Explain this page
Arphra AIPlain-English read on Carrier Global Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +29.15% | +24.89% | +27.31% | +26.79% | +25.91% | +26.01% | +27.25% | +27.11% | +27.32% |
| Operating margin | +12.83% | +23.04% | +11.40% | +11.77% | +9.89% | +10.77% | +10.71% | +10.91% | +11.13% |
| EBITDA margin | +14.10% | +13.22% | +14.24% | +15.84% | +12.81% | +13.92% | +14.16% | +14.34% | +14.12% |
| EBIT margin | +12.46% | +11.32% | +11.65% | +10.36% | +8.46% | +10.22% | +10.10% | +9.98% | +10.17% |
| Pre-tax margin | +11.64% | +22.11% | +10.55% | +10.11% | +8.27% | +9.73% | +9.51% | +9.81% | +9.78% |
| Net margin | +8.07% | +20.44% | +7.12% | +24.92% | +6.87% | +11.35% | +11.01% | +10.99% | +11.27% |
| Cost structure | |||||||||
| Cost of revenue / sales | +70.85% | +75.11% | +72.69% | +73.21% | +74.09% | +74.21% | +71.97% | +71.95% | +72.63% |
| R&D intensity | +2.44% | +2.41% | +2.60% | +3.05% | +2.87% | +2.91% | +2.91% | +2.90% | +2.79% |
| SG&A intensity | +14.45% | +11.21% | +13.01% | +14.22% | +14.16% | +13.41% | +13.54% | +14.11% | +13.67% |
| Effective tax rate | +29.13% | +16.11% | +26.06% | +46.70% | +17.02% | +29.37% | +29.90% | +29.32% | +29.82% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +23.46% | +43.76% | +14.98% | +38.93% | +10.57% | +19.62% | +18.43% | +18.63% | +19.51% |
| Return on assets (ROA) | +6.36% | +13.55% | +4.11% | +14.98% | +4.01% | +6.76% | +6.53% | +6.46% | +6.69% |
| Return on capital (ROC) | +15.27% | +22.83% | +9.14% | +9.76% | +8.02% | +8.76% | +8.57% | +8.91% | +9.14% |
| Return on invested capital (ROIC) | +9.61% | +20.26% | +5.71% | +20.68% | +5.57% | +9.23% | +8.80% | +8.97% | +9.26% |
| Asset turnover | +78.76% | +66.27% | +57.74% | +60.12% | +58.48% | +59.55% | +59.34% | +58.78% | +59.39% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.07% | +20.44% | +7.12% | +24.92% | +6.87% | +11.35% | +11.01% | +10.99% | +11.27% |
| Asset turnover (× revenue / assets) | +78.76% | +66.27% | +57.74% | +60.12% | +58.48% | +59.55% | +59.34% | +58.78% | +59.39% |
| Equity multiplier (× assets / equity) | +368.93% | +323.01% | +364.49% | +259.83% | +263.24% | +290.38% | +282.28% | +288.37% | +291.46% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.79 | 0.66 | 0.58 | 0.60 | 0.58 | 0.60 | 0.59 | 0.59 | 0.59 |
| Fixed-asset turnover | 8.36 | 6.00 | 7.34 | 6.33 | 5.86 | — | — | — | — |
| Inventory turnover | 7.41 | 4.92 | 7.56 | 7.16 | 6.49 | — | — | — | — |
| Receivables turnover | 7.09 | 5.13 | 9.11 | 8.48 | 8.24 | — | — | — | — |
| Payables turnover | 6.26 | 4.58 | 5.55 | 6.70 | 5.96 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 51.46 | 71.15 | 40.06 | 43.03 | 44.29 | — | — | — | — |
| Days inventory outstanding (DIO) | 49.23 | 74.21 | 48.30 | 50.97 | 56.25 | — | — | — | — |
| Days payables outstanding (DPO) | 58.33 | 79.63 | 65.79 | 54.50 | 61.21 | — | — | — | — |
| Cash conversion cycle | 42.36 | 65.73 | 22.57 | 39.51 | 39.33 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.34 | 0.49 | 1.93 | 0.10 | 1.40 | 0.77 | 0.79 | 0.79 | 0.75 |
| FCF / Net income | 1.14 | 0.40 | 1.61 | 0.01 | 1.14 | 0.56 | 0.58 | 0.59 | 0.59 |
| FCF margin | +9.18% | +8.25% | +11.44% | +0.20% | +7.80% | +6.32% | +6.37% | +6.45% | +6.66% |
| OCF margin | +10.85% | +10.08% | +13.76% | +2.50% | +9.61% | +8.74% | +8.67% | +8.73% | +8.48% |
| CapEx / Revenue | +1.67% | +1.83% | +2.32% | +2.31% | +1.80% | +2.16% | +2.13% | +2.20% | +2.16% |
| CapEx / D&A | 1.02 | 0.97 | 0.89 | 0.42 | 0.31 | — | — | — | — |
