Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Carrier Global

CARR stock analysis · Industrials · Building Products

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$73.35HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$60.9B

Price × SEC outstanding shares. Shares measured 2026-04-15. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$38.79

Equity cash-flow scenario · SEC outstanding shares at 2026-04-15 · -47.1% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

21.0%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

-42.9%

6 industry peers · median 23.4×

How this is calculated ↗
Valuation

Historical multiples

22.2×

6 annual observations · snapshot P/E 41.1× · 85.3% versus history

How this is calculated ↗
Valuation

Free cash flow yield

3.5%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

7.3%

Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

46/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

-0.6%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-2.5%

Annual basis · read assumptions below

How this is calculated ↗
Momentum

Fundamental momentum

1.3%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 2.6B2020-12-31: cfo $1,692,000,000.002020-12-31: capex $312,000,000.0020202021-12-31: cfo $2,237,000,000.002021-12-31: capex $344,000,000.0020212022-12-31: cfo $1,743,000,000.002022-12-31: capex $317,000,000.0020222023-12-31: cfo $2,607,000,000.002023-12-31: capex $439,000,000.0020232024-12-31: cfo $563,000,000.002024-12-31: capex $519,000,000.0020242025-12-31: cfo $2,513,000,000.002025-12-31: capex $392,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$48.65$53.08$57.85
10.0%$35.65$38.79$42.15
12.0%$28.12$30.52$33.08

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3121.7B1.6B2.5B392M37.2B
2024-12-3122.5B5.7B563M519M37.4B
2023-12-3119B1.4B2.6B439M32.8B
2022-12-3117.3B3.6B1.7B317M26.1B
2021-12-3120.6B1.7B2.2B344M26.2B
2020-12-3117.5B2B1.7B312M25.1B
2019-12-3118.6B2.2B2.1B243M22.4B
2018-12-3118.9B2.8B2.1B263M

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue21.7BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-05
netIncome1.6BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-05
Parent/common earnings proxy1.5BNetIncomeLoss2026-02-05
cfo2.5BNetCashProvidedByUsedInOperatingActivities2026-02-05
capex392MPaymentsToAcquireProductiveAssets2026-02-05
operatingIncome2.2BOperatingIncomeLoss2026-02-05
assets37.2BAssets2026-02-05
equity14.1BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-05
Parent book equity proxy13.8BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest − MinorityInterest
Parent stockholders' equity derived by removing explicitly reported noncontrolling interests; preferred equity may remain included.
2026-02-05
debt11.5BLongTermDebtCurrent + LongTermDebtNoncurrent2026-02-05
shortDebtNot reported under a supported tag
cash1.6BCashAndCashEquivalentsAtCarryingValue2026-02-05
shares862.4MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-05
dividends772MPaymentsOfDividendsCommonStock2026-02-05
buybacks2.9BPaymentsForRepurchaseOfCommonStock2026-02-05
issuanceNot reported under a supported tag