Tearsheet
CARR Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About CARR Interactive Breakdown Better Bets vs. CARR Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Carrier Global (CARR)

Market Price (5/30/2026): $63.93 | Market Cap: $53.4 Bil
Sector: Industrials | Industry: Building Products

Carrier Global (CARR)

Market Price (5/30/2026): $63.93
Market Cap: $53.4 Bil
Sector: Industrials
Industry: Building Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Stock buyback support
Stock Buyback 3Y Total is 5.1 Bil

Attractive cash flow generation
CFO LTM is 2.1 Bil

Low stock price volatility
Vol 12M is 34%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Electrification of Everything, and Sustainable Resource Management. Themes include Building Management Systems, Show more.

Weak multi-year price returns
2Y Excs Rtn is -42%, 3Y Excs Rtn is -23%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%

Key risks
CARR key risks include [1] a significant debt load and margin pressures from rising operating costs, Show more.

0 Stock buyback support
Stock Buyback 3Y Total is 5.1 Bil
1 Attractive cash flow generation
CFO LTM is 2.1 Bil
2 Low stock price volatility
Vol 12M is 34%
3 Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Electrification of Everything, and Sustainable Resource Management. Themes include Building Management Systems, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -42%, 3Y Excs Rtn is -23%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%
6 Key risks
CARR key risks include [1] a significant debt load and margin pressures from rising operating costs, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 5/26/2026
Carrier Global (CARR) stock has gained about 10% since 1/31/2026 because of the following key factors:

1. Strong demand in Commercial HVAC and Data Center segments.

Carrier Global reported a substantial increase in orders, with global Commercial HVAC orders rising 35% in the first quarter of 2026. Specifically, data center orders surged over 500%, and the company's backlog for data centers fully covers its projected $1.5 billion sales goal for 2026. This robust demand in key commercial areas, particularly related to data center expansion, significantly boosted investor confidence.

2. Better-than-expected Q1 2026 financial results and reaffirmed full-year outlook.

The company exceeded analyst expectations in its first-quarter 2026 earnings, reporting an adjusted EPS of $0.57 against an estimated $0.51, representing a 12.94% beat. Net sales of $5.34 billion also surpassed the consensus mark of $5 billion by 6.07%. Despite a 1% decline in organic sales, Carrier reaffirmed its full-year 2026 guidance for approximately $22 billion in sales, adjusted operating profit of around $3.4 billion, and adjusted EPS of about $2.80, providing a stable and positive outlook.

Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 7.6% change in CARR stock from 1/31/2026 to 5/29/2026 was primarily driven by a 221.7% change in the company's P/E Multiple.
(LTM values as of)13120265292026Change
Stock Price ($)59.3763.877.6%
Change Contribution By: 
Total Revenues ($ Mil)22,05821,870-0.9%
Net Income Margin (%)18.1%6.0%-66.8%
P/E Multiple12.740.7221.7%
Shares Outstanding (Mil)8498351.7%
Cumulative Contribution7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/29/2026
ReturnCorrelation
CARR7.6% 
Market (SPY)9.6%44.0%
Sector (XLI)4.9%67.8%

Fundamental Drivers

The 8.2% change in CARR stock from 10/31/2025 to 5/29/2026 was primarily driven by a 223.6% change in the company's P/E Multiple.
(LTM values as of)103120255292026Change
Stock Price ($)59.0363.878.2%
Change Contribution By: 
Total Revenues ($ Mil)22,05821,870-0.9%
Net Income Margin (%)18.1%6.0%-66.8%
P/E Multiple12.640.7223.6%
Shares Outstanding (Mil)8498351.7%
Cumulative Contribution8.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/29/2026
ReturnCorrelation
CARR8.2% 
Market (SPY)11.5%44.6%
Sector (XLI)12.4%65.6%

Fundamental Drivers

The 4.0% change in CARR stock from 4/30/2025 to 5/29/2026 was primarily driven by a 317.2% change in the company's P/E Multiple.
(LTM values as of)43020255292026Change
Stock Price ($)61.4363.874.0%
Change Contribution By: 
Total Revenues ($ Mil)22,48621,870-2.7%
Net Income Margin (%)24.9%6.0%-76.0%
P/E Multiple9.840.7317.2%
Shares Outstanding (Mil)8908356.6%
Cumulative Contribution4.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/29/2026
ReturnCorrelation
CARR4.0% 
Market (SPY)38.0%45.3%
Sector (XLI)33.7%64.0%

