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Carrier Global key statistics and ratios

In fiscal 2025, Carrier Global had return on equity of 10.4%, an operating margin of 10.0%, debt equal to 83.8% of equity and a current ratio of 1.20. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin————24.9%27.2%26.6%——
Operating margin19.2%13.4%17.7%12.8%23.0%11.4%11.8%10.0%−4.8%
Net margin14.5%11.4%11.4%8.1%20.4%7.1%24.9%6.8%−7.9%
Free-cash-flow margin9.5%9.8%7.9%9.2%8.2%11.4%0.2%9.8%10.4%
Return on equity19.2%14.9%19.2%24.3%46.6%15.8%47.9%10.4%−14.7%
Return on assets—9.4%8.3%6.5%13.5%4.6%16.0%4.0%−5.1%
Asset turnover—0.830.730.800.660.640.640.580.64
Current ratio—1.331.671.721.642.801.251.201.00
Debt to equity0.0%2.3%155.5%136.7%109.5%158.7%85.9%83.8%110.1%
Interest cover (operating income ÷ interest)——10.3x8.3x16.7x7.1x4.6x4.7x—
Effective tax rate27.9%19.3%29.7%29.1%16.1%26.1%46.7%13.3%—
R&D as % of revenue2.1%2.2%2.4%2.4%2.4%2.6%3.1%2.9%2.7%
SG&A as % of revenue14.2%14.8%16.2%15.1%11.4%13.8%14.2%14.2%13.9%
Capital spending as % of revenue1.4%1.3%1.8%1.7%1.8%2.3%2.3%1.8%2.1%
Free cash flow ÷ net income65.5%86.0%69.6%113.8%40.4%160.7%0.8%142.9%—
Dividends ÷ net income0.0%0.0%7.0%25.1%14.4%46.0%12.0%52.0%—
Dividends and buybacks ÷ free cash flow0.0%0.0%10.0%49.9%132.5%31.5%>999%172.7%101.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $33.6bn
Short-term assets $8.9bnLonger-term assets $24.7bn
What it owes, and who funded it · $33.6bn
Short-term liabilities $8.9bnLonger-term liabilities $14.3bnShareholders' equity $10.4bn
  • Short-term assets cover short-term liabilities $8.9bn of assets due within a year against $8.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.9bn short-term assets against $14.3bn of longer-dated liabilities.
  • More cash than debt $1.4bn of cash against $11.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 110% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 112% to 110% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.9bn of operating cash flow against $11.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Carrier Global's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

55 /100

Moderate moat

How hard Carrier Global's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.6% of total assets over 7 years.

  • Durability 3 / 20

    Operating margin has been a median 12.9%; its worst year was -4.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 7 of 7 years, at a median 5.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CARR vs TTCARR vs JCIBLDR vs CARR

More: Building Products stocks compared, Industrials sector, rankings of US companies

Figures from Carrier Global's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carrier Global.