CARRIER GLOBAL Corp (CARR)
Industrials · Building Products · US stock · S&P 500 component
$56.48
▲ +0.01 (0.02%)
Fair valueFair
$49 −13.1% to fair value
$25fair band $42–$60$74
Day's range
$54.71 – $56.73
52-week range
$50.24 – $76.76
About CARRIER GLOBAL Corp
Heating, ventilation and air conditioning equipment, commercial refrigeration, fire and security products and building controls come from Carrier Global. Its offerings serve homes, commercial buildings, transport refrigeration and food retail. Customers include homeowners, building owners, contractors, distributors and food and transport companies. The company also provides after-sales service and replacement parts, and it is organised into climate, refrigeration and security-related businesses by region.
Equipment, replacement parts, and service and maintenance generated revenue of $21.9 billion over the last twelve months. Revenue has grown at 7.9% a year across the last three years. The operating margin is 8.2%, the business earns 7% on the capital invested in it, and net debt is 3.5 times EBITDA. The dividend yield is 1.7%. On the site's X-Ray Score it receives 27 out of 100.
Price chart
52-wk range $50.24 – $76.76Volume 5,998,259Daily, split-adjusted
Vitals
Market cap$47.6B
52-week range$50.24 – $76.76
Volume (last day)5,998,259
P/E (TTM)37.0
EBIT / EV yield3.1%
Free-cash-flow yield3.5%
Dividend yield1.7%
Revenue (TTM)$21.9B
Net income (TTM)$1.3B
Operating margin8.2%
Return on capital6.6%
Debt incl. leases$12.1B
Cash & securities$1.4B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$49middle half of models $38 – $57
Fair
−13.1% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $56
Undervalued < $42Fair $42 – $60Overvalued > $60
P/E multiple
$52
P/B multiple
$70
P/S multiple
$65
EV/EBITDA multiple
$52
EV/EBIT multiple
$42
EV/revenue multiple
$62
10-year DCF, EBITDA exit
$54
5-year DCF, EBITDA exit
$55
10-year DCF, revenue exit
$55
5-year DCF, revenue exit
$57
10-year DCF, growth exit
$25
5-year DCF, growth exit · not used
$20
Dividend discount, stable
$26
Dividend discount, multi-stage
$36
Earnings power value
$36
Growth the price implies
23.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
26/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.1%
Free-cash-flow yield3.5%
Fair value vs price0.9×
Growth
Weak
31/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)7.9%
EPS growth (3y)-25.1%
Growth consistency70%
Profitability
Weak
17/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.6%
Operating margin8.2%
Financial health
Weak
27/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA3.5×
Interest coverNo interest cost
Dividends
Fair
50/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.7%
Dividends vs free cash flow47%
Dividend growth14.9%
Quarterly results: last 6 quarters
+19.3%
Dec '24
-3.7%
Mar '25
+3.0%
Jun '25
-6.8%
Sep '25
-6.0%
Dec '25
+2.4%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.3B, diluted EPS $0.28.
Compare with peers
AOS Smith A O Corp65 LII Lennox International I...59 ALLE Allegion plc59 TT Trane Technologies plc56Other Building Products companies by X-Ray Score.
SWOT analysis: CARRIER GLOBAL Corp
Strengthsinside the company
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 6.6% is well below the 23.1% median of industry peers.
- Operating margin of 8.2% is thin against 17.7% for industry peers.
- Earnings per share have declined 25.1% a year over three years.
Opportunitiesvaluation and setting
- Dividends use only 47% of free cash flow, which leaves room to raise them.
Threatsvaluation and setting
- Revenue growth slowed to -3.3% last year from 7.9% a year over three years.
- Trades at 36.3x earnings, 73% above the 21.0x median of industry peers, so the price already assumes better results.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare CARR with peers and sector
Medians of 6 Building Products peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): TT 56, JCI 31, MAS 53, ALLE 59, LII 59, AOS 65.