Fundamental Drivers

The 59.8% change in CARR stock from 4/30/2023 to 5/29/2026 was primarily driven by a 208.5% change in the company's P/E Multiple.
(LTM values as of)43020235292026Change
Stock Price ($)39.9663.8759.8%
Change Contribution By: 
Total Revenues ($ Mil)17,90721,87022.1%
Net Income Margin (%)14.1%6.0%-57.6%
P/E Multiple13.240.7208.5%
Shares Outstanding (Mil)8358350.0%
Cumulative Contribution59.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/29/2026
ReturnCorrelation
CARR59.8% 
Market (SPY)89.0%55.2%
Sector (XLI)81.1%68.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CARR Return45%-23%41%20%-22%22%82%
Peers Return35%-14%36%31%4%9%134%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
CARR Win Rate83%42%50%75%25%60% 
Peers Win Rate75%37%52%60%48%52% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
CARR Max Drawdown-15%-37%-22%-19%-37%-19% 
Peers Max Drawdown-14%-37%-19%-11%-25%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: JCI, TT, LII, HON, IR. See CARR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)

How Low Can It Go

EventCARRS&P 500
2025 US Tariff Shock
  % Loss-15.8%-18.8%
  % Gain to Breakeven18.8%23.1%
  Time to Breakeven23 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.6%-9.5%
  % Gain to Breakeven15.7%10.5%
  Time to Breakeven43 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.5%-6.7%
  % Gain to Breakeven11.8%7.1%
  Time to Breakeven42 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-34.6%-24.5%
  % Gain to Breakeven53.0%32.4%
  Time to Breakeven263 days427 days

Compare to JCI, TT, LII, HON, IR

In The Past

Carrier Global's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCARRS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-34.6%-24.5%
  % Gain to Breakeven53.0%32.4%
  Time to Breakeven263 days427 days

Compare to JCI, TT, LII, HON, IR

In The Past

Carrier Global's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Carrier Global (CARR)

Carrier 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.

AI Analysis | Feedback

Analogies for Carrier Global (CARR):

Carrier is like Johnson Controls, but with a significant focus on refrigeration for transport and food retail.

AI Analysis | Feedback

  • HVAC Systems: Provides air conditioners, heating systems, and related controls for residential and commercial customers.
  • Building Automation Solutions: Offers integrated systems and services for managing building heating, cooling, and ventilation needs.
  • Transport Refrigeration Products: Manufactures refrigeration units and monitoring products for trucks, trailers, and shipping containers.
  • Commercial Refrigeration Solutions: Supplies refrigerated cabinets, freezers, and control systems for food retail and warehouse applications.
  • Fire Detection & Suppression Systems: Develops and provides technologies for detecting and suppressing fire, flame, gas, smoke, and carbon monoxide.
  • Security & Access Control Systems: Offers intruder alarms, access control systems, and video management systems for various premises.
  • Fire & Security Services: Delivers audit, design, installation, maintenance, and monitoring services for fire and security technologies.

AI Analysis | Feedback

Carrier Global Corporation (CARR) primarily sells its heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies to other businesses (B2B).

While specific individual major customer names are not publicly disclosed due to the fragmented nature of its broad customer base, Carrier's products and services are acquired by a diverse range of companies across various industries. Its major customer categories include:

  1. **Commercial and Residential Property Developers, Builders, and Managers:** These customers procure Carrier's HVAC systems, building automation solutions, and fire & security technologies for new construction projects, renovations, and the ongoing operation of commercial buildings (e.g., offices, retail, hospitality, healthcare) and multi-family residential complexes.
  2. **Cold Chain, Logistics, and Food Retail Companies:** This category includes businesses requiring refrigeration solutions, such as trucking and shipping companies for transport refrigeration (Carrier Transicold), as well as supermarket chains, grocery stores, and food service providers for commercial refrigeration systems and warehouse cooling.
  3. **Industrial, Institutional, and Security Integration Businesses:** These customers rely on Carrier for specialized fire suppression systems, detection technologies, and integrated security solutions (e.g., access control, video management) for factories, data centers, government facilities, and other critical infrastructure. Security system integrators also purchase Carrier's components to deliver comprehensive solutions to their end clients.

