Carrier Global
CARR on NYSE. Carrier sells heating, cooling and cold chain equipment to homes, buildings and businesses. Market value $45.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.17 of spare cash in the past 12 months. A savings account pays about $4.
You pay 33.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 90 of 100. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.
$56.10 a share, 12% above its 1-year low
Over the past year the price has ranged from $50.24 to $76.76.
Dividend: 1.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $20.6bn | $17.3bn | $19.0bn | $22.5bn | $21.7bn |
| Operating margin | |||||
| Operating margin | 12.8% | 23.0% | 11.4% | 11.8% | 10.0% |
| Debt to equity | |||||
| Debt to equity | 1.37 | 1.09 | 1.59 | 0.85 | 0.81 |
| Shares outstanding | |||||
| Shares outstanding | 0.84bn | 0.84bn | 0.90bn | 0.84bn | 0.83bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.81× equity
- Revenue growth, five yearsSlow, 4.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.4 billion last quarter, up 4% on a year ago.
- Profit: $501 million, down 15% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, down from 14 cents a year earlier.
- Spare cash over the past 12 months: $1.9 billion, up from $542 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $10.6 billion more than cash, up from $9.6 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.0bn |
| December 2024 | $5.1bn |
| March 2025 | $5.2bn |
| June 2025 | $6.1bn |
| September 2025 | $5.6bn |
| December 2025 | $4.8bn |
| March 2026 | $5.3bn |
| June 2026 | $6.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $447m |
| December 2024 | $2.6bn |
| March 2025 | $412m |
| June 2025 | $591m |
| September 2025 | $428m |
| December 2025 | $53m |
| March 2026 | $238m |
| June 2026 | $501m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
11 long-term investors we follow own it, down from 12 last quarter. 1,644 funds in all.
- GMOJeremy Grantham
- Value
- $24m
- Share of fund
- <0.1%
- Markel GroupTom Gayner
- Value
- $17m
- Share of fund
- 0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Dodge & CoxDodge & Cox investment committee | $2.0bn | 1.1% | Added |
| Causeway Capital ManagementSarah Ketterer | $160m | 1.7% | Added |
| Gates Capital ManagementJeff Gates | $146m | 4.8% | Cut |
| Fiduciary Management (FMI)Pat English | $141m | 2.0% | Cut |
| Diamond Hill Capital ManagementRic Dillon (founder) | $131m | 1.1% | Cut |
| GMOJeremy Grantham | $24m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $23m | <0.1% | Added |
| Markel GroupTom Gayner | $17m | 0.1% | |
| GAMCO InvestorsMario Gabelli | $6m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% | Cut |
| Mairs & PowerAndy Adams | $204,280 | <0.1% | New |
Sold out this quarter
Largest holders overall
- Capital Research Global Investors$7.8bnCut
- BlackRock$4.9bnAdded
- Vanguard Capital Management$3.8bn
- Vanguard Portfolio Management$2.7bn
- JPMorgan Chase$2.5bn
- State Street$2.5bnAdded
- Dodge & Cox$2.0bnAdded
- Banque Cantonale Vaudoise$1.8bnAdded
- Capital World Investors$1.4bn
- Geode Capital Management$1.3bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Capital Research Global InvestorsPassive investor12.8%−1.0 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor7.6%Since 30 June 2026
- Vanguard Capital ManagementPassive investor7.1%Since 31 March 2026
- Viessmann Generations Group GmbH & Co. KGInsider or founderat least 4.6%−1.3 pts(filed with 4 related holders)Since 20 May 2026
What they said
On May 20, 2026, Viessmann Traeger HoldCo GmbH (together with its affiliates, "VGG") entered into a block trade (the "Block Trade") with JPMorgan Chase Bank, N.A. ("JPMorgan") with respect to a portion of VGG's ownership of Carrier Global Corporation ("Carrier" or the "Company")…
Read the filing - Capital World InvestorsPassive investorSold down below 5%Since 31 March 2025
- Capital International InvestorsPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital Research Global Investors Passive investor | 12.8%−1.0 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.6% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.1% | 31 March 2026 | |
Viessmann Generations Group GmbH & Co. KG Insider or founder | at least 4.6%−1.3 pts (filed with 4 related holders) | 20 May 2026 | What they saidOn May 20, 2026, Viessmann Traeger HoldCo GmbH (together with its affiliates, "VGG") entered into a block trade (the "Block Trade") with JPMorgan Chase Bank, N.A. ("JPMorgan") with respect to a portion of VGG's ownership of Carrier Global Corporation ("Carrier" or the "Company")… Read the filing |
Capital World Investors Passive investor | Sold down below 5% | 31 March 2025 | |
Capital International Investors Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 1 sold $750m.
- Viessmann MaximilianDirectorSold
- Date
- 20 May 2026
- Shares
- 12,094,823
- Price
- $62.01
- Value
- $750m
- Gitlin David L.Chairman and CEO, DirectorBought
- Date
- 25 November 2025
- Shares
- 19,300
- Price
- $52.62
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 May 2026 | Viessmann Maximilian Director | Sold | 12,094,823 | $62.01 | $750m |
| 25 November 2025 | Gitlin David L. Chairman and CEO, Director | Bought | 19,300 | $52.62 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 33.0× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.