Carlisle Companies (CSL)
Market Price (3/30/2026): $325.52 | Market Cap: $13.5 BilSector: Industrials | Industry: Industrial Conglomerates
Carlisle Companies (CSL)
Market Price (3/30/2026): $325.52Market Cap: $13.5 BilSector: IndustrialsIndustry: Industrial Conglomerates
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, FCF Yield is 7.2% | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -7.2% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% | Key risksCSL key risks include [1] its dependence on the cyclical construction market and [2] volatility in the costs of its petroleum-based raw materials. | |
| Low stock price volatilityVol 12M is 36% | ||
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Advanced Materials. Themes include Energy Efficient Building Materials, Renewable Integration in Buildings, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, FCF Yield is 7.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Advanced Materials. Themes include Energy Efficient Building Materials, Renewable Integration in Buildings, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -7.2% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4% |
| Key risksCSL key risks include [1] its dependence on the cyclical construction market and [2] volatility in the costs of its petroleum-based raw materials. |
Qualitative Assessment
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Carlisle Companies (CSL) stock has gained about 5% since 11/30/2025 because of the following key factors:
1. Strong Fourth Quarter 2025 Financial Results and Positive 2026 Outlook.
Carlisle Companies reported adjusted earnings per share (EPS) of $3.90 for the fourth quarter of 2025, surpassing analyst expectations of $3.60 by 8.33%. Revenue for the quarter reached $1.1 billion, meeting or slightly exceeding estimates. Management also provided an optimistic outlook for 2026, projecting low-single-digit revenue growth and approximately 50 basis points of adjusted EBITDA margin expansion.
2. Robust Share Repurchase Program.
The company demonstrated a strong commitment to shareholder returns by repurchasing $300 million of its shares in Q4 2025, contributing to a total of $1.3 billion in share repurchases for the full year 2025. Carlisle further announced plans to repurchase up to $1 billion of shares in 2026, indicating continued efforts to enhance shareholder value.
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1. Strong Fourth Quarter 2025 Financial Results and Positive 2026 Outlook.
Carlisle Companies reported adjusted earnings per share (EPS) of $3.90 for the fourth quarter of 2025, surpassing analyst expectations of $3.60 by 8.33%. Revenue for the quarter reached $1.1 billion, meeting or slightly exceeding estimates. Management also provided an optimistic outlook for 2026, projecting low-single-digit revenue growth and approximately 50 basis points of adjusted EBITDA margin expansion.
2. Robust Share Repurchase Program.
The company demonstrated a strong commitment to shareholder returns by repurchasing $300 million of its shares in Q4 2025, contributing to a total of $1.3 billion in share repurchases for the full year 2025. Carlisle further announced plans to repurchase up to $1 billion of shares in 2026, indicating continued efforts to enhance shareholder value.
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Stock Movement Drivers
Fundamental Drivers
The 2.6% change in CSL stock from 11/30/2025 to 3/29/2026 was primarily driven by a 5.3% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 317.21 | 325.58 | 2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,015 | 5,020 | 0.1% |
| Net Income Margin (%) | 15.5% | 14.8% | -4.7% |
| P/E Multiple | 17.4 | 18.3 | 5.3% |
| Shares Outstanding (Mil) | 42 | 42 | 2.2% |
| Cumulative Contribution | 2.6% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSL | 2.6% | |
| Market (SPY) | -5.3% | 30.4% |
| Sector (XLI) | 3.9% | 57.7% |
Fundamental Drivers
The -15.1% change in CSL stock from 8/31/2025 to 3/29/2026 was primarily driven by a -10.6% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 383.51 | 325.58 | -15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,002 | 5,020 | 0.4% |
| Net Income Margin (%) | 16.1% | 14.8% | -8.5% |
| P/E Multiple | 20.5 | 18.3 | -10.6% |
| Shares Outstanding (Mil) | 43 | 42 | 3.4% |
| Cumulative Contribution | -15.1% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSL | -15.1% | |
| Market (SPY) | 0.6% | 32.5% |
