Carrier Global Corporation (CARR) 10-Year Financial Performance & Capital Metrics

CARR • • Industrial / General

IndustrialsConstructionHVAC & Building SystemsHVAC Equipment Manufacturers

AboutCarrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating, cooling, and ventilation needs of residential and commercial customers. Its products include air conditioners, heating systems, controls, and aftermarket components, as well as aftermarket repair and maintenance services and building automation solutions. The Refrigeration segment offers transport refrigeration and monitoring products and services, as well as digital solutions for trucks, trailers, shipping containers, intermodal applications, food retail, and warehouse cooling; and commercial refrigeration solutions, such as refrigerated cabinets, freezers, systems, and controls. The Fire & Security segment provides various residential, commercial, and industrial technologies, including fire, flame, gas, smoke, and carbon monoxide detection; portable fire extinguishers; fire suppression systems; intruder alarms; access control systems; video management systems; and electronic controls. Its other fire and security service offerings comprise audit, design, installation, and system integration, as well as aftermarket maintenance and repair and monitoring services. The company offers its products under the Autronica, Det-Tronics, Edwards, Fireye, GST, Kidde, LenelS2, Marioff, Onity, and Supra; Carrier, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, and Riello; and Carrier Commercial Refrigeration, Carrier Transicold, and Sensitech brands. The company was incorporated in 2019 and is headquartered in Palm Beach Gardens, Florida.Show more

Revenue $22.49B +18.7%
EBITDA $3.88B +46.3%
Net Income $5.6B +315.4%
EPS (Diluted) 6.15 +277.3%
Gross Margin 26.79% -1.9%
EBITDA Margin 17.25% +23.3%
Operating Margin 11.77% +3.2%
Net Margin 24.92% +250.1%
ROE 47.9% +203.2%
ROIC 10.75% -8.1%
Debt/Equity 0.88 -45.6%
Interest Coverage 4.56 -35.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 36.8%
✓Strong 5Y profit CAGR of 21.5%
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y3.86%

3Y2.94%

TTM-1.7%

Profit (Net Income) CAGR

10Y-

5Y21.51%

3Y49.89%

TTM14.66%

EPS CAGR

10Y-

5Y20.31%

3Y48.71%

TTM17.54%

ROCE

10Y Avg15.09%

5Y Avg13.75%

3Y Avg13.03%

Latest9.56%

Peer Comparison

HVAC Equipment Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AAONAAON, Inc.	7.35B	90.04	44.57	2.75%	7.62%	11.62%		0.21
LIILennox International Inc.	18.32B	522.33	23.17	7.21%	15.74%	78.63%	4.27%	1.75
CARRCarrier Global Corporation	46.78B	55.55	9.03	18.65%	18.05%	26.83%	0.09%	0.88

