— Know what they know.
/
Not Investment Advice

CARR

NYSE · USD
Carrier Global Corporation
Industrials · Industrial - Machinery
CEO David L. Gitlin Employees 47,000 R&D / revenue 2.9%
Last price
$55.00+0.07%last session
Market cap
$45.3B
P/E (TTM)
37.8x
From 52w high
−28.3%
From 52w low
+9.5%
1-year return
−2.7%
RSI 14 · vs SMA200
43.1 · −10.8%
IS score
42.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CARR   SPY   XLI (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111CARR 97

Score DNA

Each bar is a 0-100 score within the scored universe
32
Profitability
20
Growth
36
Value
54
Momentum
65
Risk (safety)
61
Quality
43
Balance sheet
79
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for CARR (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 4 / 9Altman Z 2.8Beta 1.303 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $750.0M
Form 144 notices (12m): 1, $750.0M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
6
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+151
248 new holders, 77 closed
1,641 filers hold 87.7% · 566 added, 550 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+299
1,053 funds adding shares
754 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
42.9%
20-day avg 50.7%, 50-day avg 46.8%
Latest 7.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$21.7B
Revenue growth YoY−3.3%
Gross margin25.9%
Operating income$2.1B
Operating margin9.9%
Net income$1.5B
Net margin6.9%
EPS (diluted)$1.70
Cash flow
Operating cash flow$2.1B
Capital expenditure$392.0M
Free cash flow$1.7B
FCF conversion (FCF / OCF)81.2%
Stock-based compensation$74.0M
FCF less SBC$1.6B
Buybacks$2.9B
Dividends$772.0M
Balance sheet & returns
Cash & short-term investments$1.6B
Total debt$12.3B
Net debt$10.7B
Shareholders' equity$14.1B
Goodwill & intangibles$21.8B
Debt / equity0.94
ROE (TTM)8.9%
ROIC (TTM)5.0%
Operating margin by fiscal year
12.8%FY202122.1%FY202210.1%FY202311.8%FY20249.7%FY2025
Revenue $20.6B (FY2021) to $21.7B (FY2025), a 1.3% CAGR.

Valuation

P/E (TTM)37.8x
EV / EBITDA18.4x
Price / sales2.05x
Price / FCF23.8x
FCF yield4.19%
Buyback yield6.38%
SBC / revenue0.2%
Price / book3.48x
Forward P/E FY202619.0x
Forward P/E FY202716.7x
Forward P/E FY202814.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $69.00 across 6 analysts last quarter is theirs, not ours.

CARR vs industry median

328 companies in Industrial - Machinery
Gross margin 24.3% 31.0% Operating margin 7.1% 8.4% Net margin 5.5% 6.0% ROIC 5.0% 8.7%
CARR (TTM)Industry median Asset turnover 0.59 vs industry 0.76 · financial leverage 2.84