| Sector (XLI) | 5.5% | 55.2% |
Fundamental Drivers
The -3.3% change in CSL stock from 2/28/2025 to 3/29/2026 was primarily driven by a -43.7% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 336.85 | 325.58 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,004 | 5,020 | 0.3% |
| Net Income Margin (%) | 26.2% | 14.8% | -43.7% |
| P/E Multiple | 11.6 | 18.3 | 58.2% |
| Shares Outstanding (Mil) | 45 | 42 | 8.2% |
| Cumulative Contribution | -3.3% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSL | -3.3% | |
| Market (SPY) | 9.8% | 47.4% |
| Sector (XLI) | 18.4% | 57.8% |
Fundamental Drivers
The 30.3% change in CSL stock from 2/28/2023 to 3/29/2026 was primarily driven by a 31.3% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 249.78 | 325.58 | 30.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,918 | 5,020 | -15.2% |
| Net Income Margin (%) | 15.6% | 14.8% | -5.5% |
| P/E Multiple | 13.9 | 18.3 | 31.3% |
| Shares Outstanding (Mil) | 52 | 42 | 23.8% |
| Cumulative Contribution | 30.3% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSL | 30.3% | |
| Market (SPY) | 69.4% | 50.1% |
| Sector (XLI) | 65.1% | 61.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CSL Return | 61% | -4% | 34% | 19% | -12% | 5% | 126% |
| Peers Return | 40% | -20% | 66% | 3% | -22% | -11% | 33% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| CSL Win Rate | 75% | 50% | 50% | 67% | 42% | 67% | |
| Peers Win Rate | 55% | 43% | 55% | 58% | 40% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| CSL Max Drawdown | -7% | -13% | -13% | -4% | -19% | 0% | |
| Peers Max Drawdown | -6% | -34% | -4% | -11% | -30% | -14% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OC, RPM, BLDR, MAS, FBIN. See CSL 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 3/27/2026 (YTD)
How Low Can It Go
| Event | CSL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.9% | -25.4% |
| % Gain to Breakeven | 53.6% | 34.1% |
| Time to Breakeven | 299 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -38.9% | -33.9% |
| % Gain to Breakeven | 63.6% | 51.3% |
| Time to Breakeven | 368 days | 148 days |
| 2018 Correction | ||
| % Loss | -27.7% | -19.8% |
| % Gain to Breakeven | 38.2% | 24.7% |
| Time to Breakeven | 121 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -65.4% | -56.8% |
| % Gain to Breakeven | 189.2% | 131.3% |
| Time to Breakeven | 900 days | 1,480 days |
Compare to OC, RPM, BLDR, MAS, FBIN
In The Past
Carlisle Companies's stock fell -34.9% during the 2022 Inflation Shock from a high on 8/18/2022. A -34.9% loss requires a 53.6% gain to breakeven.
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About Carlisle Companies (CSL)
Carlisle Companies Incorporated operates as a diversified manufacturer of engineered products in the United States, Europe, Asia, Canada, Mexico, the Middle East, Africa, and internationally. It operates through three segments: Carlisle Construction Materials, Carlisle Interconnect Technologies, and Carlisle Fluid Technologies. The Carlisle Construction Materials segment produces building envelopes for commercial, industrial, and residential buildings, including single-ply roofing products, rigid foam insulations, spray polyurethane foam, architectural metal products, heating, ventilation and air conditioning hardware and sealants, waterproofing products, and air and vapor barrier systems. The Carlisle Interconnect Technologies segment produces wires and cables, including optical fiber for the commercial aerospace, military and defense electronics, medical device, industrial, and test and measurement markets. It also offers sensors, connectors, contacts, cable assemblies, complex harnesses, racks, trays, and installation kits, as well as engineering and certification services. The Carlisle Fluid Technologies segment produces engineered liquid products, powder products, sealants and adhesives finishing equipment, and integrated system solutions for spraying, pumping, mixing, metering, and curing of coatings used in the automotive manufacture, general industrial, protective coating, wood, and specialty and automotive refinishing markets. The company sells its products under the Carlisle, Binks, DeVilbiss, Ransburg, BGK, MS Powder, Thermax, Tri-Star, LHi Technology, Providien, SynTec, Weatherbond, Hunter Panels, Resitrix, Hertalan, Insulfoam, and Versico brands. Carlisle Companies Incorporated was founded in 1917 and is headquartered in Scottsdale, Arizona.