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.81B	18.91B	18.61B	17.46B	20.61B	17.29B	18.95B	22.49B
Revenue Growth %	-	0.06%	-0.02%	-0.06%	0.18%	-0.16%	0.1%	0.19%
Cost of Goods Sold+	12.58B	13.31B	13.15B	12.33B	14.61B	12.98B	13.78B	16.46B
COGS % of Revenue	0.71%	0.7%	0.71%	0.71%	0.71%	0.75%	0.73%	0.73%
Gross Profit+	5.23B	5.61B	5.46B	5.13B	6.01B	4.3B	5.17B	6.02B
Gross Margin %	0.29%	0.3%	0.29%	0.29%	0.29%	0.25%	0.27%	0.27%
Gross Profit Growth %	-	0.07%	-0.03%	-0.06%	0.17%	-0.28%	0.2%	0.16%
Operating Expenses+	2.2B	1.97B	2.96B	2.05B	3.36B	319M	3.02B	3.38B
OpEx % of Revenue	0.12%	0.1%	0.16%	0.12%	0.16%	0.02%	0.16%	0.15%
Selling, General & Admin	2.38B	2.48B	2.52B	2.59B	2.98B	1.94B	2.47B	3.2B
SG&A % of Revenue	0.13%	0.13%	0.14%	0.15%	0.14%	0.11%	0.13%	0.14%
Research & Development	364M	400M	401M	419M	503M	416M	493M	686M
R&D % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%
Other Operating Expenses	-543M	-909M	46M	-963M	-119M	-2.04B	56M	-506M
Operating Income+	3.03B	3.64B	2.49B	3.08B	2.65B	3.98B	2.16B	2.65B
Operating Margin %	0.17%	0.19%	0.13%	0.18%	0.13%	0.23%	0.11%	0.12%
Operating Income Growth %	-	0.2%	-0.32%	0.24%	-0.14%	0.51%	-0.46%	0.23%
EBITDA+	3.4B	3.99B	2.83B	3.42B	2.98B	4.31B	2.65B	3.88B
EBITDA Margin %	0.19%	0.21%	0.15%	0.2%	0.14%	0.25%	0.14%	0.17%
EBITDA Growth %	-	0.17%	-0.29%	0.21%	-0.13%	0.45%	-0.39%	0.46%
D&A (Non-Cash Add-back)	372M	357M	335M	336M	338M	328M	491M	1.23B
EBIT	2.64B	2.87B	2.64B	2.08B	2.57B	1.96B	2.21B	2.33B
Net Interest Income+	-115M	37M	27M	-288M	-306M	-219M	-160M	-371M
Interest Income	104M	121M	102M	10M	13M	83M	146M	209M
Interest Expense	219M	84M	75M	298M	319M	302M	306M	580M
Other Income/Expense	24M	205M	181M	-228M	-245M	-161M	-161M	-372M
Pretax Income+	3.05B	3.84B	2.67B	2.85B	2.4B	3.82B	2B	2.27B
Pretax Margin %	0.17%	0.2%	0.14%	0.16%	0.12%	0.22%	0.11%	0.1%
Income Tax+	1.79B	1.07B	517M	849M	699M	616M	521M	1.06B
Effective Tax Rate %	0.4%	0.71%	0.79%	0.69%	0.69%	0.92%	0.67%	2.46%
Net Income+	1.23B	2.73B	2.12B	1.98B	1.66B	3.53B	1.35B	5.6B
Net Margin %	0.07%	0.14%	0.11%	0.11%	0.08%	0.2%	0.07%	0.25%
Net Income Growth %	-	1.23%	-0.23%	-0.06%	-0.16%	1.12%	-0.62%	3.15%
Net Income (Continuing)	1.27B	2.77B	2.15B	2.01B	1.7B	3.21B	1.48B	1.21B
Discontinued Operations	0	0	0	0	0	377M	-38M	4.5B
Minority Interest	371M	352M	333M	326M	327M	318M	328M	314M
EPS (Diluted)+	0.00	3.16	2.44	2.25	1.87	4.10	1.63	6.15
EPS Growth %	-	-	-0.23%	-0.08%	-0.17%	1.19%	-0.6%	2.77%
EPS (Basic)	0.00	3.16	2.44	2.29	1.92	4.19	1.61	6.24
Diluted Shares Outstanding	872.8M	872.8M	866.22M	880.2M	890.3M	861.2M	853M	911.7M
Basic Shares Outstanding	866.2M	866.2M	866.22M	866.5M	867.7M	843.4M	837.3M	898.2M
Dividend Payout Ratio	-	-	-	0.07%	0.25%	0.14%	0.46%	0.12%

