Carrier Global vs Global Partners LP
Carrier Global is the larger business, with $21.75bn of revenue in fiscal 2025 against $18.56bn for Global Partners LP (1.2 times as much). Global Partners LP grew faster (8.1% against -3.3%). Carrier Global kept more of each dollar of sales as profit: a net margin of 6.8% against 0.5%.
| Latest fiscal year | Carrier GlobalCARR, 2025 | Global Partners LPGLP, 2025 |
|---|---|---|
| Revenue | $21.75bn | $18.56bn |
| Revenue growth | -3.3% | 8.1% |
| Net income | $1.48bn | $98.0m |
| Operating margin | 10.0% | 1.3% |
| Net margin | 6.8% | 0.5% |
| Return on equity | 10.4% | — |
| Free cash flow | $2.12bn | $193m |
| Cash | $1.55bn | $12.2m |
| Total debt | $11.83bn | $126m |
| Debt to equity | 83.8% | — |
| Dividend per share | $0.68 | — |
| Dividend yield | 1.7% | — |
| Share buybacks | $2.89bn | $10.0m |
| Employees | 47,000 | — |
| Market value | $45.42bn | $1.53bn |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 55 (Moderate) | 48 (Moderate) |
| Insider trades, 12 months | 1 buys, 1 sales | 51 buys, 14 sales |