CARRIER GLOBAL Corp

Global pure-play HVAC/climate leader with strong returns and brands, but a flat-to-down revenue year.

Strengths

• ROA 4.0% (74.9th pct), operating margin 10.0% (70.9th pct), net margin 65.3th pct
• Industry-leading brands (Carrier, Viessmann, Toshiba, Transicold) and strong cash (90.3rd pct)
• Deleveraging (interest expense down 21%) and favorable secular climate/energy demand

Risks

• Net sales -3% (organic -1%) and gross margin down 70bps — current demand softness
• Weak quick ratio (0.85, 28.6th pct); integration/portfolio-transformation execution risk
• Cyclical construction/end-market exposure and tariff uncertainty

Notable findings

• Restatement• Our amended and restated bylaws designate the courts within the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareowner 8-K ↗
• Customer concentration~52% of revenue from one customer/distributor — Approximately 52% of our net sales for the year ended December 31, 2025, are derived from international operations, including U
• Strong balance sheetStrong balance sheet — $1.6B cash & investments