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	6B	6.11B	5.96B	8.52B	11.41B	9.88B	19.58B	9.89B
Cash & Short-Term Investments	1.32B	1.13B	952M	3.12B	2.99B	3.52B	9.85B	3.97B
Cash Only	1.32B	1.13B	952M	3.12B	2.99B	3.52B	9.85B	3.97B
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	2.66B	3.24B	3.35B	3.44B	2.91B	3.37B	2.08B	2.65B
Days Sales Outstanding	54.46	62.51	65.67	71.87	51.46	71.15	40.06	43.03
Inventory	1.53B	1.36B	1.33B	1.63B	1.97B	2.64B	1.82B	2.3B
Days Inventory Outstanding	44.36	37.38	36.96	48.23	49.23	74.21	48.3	50.97
Other Current Assets	489M	378M	327M	343M	3.54B	349M	5.82B	972M
Total Non-Current Assets+	15.98B	15.63B	16.45B	16.57B	14.77B	16.21B	13.25B	27.51B
Property, Plant & Equipment	1.68B	1.65B	2.5B	2.6B	2.47B	2.88B	2.58B	3.55B
Fixed Asset Turnover	10.58x	11.44x	7.46x	6.72x	8.36x	6.00x	7.34x	6.33x
Goodwill	10.06B	9.85B	9.88B	10.14B	9.35B	9.98B	7.52B	14.6B
Intangible Assets	1.3B	1.21B	1.08B	1.04B	509M	1.34B	945M	6.43B
Long-Term Investments	1.69B	1.77B	1.74B	1.51B	1.59B	1.15B	1.14B	1.19B
Other Non-Current Assets	1.25B	744M	746M	833M	285M	245M	342M	601M
Total Assets+	21.98B	21.74B	22.41B	25.09B	26.17B	26.09B	32.82B	37.4B
Asset Turnover	0.81x	0.87x	0.83x	0.70x	0.79x	0.66x	0.58x	0.60x
Asset Growth %	-	-0.01%	0.03%	0.12%	0.04%	-0%	0.26%	0.14%
Total Current Liabilities+	4.25B	4.47B	4.47B	5.11B	6.63B	6.03B	6.98B	7.89B
Accounts Payable	1.81B	1.94B	1.7B	1.94B	2.33B	2.83B	2.48B	2.46B
Days Payables Outstanding	52.45	53.31	47.2	57.32	58.33	79.63	65.79	54.5
Short-Term Debt	23M	150M	237M	191M	183M	140M	51M	1.25B
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.05B	0	0	-161M	1.13B	0	1.02B	-553M
Current Ratio	1.41x	1.37x	1.33x	1.67x	1.72x	1.64x	2.80x	1.25x
Quick Ratio	1.05x	1.06x	1.04x	1.35x	1.42x	1.20x	2.54x	0.96x
Cash Conversion Cycle	46.37	46.57	55.43	62.78	42.36	65.73	22.57	39.51
Total Non-Current Liabilities+	2.95B	3B	3.5B	13.4B	12.45B	11.98B	16.84B	15.12B
Long-Term Debt	135M	137M	75M	10.04B	9.51B	8.7B	14.24B	11.03B
Capital Lease Obligations	0	0	687M	642M	527M	529M	333M	432M
Deferred Tax Liabilities	0	1.28B	1.1B	479M	354M	568M	523M	2.02B
Other Non-Current Liabilities	2.82B	1.72B	1.64B	2.25B	2.06B	2.18B	1.74B	1.64B
Total Liabilities	7.2B	7.47B	7.97B	18.52B	19.08B	18.01B	23.82B	23.01B
Total Debt+	158M	287M	682M	11.03B	10.22B	9.37B	14.63B	12.71B
Net Debt	-1.17B	-842M	-270M	7.92B	7.24B	5.85B	4.77B	8.74B
Debt / Equity	0.01x	0.02x	0.05x	1.68x	1.44x	1.16x	1.62x	0.88x
Debt / EBITDA	0.05x	0.07x	0.24x	3.23x	3.43x	2.17x	5.52x	3.28x
Net Debt / EBITDA	-0.34x	-0.21x	-0.10x	2.32x	2.43x	1.36x	1.80x	2.25x
Interest Coverage	13.84x	43.30x	33.21x	10.35x	8.29x	13.19x	7.06x	4.56x
Total Equity+	14.78B	14.27B	14.44B	6.58B	7.09B	8.08B	9.01B	14.39B
Equity Growth %	-	-0.03%	0.01%	-0.54%	0.08%	0.14%	0.12%	0.6%
Book Value per Share	16.94	16.35	16.66	7.47	7.97	9.38	10.56	15.79
Total Shareholders' Equity	14.41B	13.92B	14.1B	6.25B	6.77B	7.76B	8.68B	14.08B
Common Stock	15.03B	15.13B	15.36B	9M	9M	9M	9M	9M
Retained Earnings	0	0	0	1.64B	2.87B	5.87B	6.59B	11.48B
Treasury Stock	0	0	0	0	-529M	-1.91B	-1.97B	-3.92B
Accumulated OCI	-617M	-1.22B	-1.25B	-745M	-989M	-1.69B	-1.49B	-2.11B
Minority Interest	371M	352M	333M	326M	327M	318M	328M	314M

