Carrier Global Corp

Industrials
Industrial Machinery/Components
www.corporate.carrier.com

Earnings Score
Moat Score
Safety Score

Market Cap $60.85B
PE 11
Debt $11.18B
Cash $1.70B
EV $70.33B
FCF $1.54B

Earnings

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Sales & Net Margins

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Earnings	$5.75B
EBIT	$2.78B
ROE	40%
ROA	8%
FCF	$1.54B
Equity	$14.20B
Growth Stability	56%
PE	10.59
PEG	0.68
PB	4.29
P/FCF	39.62
P/S	2.83
Price/Cash	0.03
Debt/Equity	0.79
Debt/FCF	7.28
Net Margins	8%
Op. Margins	13%
Earnings CAGR	13%
Sales Growth YoY	-16%
Sales Growth QoQ	1%
Sales CAGR	5%
FCF CAGR	-1%
Equity CAGR	4%
Earnings Stability	-0.27
Earnings Growth YoY	53%
Earnings Growth QoQ	-84%
Earnings CAGR 5Y	16%

Sales CAGR 5Y	6%
FCF CAGR 5Y	1%
Equity CAGR 5Y	24%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
FCF CAGR 3Y	10%
Equity CAGR 3Y	36%
Market Cap	$60.85B
Revenue	$21.52B
Dividend Yield	1%
Payout Ratio	13%
Assets	$36.45B
Total Debt	$11.18B
Cash	$1.70B
Shares Outstanding	866.9M
EV	70.33B
Earnings Score	6%
Moat Score	90%
Safety Score	63%
Final Score	53%
Working Capital	1.43B
Current Ratio	1.2
Shares Growth 3y	3%
Equity Growth QoQ	-1%
Equity Growth YoY	19%

Assets & ROA

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Stockholders Equity & ROE

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Carrier Global manufactures heating, ventilation, and air conditioning, refrigeration, and fire and security products. The HVAC business serves both residential and commercial markets (HVAC segment sales mix is 60% commercial and 40% residential). Carrier's refrigeration segment consists of its transportation refrigeration, Sensitech supply chain monitoring, and commercial refrigeration businesses. The firm's fire and security business manufactures fire detection and suppression, access controls, and intrusion detection products.

SEC Filings

Direct access to Carrier Global Corp (CARR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Carrier Global Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Carrier Global Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 13%

Stability -27%

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Carrier Global Corp Discounted Cash Flow

Fully customizable DCF calculator online for Carrier Global Corp.

Years

Calculation mode

= $15B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.5B	$1.5B	$1.5B	$1.5B	$1.5B	$1.5B	$1.5B	$1.5B	$1.5B	$1.4B	$1.4B	$14B
DCF		$1.4B	$1.3B	$1.1B	$1B	$921M	$832M	$751M	$678M	$612M	$553M	$5.5B
Value	$15B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	14%	11%	11%	8%	17%	6%	25%	8%
ROA	-	12%	12%	10%	17%	7%	7%	8%
ROE	-	15%	30%	23%	44%	15%	39%	40%

Net Margins (7.9%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	0.31	7.61	5.22	6.36	6.69	11.67	7.28
Debt over Equity	-	0.04	1.6	1.39	1.09	1.59	0.85	0.79
Growth Stability	-	-	-	73%	100%	56%	100%	56%

Bad Debt/FCF ratio (7.28)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.79)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (56%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-2%	-6%	18%	-1%	8%	2%	6%
Earnings YoY growth	-	-23%	-6%	-16%	112%	-62%	315%	16%
Equity YoY growth	-	1%	-54%	8%	14%	12%	60%	24%
FCF YoY growth	-	2%	-24%	37%	-27%	54%	-51%	1%