Carrier Global Corporation
- Open
- 57.91
- Day high
- 58.24
- Day low
- 57.36
- Prev close
- 57.58
- Volume
- 283K
- Mkt cap
- $47.3B
- P/E (TTM)
- 39.5
- EPS (TTM)
- $1.45
- P/B
- 3.6
- P/S
- 2.1
- Yield
- 1.65%
- Per share
- $0.94
Carrier Global Corporation (CARR) is a Industrials company listed on NYSE. The stock is down 8% over the past year. Drillr has 1 published research article covering CARR.
Carrier Global Corporation (CARR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CARR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.82 | $0.86 | +5.3% | $6.4B | +5.5% |
| Apr 30, 2026 | $0.51 | $0.57 | +12.2% | $5.3B | +6.5% |
| Feb 5, 2026 | $0.37 | $0.34 | -9.3% | $4.8B | -4.2% |
| Oct 28, 2025 | $0.63 | $0.67 | +5.7% | $5.6B | -1.3% |
| Jul 29, 2025 | $0.91 | $0.92 | +1.5% | $6.1B | +0.1% |
| May 1, 2025 | $0.58 | $0.65 | +11.3% | $5.2B | +0.6% |
| Oct 24, 2024 | $0.81 | $0.83 | +2.9% | $6.0B | -9.2% |
| Jul 25, 2024 | $0.85 | $0.87 | +2.8% | $6.7B | -5.2% |
| Apr 25, 2024 | $0.50 | $0.62 | +23.3% | $6.2B | -2.4% |
| Oct 26, 2023 | $0.78 | $0.89 | +14.1% | $5.7B | -2.7% |
| Jul 27, 2023 | $0.76 | $0.79 | +3.9% | $6.0B | +2.8% |
| Feb 7, 2023 | $0.40 | $0.40 | -0.5% | $5.1B | -0.2% |
CARR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 24, 2026 | Barua Neildirector | Grant | 2,831 | — |
| Jul 2, 2026 | Dryden Edward C.officer: President, CST | Tax | 2,147 | $72.07 |
| Jul 2, 2026 | Dryden Edward C.officer: President, CST | Option | 6,894 | — |
| May 20, 2026 | Viessmann Maximiliandirector | Sell | 12,094,823 | $62.01 |
| May 1, 2026 | Pandya Gaurangofficer: President, CSA | Tax | 21,546 | $67.62 |
| May 1, 2026 | Pandya Gaurangofficer: President, CSA | Option | 50,616 | — |
| Apr 17, 2026 | TODMAN MICHAELdirector | Grant | 3,638 | — |
| Apr 17, 2026 | WILSON VIRGINIA Mdirector | Grant | 3,792 | — |
| Apr 17, 2026 | HOLLEY CHARLES Mdirector | Grant | 6,149 | — |
| Apr 17, 2026 | MCNAMARA MICHAEL Mdirector | Grant | 3,638 | — |
| Apr 17, 2026 | Viessmann Maximiliandirector | Grant | 3,330 | — |
| Apr 17, 2026 | STORY SUSAN Ndirector | Grant | 5,807 | — |
| Apr 17, 2026 | MILES AMY Edirector | Grant | 3,484 | — |
| Apr 17, 2026 | GREISCH JOHN Jdirector | Grant | 3,945 | — |
| Apr 17, 2026 | GARNIER JEAN PIERREdirector | Grant | 3,330 | — |
Source: CARR SEC Form 4 filings, latest Jul 24, 2026. For informational purposes only — not investment advice.
See the full CARR insider & 13F page →Carrier Global Corporation company profile
Overview
Carrier Global Corporation (NYSE:CARR) is a leading global provider of heating, ventilating, air conditioning (HVAC), refrigeration, fire safety, and security solutions. The company was spun off from United Technologies Corporation in April 2020 as an independent public entity, though its roots trace back over a century to Willis Carrier's invention of modern air conditioning in 1902. Headquartered in Palm Beach Gardens, Florida, Carrier has undergone significant portfolio transformation in recent years, divesting non-core businesses while focusing on intelligent climate and energy solutions. The company completed a major acquisition of Viessmann Climate Solutions in 2024, expanding its presence in European heat pump markets and residential heating systems.
Business
Carrier operates in the building systems and industrial equipment sector, providing essential climate control and safety technologies across residential, commercial, and industrial applications. The company's core business revolves around creating comfortable, safe, and energy-efficient environments through three main segments. The HVAC segment represents the largest portion of Carrier's business, generating approximately 60-65% of total revenue. This division manufactures and services heating, ventilation, and air conditioning systems for both residential and commercial markets. Products include residential air conditioners and heat pumps, commercial rooftop units, chillers for large buildings, and building automation systems that optimize energy usage. The segment also provides aftermarket services including maintenance, repair, and parts replacement. The Refrigeration segment accounts for roughly 25-30% of revenue and focuses on cold chain solutions. This includes transport refrigeration units for trucks, trailers, and shipping containers that keep food and pharmaceuticals at proper temperatures during transport. The division also manufactures commercial refrigeration equipment for supermarkets, restaurants, and warehouses, along with monitoring technologies that track temperature and location throughout the supply chain. The Fire & Security segment, which Carrier has been divesting as part of its portfolio transformation, historically represented about 10-15% of revenue. This division provides fire detection and suppression systems, security cameras, access control systems, and intrusion alarms for commercial and residential properties. The company has been selling off these businesses to focus more intensively on climate solutions. HVAC systems work by moving air through buildings while controlling temperature, humidity, and air quality. Refrigeration systems use similar principles but are designed to maintain much colder temperatures for preserving perishable goods. These technologies are essential infrastructure for modern buildings, food distribution, and industrial processes.