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.1B	2.06B	2.06B	1.69B	2.24B	1.74B	2.61B	563M
Operating CF Margin %	0.12%	0.11%	0.11%	0.1%	0.11%	0.1%	0.14%	0.03%
Operating CF Growth %	-	-0.02%	0%	-0.18%	0.32%	-0.22%	0.5%	-0.78%
Net Income	1.27B	2.77B	2.15B	2.01B	1.7B	3.21B	1.48B	1.21B
Depreciation & Amortization	372M	357M	335M	336M	338M	328M	491M	1.23B
Stock-Based Compensation	34M	44M	52M	77M	92M	65M	71M	86M
Deferred Taxes	872M	133M	-122M	97M	-74M	-106M	-243M	-352M
Other Non-Cash Items	-675M	-924M	3M	-910M	-137M	-1.51B	307M	-1.95B
Working Capital Changes	228M	-324M	-360M	86M	317M	-241M	503M	339M
Change in Receivables	159M	-278M	-106M	40M	-144M	-51M	-161M	-40M
Change in Inventory	-102M	-151M	-2M	-240M	-408M	-173M	123M	292M
Change in Payables	0	0	0	0	0	0	0	0
Cash from Investing+	271M	415M	-259M	1.11B	-692M	1.75B	-660M	-2.02B
Capital Expenditures	-326M	-263M	-243M	-312M	-344M	-317M	-439M	-519M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	125M	-44M	-22M	1M	7M	-36M	-141M	9.01B
Cash from Financing+	-2.19B	-2.63B	-1.98B	-681M	-1.56B	-2.93B	4.61B	-4.64B
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-138M	-417M	-509M	-620M	-670M
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	-1.9B	-2.75B	-1.98B	-10.39B	-67M	-50M	-199M	-139M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	1.77B	1.79B	1.82B	1.38B	1.89B	1.43B	2.17B	44M
FCF Margin %	0.1%	0.09%	0.1%	0.08%	0.09%	0.08%	0.11%	0%
FCF Growth %	-	0.01%	0.02%	-0.24%	0.37%	-0.25%	0.52%	-0.98%
FCF per Share	2.03	2.05	2.10	1.57	2.13	1.66	2.54	0.05
FCF Conversion (FCF/Net Income)	1.71x	0.75x	0.97x	0.85x	1.34x	0.49x	1.93x	0.10x
Interest Paid	216M	16M	83M	196M	317M	297M	320M	610M
Taxes Paid	917M	276M	759M	819M	675M	833M	942M	2.13B

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.3%	18.82%	14.74%	18.86%	24.34%	46.59%	15.8%	47.9%
Return on Invested Capital (ROIC)	16.69%	20.17%	13.54%	16.14%	13.76%	21.15%	11.69%	10.75%
Gross Margin	29.38%	29.63%	29.32%	29.38%	29.15%	24.89%	27.31%	26.79%
Net Margin	6.89%	14.45%	11.37%	11.35%	8.07%	20.44%	7.12%	24.92%
Debt / Equity	0.01x	0.02x	0.05x	1.68x	1.44x	1.16x	1.62x	0.88x
Interest Coverage	13.84x	43.30x	33.21x	10.35x	8.29x	13.19x	7.06x	4.56x
FCF Conversion	1.71x	0.75x	0.97x	0.85x	1.34x	0.49x	1.93x	0.10x
Revenue Growth	-	6.17%	-1.62%	-6.19%	18.09%	-16.13%	9.62%	18.65%

Revenue by Segment

	2020	2021	2022	2023	2024
Product	14.35B	17.21B	18.25B	19.56B	19.99B
Product Growth	-	19.98%	6.02%	7.19%	2.18%
Service	3.11B	3.4B	2.17B	2.54B	2.5B
Service Growth	-	9.33%	-36.13%	16.77%	-1.54%

Revenue by Geography

	2020	2021	2022	2023	2024
UNITED STATES	9.11B	10.49B	11.8B	12.21B	11.29B
UNITED STATES Growth	-	15.23%	12.44%	3.46%	-7.46%
Europe	4.93B	5.78B	4.36B	4.73B	6.69B
Europe Growth	-	17.04%	-24.53%	8.49%	41.40%
Asia Pacific	2.65B	3.46B	3.49B	4.35B	3.82B
Asia Pacific Growth	-	30.47%	0.72%	24.73%	-12.29%
Other Geographical Region	761M	881M	776M	812M	688M
Other Geographical Region Growth	-	15.77%	-11.92%	4.64%	-15.27%

Frequently Asked Questions

Valuation & Price

Carrier Global Corporation (CARR) has a price-to-earnings (P/E) ratio of 9.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Carrier Global Corporation (CARR) reported $22.06B in revenue for fiscal year 2024. This represents a 24% increase from $17.81B in 2017.

