CARRCarrier Global

$55.56-8.0% 1Y

Is the business good?

Mixed

The checks split: earnings fully cash-backed (1.2×), but margins compressing.

1 good, 1 to watch, 1 neutral, 1 without data
Profits arrive as cash1.20×derived · Mar 31, 2026

Operating profit is fully backed by cash. Conversion is improving vs a year ago.

Margin direction, 3 years−4.4 pts

Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.

Where ROE comes from7% ROA

A balanced mix of margins, efficiency, and leverage. ROE 18% = margin × turnover × leverage.

Unless marked, from derived.

Against the whole market›

Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.

FCF conversionmiddle of the market
Leverage (Debt/EBITDA)behind 67% of the market

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

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 9.3% · 12 months to Q1 2026

Cash conversion
1.20×

Cash conversion · 0.62× a year ago · operating cash flow covers the operating profit after tax

Share count, year on year
−4.0%

Share count, year on year · bought back, each share owns more of the company

Operating margin by fiscal year
YearOperating margin
FY202018%
FY202113%
FY202223%
FY202311%
FY202412%
FY202510.0%
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 is operating cash flow over operating profit after tax.