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Carlisle Companies (CSL) is:
- Like a smaller, more specialized 3M, manufacturing engineered products and materials for diverse industries such as commercial construction, aerospace, and automotive finishing.
- Alternatively, think of it as a combination of Owens Corning for commercial building materials, Amphenol for high-tech aerospace and medical interconnects, and Graco for industrial finishing equipment.
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```html- Building Envelope Products: This segment includes single-ply roofing, rigid foam insulations, spray polyurethane foam, architectural metal products, HVAC hardware, sealants, waterproofing products, and air and vapor barrier systems for various building types.
- Wires and Cables: The company manufactures a variety of wires and cables, including optical fiber, for commercial aerospace, military, medical, and industrial applications.
- Interconnect Components and Assemblies: This category encompasses sensors, connectors, contacts, cable assemblies, complex harnesses, racks, trays, and installation kits.
- Fluid Finishing Equipment: Carlisle provides engineered equipment and integrated solutions for spraying, pumping, mixing, metering, and curing liquid and powder coatings, sealants, and adhesives.
- Engineering and Certification Services: The company offers specialized engineering and certification services primarily for its interconnect technologies.
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Carlisle Companies (CSL) primarily operates as a business-to-business (B2B) supplier, selling its engineered products and solutions to other companies across various industries.
Based on the provided background information, specific major customer company names are not disclosed. However, its major customers can be identified by the industries and types of businesses served by its three segments:
- Carlisle Construction Materials segment: This segment serves the building and construction industry. Its major customers include:
- Commercial building contractors
- Industrial building contractors
- Residential building contractors
- Building materials distributors
- Carlisle Interconnect Technologies segment: This segment provides solutions for various high-tech industries. Its major customers include companies in:
- Commercial aerospace manufacturing
- Military and defense electronics
- Medical device manufacturing
- General industrial equipment manufacturing
- Test and measurement equipment manufacturing
- Carlisle Fluid Technologies segment: This segment supplies finishing equipment for coating applications in diverse manufacturing sectors. Its major customers include:
- Automotive manufacturers
- General industrial manufacturers
- Protective coating applicators
- Wood finishing companies
- Specialty and automotive refinishing businesses
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D. Christian Koch, Chair, President and Chief Executive Officer
Chris Koch was appointed CEO of Carlisle Companies in May 2014 and became Chair in May 2020. He has been with the company since February 2008, serving in various leadership capacities, including President and Chief Operating Officer, Group President of Carlisle Diversified Products, and President of Carlisle Brake & Friction, Inc. and Carlisle Asia-Pacific. Under his leadership, Carlisle has strategically shifted from a diversified industrial manufacturer to a pure-play building products company, executing 28 acquisitions totaling $4.2 billion and five divestitures amounting to $3.7 billion. Koch also serves on the board of The Toro Company.
Kevin P. Zdimal, Vice President and Chief Financial Officer
Kevin P. Zdimal was appointed Vice President and Chief Financial Officer of Carlisle Companies, effective March 1, 2022, as part of a planned transition. He has a long tenure with the company, having joined Carlisle in 1995 and holding several leadership positions within the organization. Zdimal holds a Bachelor of Science in Accounting from LeMoyne College and a Master of Business Administration degree from the Whitman School of Management at Syracuse University.
Scott C. Selbach, Executive Vice President, Government Relations and Secretary
Scott C. Selbach transitioned to the role of Executive Vice President, Government Relations in May 2025, while also continuing to serve as Secretary of Carlisle Companies. He previously held the position of Vice President and General Counsel. His deep experience and long tenure with Carlisle are leveraged in his current role.
Christopher B. Gaskill, Vice President and General Counsel
Christopher B. Gaskill was appointed Vice President and General Counsel of Carlisle Companies, effective May 2025. He brings extensive legal expertise to the company from his prior roles at Summit Materials, The Western Union Company, and Cardinal Health.
Frank J. Ready, President, Carlisle Weatherproofing Technologies
Frank J. Ready serves as the President of Carlisle Weatherproofing Technologies.
