MeritValue

CARRIER GLOBAL Corp

CARRdata completeness 100%8 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$20.6B1$17.3B2$19B3$22.5B3$21.7B3
Net income$1.7B4$3.53B5$1.35B6$5.6B6$1.48B6
Operating cash flow$2.24B7$1.74B8$2.61B9$563M9$2.51B9
Capital expenditure$344M10$317M11$439M12$519M12$392M12
Free cash flow (derived)$1.89B7$1.43B8$2.17B9$44M9$2.12B9
Total debt$183M13$140M14$51M15$13.6B16$12.3B16
Cash & equivalents$2.99B17$3.3B18$9.85B19$3.97B19$1.56B19
Diluted shares890.3M861.2M853.0M911.7M862.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000012%
of the whole company
Your share of last year’s profit
$17.21
Your share of its debt
$142.23
Your share of free cash flow
$24.59
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$85
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth14.1%
  • fcfBase$2.12B
DCF · Growth Exit 5Y
$52.94
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth14.1%
  • fcfBase$2.12B
Earnings Power Value
$20.78
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.7B
  • growthAssumed0.0%
Graham Number
$25.18
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years14.1%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $52.94

Default growth 14.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001783180-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001783180-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001783180-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001783180-24-000009 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001783180-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001783180-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001783180-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001783180-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001783180-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001783180-24-000009 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001783180-25-000008 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001783180-26-000008 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001783180-23-000012 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001783180-24-000009 (LongTermDebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001783180-25-000008 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001783180-26-000008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001783180-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001783180-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001783180-26-000008 (CashAndCashEquivalentsAtCarryingValue)