Revenue model
Carrier generates revenue through multiple complementary business models that create recurring income streams beyond initial equipment sales. The primary revenue source is product sales, where the company manufactures and sells HVAC equipment, refrigeration units, and related hardware to distributors, contractors, and end customers. This includes both new construction projects and replacement of existing systems. A significant and growing portion of revenue comes from aftermarket services, including maintenance contracts, repair services, and replacement parts. This segment is particularly attractive because it generates recurring revenue with higher margins than equipment sales. Carrier has been strategically expanding this business, targeting growth from the current 7% of commercial HVAC revenue to 30% through increased service attachments and connected device capabilities. The company also earns revenue through subscription-based digital services, leveraging connected devices and IoT platforms to provide ongoing monitoring, optimization, and predictive maintenance services. With over 50,000 connected chillers and expanding digital capabilities, this represents a growing revenue opportunity. Carrier's profitability is influenced by several key factors. Commodity costs for steel, copper, and aluminum directly impact manufacturing expenses, while the company uses pricing strategies and productivity improvements to offset inflation. Regulatory changes create both opportunities and challenges - new energy efficiency standards and refrigerant transitions (like the shift from 410A to 454B refrigerants) can drive replacement cycles but require significant R&D investment. Construction market cycles affect demand for new equipment, while extreme weather events can boost demand for HVAC systems. The company's margin expansion efforts focus on shifting toward higher-value integrated solutions, growing the aftermarket business, and achieving operational synergies from acquisitions like Viessmann Climate Solutions.
Competitive moat
Carrier's competitive position is built on several defensive characteristics, though the company operates in a moderately competitive industry without exceptionally strong moats. The company benefits from brand recognition and trust in mission-critical applications - building owners and facility managers often prefer established brands for HVAC and refrigeration systems that must operate reliably for decades. The Carrier name has over a century of history and is synonymous with air conditioning innovation. The company's scale advantages provide meaningful benefits in manufacturing, R&D investment, and distribution reach. Carrier's global footprint and large installed base create opportunities for aftermarket services that smaller competitors cannot easily replicate. The company's expanding network of over 50,000 connected devices generates valuable data and creates switching costs for customers who integrate Carrier's digital platforms into their building management systems. However, Carrier faces significant competitive pressures that limit its moat strength. The HVAC industry includes numerous capable competitors like Trane Technologies, Johnson Controls, and Daikin, each with substantial resources and market presence. Product differentiation can be limited in commodity-like segments, though Carrier is working to distinguish itself through integrated solutions and digital capabilities. The company's recent focus on heat pumps and sustainable technologies positions it well for the energy transition, but these markets are attracting new entrants and significant investment from established players. Regulatory compliance and technical expertise provide some barriers to entry, particularly in complex commercial applications and specialized markets like transport refrigeration. However, technological disruption remains a risk as new players could potentially leapfrog existing solutions with innovative approaches to building climate control and energy management.
Risks & safety
Carrier presents a moderate margin of safety profile with manageable financial risks but some valuation concerns. • Liquidity and Solvency: Strong cash position of $1.7 billion and current ratio of 1.20, though this has declined from previous quarters. Free cash flow generation remains positive at $420 million in Q1 2025, indicating operational cash generation capability. • Debt Management: Debt-to-equity ratio of 0.84 is reasonable for an industrial company, though total debt levels require monitoring given acquisition financing needs. The company maintains investment-grade credit metrics. • Valuation Metrics: Current P/E ratio of 33.4x appears elevated for an industrial company, suggesting limited downside protection. EV/EBITDA of 25.8x is also high relative to historical norms and industry peers, indicating the market has high growth expectations built into current prices. • Operational Considerations: The company is navigating significant portfolio transformation costs, integration expenses from the Viessmann acquisition, and potential tariff impacts. However, strong order growth and margin expansion initiatives provide some operational momentum. • Market Position: Exposure to cyclical construction markets and commodity price volatility creates some earnings variability, though the growing aftermarket business provides more stable revenue streams.
Recent development
Carrier has undergone dramatic strategic transformation over the past few years, fundamentally reshaping its business portfolio and market focus. The most significant development was the acquisition of Viessmann Climate Solutions for approximately $12 billion, completed in 2024. This transformative deal expanded Carrier's presence in European residential heating markets and significantly strengthened its heat pump capabilities, positioning the company for the global transition toward electrification and sustainable heating solutions. Simultaneously, Carrier executed a comprehensive portfolio optimization strategy, divesting non-core businesses to focus on climate solutions. The company completed sales of its Access Solutions business, Industrial Fire operations, and Commercial Refrigeration division. It also reached settlements for AFFF-related legal exposures and is finalizing the exit from its Fire & Security businesses. These divestitures generated substantial cash proceeds while allowing management to concentrate resources on higher-growth, higher-margin climate technologies. The company has aggressively expanded its digital and connected solutions capabilities, growing its network of connected chillers to over 50,000 units and developing integrated building management platforms. Carrier launched partnerships with technology companies like Google for smart energy management and introduced AI-powered optimization tools. The company is targeting significant growth in aftermarket services, aiming to increase service revenue from 7% to 30% of commercial HVAC sales through enhanced connectivity and predictive maintenance capabilities. Regulatory preparation has been another major focus, with Carrier leading the industry transition from 410A to 454B refrigerants in residential HVAC systems. The company expects 90% of its residential units to use the new, more environmentally friendly refrigerant by 2025. Additionally, Carrier has been expanding its heat pump offerings globally, capitalizing on government incentives and regulatory support for electrification, particularly in European markets where heat pump subsidies are driving demand growth.
CARR company profile · for informational purposes only — not investment advice.
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