Earnings delivery

Next report 2026-10-29 · consensus EPS $0.76
92%
beat rate, 11 of 12 quarters
+4.8%
median EPS surprise
10
longest beat streak
+4+14+4+23+3+3+7+11+2+6-9+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CARR Carrier Global Corporation $45.3B37.8x8.9%5.5%−3.3% −2.7%
ROK Rockwell Automation, Inc. $47.4B39.9x34.5%17.6%+11.3% +22.9%
PCAR PACCAR Inc $58.3B23.3x12.8%10.0%−12.3% +19.3%
IR Ingersoll Rand Inc. $30.2B31.7x9.5%12.5%+7.8% +2.6%
CMI Cummins Inc. $73.1B27.0x22.0%9.9%+2.9% +26.2%
SYM Symbotic Inc. $28.0B404.7x2.7%1.6%+20.6% —
OTIS Otis Worldwide Corporation $27.2B18.2x-27.3%11.1%+5.2% —
ITW Illinois Tool Works Inc. $77.5B24.6x104.7%18.9%+4.3% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-07-28Earnings Release; Exhibits
2026-07-24Officer/Director Change; Exhibits
2026-04-30Earnings Release; Exhibits
2026-04-16Shareholder Vote
2026-02-05Results of Operations and Financial Condition
2025-10-28Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding824,325,057
Free float95.2%
Institutional ownership87.7%
Beta1.30
Dividend yield1.72%
Last dividend$0.24 on 2026-10-29
50 / 200-day average$57.87 / $61.71
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CARR sits among 62 scored companies in Industrial - Machinery (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCARRIndustry medianIndustry percentileSector median
P/E (TTM) 37.2x 29.1x
76th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.1x 2.4x
38th		 2.0x
Price / book 3.4x 3.7x
48th		 2.9x
Price / tangible book —
Price / free cash flow 23.8x 22.0x
54th		 20.8x
Price / operating cash flow 19.2x 17.8x
59th		 14.5x
Enterprise value $56.4B $7.5B
89th		 $4.8B
EV / sales 2.6x 2.5x
51st		 2.4x
EV / EBITDA 18.5x 16.3x
66th		 13.6x
EV / EBIT 32.1x 21.3x
87th		 19.9x
EV / free cash flow 29.7x 26.6x
66th		 24.3x
Earnings yield 2.7% 3.2%
33rd		 3.3%
FCF yield 4.2% 4.2%
51st		 3.8%
Operating cash flow yield 5.2% 5.4%
44th		 6.2%
Graham number (per share) $22.63 $37.80
19th		 $38.21

Profitability (TTM)

MeasureCARRIndustry medianIndustry percentileSector median
Gross margin 24.3% 35.6%
21st		 30.5%
EBITDA margin 13.8% 18.4%
31st		 14.3%
Operating margin 7.3% 13.7%
26th		 9.8%
EBIT margin 7.9% 12.6%
31st		 9.9%
Net margin 5.5% 8.6%
31st		 6.0%
NOPAT margin 7.0% 10.7%
30th		 7.8%
FCF margin 8.6% 11.2%
34th		 7.0%
Operating cash flow margin 10.7% 14.1%
31st		 11.2%
R&D / revenue 2.7% 0.0%
80th		 0.0%
SG&A / revenue 14.6% 18.6%
28th		 14.1%
Stock comp / revenue 0.2% 0.6%
13th		 0.6%
Effective tax rate 4.0% 21.2%
7th		 21.0%

Returns on capital

MeasureCARRIndustry medianIndustry percentileSector median
ROE (on average equity) 8.8% 12.8%
32nd		 11.9%
ROA 3.2% 6.1%
31st		 4.8%
ROIC 6.4% 10.9%
23rd		 8.7%
ROCE 6.2% 10.9%
30th		 9.4%
Return on tangible assets 4.6% 9.0%
26th		 7.9%
Cash ROIC (OCF / invested capital) 9.8% 12.9%
32nd		 12.8%
Gross profitability (GP / assets) 14.4% 24.7%
10th		 19.2%
ROIC, 3-yr average 11.9% 8.6%
63rd		 7.8%
ROIC, 5-yr average 13.4% 11.3%
60th		 8.6%
ROE, 5-yr average 25.8% 14.1%
91st		 12.5%
Incremental ROIC 218.9% 21.5%
92nd		 20.5%