AI Analysis | Feedback

null

AI Analysis | Feedback

```html David L. Gitlin, Chairman & Chief Executive Officer

David L. Gitlin has served as Chairman and Chief Executive Officer of Carrier Global Corporation since 2019, and was elected Chairman of the Board in April 2021. He led Carrier's spin-off from United Technologies in 2020. Prior to joining Carrier, he held significant leadership roles within United Technologies Corporation, including President and Chief Operating Officer of Collins Aerospace, and President of UTC Aerospace Systems. He has over two decades of experience in the aerospace industry. He also serves on the Board of Directors for The Boeing Company.

Patrick Goris, Executive Vice President & Chief Financial and Strategy Officer

Patrick Goris was appointed Executive Vice President & Chief Financial and Strategy Officer of Carrier in November 2020. In this role, he oversees all financial management aspects, enterprise strategy, and government relations for the company. Before joining Carrier, he served as Senior Vice President & Chief Financial Officer of Rockwell Automation from 2017 to 2020, and held other senior finance and investor relations roles at Rockwell Automation since 2006. He brings more than 30 years of leadership and financial management experience.

Ajay Agrawal, Senior Vice President, Global Services & Chief Business Development Officer

Ajay Agrawal is Senior Vice President, Global Services & Chief Business Development Officer at Carrier, responsible for accelerating growth through global services and aftermarket, as well as leading mergers, acquisitions, and Carrier Ventures. He was appointed Chief Strategy Officer and SVP, Global Services & Healthy Buildings in March 2021, after previously serving as SVP, Strategy & Services from October 2019 to March 2021. Prior to Carrier, he was Vice President, Aftermarket Services, for Collins Aerospace, where he led worldwide commercial and military aftermarket business and customer service organizations. He also held roles in UTC Corporate Strategy and as a management consultant at Bain & Company.

Nadia Villeneuve, Senior Vice President, Chief People & Communications Officer

Nadia Villeneuve leads Carrier's global human resources, communications, corporate social responsibility, and enterprise events functions. She was appointed Senior Vice President & Chief Human Resources Officer of Carrier at the time of the company's spin-off from United Technologies in April 2020, and later expanded her responsibilities to include Communications, Corporate Social Responsibility, Enterprise Events, and Flight Operations. She joined United Technologies, Carrier's former parent company, in 2000, and held various senior global HR leadership roles across aerospace and commercial businesses, including Chief Human Resources Officer for Pratt & Whitney and UTC Fire & Security Asia. She has 30 years of experience in human resources and enterprise leadership.

Thomas Heim, President, Climate Solutions Europe

Thomas Heim is President, Climate Solutions Europe, for Carrier, responsible for driving profitable growth through digitally enabled lifecycle solutions and a multi-brand, multi-tier channel strategy across the region. He also leads global marketing. He joined Carrier in January 2024 through the acquisition of Viessmann Climate Solutions. Previously, he served as President, Climate Solutions Europe Residential & Light Commercial, and before that, Chief Executive Officer of Viessmann Climate Solutions, following a role as Chief Sales & Marketing Officer. Earlier in his career, he held senior positions at Bosch.

```

AI Analysis | Feedback

Key Risks for Carrier Global (CARR)

  1. Exposure to Cyclical Construction and Real Estate Markets: Carrier Global's demand for HVAC systems and commercial refrigeration solutions is significantly tied to new building construction, renovation, and the broader health of the commercial and residential real estate markets. A downturn or prolonged stagnation in these global markets could lead to reduced sales and profitability for Carrier's core segments.

  2. Regulatory and Technological Shifts in Refrigerants and Energy Efficiency: The company faces ongoing pressure to adapt to evolving environmental regulations, particularly concerning the phasing out of certain refrigerants (e.g., hydrofluorocarbons or HFCs) and increasingly stringent energy efficiency standards across its HVAC and refrigeration product lines. Failure to timely develop and implement compliant and competitive technologies could result in significant R&D costs, market share loss, or penalties.