| Metric | CARR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 27 | 58 | 51 |
| Valuation | 26 | 63 | 48 |
| Growth | 31 | 50 | 51 |
| Profitability | 17 | 61 | 51 |
| Financial health | 27 | 51 | 49 |
| Dividends | 50 | 55 | 53 |
Sector leaders: highest X-Ray Score in Industrials
CARR ranks #80 of 81 in Industrials and #7 of 7 in Building Products by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for CARR
Each factor is rated by where CARR stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 5 Average · 12 Bad of 21
Growth: 1 · 0 · 2
Profitability: 0 · 0 · 4
Financial strength: 1 · 0 · 3
Valuation: 2 · 1 · 2
Cash flow: 0 · 3 · 1
Efficiency: 0 · 1 · 0
| Factor | CARR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +7.9% | Good beats 68% | +5.6% | – | – |
| Revenue growth, last year | −3.3% | Bad beats 8% | +4.5% | +9.6% | ▼ Worse |
| EPS growth, 3 years a year | −25.1% | Bad beats 2% | +5.7% | – | – |
| Profitability | |||||
| Operating margin | 8.2% | Bad beats 20% | 17.5% | 11.8% | ▼ Worse |
| Net margin | 6.0% | Bad beats 20% | 12.8% | 8.3% | ▼ Worse |
| Return on invested capital | 6.6% | Bad beats 3% | 14.9% | – | – |
| Return on equity | 9.5% | Bad beats 12% | 23.7% | 24.0% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 3.5x | Bad beats 5% | 1.8x | 2.1x | ▼ Worse |
| Interest cover | 50.0x | Good beats 76% | 21.4x | 7.1x | ▲ Better |
| Current ratio | 1.05 | Bad beats 26% | 1.25 | 1.64 | ▼ Worse |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 36.3x | Bad beats 20% | 28.9x | 28.4x | ▼ Worse |
| Price / book | 3.4x | Good beats 76% | 6.2x | 4.4x | ▲ Better |
| Price / sales | 2.2x | Good beats 67% | 3.5x | 2.3x | ≈ In line |
| EV / EBITDA | 19.0x | Average beats 46% | 18.5x | 18.2x | ≈ In line |
| Free cash flow yield | 3.5% | Bad beats 30% | 3.8% | 4.0% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 7.7% | Bad beats 20% | 13.8% | 9.2% | ▼ Worse |
| Cash from operations / net income | 1.61 | Average beats 65% | 1.39 | 1.32 | ▲ Better |
| Free cash flow growth, 3 years a year | +14.1% | Average beats 43% | +14.5% | – | – |
| Accruals (lower is better) | −2.1% | Average beats 34% | −3.2% | – | – |
| Efficiency | |||||
| Days sales outstanding | 52 days | Average beats 64% | 57 days | 43 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 3 Average · ● 10 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 27/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $20.6B | $17.3B | $19.0B | $22.5B | $21.7B |
| Operating income | $2.6B | $4.0B | $2.2B | $2.6B | $2.2B |
| Net income | $1.7B | $3.5B | $1.3B | $5.6B | $1.5B |
| Operating cash flow | $2.2B | $1.7B | $2.6B | $563M | $2.5B |
| Operating margin | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| Free cash flow | $1.9B | $1.4B | $2.2B | $44M | $2.1B |
| Diluted EPS | $1.87 | $4.10 | $1.58 | $6.15 | $1.72 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 2 neutral · 9 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 55.45 | Bullish |
| EMA 10 | 55.71 | Bullish |
| SMA 20 | 55.50 | Bullish |
| EMA 20 | 55.74 | Bullish |
| SMA 50 | 57.10 | Bearish |
| EMA 50 | 57.53 | Bearish |
| SMA 100 | 62.57 | Bearish |
| EMA 100 | 59.69 | Bearish |
| SMA 200 | 61.53 | Bearish |
| EMA 200 | 60.91 | Bearish |
Oscillators (daily)
| RSI (14) | 53.31 | Neutral |
| MACD (12, 26) | -0.32 | Bearish |
| Momentum (12) | 0.68 | Bullish |
| Stochastic %K (14) | 92.08 | Bearish |
| Williams %R (14) | -7.92 | Bearish |
| CCI (20) | 97.30 | Neutral |
Pivot points (classic, last session)
S3 53.20 | S2 53.95 | S1 55.22 | Pivot 55.97 | R1 57.24 | R2 57.99 | R3 59.26 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.95 USD
Yield on today's price
1.67%
Frequency
Quarterly
Next ex-dividend date
29 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.2400 |
| 0.2400 | |
| 0.2400 | |
| 0.2400 | |
| 0.2250 | |
| 0.2250 | |
| 0.2250 | |
| 0.2250 | |
| 0.1900 | |
| 0.1900 | |
| 0.1900 | |
| 0.1900 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold CARR
| ETF | Share of the fund |
|---|---|
| XHB SPDR S&P Homebuilders | 3.20% |
| CGDV Capital Group Dividend Value | 2.64% |
| CGUS Capital Group Core Equity | 1.26% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.08% |
| VOE Vanguard Mid-Cap Value | 1.00% |
| XLI Industrial Select Sector SPDR | 0.99% |
| JAVA JPMorgan Active Value | 0.83% |
| VIS Vanguard Industrials | 0.69% |
The eight funds with the largest weight in CARR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
CARR SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.