Carrier Global Corporation (CARR) is listed on NYSE and operates in the Construction industry (Industrials sector).
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, ...
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 14 |
| Hold | 11 |
| Sell | 1 |
| Strong Sell | 0 |
Carrier Global Corporation, headquartered in Palm Beach Gardens, Florida, operates in the industrials sector, specifically within the construction industry. Established in 2019, the company provides a range of technologies and services across three primary segments: HVAC, Refrigeration, and Fire & Security.
The HVAC segment offers heating, cooling, and ventilation solutions for residential and commercial applications, including air conditioners, heating systems, controls, and building automation solutions. It also provides aftermarket repair and maintenance services. The Refrigeration segment delivers transport refrigeration and monitoring solutions for trucks, trailers, shipping containers, and intermodal applications, along with commercial refrigeration products like refrigerated cabinets and freezers.
The Fire & Security segment supplies technologies for fire detection, suppression, and security, including smoke and gas detection, fire extinguishers, intruder alarms, access control, and video management systems. Additional services include audit, design, installation, system integration, and maintenance. Carrier Global markets its products under various brands, including Carrier, Automated Logic, Kidde, LenelS2, and Sensitech, among others.
Over the past three fiscal years, the company has experienced inconsistent revenue growth, achieving a 7.1% CAGR, with revenue rising from $18.95 billion in 2023 to $21.75 billion in 2025. Despite this growth, profitability metrics have shown some volatility. The operating margin decreased by 1.5pp, from 11.4% in 2023 to 9.9% in 2025, while the net margin slightly decreased by 0.3pp to 6.9% over the same period. This suggests that while the company has been able to grow its top line, it has faced challenges in maintaining its profitability margins. Cash flow generation has also been inconsistent, with operating cash flow declining from $2.61 billion in 2023 to $2.09 billion in 2025, and free cash flow following a similar trend, decreasing from $2.17 billion to $1.70 billion. The company's net debt has consistently increased, more than doubling from $4.77 billion in 2023 to $11.11 billion in 2025, which could indicate increased leverage. Despite these challenges, the company has managed to maintain a relatively strong cash conversion ratio of 1.40, suggesting that earnings are still well-supported by actual cash flows. Additionally, the company has slightly reduced its share count by 0.7%, which, although not material, has a marginally positive impact on per-share metrics. Overall, while the company has demonstrated revenue growth, the decline in margins and cash flow, coupled with increased leverage, highlights areas that may require strategic focus.
Carrier Global Corporation is set to release its first quarter 2026 earnings on April 30, 2026, with a conference call scheduled for the same day. This announcement follows a significant surge in North American data center orders, which increased by 400% in the fourth quarter, highlighting strong demand in this sector. In recent trading activity, Assetmark Inc. sold 53,433 shares of Carrier, while Carnegie Investment Counsel increased its holdings, reflecting varied institutional sentiment. Cardinal Capital Management Inc. also acquired 41,647 shares, indicating confidence in the company's prospects. Additionally, Carrier's Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on May 22, 2026, to shareholders of record as of May 4, 2026. These developments suggest a period of strategic growth and investor interest in Carrier Global, driven by robust demand in key markets and ongoing shareholder returns through dividends.