  3. Supply Chain Disruptions and Commodity Price Volatility: As a global manufacturer, Carrier is susceptible to disruptions in its supply chain, including geopolitical events, natural disasters, and issues with key component availability (e.g., semiconductors). Additionally, fluctuations in the prices of raw materials such as copper, steel, and aluminum can significantly impact manufacturing costs and profit margins.

AI Analysis | Feedback

  • Disruptive Solid-State Cooling Technologies: Ongoing research and development into solid-state cooling methods such as magnetocaloric, electrocaloric, and elastocaloric cooling present a long-term emerging threat. These technologies aim to eliminate the need for traditional refrigerants and vapor-compression systems, potentially offering significantly higher efficiencies and reduced environmental impact. If these technologies achieve commercial scalability and cost-effectiveness, they could fundamentally displace Carrier's core HVAC and refrigeration product lines, similar to how digital cameras supplanted film.
  • AI-Powered, Open-Source Building Management and Security Platforms: The increasing sophistication and adoption of AI and machine learning in building management systems, coupled with a push towards open-source standards for hardware integration, could commoditize Carrier's proprietary building automation and security control systems. Third-party software platforms that offer superior, vendor-agnostic intelligence for optimizing energy usage, security protocols, and occupant comfort could diminish the value proposition of Carrier's integrated hardware and software solutions, potentially reducing their role to being a hardware provider in a largely software-controlled environment.

AI Analysis | Feedback

Carrier Global Corporation operates in several significant addressable markets globally, encompassing HVAC, Refrigeration, and Fire & Security technologies.

HVAC Segment

  • The global HVAC systems market was estimated at USD 258.96 billion in 2025 and is projected to reach USD 445.73 billion by 2033, growing at a compound annual growth rate (CAGR) of 7.0%.
  • The global residential HVAC market size was valued at approximately USD 89.58 billion in 2024 and is poised to grow to USD 163.31 billion by 2033, with a CAGR of 6.9% during the forecast period (2026–2033). North America is the largest market, accounting for approximately 40% of the global market share, followed by Europe (around 30%) and Asia-Pacific (around 25%).
  • The global commercial HVAC market generated USD 74.81 billion in 2024 and is expected to hit USD 120.6 billion by 2029, exhibiting a CAGR of 7.7%. Asia-Pacific leads commercial HVAC growth, contributing 44% of global sales.

Refrigeration Segment

  • The global commercial refrigeration market size was valued at USD 85.6 billion in 2024 and is expected to reach USD 161 billion by 2034, growing at a CAGR of 6.6% from 2025 to 2034.
  • The global refrigerated transport market is projected to grow from USD 130.3 billion in 2025 to USD 233.4 billion by 2035, at a CAGR of 6.0%. North America, Asia-Pacific, and Europe are identified as key growth regions.

Fire & Security Segment

  • The global security market size was estimated at USD 143.55 billion in 2024 and is expected to reach USD 225.21 billion by 2030, growing at a CAGR of 7.6% from 2025 to 2030. North America dominated this market with a revenue share of 32% in 2024.
  • The global access control market size was estimated at USD 10.76 billion in 2024 and is projected to reach USD 17.30 billion by 2030, growing at a CAGR of 8.4% from 2025 to 2030. North America dominated with a revenue share of over 31% in 2024.
  • The global video management system (VMS) market size was valued at USD 17.34 billion in 2024 and is poised to grow to USD 86.83 billion by 2033, growing at a CAGR of 19.6% during the forecast period (2026–2033).
  • The global burglar alarm systems market size was estimated at USD 4,388.1 million (USD 4.39 billion) in 2023 and is projected to reach USD 6,721.0 million (USD 6.72 billion) by 2030, growing at a CAGR of 6.3% from 2024 to 2030. North America was the largest revenue-generating market in 2023.
  • The global fire protection system market size is projected to grow from USD 85.06 billion in 2025 to USD 118.14 billion by 2030 at a CAGR of 6.8%. North America is projected to reach USD 42.95 billion by 2030.
  • The global fire suppression system market size was valued at USD 22,038.9 million (USD 22.04 billion) in 2024 and is projected to reach USD 34,973.6 million (USD 34.97 billion) by 2033, growing at a CAGR of 5.4% from 2025 to 2033.