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Here are the key risks to Carlisle Companies (CSL):
- Cyclicality of the Construction Industry: Carlisle Companies' financial performance is heavily influenced by the health of the construction sector, particularly residential and commercial building activity. A slowdown in new construction, project delays, and the impact of high interest rates can lead to a decline in revenue and operating margins for its Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT) segments. For example, weakness in the construction sector contributed to a 15% drop in operating profit for Carlisle in Q4 of 2025.
- Rising Raw Material, Energy, and Labor Costs: The company faces significant risks from inflation in raw material inputs, energy, and labor costs. These rising expenses can outpace Carlisle's ability to increase sales prices, thereby threatening to reduce profit margins. Raw material costs alone can account for a substantial portion of the cost of goods sold.
- High Debt Levels and Increased Financial Obligations: Carlisle has increased its long-term debt, partly due to acquisitions and the issuance of senior unsecured notes. For instance, its long-term debt balance at the end of Q3 2025 was $2.88 billion, a 52.4% sequential surge, following a $1 billion offering of senior unsecured notes. These high debt levels could inflate financial obligations and negatively impact profitability, especially if revenue growth softens.
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The rapid advancement and adoption of wireless communication and power transfer technologies across several of CSL's target markets, including commercial aerospace, medical devices, and industrial applications, could significantly reduce the demand for traditional wired interconnects such as wires, cables, connectors, and complex harnesses produced by its Carlisle Interconnect Technologies segment.
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Carlisle Companies Incorporated (CSL) operates in diversified markets. The addressable market sizes for its main products and services are detailed below:
Carlisle Construction Materials Segment
- Single-ply roofing products: The global single-ply membrane roofing market was valued at approximately USD 5.25 billion in 2024 and is projected to reach around USD 14.33 billion by 2033. Another estimate places the global single-ply roofing market at USD 5.2 billion in 2024, projected to grow to USD 9.8 billion by 2034. The global commercial single-ply membrane market was valued at USD 6.11 billion in 2025 and is expected to reach approximately USD 15.39 billion by 2034. North America is identified as the largest single-ply roofing market.
- Rigid foam insulations: The global rigid foam market size was valued at USD 32.24 billion in 2025 and is projected to reach USD 55.63 billion by 2034. Another source states the global rigid foam market was valued at USD 39.02 billion in 2024 and is expected to reach USD 50.60 billion by 2032. Carlisle Companies itself notes that the addressable insulation market is USD 14 billion. The global rigid polyurethane foam market size was estimated at USD 20.69 billion in 2023 and is projected to reach USD 30.58 billion by 2030.
- Spray polyurethane foam: The global spray polyurethane foam market size was valued at USD 4.7 billion in 2023 and is estimated to grow to USD 7 billion by 2032. Another report indicates the global spray polyurethane foam market size was valued at USD 2.92 billion in 2024 and is poised to grow to USD 5.88 billion by 2033. The global polyurethane spray foam market size was valued at USD 3.06 billion in 2025 and is projected to grow to USD 5.45 billion by 2034. North America dominated the spray polyurethane foam market in 2024 with a 38.5% revenue share.
- Architectural metal products: The architectural and structural metals market is expected to grow from USD 643,220 million in 2024 to USD 907,744.3 million by 2032, globally. The global architectural metal coatings market was valued at USD 5.3 billion in 2023 and is projected to reach USD 6.7 billion by 2028. Furthermore, the architectural metal coating market is projected to grow from USD 6.0 billion in 2025 to USD 9.9 billion by 2035. North America held a significant share of 30% in the global Architectural and Structural Metals Market in 2024.
- Waterproofing products: The global waterproofing products market was valued at USD 35.83 billion in 2024 and is projected to reach USD 45.50 billion by 2030. Another source reported the global waterproofing products market was valued at USD 42.5 billion in 2019 and is projected to reach USD 66.1 billion by 2033. The global waterproofing systems market was valued at USD 61.3 billion in 2022 and is projected to reach USD 85.9 billion by 2027. The global waterproofing chemicals market size is calculated at USD 7.76 billion in 2025 and is predicted to increase to approximately USD 14.92 billion by 2035.