Growth

MeasureCARRIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -1.6% 7.3%
12th		 8.6%
Revenue growth (QoQ) 18.9% 9.4%
80th		 9.9%
Revenue CAGR, 3 yr 0.4% 3.7%
19th		 5.0%
Revenue CAGR, 5 yr 2.3% 6.2%
12th		 8.3%
Gross profit CAGR, 3 yr -2.8% 6.5%
8th		 6.5%
Operating income CAGR, 3 yr -18.9% 6.8%
4th		 6.4%
Net income growth (TTM YoY) -69.5% -2.3%
2nd		 11.3%
Net income CAGR, 3 yr -17.3% 3.5%
12th		 6.6%
EPS growth (TTM YoY) -68.5% -1.2%
0th		 13.3%
EPS CAGR, 3 yr -16.9% 3.8%
14th		 5.6%
EPS CAGR, 5 yr -12.3% 7.1%
4th		 8.3%
FCF growth (TTM YoY) 250.7% 9.0%
96th		 14.7%
FCF CAGR, 3 yr -2.4% 14.6%
15th		 12.2%
Operating cash flow CAGR, 3 yr -0.8% 13.1%
15th		 8.8%
Book value CAGR, 3 yr 18.7% 8.7%
86th		 7.3%
Dividend CAGR, 3 yr 2.8% 2.3%
60th		 2.7%
Sustainable growth rate 3.1% 9.5%
17th		 11.0%

Margin history & stability

MeasureCARRIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 26.6% 35.7%
28th		 30.6%
Operating margin, 3-yr average 10.4% 13.7%
35th		 10.0%
Net margin, 3-yr average 13.0% 10.2%
77th		 6.2%
FCF margin, 3-yr average 7.2% 10.7%
28th		 7.1%
Revenue stability (0-1) 0.76 0.78
45th		 0.81
Earnings stability (0-1) 0.01 0.40
5th		 0.47
Margin stability (0-1) 0.93 0.94
37th		 0.90

Liquidity (latest quarter)

MeasureCARRIndustry medianIndustry percentileSector median
Cash & short-term investments $1.3B $240.9M
90th		 $249.6M
Net cash (− = net debt) −$11.1B −$710.5M
2nd		 −$666.5M
Working capital $183.0M $596.2M
11th		 $376.4M
Current ratio 1.02 2.06
5th		 1.79
Quick ratio 0.72 1.20
7th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.15 0.30
23rd		 0.32
Defensive interval (days) 443 days 495 days
36th		 614 days

Leverage & solvency (latest quarter)

MeasureCARRIndustry medianIndustry percentileSector median
Total debt $12.4B $1.2B
97th		 $919.8M
Debt / equity 0.94 0.55
80th		 0.65
Net debt / equity 0.84 0.43
83rd		 0.46
Debt / assets 33.2% 26.8%
72nd		 29.3%
Debt / capital 48.5% 35.6%
80th		 39.5%
Debt / EBITDA 4.08 2.00
86th		 2.44
Net debt / EBITDA 3.63 1.61
89th		 1.86
Interest coverage (EBIT / interest) 5.3x 7.0x
30th		 5.0x
Cash interest coverage 7.1x 7.9x
39th		 6.1x
Debt payback (years of OCF) 5.3 yrs 2.6 yrs
79th		 3.2 yrs
Liabilities / assets 64.0% 50.7%
80th		 56.7%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 125
77th		 200

Efficiency

MeasureCARRIndustry medianIndustry percentileSector median
Asset turnover 0.58 0.78
30th		 0.75
Fixed asset turnover 5.93 5.95
49th		 5.14
Inventory turnover 5.9 3.7
93rd		 5.0
Receivables turnover 6.7 5.9
67th		 6.7
Days sales outstanding 55 days 61 days
33rd		 54 days
Days inventory outstanding 62 days 99 days
7th		 72 days
Days payables outstanding 70 days 53 days
84th		 41 days
Cash conversion cycle (days) 46 days 107 days
3rd		 63 days
Capex / revenue 2.1% 2.1%
45th		 3.0%
Capex / depreciation 0.36 0.65
20th		 0.76
Operating expense ratio 15.1% 21.2%
21st		 17.7%

Cash flow & earnings quality

MeasureCARRIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.93 1.42
82nd		 1.50
FCF / net income 1.56 1.22
84th		 1.15
FCF / operating cash flow 80.6% 83.2%
44th		 74.0%
Capex / operating cash flow 19.4% 16.8%
56th		 26.1%
Accruals ratio -3.0% -3.4%
56th		 -4.0%
Sloan accruals ratio -6.3% -1.5%
11th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
25th		 1.00