AI Analysis | Feedback

Carrier Global Corporation (CARR) is expected to drive future revenue growth over the next two to three years through several key initiatives:

  1. Growth in Commercial HVAC, especially Data Center Cooling Solutions: Carrier Global is strategically positioned to capitalize on the increasing demand for advanced cooling systems in data centers. The company has reported significant increases in commercial HVAC orders, particularly from data center wins, and anticipates double-digit revenue growth in this area, with data center-related revenues expected to grow by approximately 50% in 2026 and nearly double in 2025 to roughly $1 billion.
  2. Expansion of Aftermarket Services and Digital Solutions: Carrier is focusing on expanding its aftermarket services, which include maintenance, parts, and digital solutions. This segment consistently shows strong performance, with aftermarket sales growing by 13% in Q2 2025 and expected to achieve its fifth consecutive year of double-digit growth. The company leverages AI to enhance service efficiency and customer satisfaction.
  3. Strategic Acquisitions and Focus on Sustainable Climate Solutions, particularly Heat Pumps in Europe: The acquisition of Viessmann Climate Solutions in 2024 is a significant driver, expected to deliver approximately $100 million in incremental revenue synergies in 2025 and enhance Carrier's capabilities in intelligent climate and energy solutions. This move reinforces the company's focus on global trends towards sustainability and energy efficiency, particularly the transition from boilers to heat pumps in Europe.
  4. Product Innovation and Technological Advancements: Carrier is investing in research and development and launching innovative products and technologies. This includes the development of AI-powered solutions for home energy management and the introduction of advanced cooling solutions like the AquaEdge® 30CF Chiller to enhance data center reliability. These innovations are crucial for maintaining market share and expanding into evolving markets.

AI Analysis | Feedback

Share Repurchases

  • In October 2025, Carrier's Board of Directors approved a new $5 billion share repurchase authorization.
  • This new authorization, combined with an existing balance, increased the total current repurchase authorization to approximately $5.8 billion as of October 28, 2025.
  • Carrier repurchased 4,267,425 shares from Viessmann for $300 million in June 2025.

Share Issuance

  • Carrier Global's shares outstanding saw a 6.88% increase from 2023 to 2024, reaching 0.912 billion, but then declined by 5.41% to 0.862 billion in 2025.

Outbound Investments

  • Carrier completed the acquisition of Viessmann Climate Solutions for $13.1 billion in December 2023, enhancing its focus on climate and energy solutions.
  • The company made strategic acquisitions including Blaich Automation in August 2025 and AddVolt in May 2025.
  • Carrier made a strategic investment in Net Feasa to improve real-time monitoring of shipping containers during ocean transit through wireless IoT connectivity.

Capital Expenditures

  • For the trailing twelve months (TTM) ended December 2025, Carrier's capital expenditures were -$392 million.
  • The company plans to invest an additional $1 billion over five years (starting May 2025) in U.S. manufacturing, innovation, and workforce expansion.
  • This investment focuses on expanding existing facilities, constructing a new manufacturing site for heat pump components and battery assemblies, and accelerating next-generation research and development, particularly in liquid cooling for data centers.