Carrier Global Corporation (CARR) grew revenue by 18.7% over the past year. This is strong growth.

Yes, Carrier Global Corporation (CARR) is profitable, generating $3.98B in net income for fiscal year 2024 (24.9% net margin).

Dividend & Returns

Yes, Carrier Global Corporation (CARR) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Carrier Global Corporation (CARR) has a return on equity (ROE) of 47.9%. This is excellent, indicating efficient use of shareholder capital.

Carrier Global Corporation (CARR) generated $1.13B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Carrier Global Corporation (CARR) 10-Year Financial Performance & Capital Metrics

CARR • • Industrial / General

IndustrialsConstructionHVAC & Building SystemsHVAC Equipment Manufacturers

Revenue $22.49B +18.7%
EBITDA $3.88B +46.3%
Net Income $5.6B +315.4%
EPS (Diluted) 6.15 +277.3%
Gross Margin 26.79% -1.9%
EBITDA Margin 17.25% +23.3%
Operating Margin 11.77% +3.2%
Net Margin 24.92% +250.1%
ROE 47.9% +203.2%
ROIC 10.75% -8.1%
Debt/Equity 0.88 -45.6%
Interest Coverage 4.56 -35.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 36.8%
✓Strong 5Y profit CAGR of 21.5%
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y3.86%

3Y2.94%

TTM-1.7%

Profit (Net Income) CAGR

10Y-

5Y21.51%

3Y49.89%

TTM14.66%

EPS CAGR

10Y-

5Y20.31%

3Y48.71%

TTM17.54%

ROCE

10Y Avg15.09%

5Y Avg13.75%

3Y Avg13.03%

Latest9.56%

Peer Comparison

HVAC Equipment Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AAONAAON, Inc.	7.35B	90.04	44.57	2.75%	7.62%	11.62%		0.21
LIILennox International Inc.	18.32B	522.33	23.17	7.21%	15.74%	78.63%	4.27%	1.75
CARRCarrier Global Corporation	46.78B	55.55	9.03	18.65%	18.05%	26.83%	0.09%	0.88

