Carrier Global's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Carrier Global (CARR) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Carrier Global vs Its Competitors
- TTM: Trailing 12-month revenue of 22,792M vs -M combined for its competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+9.9% annualized vs trailing 12 months).
- Scale: Carrier Global ranks #7 of 143 companies by market capitalization in the Industrial Machinery and Components industry, holding 2.6% of industry market cap.
- Peer revenue share: Carrier Global accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.48M compares with $0.11M for the peer group (4.2x).
- Structure: Carrier Global operates in the following segments: Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Csame, Climate Solutions Transportation.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
CARR Sales vs. its Competitors, Q3 2026
Carrier Global generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
API endpoints for this dataset
For context: the Industrial Machinery and Components industry grew revenue 15.7% year over year, combined, vs 12.3% for Carrier Global. Carrier Global's share of combined industry revenue moved from 4.51% to 4.37%, a loss of 0.13 percentage points.
Carrier Global's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Carrier Global Corporation | No | Yes | Yes | No |
| Competitors combined (2) | ||||
| High-Confidence Competitors (11) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 50.00 % (4 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
CARR Stock Performance relative to its Competitors
CARR Stock Performance relative to High-Confidence Competitors
CARR Stock Performance relative to Similar-Size Competitors
CARR Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Johnson Controls International Plc | 282.9% | Outperformed |
| 2 | Aaon Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Carrier Global's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Carrier Global's Comment on Competition and Industry Peers
Publicly Traded Peers of Carrier Global Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Carrier Global Corporation |
43,045.88 | 22,792.00 |
 Johnson Controls International Plc |
82,908.42 | 24,433.00 |
 Aaon Inc |
4,788.02 | 1,932.57 |
| SUBTOTAL | 130,742.32 | 49,157.57 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Carrier Global Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Carrier Global's Competitors Named by the Company
Competitive relationships identified from Carrier Global reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Johnson Controls | Company report | 85% |
| Aaon Inc | Company report | 85% |
| Lennox International | Company report | 85% |
| Emcor Group Inc | Company report | 85% |
| XPDBU | Company report | 85% |
| Airjoule Technologies Corporation | Company report | 85% |
| Aura Systems Inc | Company report | 85% |
| Newell Brands | Company report | 85% |
| Mitsubishi Electric | Company report | 85% |
| Stanley Black & Decker | Company report | 85% |
| China International Marine Containers | Company report | 85% |
| Assa Abloy | Company report | 85% |
| Honeywell | Company report | 85% |
| MSA Safety | Company report | 85% |
| Trane Technologies | Company report | 85% |
| Daikin Industries | Company report | 85% |
| Midea Group | Company report | 85% |
| Siemens | Company report | 85% |
| Bosch | Company report | 85% |
| Gree Electric | Company report | 85% |
| Panasonic | Company report | 85% |
Company report basis, confidence, active dates and source counts for Carrier Global's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Carrier Global's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Carrier Global Corporation | Climate Solutions Americas 53.55 % |
| Johnson Controls International Plc | Americas 66.79 % |
| Aaon Inc | AAON Oklahoma 41.83 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Carrier Global's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Carrier Global Corporation | 43,046 | 484,936 | -36,702 |
| Johnson Controls International Plc | 82,908 | 108,591 | 16,342 |
| Aaon Inc | 4,788 | 327,721 | 27,012 |
| PEERS TOTAL | 87,696 | 114,188 | 16,615 |
Carrier Global's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Carrier Global Corporation | United States 56.30 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Carrier Global's Position in Industry Market Structure
Market-capitalization share and concentration across all 127 companies in Carrier Global's industry classification, broader than the peer set above. Market cap in millions of $.Carrier Global ranks #7 of 127 companies by market capitalization in its industry, holding 2.60 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,541, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Asml Holding Nv | 554,085 | 32.86 % |
| 2 | Lam Research Corporation | 252,775 | 14.99 % |
| 3 | Deere and Co | 181,816 | 10.78 % |
| 4 | Eaton Corporation Plc | 133,100 | 7.89 % |
| 5 | Illinois Tool Works Inc | 1,234 | 5.2% |
| 6 | Bloom Energy Corporation | 1,234 | 5.2% |
| 7 | Carrier Global Corporation | 43,816 | 2.60 % |