Dividends & buybacks

MeasureCARRIndustry medianIndustry percentileSector median
Dividend yield 1.7% 0.9%
84th		 0.6%
Dividend per share (TTM) $0.94 $0.97
49th		 $0.44
Payout ratio (dividends / net income) 64.1% 29.1%
96th		 22.5%
Dividends / FCF 41.1% 24.6%
85th		 19.6%
Dividend growth (YoY) 10.5% 5.8%
71st		 5.6%
Buyback yield 4.4% 0.7%
90th		 0.5%
Shareholder yield (dividends + buybacks) 6.2% 2.2%
90th		 2.0%
Share count change (YoY) -3.1% -0.1%
8th		 0.0%
Buybacks, last 5 years $5.9B $147.1M
95th		 $76.0M

Scores & forensic checks

MeasureCARRIndustry medianIndustry percentileSector median
IS score 42 58
18th		 53
IS profitability 32 45
30th		 37
IS growth 20 48
5th		 54
IS value 36 48
16th		 47
IS momentum 54 73
17th		 76
IS risk (safety) 65 100
23rd		 80
IS quality 61 71
23rd		 67
IS balance sheet 43 63
13th		 56
IS earnings quality 79 72
95th		 70
IS cash flow 65 60
64th		 54
Piotroski F-score (0-9) 4 6
8th		 6
Altman Z-score 2.8 4.4
26th		 3.3
Beneish M-score −2.63 −2.55
25th		 −2.52
Ohlson O-score −7.29 −8.00
74th		 −7.49
IS credit score 53 76
21st		 65

Per share

MeasureCARRIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.45 $2.85
28th		 $2.21
Book value per share $15.66 $26.75
33rd		 $18.38
Tangible book per share −$9.08 $2.15
23rd		 $4.39
Revenue per share $26.33 $46.23
28th		 $36.64
FCF per share $2.26 $4.10
33rd		 $2.70
Operating cash flow per share $2.81 $4.77
25th		 $4.28
Cash per share $1.60 $3.39
15th		 $3.02

Size (TTM)

