.8% |
| Return on equity | 10.4% | 45.8% |
| Balance sheet | ||
| Net debt | $10.2B | $8.1B |
| Net debt / EBITDA | 3.0x | 0.7x |
| Dividends and buybacks | $3.7B | $9.0B |
| Valuation & quality | ||
| P/E | 36.8x | 33.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CARR —
GE $119.5B
FY17
CARR —
GE $99.3B
FY18
CARR $18.9B
GE $97.0B
FY19
CARR $18.6B
GE $90.2B
FY20
CARR $17.5B
GE $75.8B
FY21
CARR $20.6B
GE $56.5B
FY22
CARR $17.3B
GE $29.1B
FY23
CARR $19.0B
GE $35.3B
FY24
CARR $22.5B
GE $38.7B
FY25
CARR $21.7B
GE $45.9B
CARR
GE
Operating margin
FY16
CARR —
GE —
FY17
CARR —
GE —
FY18
CARR 19.2%
GE —
FY19
CARR 13.4%
GE —
FY20
CARR 17.7%
GE —
FY21
CARR 12.8%
GE —
FY22
CARR 23.0%
GE —
FY23
CARR 11.4%
GE —
FY24
CARR 11.8%
GE —
FY25
CARR 10.0%
GE —
CARR
GE
Free cash flow
FY16
CARR —
GE −$6.0B
FY17
CARR —
GE −$88.0M
FY18
CARR $1.8B
GE −$1.6B
FY19
CARR $1.8B
GE $6.5B
FY20
CARR $1.4B
GE $2.0B
FY21
CARR $1.9B
GE $2.2B
FY22
CARR $1.4B
GE $4.5B
FY23
CARR $2.2B
GE $4.3B
FY24
CARR $44.0M
GE $3.7B
FY25
CARR $2.1B
GE $7.3B
CARR
GE
Return on capital
FY16
CARR —
GE 6.7%
FY17
CARR —
GE −3.5%
FY18
CARR —
GE −9.1%
FY19
CARR —
GE 3.1%
FY20
CARR 15.8%
GE 11.2%
FY21
CARR 13.6%
GE —
FY22
CARR 24.4%
GE —
FY23
CARR 11.8%
GE 28.3%
FY24
CARR 7.8%
GE 25.2%
FY25
CARR 8.0%
GE 35.8%
CARR
GE
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.