Industrials · Building Products · US stock · price as of 16 Oct 2026
Key indicators
Price
$55.00
52-week range
$49.67 – $76.48
Market cap
$46.4B
P/E (trailing)
36.0×
EV / EBITDA
18.5×
Free-cash-flow yield
3.6%
Dividend yield
1.7%
Revenue (last 12 months)
$21.9B
Revenue growth (3y a year)
7.9%
Operating margin
8.2%
Return on invested capital
6.6%
Net debt / EBITDA
3.5×
Fair value
Blended fair value$35.91 range $35 – $38
Versus priceOvervalued−35% to fair value
Peer multiples
$43.37
Fundamentals-adjusted multiple
$46.06
10-year DCF (market-scaled)
$18.30
Earnings power value (floor, not blended)
$21.65
Model uncertainty
Medium
X-Ray Score
27/ 100 · High confidence · ahead of 2% of sector peers
Valuation23
Growth31
Profitability17
Financial health27
Dividends50
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Heating, ventilation and air conditioning equipment, commercial refrigeration, fire and security products and building controls come from Carrier Global. Its offerings serve homes, commercial buildings, transport refrigeration and food retail. Customers include homeowners, building owners, contractors, distributors and food and transport companies. The company also provides after-sales service and replacement parts, and it is organised into climate, refrigeration and security-related businesses by region.
Equipment, replacement parts, and service and maintenance generated revenue of $21.9 billion over the last twelve months. Revenue has grown at 7.9% a year across the last three years. The operating margin is 8.2%, the business earns 7% on the capital invested in it, and net debt is 3.5 times EBITDA. The dividend yield is 1.7%.
StocksXray gives CARRIER GLOBAL Corp an X-Ray Score of 27 out of 100 (high confidence), ahead of 2% of the S&P 500 stocks in its sector. Its strongest lens is dividends (50) and its weakest is profitability (17).
Our fair value blend is $35.91 (range $34.98 to $37.91). At $55.00 the stock trades 53% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
CARRIER GLOBAL Corp (CARR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$50.79
$39.27
$55.56
$66.81
$52.24
$55.00
Market cap
$45.2B
$33.8B
$47.4B
$60.9B
$45.1B
$46.4B
P/E
27.2×
9.6×
35.2×
10.9×
30.4×
36.0×
EV / revenue
2.5×
2.3×
2.8×
3.1×
2.6×
2.6×
EV / EBITDA
17.5×
9.2×
19.7×
17.9×
16.1×
18.6×
Price / free cash flow
23.9×
23.7×
21.9×
1,384.3×
21.2×
27.5×
Free-cash-flow yield
4.2%
4.2%
4.6%
0.1%
4.7%
3.6%
Price / book
6.4×
4.2×
5.3×
4.2×
3.2×
3.4×
Dividend yield
1.00%
1.62%
1.34%
1.19%
1.29%
1.72%
Fundamentals checklist ● 2 Good · ● 4 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.1%Average
Free-cash-flow yield3.6%Average
Risk models
Altman Z score2.1×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−25.1%Bad
Free-cash-flow growth (3y)14.1%Average
Revenue growth (3y)7.9%Good
Growth consistency70%Average
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA3.5×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield3.1%Bad
Profitability
Return on invested capital6.6%Bad
Operating margin8.2%Bad
XStocksXray
CARRIER GLOBAL Corp (CARR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
20,613
17,288
18,951
22,486
21,747
21,870
Gross profit
–
4,297
5,162
5,981
–
–
Operating income
2,645
3,984
2,160
2,646
2,172
1,802
Net income
1,701
3,534
1,349
5,604
1,484
1,310
Diluted EPS ($)
1.87
4.10
1.58
6.15
1.72
1.53
Free cash flow
1,893
1,426
2,168
44
2,121
1,686
Gross margin
–
24.9%
27.2%
26.6%
–
–
Operating margin
12.8%
23.0%
11.4%
11.8%
10.0%
8.2%
Net margin
8.3%
20.4%
7.1%
24.9%
6.8%
6.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
26,172
26,086
32,822
37,403
37,190
37,186
Cash
2,987
3,298
9,852
3,969
1,555
1,371
Total debt
9,696
8,842
14,293
12,278
11,798
12,135
Equity
7,094
8,076
9,005
14,395
14,128
13,801
Dividend per share ($)
0.51
0.64
0.75
0.80
0.68
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.