- Air and vapor barrier systems: The global vapor barriers market size was valued at USD 16.5 billion in 2025 and is expected to grow to USD 27.1 billion by 2035. Another estimate for the global vapor barriers market size was USD 16.44 billion in 2025 and is projected to grow to USD 24.14 billion by 2034. The air barrier market size was valued at approximately US$ 15,924.68 million (USD 15.92 billion) in 2022. North America held the dominant share of 37% in the vapor barriers market in 2024.
Carlisle Interconnect Technologies Segment
- Wires and cables for medical devices: The global medical wire and cable market size is projected to grow from approximately USD 3.4 billion in 2023 to an estimated USD 5.8 billion by 2032. North America holds the largest share of the medical wire and cable market, driven by advanced healthcare infrastructure and high healthcare expenditure.
- Wires and cables for commercial aerospace, military and defense electronics, industrial, and test and measurement markets: Null
Carlisle Fluid Technologies Segment
- Engineered liquid products, powder products, sealants and adhesives finishing equipment, and integrated system solutions for spraying, pumping, mixing, metering, and curing of coatings: The global coating equipment market size reached USD 23.1 billion in 2024 and is projected to reach USD 35.7 billion by 2033. Another report valued the global coating equipment market at USD 18.9 billion in 2021, projected to reach USD 24.7 billion by 2026. The global liquid powder and specialty coating equipment market size was valued at USD 2.9 billion in 2024 and is projected to reach USD 4.4 billion by 2032. The market for liquid, powder and specialty coating equipment is projected to reach a valuation of USD 3.6 billion by 2030.
- Automotive coating equipment: The global automotive coating equipment market is projected to reach a significant USD 29.6 billion in 2025. The automotive industry is dominating the coating equipment market, holding a share of 32.59% in 2026. Asia-Pacific is projected to be the dominant force in the automotive coating equipment market.
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```htmlCarlisle Companies (CSL) is expected to drive future revenue growth over the next 2-3 years through a combination of factors, primarily centered on its core building products businesses and strategic initiatives. The company has shifted its focus to become a pure-play building products entity, divesting its Carlisle Interconnect Technologies segment.
- Recovery and Sustained Demand in the Commercial Re-roofing Market: A significant driver for Carlisle Construction Materials (CCM) is the anticipated rebound and sustained demand in the commercial re-roofing market. Management and analysts expect growth to resume in the second half of 2026 as construction activity improves. The imperative nature of re-roofing makes it a resilient business model and a core contributor to Carlisle's value creation.
- Strategic Acquisitions and Realization of Synergies: Carlisle has a clear strategy of utilizing strategic acquisitions to expand its market reach and diversify revenue streams. The company has allocated substantial capital, aiming to deploy $4 billion into acquisitions between 2024 and 2026, with a long-term goal of achieving $10 billion in revenue by 2028. Recent acquisitions, such as MTL Holdings, are projected to deliver significant annual synergies by 2026. Furthermore, Carlisle Fluid Technologies (now Binks) has also expanded its capabilities through acquisitions like Reinhardt Technik.
- New Product Innovation and Expansion within Existing Segments: Innovation is a critical pillar of Carlisle's Vision 2030 strategy, with an objective to generate 25% of revenues from new products by 2030. This includes the launch of new sustainable insulation products in Europe through Carlisle Weatherproofing Technologies. Carlisle Fluid Technologies (rebranded as Binks) is also focused on expanding its product offerings and services, with plans to introduce new product innovations in the coming months.
- Operational Excellence and Pricing Discipline: The company's commitment to the Carlisle Operating System (COS) is expected to drive ongoing efficiencies, operational leverage, and cost reductions. This disciplined approach to operations and pricing contributes to margin expansion, which in turn supports overall revenue growth. Management anticipates an increase of approximately 50 basis points in adjusted EBITDA margin for 2026.
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Share Repurchases
- Carlisle Companies repurchased $900 million of shares in 2023.
- In 2024, the company's annual share buybacks totaled $1.586 billion.