MeasureCARRIndustry medianIndustry percentileSector median
Market cap $45.3B $6.0B
87th		 $3.9B
Revenue $22.1B $2.7B
93rd		 $2.7B
EBITDA $3.0B $370.8M
89th		 $394.8M
Net income $1.2B $165.9M
87th		 $136.3M
Free cash flow $1.9B $324.5M
89th		 $162.9M
Total assets $37.4B $3.6B
95th		 $3.5B
Shareholders' equity $13.1B $1.6B
95th		 $1.4B
Employees 47,000 6,800
92nd		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Yildiz Beril
VP, Controller & CAO
 Option exercise 1,065——1,065
2026-10-01Yildiz Beril
VP, Controller & CAO
 Tax withholding 260$55.22$14,357805
2026-10-01Yildiz Beril
VP, Controller & CAO
 Option exercise 1,065——0
2026-07-24Donato Thomas
President, CSE
 — 40,025$72.07$2.9M0
2026-07-24Barua Neil
Director
 Award / grant 2,831——2,831
2026-07-01Dryden Edward C.
President, CST
 Option exercise 6,894——11,505
2026-07-01Dryden Edward C.
President, CST
 Tax withholding 2,147$72.07$154,7349,358
2026-07-01Dryden Edward C.
President, CST
 Option exercise 6,894——0
2026-05-20Viessmann Maximilian
Director
 Open-market sale 12,094,823$62.01$750.0M37,979,286
2026-05-01Pandya Gaurang
President, CSA
 Option exercise 50,616——71,436
2026-05-01Pandya Gaurang
President, CSA
 Tax withholding 21,546$67.62$1.5M49,890
2026-05-01Pandya Gaurang
President, CSA
 Option exercise 50,616——0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayJulOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired12,831—
Open-market saleDisposed112,094,823$750.0M
Option exerciseAcquired358,575—
Option exerciseDisposed358,575—
Tax withholdingDisposed323,953$1.6M
—Disposed240,025$2.9M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 12,094,823 shares · $750.0M
FiledFilerShares proposedEst. proceeds
2026-05-20Viessmann Traeger Holdco Gmbh12,094,823$750.0M
2025-06-05Viessmann Traeger Holdco Gmbh4,267,425$304.7M
2025-05-12Kyle Crockett3,735$274,000
2025-03-13Kevin O'Connor34,428$2.2M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 27 trades (9 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-14Kevin HernHouseSale$1,001 - $15,0002026-09-02
2026-08-14Kevin HernHouseSale (Full)$1,001 - $15,0002026-09-02
2025-01-10Tommy TubervilleSenateSale$1,001 - $15,0002026-08-05
2025-01-10Thomas Hawley TubervilleSenateSale$1,001 - $15,0002026-08-05
2025-01-10Tommy TubervilleSenateSale (Full)$1,001 - $15,0002025-02-14
2025-01-10Tommy TubervilleSenateSale (Full)$1,001 - $15,0002025-02-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
Capital Research Global Investors106,065,347$7.8B12.87%
BlackRock, Inc.67,176,195$4.9B8.15%
VANGUARD CAPITAL MANAGEMENT LLC51,284,274$3.8B6.22%
VANGUARD PORTFOLIO MANAGEMENT LLC36,565,910$2.7B4.44%
STATE STREET CORP34,386,031$2.5B4.17%
JPMORGAN CHASE & CO33,902,163$2.5B4.11%
DODGE & COX27,475,603$2.0B3.33%
Capital World Investors19,334,704$1.4B2.35%
GEODE CAPITAL MANAGEMENT, LLC17,699,114$1.3B2.15%
Fisher Asset Management, LLC13,047,300$957.0M1.58%
AMERIPRISE FINANCIAL INC8,292,345$610.8M1.01%
Bank of New York Mellon Corp7,944,884$582.8M0.96%
BANK OF AMERICA CORP /DE/7,810,609$572.9M0.95%
MORGAN STANLEY7,709,418$565.5M0.94%
NORGES BANK7,631,155$559.7M0.93%

Institutional ownership by quarter

2023-092026-0687.7%
% of shares held by 13F filers
2023-092026-061,641
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,64187.7%24856655077
2026-03-311,49086.3%160519534143
2025-12-311,49784.3%185451627132
2025-09-301,47585.2%110481573177
2025-06-301,56986.8%16953057189
2025-03-311,51086.5%127522556133
2024-12-311,53888.4%186514530147
2024-09-301,52790.2%19350652978
2024-06-301,43090.7%14345554193
2024-03-311,39990.9%13445153297
2023-12-311,37991.0%18241653179
2023-09-301,29293.3%13840049569

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital Research Global Investors12.8%106,125,890
2026-05-20SCHEDULE 13D/AViessmann Generations Group GmbH & Co. KG4.6%37,979,286
2026-05-20SCHEDULE 13D/AMaximilian Viessmann4.6%37,979,286
2026-05-20SCHEDULE 13D/AViessmann Traeger HoldCo GmbH4.6%37,979,286
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.4B
VTSAX0.06%$1.4B
VSMPX0.06%$1.4B
VTI0.06%$1.4B
VFFSX0.07%$1.2B
VFINX0.07%$1.2B