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.81B	18.91B	18.61B	17.46B	20.61B	17.29B	18.95B	22.49B
Revenue Growth %	-	0.06%	-0.02%	-0.06%	0.18%	-0.16%	0.1%	0.19%
Cost of Goods Sold+	12.58B	13.31B	13.15B	12.33B	14.61B	12.98B	13.78B	16.46B
COGS % of Revenue	0.71%	0.7%	0.71%	0.71%	0.71%	0.75%	0.73%	0.73%
Gross Profit+	5.23B	5.61B	5.46B	5.13B	6.01B	4.3B	5.17B	6.02B
Gross Margin %	0.29%	0.3%	0.29%	0.29%	0.29%	0.25%	0.27%	0.27%
Gross Profit Growth %	-	0.07%	-0.03%	-0.06%	0.17%	-0.28%	0.2%	0.16%
Operating Expenses+	2.2B	1.97B	2.96B	2.05B	3.36B	319M	3.02B	3.38B
OpEx % of Revenue	0.12%	0.1%	0.16%	0.12%	0.16%	0.02%	0.16%	0.15%
Selling, General & Admin	2.38B	2.48B	2.52B	2.59B	2.98B	1.94B	2.47B	3.2B
SG&A % of Revenue	0.13%	0.13%	0.14%	0.15%	0.14%	0.11%	0.13%	0.14%
Research & Development	364M	400M	401M	419M	503M	416M	493M	686M
R&D % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%
Other Operating Expenses	-543M	-909M	46M	-963M	-119M	-2.04B	56M	-506M
Operating Income+	3.03B	3.64B	2.49B	3.08B	2.65B	3.98B	2.16B	2.65B
Operating Margin %	0.17%	0.19%	0.13%	0.18%	0.13%	0.23%	0.11%	0.12%
Operating Income Growth %	-	0.2%	-0.32%	0.24%	-0.14%	0.51%	-0.46%	0.23%
EBITDA+	3.4B	3.99B	2.83B	3.42B	2.98B	4.31B	2.65B	3.88B
EBITDA Margin %	0.19%	0.21%	0.15%	0.2%	0.14%	0.25%	0.14%	0.17%
EBITDA Growth %	-	0.17%	-0.29%	0.21%	-0.13%	0.45%	-0.39%	0.46%
D&A (Non-Cash Add-back)	372M	357M	335M	336M	338M	328M	491M	1.23B
EBIT	2.64B	2.87B	2.64B	2.08B	2.57B	1.96B	2.21B	2.33B
Net Interest Income+	-115M	37M	27M	-288M	-306M	-219M	-160M	-371M
Interest Income	104M	121M	102M	10M	13M	83M	146M	209M
Interest Expense	219M	84M	75M	298M	319M	302M	306M	580M
Other Income/Expense	24M	205M	181M	-228M	-245M	-161M	-161M	-372M
Pretax Income+	3.05B	3.84B	2.67B	2.85B	2.4B	3.82B	2B	2.27B
Pretax Margin %	0.17%	0.2%	0.14%	0.16%	0.12%	0.22%	0.11%	0.1%
Income Tax+	1.79B	1.07B	517M	849M	699M	616M	521M	1.06B
Effective Tax Rate %	0.4%	0.71%	0.79%	0.69%	0.69%	0.92%	0.67%	2.46%
Net Income+	1.23B	2.73B	2.12B	1.98B	1.66B	3.53B	1.35B	5.6B
Net Margin %	0.07%	0.14%	0.11%	0.11%	0.08%	0.2%	0.07%	0.25%
Net Income Growth %	-	1.23%	-0.23%	-0.06%	-0.16%	1.12%	-0.62%	3.15%
Net Income (Continuing)	1.27B	2.77B	2.15B	2.01B	1.7B	3.21B	1.48B	1.21B
Discontinued Operations	0	0	0	0	0	377M	-38M	4.5B
Minority Interest	371M	352M	333M	326M	327M	318M	328M	314M
EPS (Diluted)+	0.00	3.16	2.44	2.25	1.87	4.10	1.63	6.15
EPS Growth %	-	-	-0.23%	-0.08%	-0.17%	1.19%	-0.6%	2.77%
EPS (Basic)	0.00	3.16	2.44	2.29	1.92	4.19	1.61	6.24
Diluted Shares Outstanding	872.8M	872.8M	866.22M	880.2M	890.3M	861.2M	853M	911.7M
Basic Shares Outstanding	866.2M	866.2M	866.22M	866.5M	867.7M	843.4M	837.3M	898.2M
Dividend Payout Ratio	-	-	-	0.07%	0.25%	0.14%	0.46%	0.12%

