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Italian maker of electronic control systems for air conditioning, refrigeration and humidification equipment.
Italian maker of electronic control systems for air conditioning, refrigeration and humidification equipment.
Sells the electronic controllers and sensors that run refrigeration, air-conditioning and humidification equipment, designed into each manufacturer's models, so a win secures sales for the life of the model. The Rossi Luciani family, the founders, controls the company.
In one line: An Italian niche HVAC-controls maker like a smaller Honeywell building-controls segment.
Moat: narrow (process know-how, customer qualification, IP / patents). Specialized, high-precision HVAC/R control technology embedded in OEM equipment designs, with durable engineering relationships.
Headquarters: Brugine, Italy · Founded: 1973 · Employees: 2,709
Size Carel Industries (CRL.MI) is an Italy Industrials company (Industrial Machinery) with a market value of $3.24B, the 54th largest of 123 Italy companies the cockpit tracks. Shares closed at €25.65 on 6 Nov 2026.
Performance Over six months the shares fell 11.1%, against -22.4% for the median peer and +3.1% for the Italy market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +11.8%); the operating margin is 15.4% (peer median 9.7%).
Valuation It trades at 30.5× forward earnings against a peer median of 26.5× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +10 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 4.1 points above its cost of capital (11.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €693M | €629M | €579M | €650M | €545M |
| Revenue growth | — | +9% | -11% | +19% | — |
| Gross profit | €105M | €152M | €129M | €170M | €142M |
| EBITDA | €149M | €120M | €98.9M | €131M | €106M |
| Net income | €92.8M | €73.6M | €62.6M | €70.9M | €62.1M |
| Free cash flow | €88.6M | €108M | €67.3M | €83.7M | €47.6M |
| Capital expenditure | €23.4M | €22.8M | €31.6M | €27.4M | €26.8M |
| Total debt | €119M | €125M | €153M | €186M | €203M |
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 |
|---|---|---|---|---|---|---|
| Carel Industries CRL.MI | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
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 | CRL.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -13.2% | 9th highest of 21 |
| 6-month return | -11.1% | -22.4% | 7th highest of 21 |
| Distance from 52-week high | -22.0% | -45.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +16.8% | +11.8% | 8th highest of 21 |
| Operating margin | 15.4% | 9.7% | 6th highest of 21 |
| Forward P/E | 30.5× | 26.5× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 23.3% | 15.5% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +13.7% | +10.6% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | +9.6 pp | +4.8 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +4.1 pp | +0.0 pp | 7th highest of 21 |
| EV / EBITDA | 19.4× | 21.8× | 4th cheapest of 10 |
| Net debt / EBITDA | -0.1× | -0.0× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Tokyo Seimitsu 7729.T | Japan | $3.16B | -29% | +17% | 22% | 15.2× | 16.0% | +11.4% |
| Shenzhen Zhaowei Machinery & Electronics 2692.HK | Hong Kong | $3.16B | -52% | +5% | 9% | 34.8× | 33.0% | +6.8% |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Infore Environment Technology 000967.SZ | China | $3.14B | -53% | +20% | 8% | 26.5× | -0.8% | -0.7% |
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Takasago Thermal Engineering 1969.T | Japan | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% | +9.0% |
| SIASUN Robot & Automation 300024.SZ | China | $3.12B | -11% | +11% | -7% | 235.7× | n/a | n/a |
| Jack Technology 603337.SS | China | $3.09B | +15% | +13% | 10% | 22.8× | 4.2% | +13.3% |
| AIA Engineering AIAENG.NS | India | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% | +9.1% |
| Jiangsu Lettall Electronic 603629.SS | China | $3.41B | -40% | +27% | 34% | n/a | 4.8% | +15.0% |
| Guangdong Shenling Environmental Systems 301018.SZ | China | $3.42B | -27% | +45% | 5% | 64.8× | n/a | n/a |
| Blue Star BLUESTARCO.NS | India | $3.43B | -10% | +9% | 5% | 56.0× | n/a | n/a |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |
| Thermax THERMAX.NS | India | $3.46B | -34% | +5% | 6% | 43.6× | n/a | n/a |
| Formosa Sumco Technology 3532.TW | Taiwan | $3.01B | +12% | +9% | 4% | 50.5× | n/a | n/a |
| Bozhon Precision Industry Technology 688097.SS | China | $3.00B | -23% | +74% | 7% | 23.6× | n/a | n/a |
| Anhui Yingliu Electromechanical 603308.SS | China | $3.50B | -58% | +38% | 13% | 42.0× | n/a | n/a |
| Catcher Technology 2474.TW | Taiwan | $2.99B | -14% | -18% | 10% | 16.3× | 12.4% | -25.7% |
| China First Heavy Industries 601106.SS | China | $2.98B | -36% | 0% | 0% | n/a | n/a | n/a |