Share structure

Shares outstanding824,325,057
Float784,967,603
Free float95.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$20.6B$17.3B$19.0B$22.5B$21.7B
Cost of revenue$14.6B$13.0B$13.8B$16.5B$16.1B
Gross profit$6.0B$4.3B$5.2B$6.0B$5.6B
R&D$503.0M$416.0M$493.0M$686.0M$625.0M
SG&A$3.0B$1.9B$2.5B$3.2B$3.1B
Operating income$2.6B$4.0B$2.2B$2.6B$2.1B
EBITDA$2.9B$2.3B$2.7B$3.6B$2.8B
Pretax income$2.4B$3.8B$2.0B$2.3B$1.8B
Income tax$699.0M$616.0M$521.0M$1.1B$306.0M
Net income$1.7B$3.5B$1.3B$5.6B$1.5B
EPS, diluted$1.87$4.10$1.63$6.15$1.70
Diluted shares890.3M861.2M853.0M911.7M846.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.0B$3.5B$9.9B$4.0B$1.6B
Receivables$2.9B$3.4B$2.1B$2.7B$2.6B
Inventory$2.0B$2.6B$1.8B$2.3B$2.5B
Total current assets$11.4B$9.9B$19.6B$9.9B$8.5B
PP&E, net$2.5B$2.9B$2.6B$3.6B$3.7B
Goodwill & intangibles$9.9B$11.3B$8.5B$21.0B$21.8B
Total assets$26.2B$26.1B$32.8B$37.4B$37.2B
Accounts payable$2.3B$2.8B$2.5B$2.5B$2.7B
Total current liabilities$6.6B$6.0B$7.0B$7.9B$7.1B
Long-term debt$9.5B$8.7B$14.2B$11.0B$11.8B
Total liabilities$19.1B$18.0B$23.8B$23.0B$23.1B
Shareholders' equity$7.1B$8.1B$9.0B$14.4B$14.1B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.7B$3.2B$1.5B$1.2B$1.5B
Depreciation & amortization$338.0M$328.0M$491.0M$1.2B$1.3B
Stock-based compensation$92.0M$65.0M$71.0M$86.0M$74.0M
Change in working capital$317.0M−$241.0M$503.0M$339.0M−$143.0M
Operating cash flow$2.2B$1.7B$2.6B$563.0M$2.1B
Capital expenditure−$344.0M−$317.0M−$439.0M−$519.0M−$392.0M
Free cash flow$1.9B$1.4B$2.2B$44.0M$1.7B
Investing cash flow−$692.0M$1.7B−$660.0M−$2.0B−$343.0M
Net debt issued / repaid−$551.0M−$992.0M$5.5B−$1.9B−$889.0M
Buybacks−$527.0M−$1.4B−$62.0M−$1.9B−$2.9B
Dividends paid−$417.0M−$509.0M−$620.0M−$670.0M−$772.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin29.1%26.8%28.4%26.8%25.9%
Operating margin12.8%22.1%10.1%11.8%9.7%
Net margin8.1%17.3%6.3%24.9%6.8%
FCF margin9.2%6.8%10.1%0.2%9.6%
ROE25.6%48.7%16.4%49.2%10.6%
ROIC13.4%27.7%11.1%6.2%7.3%
ROA6.5%13.5%4.6%16.0%4.0%
Debt / equity1.511.211.690.900.92
Interest coverage8.1x8.3x7.4x4.0x5.4x
Current ratio1.721.642.801.251.20
Revenue growth+18.1%−0.9%+4.3%+5.6%−3.3%
EPS growth−18.1%+121.4%−61.9%+292.8%−71.7%
P/E at year end27.4x9.6x35.6x10.9x30.1x
EV / EBITDA at year end18.3x13.8x17.8x19.6x17.8x
FCF yield at year end4.15%4.11%4.49%0.07%4.68%
Dividend payout25.1%14.4%46.0%12.0%52.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Product$17.2B$18.2B$19.6B$20.0B$19.2B
Service$3.4B$2.2B$2.5B$2.5B$2.6B

