CARRCARRIER GLOBAL Corp

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip

Revenue: $21.7B; 3.3% YoY
Operating margin: 10.0%; 15% YoY
EBITDA: $3.4B; 11% YoY
Market cap: $44.8B
Employees: 47,000; $463K revenue each
Net debt / EBITDA: 2.5×; $8.6B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
169% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
146% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$463K · 54th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$44.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$749M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$20.6B	$17.3B	$19.0B	$22.5B	$21.7B	3.3%
Operating income	$2.6B	$4.0B	$2.2B	$2.6B	$2.2B	18%
Net income	—	$3.5B	$1.3B	$5.6B	$1.5B	74%
Operating cash flow	$2.2B	$1.7B	$2.6B	$563M	$2.5B	346%
Capex	$344M	$317M	$439M	$519M	$392M	24%
Stock-based comp	$92M	$77M	$81M	$98M	$74M	24%
Buybacks	$527M	$1.4B	$62M	$1.9B	$2.9B	49%
Dividends	$417M	$509M	$620M	$670M	$772M	15%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 20, 2026	Viessmann Generations Group GmbH & Co. KG	SCHEDULE 13D/A	4.6%	Passive
Jun 5, 2025	Viessmann Generations Group GmbH & Co. KG	SCHEDULE 13D/A	5.8%	Passive
Nov 29, 2024	Viessmann Generations Group GmbH & Co. KG	SC 13D/A	6.5%	Passive
Nov 20, 2024	Viessmann Generations Group GmbH & Co. KG	SC 13D/A	6.5%	Passive
Nov 15, 2024	Viessmann Generations Group GmbH & Co. KG	SC 13D/A	6.5%	Passive
Nov 13, 2024	Viessmann Generations Group GmbH & Co. KG	SC 13D/A	6.5%	Passive
Mar 22, 2024	Viessmann Group GmbH & Co. KG	SC 13D/A	6.5%	Passive
Jan 9, 2024	Viessmann Group GmbH & Co. KG	SC 13D	6.5%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 1
Open-market sells, 12 mo: $750M · 1
Net: −$749M

Pay vs performance

No pay-versus-performance disclosure yet.