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	6B	6.11B	5.96B	8.52B	11.41B	9.88B	19.58B	9.89B
Cash & Short-Term Investments	1.32B	1.13B	952M	3.12B	2.99B	3.52B	9.85B	3.97B
Cash Only	1.32B	1.13B	952M	3.12B	2.99B	3.52B	9.85B	3.97B
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	2.66B	3.24B	3.35B	3.44B	2.91B	3.37B	2.08B	2.65B
Days Sales Outstanding	54.46	62.51	65.67	71.87	51.46	71.15	40.06	43.03
Inventory	1.53B	1.36B	1.33B	1.63B	1.97B	2.64B	1.82B	2.3B
Days Inventory Outstanding	44.36	37.38	36.96	48.23	49.23	74.21	48.3	50.97
Other Current Assets	489M	378M	327M	343M	3.54B	349M	5.82B	972M
Total Non-Current Assets+	15.98B	15.63B	16.45B	16.57B	14.77B	16.21B	13.25B	27.51B
Property, Plant & Equipment	1.68B	1.65B	2.5B	2.6B	2.47B	2.88B	2.58B	3.55B
Fixed Asset Turnover	10.58x	11.44x	7.46x	6.72x	8.36x	6.00x	7.34x	6.33x
Goodwill	10.06B	9.85B	9.88B	10.14B	9.35B	9.98B	7.52B	14.6B
Intangible Assets	1.3B	1.21B	1.08B	1.04B	509M	1.34B	945M	6.43B
Long-Term Investments	1.69B	1.77B	1.74B	1.51B	1.59B	1.15B	1.14B	1.19B
Other Non-Current Assets	1.25B	744M	746M	833M	285M	245M	342M	601M
Total Assets+	21.98B	21.74B	22.41B	25.09B	26.17B	26.09B	32.82B	37.4B
Asset Turnover	0.81x	0.87x	0.83x	0.70x	0.79x	0.66x	0.58x	0.60x
Asset Growth %	-	-0.01%	0.03%	0.12%	0.04%	-0%	0.26%	0.14%
Total Current Liabilities+	4.25B	4.47B	4.47B	5.11B	6.63B	6.03B	6.98B	7.89B
Accounts Payable	1.81B	1.94B	1.7B	1.94B	2.33B	2.83B	2.48B	2.46B
Days Payables Outstanding	52.45	53.31	47.2	57.32	58.33	79.63	65.79	54.5
Short-Term Debt	23M	150M	237M	191M	183M	140M	51M	1.25B
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.05B	0	0	-161M	1.13B	0	1.02B	-553M
Current Ratio	1.41x	1.37x	1.33x	1.67x	1.72x	1.64x	2.80x	1.25x
Quick Ratio	1.05x	1.06x	1.04x	1.35x	1.42x	1.20x	2.54x	0.96x
Cash Conversion Cycle	46.37	46.57	55.43	62.78	42.36	65.73	22.57	39.51
Total Non-Current Liabilities+	2.95B	3B	3.5B	13.4B	12.45B	11.98B	16.84B	15.12B
Long-Term Debt	135M	137M	75M	10.04B	9.51B	8.7B	14.24B	11.03B
Capital Lease Obligations	0	0	687M	642M	527M	529M	333M	432M
Deferred Tax Liabilities	0	1.28B	1.1B	479M	354M	568M	523M	2.02B
Other Non-Current Liabilities	2.82B	1.72B	1.64B	2.25B	2.06B	2.18B	1.74B	1.64B
Total Liabilities	7.2B	7.47B	7.97B	18.52B	19.08B	18.01B	23.82B	23.01B
Total Debt+	158M	287M	682M	11.03B	10.22B	9.37B	14.63B	12.71B
Net Debt	-1.17B	-842M	-270M	7.92B	7.24B	5.85B	4.77B	8.74B
Debt / Equity	0.01x	0.02x	0.05x	1.68x	1.44x	1.16x	1.62x	0.88x
Debt / EBITDA	0.05x	0.07x	0.24x	3.23x	3.43x	2.17x	5.52x	3.28x
Net Debt / EBITDA	-0.34x	-0.21x	-0.10x	2.32x	2.43x	1.36x	1.80x	2.25x
Interest Coverage	13.84x	43.30x	33.21x	10.35x	8.29x	13.19x	7.06x	4.56x
Total Equity+	14.78B	14.27B	14.44B	6.58B	7.09B	8.08B	9.01B	14.39B
Equity Growth %	-	-0.03%	0.01%	-0.54%	0.08%	0.14%	0.12%	0.6%
Book Value per Share	16.94	16.35	16.66	7.47	7.97	9.38	10.56	15.79
Total Shareholders' Equity	14.41B	13.92B	14.1B	6.25B	6.77B	7.76B	8.68B	14.08B
Common Stock	15.03B	15.13B	15.36B	9M	9M	9M	9M	9M
Retained Earnings	0	0	0	1.64B	2.87B	5.87B	6.59B	11.48B
Treasury Stock	0	0	0	0	-529M	-1.91B	-1.97B	-3.92B
Accumulated OCI	-617M	-1.22B	-1.25B	-745M	-989M	-1.69B	-1.49B	-2.11B
Minority Interest	371M	352M	333M	326M	327M	318M	328M	314M

