Carrier Global Corp

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

Earnings Score
Moat Score
Safety Score

Market Cap $65.82B
PE 19
Debt $12.43B
Cash $2.24B
EV $76.01B
FCF $1.74B

Earnings

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Sales & Net Margins

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Earnings	$3.47B
EBIT	$2.48B
ROE	23%
ROA	6%
FCF	$1.74B
Equity	$15.04B
Growth Stability	56%
PE	18.95
PEG	3.71
PB	4.38
P/FCF	37.93
P/S	2.93
Price/Cash	0.03
Debt/Equity	0.83
Debt/FCF	7.17
Net Margins	18%
Op. Margins	11%
Earnings CAGR	5%
Sales Growth YoY	-22%
Sales Growth QoQ	-33%
Sales CAGR	6%
FCF CAGR	2%
Equity CAGR	1%
Earnings Stability	-0.52
Earnings Growth YoY	25%
Earnings Growth QoQ	-81%
Earnings CAGR 5Y	5%

Sales CAGR 5Y	6%
FCF CAGR 5Y	2%
Equity CAGR 5Y	18%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	19%
Equity CAGR 3Y	30%
Market Cap	$65.82B
Revenue	$22.44B
Dividend Yield	1%
Payout Ratio	19%
Assets	$40.20B
Total Debt	$12.43B
Cash	$2.24B
Shares Outstanding	900.59M
EV	76.01B
Earnings Score	6%
Moat Score	89%
Safety Score	63%
Final Score	53%
Working Capital	816M
Current Ratio	1.08
Shares Growth 3y	2%
Equity Growth QoQ	7%
Equity Growth YoY	77%

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.

2024
- 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
2022
- 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 5%

Stability -52%

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Carrier Global Corp Discounted Cash Flow

Fully customizable DCF calculator online for Carrier Global Corp.

Years

Calculation mode

= $20B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.7B	$1.8B	$1.8B	$1.9B	$1.9B	$2B	$2B	$2.1B	$2.1B	$2.2B	$2.2B	$22B
DCF		$1.6B	$1.5B	$1.4B	$1.3B	$1.2B	$1.1B	$1.1B	$982M	$914M	$852M	$8.5B
Value	$20B

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	TTM
Net Margins	14%	11%	11%	8%	17%	6%	18%
ROA	-	12%	12%	10%	17%	7%	6%
ROE	-	15%	30%	23%	44%	15%	23%

Good Net Margins (17.61%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

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	TTM
Debt over FCF	-	0.31	7.61	5.22	6.36	6.69	7.17
Debt over Equity	-	0.04	1.6	1.39	1.09	1.59	0.83
Growth Stability	-	-	-	73%	100%	56%	56%

Bad Debt/FCF ratio (7.17)

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 (0.83)

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	CAGR 5Y
Revenue YoY growth	-	-2%	-6%	18%	-1%	8%	6%
Earnings YoY growth	-	-23%	-6%	-16%	112%	-62%	5%
Equity YoY growth	-	1%	-54%	8%	14%	12%	18%
FCF YoY growth	-	2%	-24%	37%	-27%	54%	2%