Better Bets vs. Carrier Global (CARR)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Between Trane Technologies and Carrier Global, Which Stock Looks Set to Break Out?05/06/2026
2Carrier Global Stock Shares Sink 9.4% In A Day, Now Is Not The Time To Buy The Stock04/16/2026
3TT, AWI Beat Carrier Global Stock on Price & Growth04/10/2026
4How Low Can CARR Really Go In A Market Crash?03/12/2026
5Carrier Global Stock Slides -12% With A 9-Day Losing Spree11/21/2025
6Carrier Global Stock Plummets -11% With 8-Day Losing Streak11/20/2025
7Is Carrier Global Stock Poised for a Rally?11/19/2025
8Carrier Global Stock Slides -9.6% With A 7-Day Losing Spree11/19/2025
9Day 6 of Loss Streak for Carrier Global Stock with -7.6% Return (vs. -21% YTD) [11/17/2025]TREFISDASH11/18/2025
10How Low Can Carrier Global Stock Really Go?10/17/2025
11ARTICLES 
12Is Trane Technologies a Better Buy Than Carrier Global?05/06/2026
13S&P 500 Movers | Winners: HOOD, DASH, DDOG | Losers: CARR, LII, SWK04/15/2026
14Why TT Could Outperform Carrier Global Stock04/10/2026
15Carrier Global vs Trane Technologies: Which Stock Could Rally?03/14/2026
16Stress Testing CARR: Historical Drawdowns and Macro Risks03/12/2026
Title
0DASHBOARDS
1Between Trane Technologies and Carrier Global, Which Stock Looks Set to Break Out?
2Carrier Global Stock Shares Sink 9.4% In A Day, Now Is Not The Time To Buy The Stock
3TT, AWI Beat Carrier Global Stock on Price & Growth
4How Low Can CARR Really Go In A Market Crash?
5Carrier Global Stock Slides -12% With A 9-Day Losing Spree
6Carrier Global Stock Plummets -11% With 8-Day Losing Streak
7Is Carrier Global Stock Poised for a Rally?
8Carrier Global Stock Slides -9.6% With A 7-Day Losing Spree
9Day 6 of Loss Streak for Carrier Global Stock with -7.6% Return (vs. -21% YTD) [11/17/2025]TREFISDASH
10How Low Can Carrier Global Stock Really Go?
11ARTICLES
12Is Trane Technologies a Better Buy Than Carrier Global?
13S&P 500 Movers | Winners: HOOD, DASH, DDOG | Losers: CARR, LII, SWK
14Why TT Could Outperform Carrier Global Stock
15Carrier Global vs Trane Technologies: Which Stock Could Rally?
16Stress Testing CARR: Historical Drawdowns and Macro Risks

Trade Ideas

Select ideas related to CARR.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.0%0.0%0.0%
RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper04102026UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-1.0%
CARR_10102025_Dip_Buyer_ValueBuy10102025CARRCarrier GlobalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		12.7%19.5%-10.8%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

CARRJCITTLIIHONIRMedian
NameCarrier .Johnson .Trane Te.Lennox I.Honeywel.Ingersol. 
Mkt Price63.87134.06451.30502.16237.8671.64185.96
Mkt Cap53.382.0100.017.5151.028.067.7
Rev LTM21,87024,43321,6035,25836,7637,78121,736
Op Inc LTM1,5843,3733,9251,0626,3191,5002,478
FCF LTM1,6861,3663,137661-1,1611,366
FCF 3Y Avg1,4231,8732,764661-1,2521,423
CFO LTM2,1091,7383,481810-1,2991,738
CFO 3Y Avg1,8812,2953,116845-1,3861,881

Growth & Margins

CARRJCITTLIIHONIRMedian
NameCarrier .Johnson .Trane Te.Lennox I.Honeywel.Ingersol. 
Rev Chg LTM-1.9%5.1%6.4%-2.0%6.4%6.9%5.7%
Rev Chg 3Y Avg7.1%4.8%9.9%3.5%0.9%7.8%5.9%
Rev Chg Q2.4%8.2%6.0%5.8%2.4%7.6%5.9%
QoQ Delta Rev Chg LTM0.6%1.9%1.3%1.2%0.6%1.7%1.3%
Op Inc Chg LTM-30.3%2.7%6.5%1.4%-3.4%2.6%2.0%
Op Inc Chg 3Y Avg-2.9%29.1%16.7%16.3%-2.5%16.6%16.4%
Op Mgn LTM7.2%13.8%18.2%20.2%17.2%19.3%17.7%
Op Mgn 3Y Avg9.3%11.8%17.7%19.1%18.3%19.4%18.0%
QoQ Delta Op Mgn LTM-1.5%0.6%-0.4%-0.3%-0.1%-0.5%-0.4%
CFO/Rev LTM9.6%7.1%16.1%15.4%-16.7%15.4%
CFO/Rev 3Y Avg8.8%10.1%15.5%16.2%-19.0%15.5%
FCF/Rev LTM7.7%5.6%14.5%12.6%-14.9%12.6%
FCF/Rev 3Y Avg6.7%8.2%13.7%12.7%-17.1%12.7%

