Latest Ratios: P/E Ratio -23.9x · EV/EBITDA 743.7x · ROE 10.4%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $43.2B | $44.7B | $62.2B | $49.0B | $35.5B | $48.3B | $33.2B | — | — | — |
| Enterprise Value | $54.3B | $55.9B | $71.0B | $53.8B | $41.4B | $55.5B | $41.1B | — | — | — |
| P/E Ratio → | -23.90 | 31.08 | 11.10 | 35.25 | 10.06 | 29.01 | 16.76 | — | — | — |
| P/S Ratio | 1.89 | 2.06 | 2.77 | 2.59 | 2.05 | 2.34 | 1.90 | — | — | — |
| P/B Ratio | 3.14 | 3.17 | 4.32 | 5.44 | 4.40 | 6.81 | 5.05 | — | — | — |
| P/FCF | 18.37 | 26.36 | 1414.38 | 22.60 | 24.91 | 25.51 | 24.06 | — | — | — |
| P/OCF | 20.67 | 21.42 | 110.54 | 18.80 | 20.38 | 21.59 | 19.62 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.57 | 3.16 | 2.84 | 2.39 | 2.69 | 2.36 | — | — | — |
| EV / EBITDA | 743.73 | 17.56 | 21.31 | 21.06 | 18.54 | 18.61 | 12.03 | — | — | — |
| EV / EBIT | 28.47 | 24.76 | 24.87 | 23.33 | 10.03 | 23.56 | 13.04 | — | — | — |
| EV / FCF | — | 32.91 | 1613.04 | 24.81 | 29.02 | 29.33 | 29.79 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.9% | 25.9% | 26.6% | 27.2% | 24.9% | 29.0% | 29.3% | 29.1% | 29.4% | 29.1% |
| Operating Margin | 8.8% | 8.8% | 9.3% | 10.9% | 11.0% | 12.8% | 17.7% | 13.4% | 19.2% | 17.0% |
| Net Profit Margin | 6.8% | 6.8% | 24.9% | 7.1% | 20.4% | 8.1% | 11.4% | 11.4% | 14.5% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.4% | 10.4% | 47.9% | 15.8% | 46.6% | 24.3% | 18.9% | 14.7% | 18.8% | 8.3% |
| ROA | 4.0% | 4.0% | 16.0% | 4.6% | 13.5% | 6.5% | 8.3% | 9.6% | 12.5% | 5.6% |
| ROIC | 5.9% | 5.9% | 8.5% | 11.2% | 10.1% | 13.8% | 16.1% | 13.5% | 20.2% | 16.7% |
| ROCE | 6.4% | 6.4% | 7.6% | 9.0% | 9.6% | 13.4% | 16.3% | 14.2% | 20.8% | 17.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.90 | 0.90 | 0.88 | 1.62 | 1.16 | 1.44 | 1.68 | 0.05 | 0.02 | 0.01 |
| Debt / EBITDA | 3.98 | 3.98 | 3.82 | 5.73 | 4.20 | 3.43 | 3.23 | 0.24 | 0.07 | 0.05 |
| Net Debt / Equity | — | 0.79 | 0.61 | 0.53 | 0.72 | 1.02 | 1.20 | -0.02 | -0.06 | -0.08 |
| Net Debt / EBITDA | 3.49 | 3.49 | 2.62 | 1.87 | 2.62 | 2.43 | 2.32 | -0.10 | -0.21 | -0.34 |
| Debt / FCF | — | 6.55 | 198.66 | 2.20 | 4.10 | 3.82 | 5.74 | -0.15 | -0.47 | -0.66 |
| Interest Coverage | 6.54 | 6.54 | 4.92 | 7.53 | 13.66 | 7.39 | 10.58 | 30.09 | 46.74 | 14.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.20 | 1.20 | 1.25 | 2.80 | 1.64 | 1.72 | 1.67 | 1.33 | 1.37 | 1.41 |
| Quick Ratio | 0.85 | 0.85 | 0.96 | 2.54 | 1.20 | 1.42 | 1.35 | 1.04 | 1.06 | 1.05 |
| Cash Ratio | 0.22 | 0.22 | 0.50 | 1.41 | 0.58 | 0.45 | 0.61 | 0.21 | 0.25 | 0.31 |
| Asset Turnover | — | 0.58 | 0.60 | 0.58 | 0.66 | 0.79 | 0.70 | 0.83 | 0.87 | 0.81 |
| Inventory Turnover | 6.49 | 6.49 | 7.18 | 7.56 | 4.92 | 7.43 | 7.58 | 9.90 | 9.79 | 8.26 |
| Days Sales Outstanding | — | 44.29 | 43.03 | 40.06 | 71.15 | 51.46 | 71.87 | 65.67 | 62.51 | 54.46 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 1.7% | 1.1% | 1.3% | 1.4% | 0.9% | 0.4% | — | — | — |
| Payout Ratio | 52.0% | 52.0% | 12.0% | 46.0% | 14.4% | 25.1% | 7.0% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 3.2% | 9.0% | 2.8% | 9.9% | 3.4% | 6.0% | — | — | — |
| FCF Yield | 5.4% | 3.8% | 0.1% | 4.4% | 4.0% | 3.9% | 4.2% | — | — | — |
| Buyback Yield | 6.7% | 6.5% | 3.1% | 0.1% | 3.9% | 1.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 8.4% | 8.2% | 4.2% | 1.4% | 5.3% | 2.0% | 0.4% | — | — | — |
| Shares Outstanding | — | $847M | $912M | $853M | $861M | $890M | $880M | $866M | $873M | $873M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying CARR stock.