| Stock-based comp / Revenue | +0.45% | +0.38% | +0.37% | +0.38% | +0.34% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.87 | 4.10 | 1.63 | 6.15 | 1.70 | 2.80 | 3.20 | 3.63 | 4.10 |
| EPS · basic | 1.92 | 4.19 | 1.61 | 6.24 | 1.74 | 2.85 | 3.23 | 3.63 | 4.16 |
| Book value / share | 7.97 | 9.38 | 10.56 | 15.79 | 16.69 | 15.35 | 16.57 | 17.25 | 18.17 |
| Tangible BV / share | -3.10 | -3.77 | 0.63 | -7.28 | -9.09 | 15.35 | 16.57 | 17.25 | 18.17 |
| Sales / share | 23.15 | 20.07 | 22.22 | 24.66 | 25.68 | 26.55 | 27.76 | 29.24 | 31.46 |
| Operating CF / share | 2.51 | 2.02 | 3.06 | 0.62 | 2.47 | 2.32 | 2.41 | 2.55 | 2.67 |
| Free cash flow / share | 2.13 | 1.66 | 2.54 | 0.05 | 2.00 | 1.68 | 1.77 | 1.89 | 2.10 |
| Dividends / share | 0.47 | 0.59 | 0.73 | 0.73 | 0.91 | 0.89 | 0.88 | 0.97 | 1.05 |
| Payout ratio | +25.06% | +14.40% | +45.96% | +11.96% | +51.71% | +29.51% | +28.85% | +30.29% | +29.76% |
| Retention ratio | +74.94% | +85.60% | +54.04% | +88.04% | +48.29% | +70.49% | +71.15% | +69.71% | +70.24% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -16.13% | +9.62% | +18.65% | -3.29% | +2.36% | +4.84% | +5.29% | +8.51% | +3.27% |
| Gross profit · YoY | — | -28.38% | +20.26% | +16.39% | -6.46% | +2.78% | +9.81% | +4.74% | +9.36% | +2.44% |
| Profit | ||||||||||
| Operating income · YoY | — | +50.62% | -45.78% | +22.50% | -18.75% | +11.54% | +4.24% | +7.27% | +10.62% | +1.44% |
| EBITDA · YoY | — | -21.37% | +18.07% | +32.02% | -21.81% | +11.29% | +6.64% | +6.61% | +6.85% | +3.29% |
| Net income · YoY | — | +112.38% | -61.83% | +315.42% | -73.36% | +69.17% | +1.69% | +5.15% | +11.28% | +7.67% |
| Operating | ||||||||||
| EBIT · YoY | — | -23.79% | +12.77% | +5.57% | -21.03% | +23.69% | +3.53% | +4.13% | +10.55% | +0.69% |
| R&D · YoY | — | -17.30% | +18.51% | +39.15% | -8.89% | +3.77% | +4.71% | +4.82% | +4.53% | +5.02% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +119.25% | -60.24% | +277.30% | -72.36% | +64.66% | +14.18% | +13.49% | +13.14% | +10.33% |
| EPS · basic · YoY | — | +118.23% | -61.58% | +287.58% | -72.12% | +63.61% | +13.46% | +12.52% | +14.46% | +10.15% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $10.22B | $9.37B | $14.63B | $12.71B | $12.67B | $14.49B | $15.24B | $15.6B | $17.05B |
| Net debt | $7.24B | $5.85B | $4.77B | $8.74B | $11.11B | $8.71B | $9.25B | $9.37B | $10.18B |
| Net debt / EBITDA | 2.49 | 2.56 | 1.77 | 2.45 | 3.99 | 2.81 | 2.80 | 2.66 | 2.70 |
| Debt / equity | 1.44 | 1.16 | 1.62 | 0.88 | 0.90 | 1.13 | 1.09 | 1.08 | 1.11 |
| Debt / assets | +39.06% | +35.92% | +44.56% | +33.98% | +34.07% | +38.76% | +38.76% | +37.32% | +37.97% |
| Equity / assets | +27.11% | +30.96% | +27.44% | +38.49% | +37.99% | +34.44% | +35.43% | +34.68% | +34.31% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.11 | 7.57 | 8.82 | 6.14 | 8.07 | 7.03 | 7.31 | 7.57 | 7.51 |
| Operating income / interest | 8.29 | 13.19 | 7.06 | 4.56 | 6.23 | 5.44 | 5.53 | 5.76 | 5.92 |
| Interest expense | $319M | $302M | $306M | $580M | $345M | $440.91M | $452.39M | $465.43M | $501.13M |
| Liquidity | |||||||||
| Current ratio | 1.72 | 1.64 | 2.80 | 1.25 | 1.20 | — | — | — | — |
| Quick ratio | 0.89 | 1.14 | 1.71 | 0.84 | 0.59 | — | — | — | — |
| Cash ratio | 0.45 | 0.58 | 1.41 | 0.50 | 0.22 | — | — | — | — |
| Working capital | $4.78B | $3.85B | $12.6B | $2B | $1.42B | — | — | — | — |
| Working capital / revenue | +23.19% | +22.25% | +66.46% | +8.89% | +6.53% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).