Valuation

CARRJCITTLIIHONIRMedian
NameCarrier .Johnson .Trane Te.Lennox I.Honeywel.Ingersol. 
Mkt Cap53.382.0100.017.5151.028.067.7
P/S2.43.44.63.34.13.63.5
P/Op Inc33.724.325.516.523.918.724.1
P/EBIT28.430.325.716.625.624.025.7
P/E40.723.234.521.836.847.835.7
P/CFO25.347.228.721.6-21.625.3
Total Yield3.9%4.9%3.8%5.1%4.2%2.2%4.1%
Dividend Yield1.5%0.6%0.9%0.5%1.5%0.1%0.7%
FCF Yield 3Y Avg2.8%3.4%3.5%3.7%-3.7%3.5%
D/E0.20.10.00.10.20.20.1
Net D/E0.20.10.00.10.20.10.1

Returns

CARRJCITTLIIHONIRMedian
NameCarrier .Johnson .Trane Te.Lennox I.Honeywel.Ingersol. 
1M Rtn3.8%-5.2%-5.9%-3.0%13.7%-7.5%-4.1%
3M Rtn-0.5%-6.8%-2.1%-11.6%-1.8%-23.9%-4.5%
6M Rtn17.3%16.0%7.6%1.2%25.1%-10.8%11.8%
12M Rtn-9.2%33.1%5.4%-10.9%14.5%-12.7%-1.9%
3Y Rtn59.4%130.4%180.2%84.1%38.3%22.9%71.7%
1M Excs Rtn-2.4%-11.4%-12.1%-9.2%7.5%-13.7%-10.3%
3M Excs Rtn-10.7%-17.0%-12.3%-21.8%-12.0%-34.1%-14.7%
6M Excs Rtn7.3%5.7%-3.8%-7.7%13.8%-21.8%0.9%
12M Excs Rtn-37.5%5.2%-23.5%-39.4%-14.0%-41.1%-30.5%
3Y Excs Rtn-22.5%46.4%94.9%4.9%-44.8%-59.0%-8.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Climate Solutions Americas (CSA)10,527    
Climate Solutions Europe (CSE)4,984    
Climate Solutions Asia Pacific, Middle East & Africa (CSAME)3,500    
Limate Solutions Transportation (CST)3,475    
Corporate and other -6   
Heating, ventilating and air conditioning (HVAC) 15,13913,40811,3909,478
Refrigeration 3,8183,8834,1273,333
Eliminations and other  -440-419-340
Fire & Security  3,5705,5154,985
General corporate expenses  0  
Total22,48618,95120,42120,61317,456


Operating Income by Segment
$ Mil20252024202320222021
Climate Solutions Americas (CSA)2,323    
Limate Solutions Transportation (CST)485    
Climate Solutions Europe (CSE)469    
Climate Solutions Asia Pacific, Middle East & Africa (CSAME)466    
Commercial Refrigeration business (CCR) gain318    
Gain on liability adjustment46    
Bridge loan financing costs0    
Toshiba Carrier Corporation (TCC) Acquisition-related adjustment0    
VCS pre-acquisition product replacement cost0    
Viessmann-related hedges-86    
Acquisition/divestiture-related costs-95    
Restructuring costs-108    
Corporate and other-201-543   
Acquisition on step-up amortization-282    
Amortization of acquired intangibles-689    
Heating, ventilating and air conditioning (HVAC) 2,2752,6101,7382,462
Refrigeration 428483476357
Eliminations and other  -80-96-184
Fire & Security  1,630662584
General corporate expenses  -128-135-136
Total2,6462,1604,5152,6453,083


Assets by Segment
$ Mil20252024202320222021
Goodwill14,6017,520   
Intangible assets, net6,432945   
Cash and cash equivalents3,9699,852   
Fixed assets, net2,9992,160   
Climate Solutions Europe (CSE)1,590    
Climate Solutions Americas (CSA)1,405    
Equity method investments1,1941,140   
Future income tax benefits1,131718   
Other assets, current972728   
Climate Solutions Asia Pacific, Middle East & Africa (CSAME)952    
Limate Solutions Transportation (CST)818    
Other assets558310   
Operating lease right-of-use assets554421   
Corporate and other185    
Pension and post-retirement assets4332   
Assets held for sale05,093   
Eliminations and other 171   
Heating, ventilating and air conditioning (HVAC) 2,899   
Refrigeration 833   
Total37,40332,822   


