Stock CARR CARRIER GLOBAL CORPORATION
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Financials Carrier Global Corporation

Equities

CARR

US14448C1045

Electrical Components & Equipment

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
60.5 USD +1.15% Intraday chart for Carrier Global Corporation +13.02% +5.31%
Apr. 26 Barclays Adjusts Price Target on Carrier Global to $79 From $78 MT
Apr. 26 Wolfe Adjusts Price Target on Carrier Global to $61 From $60 MT

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,691 47,004 34,496 48,203 54,511 - -
Enterprise Value (EV) 1 39,803 53,713 39,818 52,481 63,897 62,460 60,883
P/E ratio 16.8 x 29 x 10.1 x 36.4 x 24.3 x 21.2 x 18.7 x
Yield 0.74% 0.88% 1.45% - 1.27% 1.35% 1.54%
Capitalization / Revenue 1.87 x 2.28 x 1.69 x 2.18 x 2.11 x 2.11 x 1.99 x
EV / Revenue 2.28 x 2.61 x 1.95 x 2.37 x 2.48 x 2.42 x 2.22 x
EV / EBITDA 15.5 x 17.1 x 12.2 x 14 x 12.8 x 12.4 x 11.6 x
EV / FCF 28.8 x 28.4 x 28.6 x 24.5 x 127 x 21.6 x 20.2 x
FCF Yield 3.47% 3.52% 3.49% 4.07% 0.79% 4.63% 4.94%
Price to Book 5.24 x 6.83 x 4.59 x 5.56 x 4.35 x 4.06 x 3.29 x
Nbr of stocks (in thousands) 866,687 866,585 836,262 839,047 901,012 - -
Reference price 2 37.72 54.24 41.25 57.45 60.50 60.50 60.50
Announcement Date 2/9/21 2/8/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,608 17,456 20,613 20,421 22,098 25,801 25,795 27,411
EBITDA 1 - 2,568 3,142 3,274 3,749 4,977 5,054 5,233
EBIT 1 - 2,232 2,804 2,894 3,207 4,062 4,147 4,518
Operating Margin - 12.79% 13.6% 14.17% 14.51% 15.74% 16.08% 16.48%
Earnings before Tax (EBT) 1 - 2,855 2,400 4,292 2,084 3,024 3,602 4,033
Net income 1 - 1,982 1,664 3,534 1,349 2,290 2,611 2,921
Net margin - 11.35% 8.07% 17.31% 6.1% 8.88% 10.12% 10.65%
EPS 2 2.420 2.250 1.870 4.100 1.580 2.488 2.850 3.233
Free Cash Flow 1 - 1,380 1,893 1,390 2,138 502 2,889 3,009
FCF margin - 7.91% 9.18% 6.81% 9.68% 1.95% 11.2% 10.98%
FCF Conversion (EBITDA) - 53.74% 60.25% 42.46% 57.03% 10.09% 57.17% 57.5%
FCF Conversion (Net income) - 69.63% 113.76% 39.33% 158.49% 21.92% 110.65% 103.01%
Dividend per Share 2 - 0.2800 0.4800 0.6000 - 0.7692 0.8197 0.9288
Announcement Date 2/7/20 2/9/21 2/8/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 5,133 4,654 5,211 5,451 5,105 5,273 5,992 5,731 5,102 6,182 7,099 6,539 5,901 5,920 6,799
EBITDA 1 604 729 933 963 639 778 1,101 1,178 692 1,241 1,486 1,494 929.5 1,142 1,449
EBIT 1 517 650 857 861 516 642 964 1,044 557 927 1,218 1,233 710.6 851.2 1,202
Operating Margin 10.07% 13.97% 16.45% 15.8% 10.11% 12.18% 16.09% 18.22% 10.92% 15% 17.15% 18.86% 12.04% 14.38% 17.67%
Earnings before Tax (EBT) 1 405 1,688 757 1,470 377 509 422 594 559 335 957 1,017 539.2 721.7 1,082
Net income 1 324 1,379 573 1,312 270 373 199 357 420 269 687.7 750.1 380.9 529.4 791.1
Net margin 6.31% 29.63% 11% 24.07% 5.29% 7.07% 3.32% 6.23% 8.23% 4.35% 9.69% 11.47% 6.46% 8.94% 11.64%
EPS 2 0.3600 1.580 0.6700 1.530 0.3200 0.4400 0.2300 0.4200 0.4900 0.2900 0.7579 0.8148 0.4087 0.5793 0.8627
Dividend per Share 2 0.1500 0.1500 0.1500 0.1500 0.1500 - 0.1950 - - - 0.1946 0.1947 0.1968 0.1962 0.2061
Announcement Date 2/8/22 4/28/22 7/28/22 10/27/22 2/7/23 4/25/23 7/27/23 10/26/23 2/6/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 7,112 6,709 5,322 4,278 9,386 7,949 6,372
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 2.769 x 2.135 x 1.626 x 1.141 x 1.886 x 1.573 x 1.218 x
Free Cash Flow 1 - 1,380 1,893 1,390 2,138 502 2,889 3,009
ROE (net income / shareholders' equity) - 19.5% 30.9% 27.8% 28.3% 24.8% 21.5% 20%
ROA (Net income/ Total Assets) - 8.35% 7.85% 13.5% 4.58% 6.1% 7.8% 8.66%
Assets 1 - 23,750 21,189 26,129 29,454 37,556 33,469 33,727
Book Value Per Share 2 - 7.200 7.940 8.990 10.30 13.90 14.90 18.40
Cash Flow per Share 2 - 1.920 2.510 2.020 3.060 1.040 3.620 4.340
Capex 1 - 312 344 353 469 551 487 540
Capex / Sales - 1.79% 1.67% 1.73% 2.12% 2.13% 1.89% 1.97%
Announcement Date 2/7/20 2/9/21 2/8/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Carrier Global Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
60.5 USD
Average target price
62.91 USD
Spread / Average Target
+3.98%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Heating, Ventilation & Air Conditioning Systems
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