Carrier Global Corp
CARR
Carrier Global Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 15.7B is 108% of equity (14.5B) - tangible book value is NEGATIVE (-7.7B), creating material impairment risk[Goodwill]
- Net margin TTM 18.1% vs industry median 1.6% - 11x advantage driven by 4B net income on 22B revenue[Net Margin TTM]
- FCF of 1.1B TTM covers only 0.7x of 1.6B operating cash flow - capex intensity higher than peers[Free Cash Flow TTM]
Watch Triggers
- Goodwill: Any impairment charge or write-down announcement — 15.7B goodwill exceeds equity - even 10% impairment wipes 1.6B from book value
- Operating Margin TTM: Decline below 8% — Current 10.1% margin is key to premium valuation; compression signals pricing pressure
- Free Cash Flow TTM: FCF conversion below 50% of operating cash flow — Current 70% conversion (1.1B/1.6B) already lags; further decline limits capital returns
Bull Case
ROE 27.3% and ROIC 14.6% TTM vs industry medians of 4.7% and 3.3% demonstrate capital efficiency that should compound shareholder value
Debt/equity 0.85 with 12.3B total debt is manageable given 4.2B EBITDA TTM (2.9x leverage) and 2.2B operating income
Bear Case
5Y EPS CAGR of -11% despite strong current margins suggests prior earnings quality issues or acquisition dilution
P/E 37.6x vs industry median 20.8x (1.8x premium) prices in significant growth that negative 5Y EPS trend contradicts
Bull vs Bear Balance
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Forward Thesis
HVAC replacement cycle + energy efficiency mandates should sustain above-market revenue growth
- Building decarbonization regulations driving equipment upgrades
- Aging installed base approaching replacement window
- Heat pump adoption accelerating in commercial segment
Public Strategies Rankings
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CARR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$48.24B | — | ||
$59.16B | — | ||
40 | — | ||
$22.06B | -11.1% | — | |
$1.41 | -30.8% | — | |
10.1% | +0.6% | — | |
18.1% | +4.0% | — | |
$1.13B | +20.0% | — | |
0.27 | -3.1% | — | |
Beta 5Y (Monthly) | unknown | — |
CARR Dividend History
2026
$0.24002025
$0.67502024
$0.79502023
$0.74502022
$0.63502021
$0.51002020
$0.2800CARR Stock Splits
CARR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/11/25 | 12/31/24 | 10-K | |
10/25/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
02/06/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/07/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/08/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/09/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
03/13/20 | 12/31/19 | S-1 | |
10/29/20 | 09/30/19 | 10-Q | |
07/31/20 | 06/30/19 | 10-Q | |
05/11/20 | 03/31/19 | 10-Q |