Price Behavior

Price Behavior
Market Price$63.87 
Market Cap ($ Bil)53.3 
First Trading Date03/19/2020 
Distance from 52W High-20.0% 
   50 Days200 Days
DMA Price$61.62$59.10
DMA Trenddownup
Distance from DMA3.7%8.1%
 3M1YR
Volatility45.5%34.3%
Downside Capture165.12134.07
Upside Capture102.3481.40
Correlation (SPY)50.2%43.5%
CARR Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.611.291.031.101.201.15
Up Beta1.591.421.161.241.141.02
Down Beta3.822.983.022.111.691.13
Up Capture56%61%56%65%85%173%
Bmk +ve Days15223166141428
Stock +ve Days15253964127391
Down Capture-402%111%38%76%116%106%
Bmk -ve Days4183056108321
Stock -ve Days7182561124359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CARR
CARR-8.8%34.2%-0.22-
Sector ETF (XLI)23.1%15.3%1.1565.0%
Equity (SPY)30.3%11.8%1.9443.7%
Gold (GLD)37.5%26.7%1.1714.9%
Commodities (DBC)39.6%18.8%1.63-19.7%
Real Estate (VNQ)12.5%13.1%0.6433.1%
Bitcoin (BTCUSD)-31.8%41.6%-0.8113.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CARR
CARR9.3%31.7%0.33-
Sector ETF (XLI)12.7%17.4%0.5771.3%
Equity (SPY)14.3%17.0%0.6661.2%
Gold (GLD)18.8%18.0%0.859.2%
Commodities (DBC)10.2%19.4%0.417.8%
Real Estate (VNQ)3.4%18.8%0.0852.2%
Bitcoin (BTCUSD)14.6%54.6%0.4619.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CARR
CARR19.2%37.5%0.86-
Sector ETF (XLI)14.2%20.0%0.6359.8%
Equity (SPY)15.9%17.9%0.7650.8%
Gold (GLD)13.3%16.0%0.694.6%
Commodities (DBC)7.3%17.9%0.3310.8%
Real Estate (VNQ)5.7%20.7%0.2445.0%
Bitcoin (BTCUSD)67.0%66.9%1.0615.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity19.4 Mil
Short Interest: % Change Since 430202616.6%
Average Daily Volume5.5 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity835.0 Mil
Short % of Basic Shares2.3%

Returns Analyses

Earnings Returns History

Updated N/A/N/A/N/A
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20268.8%10.4% 
10/28/20250.8%-0.4%-7.1%
7/29/2025-10.6%-17.0%-17.1%
5/1/202511.6%12.3%14.2%
2/11/2025-1.6%0.5%-1.2%
10/24/2024-8.8%-7.7%-4.7%
7/25/2024-1.8%3.2%5.4%
4/25/20249.2%11.6%17.9%
...
SUMMARY STATS   
# Positive111314
# Negative13119
Median Positive4.3%6.0%11.3%
Median Negative-1.8%-2.0%-2.3%
Max Positive11.9%12.3%48.5%
Max Negative-10.6%-17.0%-17.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/05/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202505/01/202510-Q
12/31/202402/11/202510-K
09/30/202410/25/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/06/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/26/202310-Q
12/31/202202/07/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q

Recent Forward Guidance

Updated 5/1/2026

Latest: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue 22.00 Bil 0 Same NewActual: 22.00 Bil for 2025
2026 EPS 2.8 5.7% Higher NewActual: 2.65 for 2025
2026 Free Cash Flow 2.00 Bil 0 Same NewActual: 2.00 Bil for 2025

Prior: Q3 2025 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Revenue 22.00 Bil -4.3% LoweredGuidance: 23.00 Bil for 2025
2025 Operating Margin15.0%15.25%15.5%-9.0%-1.5%LoweredGuidance: 16.75% for 2025
2025 EPS 2.65 -13.1% LoweredGuidance: 3.05 for 2025
2025 Free Cash Flow 2.00 Bil -20.0% LoweredGuidance: 2.50 Bil for 2025

Insider Activity

Updated 5/20/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Viessmann, MaximilianSee FootnoteSell520202662.0112,094,823749,999,9742,355,095,525Form
2Gitlin, David LChairman and CEODirectBuy1125202552.6219,3001,015,57228,124,182Form
3Viessmann, MaximilianSee FootnoteSell605202570.304,267,425299,999,9783,820,209,840Form

External Quote Links


Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 5/29/2026