CARRIER GLOBAL Corp
$54.20
−0.17 (−0.31%) · delayed · Nov 13, 2026
Five-year price
52w $50.24 to $76.76
- Market cap
- $44.3B
- Enterprise value
- $54.3B
- P/E
- 31.5×
- 17.2× on 3y avg EPS
- EV / EBIT
- 25.0×
- FCF yield
- 4.8%
- ROIC
- 7.8%
- Debt / equity
- 0.81
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 13.1%
- ●ROE > 15% (5y avg)5y avg ROE 26.4%
- ●Stable operating marginsMargin volatility 4.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 91% (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.5%
- ●Shrinking share countDiluted shares -2.0% over 5y
Value
0
- ○P/E below 15P/E 31.5
- ○EV/EBIT below 12EV/EBIT 25.0
- ○FCF yield above 6%FCF yield 4.8%
- ○Price below Graham NumberGraham Number $25.85
- ○P/B below 3P/B 3.1
Safety
0
- ○Debt / equity below 0.5D/E 0.81
- ○Debt payable in < 4 yrs of earningsNet debt $9.9B
- ○Interest coverage > 8xCoverage 5.1x
- ○Current ratio > 1.5Current ratio 1.20
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $21.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.20
- ●Earnings stability (no loss, 10y)8 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 20%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 17.2
- ○P/E × P/B ≤ 22.5Product 54.0
Valuation lab
What do you have to believe?
At $54.20, the market is pricing in about 8.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $9.9B · 818M shares · 5y revenue CAGR 4.5%
Intrinsic value
$33.64
Price
$54.20
Premium paid
61%
What the price implies
The market is paying for 8.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
56% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18,914 | 18,608 | 17,456 | 20,613 | 17,288 | 18,951 | 22,486 | 21,747 |
| Gross profit | — | — | — | — | — | — | — | — |
| Operating income | 3,637 | 2,491 | 3,083 | 2,645 | 3,984 | 2,160 | 2,646 | 2,172 |
| Operating margin | 19.2% | 13.4% | 17.7% | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| Pre-tax income | 3,842 | 2,672 | 2,855 | 2,400 | 3,823 | 1,999 | 2,274 | 1,798 |
| Income tax | 1,073 | 517 | 849 | 699 | 616 | 521 | 1,062 | 240 |
| Net income | 2,769 | 2,155 | 2,006 | 1,701 | 3,534 | 1,349 | 5,604 | 1,484 |
| EPS (diluted) | 3.16 | 2.44 | 2.25 | 1.87 | 4.10 | 1.58 | 6.15 | 1.72 |
| Diluted shares | 866 | 866 | 880 | 890 | 861 | 853 | 912 | 862 |
Who owns it