Does CARRIER GLOBAL CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CARRIER GLOBAL CORPORATION (CARR) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 46, returns on capital 66, balance-sheet safety 21, capital discipline 35.

Is CARR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $50.93 per share versus a recent price of $68.69 — 35% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CARR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

CARRIER GLOBAL CORPORATION

CARR · Industrials · $57.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power46

Median gross margin 26.6% over 3y, very stable.

Returns on capital66

Median ROIC 14.1%, above the 9% hurdle in 75% of years.

Balance-sheet safety21

Net debt/EBITDA 3.0x, interest coverage 5x.

Capital discipline35

Owner earnings -2.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

35% above value

Owner earnings (normalized): $2.4B
Est. intrinsic value / share: $50.93
Recent price: $68.69
Discount to value: 35% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $18.9B (FY2018) to $21.7B (FY2025) — about 2.0% a year compounded over 7 years.

It earned 7.7% on invested capital in FY2025, with a median of 14.1% across 8 filed years. The Returns on Capital filter above scores it 66/100.

The balance sheet carried $11.8B of total debt in FY2025 against $2.4B of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 21/100.

The share count fell 3.7% between FY2020 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 35/100.

Put together: Returns on Capital is the strongest of the four filters (66/100) and Balance-Sheet Safety the weakest (21/100), which is how CARR lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$21.7B FY2025

Gross marginRevenue kept after cost of goods26.6% FY2024

Return on invested capitalOperating profit on the capital employed7.7% FY2025

Owner earningsCash an owner could take out$2.4B FY2025

Gaps in a line mean that item isn’t in CARR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CARR has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#133 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#131CAH Cardinal Health, Inc.45.0 out of 100, Shallow moatShallow moat
#132FWRD FORWARD AIR CORP44.9 out of 100, Shallow moatShallow moat
#134DXPE DXP Enterprises, Inc.44.5 out of 100, Shallow moatShallow moat
#135SXI STANDEX INTERNATIONAL CORP/DE/44.3 out of 100, Shallow moatShallow moat

Compare CARR with its nearest peers →All Industrials companies on the Index →

Common questions about CARR

Does CARRIER GLOBAL CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CARRIER GLOBAL CORPORATION (CARR) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 46, returns on capital 66, balance-sheet safety 21, capital discipline 35.
Is CARR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $50.93 per share versus a recent price of $68.69 — 35% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CARR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows CARR’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/CARR"
  width="340" height="150" style="border:0"
  title="CARR Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CARR. See the disclaimer.