Carrier Global Corporation's current P/E ratio is -23.9x. The historical average is 22.2x.
Carrier Global Corporation's current EV/EBITDA is 743.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.2x.
Carrier Global Corporation's return on equity (ROE) is 10.4%. The historical average is 22.9%.
Based on historical data, Carrier Global Corporation is trading at a P/E of -23.9x. Compare with industry peers and growth rates for a complete picture.
Carrier Global Corporation's current dividend yield is 1.74% with a payout ratio of 52.0%.
Carrier Global Corporation has 25.9% gross margin and 8.8% operating margin.
Carrier Global Corporation's Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage and equity erosion
Metrics are mathematically derived from official filings.
Premium Trailing Multiple Compresses Forward
Based on the reported figures, CARR trades at a trailing P/E of 31.30 that falls to 18.47 forward, implying the market expects earnings normalization after distorted recent GAAP results from divestiture accounting.
The gap between trailing and forward P/E suggests trailing earnings are depressed by one-time separation and discontinued-operations effects rather than reflecting core earnings power. Relative to Lennox at 15.70 and AAON at 42.19, CARR sits in the middle of the peer range, but its EV/EBITDA of 17.28 falling to 12.38 forward versus Trane at 21.18 suggests a discount that investors may view as reflecting execution risk on the Viessmann integration. The P/FCF of 25.85 is a more stable anchor than earnings-based multiples given the volatility in reported net income.
Gross Margin Lags Peers Persistently
As reported in financial statements, CARR's gross margin has oscillated between 19.9% and 28.9% over ten quarters, well below the 33% to 36% range cited for Trane and Johnson Controls, indicating a structural pricing or mix gap.
Operating margins swung from a reported 13.0% in 2025Q2 to a loss in 2026Q3, which appears driven by non-recurring items rather than underlying operating deterioration. The recovery to 12.1% operating margin in 2026Q2 suggests earnings power may be improving, but the persistence of a sub-30% gross margin points to limited pricing power in commoditized segments. Net margin is an unreliable guide here given large discontinued-operations swings, so operating margin trajectory should be weighted more heavily.
ROIC Recovery Remains Fragile
According to reported quarterly ratios, CARR's ROIC of 2.3% in 2026Q2 remains far below Trane at 26.2% and Lennox at 29.8%, suggesting the Viessmann acquisition has not yet translated into compounding returns on invested capital.
ROIC has hovered between roughly 0.2% and 2.4% across the period, with the most recent positive readings insufficient to signal value creation above the cost of capital. Equity-based ROE spikes in 2024Q4 and 2024Q2 appear inflated by discontinued-operations gains and should not be read as durable returns. The gap versus peers appears structural, tied to the acquisition premium and goodwill base, and warrants monitoring whether ROIC can sustainably rise as integration matures.
Equity Erosion Outpaces Debt Reduction
Based on reported figures, CARR's debt-to-equity ratio rose to 1.14 in 2026Q3 from 0.79 in 2025Q2, as equity contracted faster than debt, suggesting the balance sheet has become more fragile despite a stable absolute debt total.
Goodwill of roughly 36% of total assets raises impairment exposure if Viessmann underperforms, which could further compress equity and push leverage higher. Interest coverage has been volatile, with the reported figure falling to negative in 2026Q3 and recovering to 7.87 in 2026Q2, so debt service comfort appears to depend heavily on quarterly earnings stability. Investors should monitor whether operating earnings stabilize enough to support the debt load without further buybacks eroding the equity cushion.
Deleveraging Narrative Masks Equity Erosion
The most commonly misapplied ratio here is headline debt-to-equity, which reported at 1.14 in 2026Q3 may overstate fragility, since equity compression from losses and buybacks drives much of the change rather than debt growth.
Debt-to-equity is frequently read as a deleveraging signal when debt is flat, but for a company that has divested large assets and repurchased shares, the denominator is shrinking for reasons unrelated to operating weakness. Debt-to-EBITDA or net debt against normalized EBITDA, adjusted for separation costs and intangible amortization, would provide a cleaner view of repayment capacity. Investors should weigh these adjusted measures alongside the reported ratio before drawing conclusions about balance sheet direction.