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.1B	2.06B	2.06B	1.69B	2.24B	1.74B	2.61B	563M
Operating CF Margin %	0.12%	0.11%	0.11%	0.1%	0.11%	0.1%	0.14%	0.03%
Operating CF Growth %	-	-0.02%	0%	-0.18%	0.32%	-0.22%	0.5%	-0.78%
Net Income	1.27B	2.77B	2.15B	2.01B	1.7B	3.21B	1.48B	1.21B
Depreciation & Amortization	372M	357M	335M	336M	338M	328M	491M	1.23B
Stock-Based Compensation	34M	44M	52M	77M	92M	65M	71M	86M
Deferred Taxes	872M	133M	-122M	97M	-74M	-106M	-243M	-352M
Other Non-Cash Items	-675M	-924M	3M	-910M	-137M	-1.51B	307M	-1.95B
Working Capital Changes	228M	-324M	-360M	86M	317M	-241M	503M	339M
Change in Receivables	159M	-278M	-106M	40M	-144M	-51M	-161M	-40M
Change in Inventory	-102M	-151M	-2M	-240M	-408M	-173M	123M	292M
Change in Payables	0	0	0	0	0	0	0	0
Cash from Investing+	271M	415M	-259M	1.11B	-692M	1.75B	-660M	-2.02B
Capital Expenditures	-326M	-263M	-243M	-312M	-344M	-317M	-439M	-519M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	125M	-44M	-22M	1M	7M	-36M	-141M	9.01B
Cash from Financing+	-2.19B	-2.63B	-1.98B	-681M	-1.56B	-2.93B	4.61B	-4.64B
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-138M	-417M	-509M	-620M	-670M
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	-1.9B	-2.75B	-1.98B	-10.39B	-67M	-50M	-199M	-139M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	1.77B	1.79B	1.82B	1.38B	1.89B	1.43B	2.17B	44M
FCF Margin %	0.1%	0.09%	0.1%	0.08%	0.09%	0.08%	0.11%	0%
FCF Growth %	-	0.01%	0.02%	-0.24%	0.37%	-0.25%	0.52%	-0.98%
FCF per Share	2.03	2.05	2.10	1.57	2.13	1.66	2.54	0.05
FCF Conversion (FCF/Net Income)	1.71x	0.75x	0.97x	0.85x	1.34x	0.49x	1.93x	0.10x
Interest Paid	216M	16M	83M	196M	317M	297M	320M	610M
Taxes Paid	917M	276M	759M	819M	675M	833M	942M	2.13B

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.3%	18.82%	14.74%	18.86%	24.34%	46.59%	15.8%	47.9%
Return on Invested Capital (ROIC)	16.69%	20.17%	13.54%	16.14%	13.76%	21.15%	11.69%	10.75%
Gross Margin	29.38%	29.63%	29.32%	29.38%	29.15%	24.89%	27.31%	26.79%
Net Margin	6.89%	14.45%	11.37%	11.35%	8.07%	20.44%	7.12%	24.92%
Debt / Equity	0.01x	0.02x	0.05x	1.68x	1.44x	1.16x	1.62x	0.88x
Interest Coverage	13.84x	43.30x	33.21x	10.35x	8.29x	13.19x	7.06x	4.56x
FCF Conversion	1.71x	0.75x	0.97x	0.85x	1.34x	0.49x	1.93x	0.10x
Revenue Growth	-	6.17%	-1.62%	-6.19%	18.09%	-16.13%	9.62%	18.65%

Revenue by Segment

	2020	2021	2022	2023	2024
Product	14.35B	17.21B	18.25B	19.56B	19.99B
Product Growth	-	19.98%	6.02%	7.19%	2.18%
Service	3.11B	3.4B	2.17B	2.54B	2.5B
Service Growth	-	9.33%	-36.13%	16.77%	-1.54%

Revenue by Geography

	2020	2021	2022	2023	2024
UNITED STATES	9.11B	10.49B	11.8B	12.21B	11.29B
UNITED STATES Growth	-	15.23%	12.44%	3.46%	-7.46%
Europe	4.93B	5.78B	4.36B	4.73B	6.69B
Europe Growth	-	17.04%	-24.53%	8.49%	41.40%
Asia Pacific	2.65B	3.46B	3.49B	4.35B	3.82B
Asia Pacific Growth	-	30.47%	0.72%	24.73%	-12.29%
Other Geographical Region	761M	881M	776M	812M	688M
Other Geographical Region Growth	-	15.77%	-11.92%	4.64%	-15.27%

Frequently Asked Questions

Valuation & Price

Carrier Global Corporation (CARR) has a price-to-earnings (P/E) ratio of 9.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Carrier Global Corporation (CARR) reported $22.06B in revenue for fiscal year 2024. This represents a 24% increase from $17.81B in 2017.

Carrier Global Corporation (CARR) grew revenue by 18.7% over the past year. This is strong growth.

Yes, Carrier Global Corporation (CARR) is profitable, generating $3.98B in net income for fiscal year 2024 (24.9% net margin).

Dividend & Returns

Yes, Carrier Global Corporation (CARR) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Carrier Global Corporation (CARR) has a return on equity (ROE) of 47.9%. This is excellent, indicating efficient use of shareholder capital.

Carrier Global Corporation (CARR) generated $1.13B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.