CARR
Carrier Global Corporation

Carrier Global CorporationCARR

Industrials · Building Products & Equipment
52.38USD
-1.56%
Nov 08, 2026
CARR overview ready
Provider of liquid-cooling and thermal infrastructure to AI data centers
Carrier is a direct thermal-infrastructure provider to data centers, supplying cooling equipment, liquid-cooling systems, controls, monitoring software and lifecycle service rather than compute hardware or data-center capacity itself.
Theme not measured
HVAC & Cooling Equipment has no leadership state this session.
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Exposure to cyclical capital spending in construction and data center markets.
Market Nov 6Filing Sep 30Price action Nov 7Research Aug 30

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction3.4BusinessPerformance5.0BusinessQuality6.1Valuation5.6ThemeMomentum—Mixed — Revenue growth has accelerated across 4 consecutive quarters, rising from -6.0% to +12% year over year. Earnings turned negative: a diluted loss of -$3.16 against EPS of $0.50 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
HVAC & Cooling Equipment — HVAC & Cooling Equipment is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Industrials & Infrastructure, reads Improving (+8.8pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$42.9B
Avg Volume (60D)
6.6M
60 sessions
Revenue Growth YoY
-3.3%
FY2025 vs FY2024
Gross Margin
+24.4%
Operating Margin
-4.8%
Trailing twelve months
Free Cash Flow Yield
+5.5%
Distance from 200DMA
-14.5%
P/E
N/M
EV / Sales
2.3x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue growth has accelerated across 4 consecutive quarters, rising from -6.0% to +12% year over year. Earnings turned negative: a diluted loss of -$3.16 against EPS of $0.50 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+12%
$6.26B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -6.0%
  2. +2.4%
  3. +3.9%
  4. +12%
Earnings growthTurned to a loss
-$3.16
Diluted EPS -$3.16 vs $0.50 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. -40%
  3. -12%
  4. n/a
Operating marginContracting
-36.3%
-46.0 pp YoY

Business Quality

6.1 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads fair.
Carrier Global Corporation has a Fair valuation stance because the price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.

Company Research

Thesis
Carrier is a direct thermal-infrastructure provider to data centers, supplying cooling equipment, liquid-cooling systems, controls, monitoring software and lifecycle service rather than compute hardware or data-center capacity itself.
Opportunity
Moderate opportunity
Hyperscaler and colocation capital spending on high-density AI data-center electrical and liquid-cooling infrastructure.
Key risk
Exposure to cyclical capital spending in construction and data center markets.

Economic classification

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Business & Markets

Industrials · Building Products & Equipment
What they do

Carrier Global Corporation designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems globally through four regional segments and a transportation-focused segment.

How it earns

The company generates revenue primarily through transactional sales of equipment and related aftermarket services including repair, maintenance, and rentals.

Products & services
Air conditioners
Heating systems
Heat pumps
Energy management systems
Automation systems
Aftermarket components
Repair and maintenance services
Liquid-cooling systems for data centers
Customers & end markets
Commercial and residential building owners
Data center operators
Transportation sector companies
Industrial clients
Market position

Carrier is a leading global provider of climate and energy solutions with a broad product portfolio and established service capabilities.

Demand drivers
Medium cyclicality

Business is influenced by capital spending cycles in construction, industrial, and data center markets, which can fluctuate with economic conditions.