| 8 | Ingersoll Rand Inc | 1,234 | 5.2% |
| 9 | Dover Corp | 1,234 | 5.2% |
| 10 | Woodward Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Carrier Global's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Carrier Global's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 2 | Lam Research Corporation | 252,775 | 23.29 % |
| 3 | Deere and Co | 181,816 | 41.03 % |
| 4 | Eaton Corporation Plc | 133,100 | -11.44 % |
| 5 | Illinois Tool Works Inc | 80,633 | 14.91 % |
| 6 | Bloom Energy Corporation | 1,234 | 12.3% |
| 7 | Carrier Global Corporation | 43,816 | -6.63 % |
| 8 | Ingersoll Rand Inc | 1,234 | 12.3% |
| 9 | Dover Corp | 1,234 | 12.3% |
| 10 | Woodward Inc | 1,234 | 12.3% |
| 11 | Nvent Electric Plc | 1,234 | 12.3% |
| 12 | Nordson Corporation | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Carrier Global's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Carrier Global's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Industrial Machinery and Components industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (176 companies). See the full Industrial Machinery and Components industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 14.20 % | 22.99 % (avg) | -8.8 pp |
| Operating Margin | -4.77 % | industry median | -16.7 pp |
| EBITDA Margin | 3.89 % | 0.73 % (avg) | +3.2 pp |
| Capital Intensity (Capex / Revenue) | 2.11 % | 7.36 % (avg) | -5.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Carrier Global's Valuation vs Competitive Position
Valuation multiples vs the Industrial Machinery and Components industry average (176 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Industrial Machinery and Components industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 35.3x | - |
| EV / EBITDA | 75.6x | 17.3x | +58.3x |
| P/B | 3.9x | 3.9x | +0.0x |
| Return on Equity | -13.31 % | industry aggregate | -33.92 % |
| Return on Invested Capital | -2.31 % | -0.90 % (avg) | -1.41 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Carrier Global's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth | - | 18.09 % | -0.93 % | 8.21 % | 1.76 % | -3.29 % |
| Operating Margin | 17.66 % | 12.83 % | 22.11 % | 9.77 % | 11.77 % | 9.99 % |
| Return on Invested Capital | 12.56 % | 9.73 % | 16.82 % | 7.02 % | 5.94 % | 4.35 % |
| P/E | 17.3x | 28.3x | 10.5x | 33.5x | 12.5x | 32.5x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Carrier Global's Strategic Group Map
Carrier Global is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Carrier Global's trailing-12-month revenue growth of 11.0% and operating margin of -4.8% compares with an average of 8.6% growth and -0.9% margin across its 8 closest peers by combined growth, margin and ROIC -- Carrier Global sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Carrier Global's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Carrier Global falls in the Dog quadrant: relative market share of 0.08x vs its largest competitor, in an industry growing revenue 7.5% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Carrier Global's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,541 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 2.11 % vs industry average 7.36 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Carrier Global's dedicated Suppliers and Customers pages, not here.
Carrier Global's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Carrier Global falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Carrier Global's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+9.9% annualized vs trailing 12 months).
Weaknesses
- Operating margin 16.7 points below the industry median.
- Return on equity 33.9 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.08x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Carrier Global's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Carrier Global Corporation | 0.17 | 1.06 | 1.35 |
| Johnson Controls International Plc | 0.05 | 0.96 | 0.70 |
| Aaon Inc | 0.00 | 2.81 | 0.44 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Carrier Global's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Carrier Global Corporation | Q3 2026 | +12.3 % | - |
| Johnson Controls International Plc | Q1 2026 | +8.2 % | +17.1 % |
| Aaon Inc | Q2 2026 | +101.8 % | +265.8 % |
| PEERS TOTAL | +12.7 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Carrier Global's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Carrier Global Corporation | Q3 2026 | +265.5 % | +18.8 % |
| Johnson Controls International Plc | Q1 2026 | +7.6 % | - |
| Aaon Inc | Q2 2026 | +108.1 % | +26.9 % |
Carrier Global's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Carrier Global Corporation | - | - | - |
| Johnson Controls International Plc | 9.33% | 15.77% | 26.03% |
| Aaon Inc | 9.27% | 11.67% | 17.21% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Carrier Global's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Carrier Global Corporation | 34.39 | 1.89 |
| Johnson Controls International Plc | 24.51 | 3.39 |
| Aaon Inc | 29.85 | 2.48 |
| PEERS AVERAGE | 61.93 | 2.66 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.