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CARRIER GLOBAL Corp (CARR) financial health, profit and balance sheet · Scorvest

CARR · NYSE · United States · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip

CARRIER GLOBAL Corp

Palm Beach Gardens, FL · Fiscal year ends in December · Figures in USD

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In shortCARRIER GLOBAL Corp is profitable, generates cash and carries moderate debt, with revenue shrinking (−3.3% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability49

Operating marginShare of each sale left after running the business, before interest and tax.	10.0%	50/100
Net marginShare of each sale left as profit after every cost, interest and tax.	6.8%	47/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	10.4%	52/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	7.2%	48/100

Weight in the score: 25%

Balance sheet38

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.20×	33/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.84×	65/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	2.98×	29/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	4.74×	31/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	2.35	32/100

Weight in the score: 25%

Cash generation86

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	9.8%	59/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	1.43×	100/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability63
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 2 of 5 33/100
Revenue growth volatility 14.9% 56/100
Operating margin volatility 5.3% 61/100
Weight in the score: 20%
Growth31
Revenue growth, 3-year average 7.9% 61/100
EPS growth, 3-year average -25.1% 0/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	2 of 5	33/100
Revenue growth volatility	14.9%	56/100
Operating margin volatility	5.3%	61/100

Revenue growth, 3-year average	7.9%	61/100
EPS growth, 3-year average	-25.1%	0/100

Fiscal year 2025 · change vs prior year

Revenue: $21.7B; ▼ 3.3%
Net income: $1.5B; ▼ 73.5%
Free cash flow: $2.1B; ▲ 4,720.5%
Operating margin: 10.0%; −1.8 pts
Cash & investments: $1.6B; –
Total debt: $11.8B; ▼ 4.3%
Diluted EPS: $1.72; ▼ 72.0%
Return on equity: 10.4%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

3 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	20,613	17,288	18,951	22,486	21,747
Cost of revenue	–	12,991	13,789	16,505	–
Gross profit	–	4,297	5,162	5,981	–
Research & development	503	416	493	686	625
Selling, general & admin	3,120	1,977	2,607	3,197	3,092
Operating income	2,645	3,984	2,160	2,646	2,172
Interest expense	319	238	306	580	458
Pre-tax income	2,400	3,823	1,999	2,274	1,798
Income tax	699	616	521	1,062	240
Net income	1,664	3,534	1,349	5,604	1,484
Diluted EPS	$1.87	$4.10	$1.58	$6.15	$1.72
Diluted shares (millions)	890	861	853	912	862

3 older years available with the 10-year history. Essential plan, from €8.25/month →

Risk checks

Altman Z'' score

2.35 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

4/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: failed
Current ratio improved: failed
No share dilution: passed
Gross margin improved: not available
Asset turnover improved: failed

Sources

10-QPeriod ending Jun 30, 2026Filed Jul 28, 2026Open the report ↗
10-QPeriod ending Mar 31, 2026Filed Apr 30, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 5, 2026Open the report ↗
10-QPeriod ending Sep 30, 2025Filed Oct 28, 2025Open the report ↗
10-QPeriod ending Jun 30, 2025Filed Jul 29, 2025Open the report ↗
10-QPeriod ending Mar 31, 2025Filed May 1, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 11, 2025Open the report ↗
10-QPeriod ending Sep 30, 2024Filed Oct 25, 2024Open the report ↗