Revenue by region · FY2025

UNITED STATES$11.1B · 51%
Europe$6.1B · 28%
Asia Pacific$3.8B · 18%
Other Geographical Region$678.0M · 3%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $0.76 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$23.3B$23.0B – $23.8B$2.89$2.83 – $2.921419.0x
2027$24.6B$23.8B – $25.8B$3.30$3.11 – $3.521416.7x
2028$26.0B$24.9B – $27.6B$3.75$2.97 – $4.75714.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-30$0.51$0.57+12.2%$5.0B$5.3B+6.5%
2026-02-05$0.37$0.34−9.3%$5.1B$4.8B−4.2%
2025-10-28$0.63$0.67+5.7%$5.7B$5.6B−1.3%
2025-07-29$0.91$0.92+1.5%$6.1B$6.1B+0.1%
2025-05-01$0.58$0.65+11.3%$5.2B$5.2B+0.6%
2025-02-11$0.50$0.54+7.4%$5.3B$5.1B−3.0%
2024-10-24$0.81$0.83+2.9%$6.6B$6.0B−9.2%
2024-07-25$0.85$0.87+2.8%$7.1B$6.7B−5.2%
2024-04-25$0.50$0.62+23.3%$6.3B$6.2B−2.4%
2024-02-06$0.51$0.53+3.9%$5.2B$5.1B−2.4%
2023-10-26$0.78$0.89+14.1%$5.9B$5.7B−2.7%
2023-07-27$0.76$0.79+3.9%$5.8B$6.0B+2.8%
2023-04-25$0.48$0.52+8.3%$5.8B$5.3B−8.5%
2023-02-07$0.40$0.400.0%$5.1B$5.1B−0.1%
2022-10-27$0.65$0.70+7.7%$5.4B$5.5B+0.1%
2022-07-28$0.62$0.69+11.3%$5.2B$5.2B+0.9%
2022-04-28$0.47$0.54+14.9%$4.5B$4.7B+2.5%
2022-02-08$0.39$0.44+12.8%$4.8B$5.1B+6.4%
2021-10-28$0.66$0.71+7.6%$5.4B$5.3B−1.0%
2021-07-29$0.55$0.64+16.4%$4.9B$5.4B+10.2%
2021-04-29$0.37$0.48+29.7%$3.3B$4.7B+42.3%
2021-02-09$0.37$0.31−16.2%$5.2B$4.6B−12.2%
2020-10-29$0.46$0.67+45.7%$3.5B$5.0B+42.6%
2020-07-30$0.25$0.33+32.0%$3.0B$4.0B+32.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.506-220.406-290.507-060.507-130.507-201.007-270.408-030.308-100.408-170.608-240.308-31
Week ofNotionalSharesTrades
2026-08-31$347.7M5,965,79699,596
2026-08-24$550.2M9,346,789114,981
2026-08-17$390.1M6,364,418108,130
2026-08-10$331.5M5,228,00699,964
2026-08-03$428.9M6,648,393104,704
2026-07-27$989.5M15,662,888199,827

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1542.9%
DateShort shareShort volumeTotal volume
2026-10-1542.9%850,2831,980,102
2026-10-1448.8%768,8531,574,884
2026-10-1366.2%987,2871,491,392
2026-10-1248.2%518,3391,074,617
2026-10-0951.4%705,3331,371,580
2026-10-0850.6%962,8821,902,682
2026-10-0735.0%455,8381,301,067
2026-10-0635.6%433,9711,219,109
2026-10-0558.9%925,4141,570,913
2026-10-0242.7%934,0112,187,815
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.4Jan-0.5Feb+7.6Mar+0.4Apr+5.9May+4.1Jun+11.3Jul+2.3Aug-2.7Sep-0.5Oct+5.0Nov-1.7Dec
MonthAvg returnUp yearsYears
Jan+1.4%50%6
Feb−0.5%33%6
Mar+7.6%86%7
Apr+0.4%50%6
May+5.9%83%6
Jun+4.1%83%6
Jul+11.3%83%6
Aug+2.3%50%6
Sep−2.7%33%6
Oct−0.5%50%6
Nov+5.0%83%6
Dec−1.7%50%6
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1443.1
MFI42.5
ADX19.8
Stochastic %K / %D36.5 / 35.5
Williams %R-55.3
CCI-7
TSI / signal-17.0 / -20.8
Chaikin money flow0.12
ATR$1.43
Bollinger width3.6%
Volume vs 20-day avg1.04x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$55.28 (−0.5%)
SMA 50$57.69 (−4.7%)
SMA 200$61.69 (−10.8%)
EMA 21$55.60 (−1.1%)
EMA 50$57.79 (−4.8%)
EMA 200$61.31 (−10.3%)
Bollinger upper$56.28 (−2.3%)
Bollinger lower$54.27 (+1.3%)
Parabolic SAR$56.66 (−2.9%)
Open the live chart, 110+ indicators

