Is the business good?
How good a business is CARR?
Carrier Global earns 6.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
6.0%
Return on invested capital · cost of capital 9.0% · 3.0 points below what the capital costs: growth destroys value
- Operating margin
- 8.2%
Operating margin · Building Products & Equipment median 16% · 12 months to Q1 2026
- Cash conversion
- 1.29×
Cash conversion · 0.09× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −4.0%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 18% |
| FY2021 | 13% |
| FY2022 | 23% |
| FY2023 | 11% |
| FY2024 | 12% |
| FY2025 | 10.0% |
Details›
- Operating margin12 months to Q1 2026
- 8.2%
- Net margin12 months to Q1 2026
- 6.0%
- Free cash flow margin
- 7.7%
- R&D as % of revenue
- 2.8%
- Revenue, trailing twelve months
- $21.9B
- Free cash flow, trailing twelve months
- $1.69B
- Net income, trailing twelve months
- $1.31B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Building Products & Equipment
Ranks #15 of 18 by Smart Score