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Makes HVAC, refrigeration and fire/security systems, spun off from United Technologies.
Makes HVAC, refrigeration and fire/security systems, spun off from United Technologies.
Sells heating and cooling equipment through dealers and contractors, with replacement of existing equipment and service contracts a larger source of demand than new construction. It has reshaped itself toward HVAC since 2024: buying Viessmann's heat-pump business in Germany and selling much of its fire-and-security and commercial-refrigeration operations.
Moat: narrow (brand, scale, installed base). Iconic Carrier brand and large installed HVAC/refrigeration base drive recurring aftermarket revenue.
Headquarters: Palm Beach Gardens, Florida, US · Founded: 2020 · Employees: 47,000
Size Carrier Global (CARR) is a United States Industrials company (Industrial Machinery) with a market value of $42.9B, the 286th largest of 3,117 United States companies the cockpit tracks. Shares closed at $52.38 on 6 Nov 2026.
Performance Over six months the shares fell 21.6%, against -2.6% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +8.5%); the operating margin is 9.2% (peer median 18.0%).
Valuation It trades at 17.2× forward earnings against a peer median of 23.2× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.4 points below its cost of capital (10.2% WACC).
Credit Carrier Global has 12 bonds outstanding ($10.6B), rated BBB+ by the agencies and trading like A- at a weighted spread of 83 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $22.8B | $21.7B | $22.5B | $19.0B | $20.4B |
| Revenue growth | — | -3% | +19% | -7% | — |
| Gross profit | $5.69B | $5.67B | $6.02B | $5.17B | $5.47B |
| EBITDA | $3.37B | $3.44B | $3.48B | $2.62B | $4.66B |
| Net income | -$1.80B | $1.51B | $428M | $1.65B | $3.53B |
| Free cash flow | $2.38B | $2.12B | $44.0M | $2.17B | $1.39B |
| Capital expenditure | $481M | $392M | $519M | $439M | $353M |
| Total debt | $11.9B | $12.4B | $12.8B | $14.7B | $9.50B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
| Lennox International LII | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CARR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.2% | -4.6% | 10th lowest of 21 |
| 6-month return | -21.6% | -2.6% | 7th lowest of 20 |
| Distance from 52-week high | -31.8% | -26.5% | 11th highest of 21 |
| Revenue growth (TTM) | +3.3% | +8.5% | 7th lowest of 21 |
| Operating margin | 9.2% | 18.0% | 3rd lowest of 21 |
| Forward P/E | 17.2× | 23.2× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 19.0% | 16.6% | 6th most demanding of 19 |
| Growth delivered (Del g) | +4.5% | +11.0% | 6th lowest of 19 |
| Hurdle (Req g minus delivered) | +14.5 pp | +3.1 pp | 2nd most demanding of 19 |
| ROIC minus cost of capital | -2.4 pp | +4.3 pp | 2nd lowest of 20 |
| EV / EBITDA | 15.9× | 15.8× | 7th most expensive of 14 |
| Net debt / EBITDA | 3.1× | 0.4× | most indebted of 16 |
| Bond spread | 83 bp | 75 bp | 3rd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
Carrier Global has 12 bonds outstanding with $10.6B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.25%, a spread of 83 bp over government bonds.