About Carrier Global Corporation

Carrier Global Corporation is a worldwide provider of advanced technological solutions covering heating, ventilation, and air conditioning (HVAC), refrigeration, fire safety, security, and intelligent building automation. Its operations are structured across three primary business segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment is dedicated to supplying products, controls, services, and complete solutions tailored to the heating, cooling, and ventilation requirements of both residential and commercial clients. Offerings in this area include air conditioning units, heating systems, various control mechanisms, aftermarket components, as well as post-installation repair, maintenance services, and building automation capabilities. The Refrigeration segment focuses on providing transport refrigeration and monitoring products and services. This includes digital solutions for diverse applications such as trucks, trailers, shipping containers, intermodal transport, food retail, and warehouse cooling. Additionally, it offers commercial refrigeration solutions like display cabinets, freezers, integrated systems, and their corresponding controls. The Fire & Security segment delivers a comprehensive suite of technologies for residential, commercial, and industrial environments. This encompasses detection systems for fire, flame, gas, smoke, and carbon monoxide; portable fire extinguishers; advanced fire suppression systems; intruder alarms; access control systems; video management systems; and electronic controls. Its service portfolio further extends to auditing, design, installation, system integration, ongoing maintenance, repair, and monitoring services. The company markets its extensive product range under numerous brands, including Autronica, Det-Tronics, Edwards, Fireye, GST, Kidde, LenelS2, Marioff, Onity, Supra, Carrier, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, Riello, Carrier Commercial Refrigeration, Carrier Transicold, and Sensitech. Established in 2019, Carrier Global Corporation maintains its corporate headquarters in Palm Beach Gardens, Florida.

https://www.carrier.com

Key executives

NameTitlePayBorn
Michael Lotfy GiergesPresident of Climate Solutions Asia Pacific, Middle East & Africa$3.5M1985
David L. GitlinChairman & Chief Executive Officer$3.3M1969
Patrick GorisExecutive VP and Chief Financial & Strategy Officer$1.4M1972
Timothy N. WhiteSenior VP of Engineering & Technology$1.4M1974
Edward DrydenPresident of Climate Solutions Transportation$1.2M1979
Gaurang Pandya ACCAPresident of Climate Solutions Americas & Europe Commercial$1.1M1977
Machiel DuijserSenior Vice President of Operations—1973
Nadia VilleneuveSenior VP and Chief People & Communications—1974

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
David L. Gitlin Chairman & Chief Executive Officer2025$1.5M$5.6M$1.0M$15.0M
Michael L. Gierges President, CSAME2025$530,303$1.8M$346,500$7.1M
Patrick Goris EVP, Chief Financial & Strategy Officer2025$887,500$1.7M$351,000$4.9M
Gaurang Pandya President, CSA2025$737,500$1.2M$202,500$3.4M
Edward Dryden President, CST2025$672,500$1.0M$416,160$3.2M

Employees

56k202058k202152k202253k202348k202447k2025

Dividends

Ex-dateAmountPaid
2026-10-29$0.242026-11-18
2026-07-21$0.242026-08-10
2026-05-04$0.242026-05-22
2026-01-20$0.242026-02-09
2025-10-29$0.2252025-11-18
2025-07-21$0.2252025-08-08
2025-05-02$0.2252025-05-22
2024-12-20$0.2252025-02-07

Moat model

None · Efficient Scale · 2026-06-30
Cost advantage52
Intangibles33
Switching costs22
Network effect32
Efficient scale58
Our component scores (0-100) and overall 37.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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