- Carlisle repurchased $1.3 billion of shares in 2025 and authorized a new program in September 2025 to buy back up to an additional 7.5 million shares over an indefinite period.
Share Issuance
- Carlisle's shares outstanding have consistently declined, with 0.043 billion shares outstanding in 2025, an 8.28% decline from 2024.
- Shares outstanding in 2024 were 0.047 billion, a 6.55% decline from 2023.
- In 2023, shares outstanding were 0.05 billion, a 4% decline from 2022.
Outbound Investments
- In 2021, Carlisle Companies acquired Henry Company as part of its Vision 2025 strategy to streamline its portfolio.
- Carlisle acquired MTL Holdings in May 2024, expanding its architectural metals business, and Plasti-Fab in December 2024, which strengthened its position in the North American polystyrene insulation market.
- In June 2025, Carlisle completed the acquisition of Bonded Logic, a manufacturer of sustainable thermal and acoustical insulation products, aligning with its Vision 2030 strategy to be a pure-play building products company.
Capital Expenditures
- For the nine months ended September 30, 2025, Carlisle invested $91 million in capital expenditures.
- During the six months ended June 30, 2025, capital expenditures amounted to $58 million.
- Carlisle's capital expenditures are primarily focused on investments in innovation, automation in factories to drive operational excellence, and enhancements to the customer experience.
Latest Trefis Analyses
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | EFX | Equifax | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | LZ | LegalZoom.com | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 7.2% | 7.2% | -5.0% |
| 02132026 | ADP | Automatic Data Processing | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.1% | 1.1% | -3.0% |
| 02132026 | TREX | Trex | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.2% | -3.2% | -5.9% |
| 02132026 | PCTY | Paylocity | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -0.6% | -0.6% | -4.8% |
| 04302023 | CSL | Carlisle Companies | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 16.0% | 86.2% | -4.3% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 88.99 |
| Mkt Cap | 10.5 |
| Rev LTM | 7,572 |
| Op Inc LTM | 954 |
| FCF LTM | 860 |
| FCF 3Y Avg | 982 |
| CFO LTM | 1,062 |
| CFO 3Y Avg | 1,141 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.4% |
| Rev Chg 3Y Avg | -3.1% |
| Rev Chg Q | -2.2% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Mgn LTM | 14.7% |
| Op Mgn 3Y Avg | 15.6% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 12.2% |
| CFO/Rev 3Y Avg | 15.5% |
| FCF/Rev LTM | 8.9% |
| FCF/Rev 3Y Avg | 12.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.5 |
| P/S | 1.3 |
| P/EBIT | 12.2 |
| P/E | 16.8 |
| P/CFO | 10.7 |
| Total Yield | 6.1% |
| Dividend Yield | 1.7% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -17.2% |
| 3M Rtn | -7.7% |
| 6M Rtn | -20.7% |
| 12M Rtn | -18.9% |
| 3Y Rtn | 19.8% |
| 1M Excs Rtn | -9.9% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | -15.9% |
| 12M Excs Rtn | -32.4% |
| 3Y Excs Rtn | -39.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carlisle Construction Materials (CCM) | 3,253 | 3,885 | 2,846 | 2,996 | 3,233 |
| Carlisle Weatherproofing Technologies (CWT) | 1,334 | 1,564 | 990 | ||
| Corporate and unallocated operating expense | 0 | 0 | |||
| Carlisle Fluid Technologies | 286 | 243 | 278 | ||
| Carlisle Interconnect Technologies | 688 | 732 | 973 | ||
| Carlisle Brake & Friction | 327 | ||||
| Total | 4,587 | 5,449 | 4,810 | 3,970 | 4,812 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carlisle Construction Materials (CCM) | 914 | 1,175 | 620 | 582 | 576 |
| Carlisle Weatherproofing Technologies (CWT) | 188 | 129 | 64 | ||
| Corporate and unallocated operating expense | -119 | -99 | -123 | -97 | -99 |
| Carlisle Fluid Technologies | 24 | 5 | 24 | ||
| Carlisle Interconnect Technologies | -18 | -2 | 132 | ||
| Carlisle Brake & Friction | 21 | ||||
| Total | 983 | 1,205 | 568 | 488 | 654 |
