Carrier Global Corporation
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Carrier Global remains a hold as improving H1 2026 quarterly momentum—Q2 2026 revenue up 3.9% YoY to $6.35B with EPS beating estimates by 5.3%—is offset by a rich P/E of 37.9x, a 29.6% premium to the peer median of 29.3x, and persistent net insider selling of $545M over 24 months.
The stock trades at $55.12, below both its 50-day ($59.49) and 200-day ($61.63) moving averages with RSI at 39.5, reflecting a downtrend that the modest MACD histogram turn has not yet reversed. Below-peer EV/EBITDA of 20.6x versus the 22.9x median and a P/S of 2.06x versus 3.94x offer valuation support, but the combination of elevated earnings multiple, weak technicals, and insider distribution keeps the call neutral.
What could go wrong
- Valuation compression. P/E of 37.9x is a 29.6% premium to the peer median of 29.3x; any disappointment in H2 2026 could trigger de-rating toward the median.
- Insider selling. Net insider disposition of 7.35M shares worth $545M over 24 months with no cluster buys signals limited insider confidence at current levels.
- Technical breakdown. Stock at $55.12 is below both MA50 ($59.49) and MA200 ($61.63); a further slide could accelerate trend-following selling pressure.
- Margin pressure. FY2025 operating margin compressed to 8.8% from 9.3% in FY2024 and 10.9% in FY2023, and gross margin fell to 25.9% from 26.6%, indicating cost or mix headwinds.
What would change my mind
Where this comes from: Q2 2026 results · earnings vs estimates, 28 Jul · peer comparison · insider trades. Orin's read on CARR; not advice.
How has the share price moved?
Down 0.8% over twelve months, from $58.29 on 27 Oct 2025 to $57.83 at the Tue 27 Oct 2026 close. Its highest close in that time was $76.00 on 25 Jun 2026; the last close is 23.9% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 21.7M, on 5 Feb 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All CARR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Capital Research Global Investors | $7.8B | 1.1% |
| BlackRock | $4.9B | 0.1% |
| Vanguard Capital Management | $3.8B | 0.1% |
| Vanguard Portfolio Management | $2.7B | 0.1% |
| JPMorgan Chase | $2.5B | 0.1% |
| State Street | $2.5B | 0.1% |
| Capital World Investors | $1.4B | 0.2% |
| Geode Capital Management | $1.3B | 0.1% |
| Morgan Stanley | $803.7M | 0.0% |
| Ameriprise Financial | $610.8M | 0.1% |
108 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 74 Form 4 filings; open-market trades net −$299.0M. Of the 50 on hand, 1 was an open-market purchase and 0 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about CARR
Orin answers questions about CARR from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 39.8× its last 12 months of profit (Tue 27 Oct close) — higher than in all 5 of its last 5 fiscal years (middle 28.3×); the typical Industrials company on the NYSE is at 33.7×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 39.8×above usual | 28.3× | 33.7× |
| P/S | 2.16×below usual | 2.28× | — |
| EV/EBITDA | 19.2×above usual | 17.1× | — |
| P/B | 3.7×below usual | 4.5× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $70.17 (from $61 to $80) — 21% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$70.17
$61 – $80 · +21% against the last close
- 7 buy or overweight
- 6 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 39.8× its last 12 months of profit; the middle P/E of the 6 companies it is compared to that made a profit is 25.0×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| CARRCarrier Global Corporation | $48B | 39.8× | 19.2× | 24.3% | 5.5% | 9% |
| ADTADT Inc. | $5B | 8.9× | 4.7× | 51.4% | 12.0% | 17% |
| EMREmerson Electric Co. | $91B | 33.9× | 18.9× | 53.4% | 14.1% | 13% |
| HONHoneywell International Inc. | $69B | 9.9× | 7.0× | 38.0% | 23.0% | 36% |
| JCIJohnson Controls International plc | $94B | 33.2× | 25.0× | 37.1% | 11.1% | 21% |
| LIILennox International Inc. | $13B | 16.8× | 13.0× | 33.1% | 14.6% | 65% |
| TTTrane Technologies plc | $101B | 34.7× | 24.1× | 35.4% | 13.3% | 34% |
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 39.8× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now39.8×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Industrials companies on the NYSE were priced at a typical 33.7× their yearly profit (Tue 27 Oct close).
- Now33.7×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $41 a share — 28% below the $56.87 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $41 | 28% below $56.87 |
| Levered | $18 | 69% below $56.87 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.