Price Behavior
Price Behavior
| Market Price | $325.58 | |
| Market Cap ($ Bil) | 13.5 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -24.5% | |
| 50 Days | 200 Days | |
| DMA Price | $368.57 | $355.39 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -11.7% | -8.4% |
| 3M | 1YR | |
| Volatility | 39.0% | 36.4% |
| Downside Capture | 0.34 | 0.95 |
| Upside Capture | 70.10 | 107.52 |
| Correlation (SPY) | 28.9% | 45.8% |
CSL Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.61 | 0.41 | 0.53 | 0.80 | 0.87 | 1.03 |
| Up Beta | 0.65 | 0.92 | 0.86 | 1.02 | 0.94 | 1.06 |
| Down Beta | 1.09 | 1.32 | 1.04 | 0.43 | 0.41 | 0.74 |
| Up Capture | -47% | 68% | 93% | 85% | 124% | 139% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 24 | 36 | 67 | 126 | 388 |
| Down Capture | -278% | -114% | -54% | 97% | 110% | 105% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 17 | 25 | 57 | 125 | 363 |
[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 CSL | |
|---|---|---|---|---|
| CSL | -5.0% | 36.2% | -0.08 | - |
| Sector ETF (XLI) | 20.5% | 19.2% | 0.84 | 56.1% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 45.7% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 0.7% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 4.5% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 52.3% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 17.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSL | |
|---|---|---|---|---|
| CSL | 17.1% | 30.4% | 0.56 | - |
| Sector ETF (XLI) | 12.3% | 17.2% | 0.56 | 62.5% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 52.9% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 3.3% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 10.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 48.5% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 17.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSL | |
|---|---|---|---|---|
| CSL | 14.1% | 29.3% | 0.51 | - |
| Sector ETF (XLI) | 13.0% | 19.8% | 0.58 | 67.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 59.5% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | -0.4% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 17.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 51.7% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 11.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | 11.1% | 17.0% | 5.6% |
| 10/29/2025 | -1.7% | -0.6% | -3.5% |
| 7/30/2025 | -13.6% | -13.6% | -5.6% |
| 4/23/2025 | 6.0% | 5.5% | 8.5% |
| 2/4/2025 | -8.9% | -4.9% | -10.9% |
| 10/24/2024 | -9.0% | -7.9% | -1.7% |
| 7/24/2024 | -0.4% | 1.5% | -0.1% |
| 4/25/2024 | 4.9% | 3.4% | 12.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 9 | 9 | 9 |
| Median Positive | 3.9% | 4.9% | 7.1% |
| Median Negative | -1.7% | -4.1% | -3.5% |
| Max Positive | 11.1% | 17.0% | 16.8% |
| Max Negative | -15.4% | -19.5% | -10.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/3/2026 | Prior: Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 2.5% | 2.5% | Higher New | Actual: 0.0% for 2025 | |||
| 2026 Adjusted EBITDA Margin Expansion | 0.5% | 0.5% | Higher New | Actual: 0.0% for 2025 | |||
| 2026 Share Repurchases | 1.00 Bil | -23.1% | Lowered | Guidance: 1.30 Bil for 2025 | |||
| 2026 Annualized Savings | 12.00 Mil | 0 | Affirmed | Guidance: 12.00 Mil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zdimal, Kevin P | VP & Chief Financial Officer | Direct | Sell | 2112026 | 408.04 | 24,180 | 9,866,321 | 12,279,449 | Form |
| 2 | Koch, D Christian | Chair, President & CEO | Direct | Sell | 2112026 | 413.38 | 36,260 | 14,989,324 | 46,810,841 | Form |
| 3 | Smith, David W | VP, Sustainability | Direct | Sell | 2112026 | 414.05 | 1,800 | 745,290 | 1,530,743 | Form |
| 4 | Schwar, Stephen | Vice Chair of CCM | Direct | Sell | 2132026 | 417.36 | 6,049 | 2,524,584 | 3,564,216 | Form |
| 5 | Easton, Andrew C | VP & Chief Accounting Officer | Direct | Sell | 2192026 | 407.57 | 233 | 94,964 | 377,410 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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