AIT vs. CARR: Applied Industrial vs. Carrier Global Stock Comparison

November 11, 2026

How do Applied Industrial (AIT) and Carrier Global (CARR) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Applied Industrial (AIT) and Carrier Global (CARR) both fall under the Capital Goods industry group, but AIT is classified in Trading Companies & Distributors while CARR is classified in Building Products.

Applied Industrial (AIT) has more than two decades of public-market history since March 17, 1980, whereas Carrier Global (CARR) listed on March 19, 2020 and has a much shorter record to draw on.

Company profile comparison for Applied Industrial (AIT) and Carrier Global (CARR)
Profile Item	AIT	CARR
Name	Applied Industrial Technologies Inc.	Carrier Global Corp.
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Trading Companies & Distributors	Building Products
GICS Sub-Industry	Trading Companies & Distributors	Building Products
Market Capitalization	10.35 billion USD	42.86 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 17, 1980	March 19, 2020
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

AIT

CARR

GSPC

Applied Industrial (AIT) vs. Carrier Global (CARR), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Applied Industrial (AIT) and Carrier Global (CARR). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Applied Industrial (AIT) and Carrier Global (CARR). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
Total Return (1Y)	15.62%	-4.90%
Total Return (3Y, Annualized)	24.49%	3.62%
Total Return (5Y, Annualized)	24.56%	1.11%

Risk Profile

Drawdown History

AIT

CARR

GSPC

Applied Industrial (AIT) vs. Carrier Global (CARR), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Applied Industrial (AIT) and Carrier Global (CARR). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
Volatility (1Y, Annualized)	28.72%	35.35%
Beta (5Y)	0.86	1.32
Max Drawdown (5Y)	-26.42%	-39.75%
Avg. Volume (3M)	295.41K	6.08M

Risk-Adjusted Performance

Risk-Return Positioning

AIT and CARR are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
Sharpe Ratio (1Y)	0.39	-0.26
Sortino Ratio (1Y)	0.53	-0.36

Profitability

ROE (TTM)

Carrier Global (CARR) reports a negative ROE of -13.44%; negative ROE can reflect losses or negative shareholders’ equity, so it is harder to read as capital efficiency. Meanwhile Applied Industrial (AIT) reports 22.51%, ranking against industry peers normally.

AIT

Capital Goods industry group

22.51%

Max: 40.55%
AIT: 22.51%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

CARR

Capital Goods industry group

-13.44%

Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
CARR: -13.44%
Min: -17.12%

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

Carrier Global (CARR) reports a negative net margin of -7.90%, usually indicating a net loss over the period. Meanwhile Applied Industrial (AIT) reports 8.39%, ranking against industry peers normally.

AIT

Capital Goods industry group

8.39%

Max: 27.47%
Q3: 12.10%
AIT: 8.39%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

CARR

Capital Goods industry group

-7.90%

Max: 27.47%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
CARR: -7.90%
Min: -12.89%

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Both Applied Industrial (AIT) at 11.12% and Carrier Global (CARR) at 11.00% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

AIT

Capital Goods industry group

11.12%

Max: 36.60%
Q3: 18.33%
AIT: 11.12%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

CARR

Capital Goods industry group

11.00%

Max: 36.60%
Q3: 18.33%
Median: 11.12%
CARR: 11.00%
Q1: 5.14%
Min: -12.63%

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
ROE (TTM)	22.51%	-13.44%
ROA (TTM)	11.43%	3.43%
Net Margin (TTM)	8.39%	-7.90%
Operating Margin (TTM)	11.12%	11.00%
Gross Margin (TTM)	30.40%	24.38%

Growth

Revenue Growth

Applied Industrial (AIT) at 8.84% is around its peer norm for revenue growth, while Carrier Global (CARR) at -3.29% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Carrier Global (CARR) reports EPS growth of -72.03%, ranked against its industry; Applied Industrial (AIT) has no EPS growth figure this period.

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
Revenue Growth (YoY)	8.84%	-3.29%
Revenue Growth (3Y CAGR)	4.02%	7.95%
EPS Growth (YoY)	--	-72.03%
EPS Growth (3Y CAGR)	7.40%	-25.14%

Financial Strength

Current Ratio (MRQ)

Applied Industrial (AIT) at 2.89 keeps current ratio within its industry’s typical mid-range, while Carrier Global (CARR) at 1.00 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for CARR.

AIT

Capital Goods industry group

2.89

Max: 5.22
Q3: 2.95
AIT: 2.89
Median: 2.08
Q1: 1.43
Min: 0.36

CARR

Capital Goods industry group

1.00

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
CARR: 1.00
Min: 0.36

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Applied Industrial (AIT) at 0.15 keeps leverage in the lower quartile, while Carrier Global (CARR) at 1.14 sits in the higher-leverage quartile.

AIT

Capital Goods industry group

0.15

Max: 2.33
Q3: 1.12
Median: 0.60
Q1: 0.29
AIT: 0.15
Min: 0.00

CARR

Capital Goods industry group

1.14

Max: 2.33
CARR: 1.14
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their debt-to-equity ratio against the Capital Goods industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
Current Ratio (MRQ)	2.89	1.00
Debt / Equity (MRQ)	0.15	1.14
Net Debt / EBITDA	0.27	3.24

Dividends

Dividend Yield (TTM)

Carrier Global (CARR) at 1.80% delivers top-quartile income for its industry, while Applied Industrial (AIT) at 0.71% pays a more typical yield — both are credible income propositions, CARR the richer one.

AIT

Capital Goods industry group

0.71%

Max: 2.66%
Q3: 1.14%
AIT: 0.71%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

CARR

Capital Goods industry group

1.80%

Max: 2.66%
CARR: 1.80%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Applied Industrial (AIT) at 17.63% pays out a band-typical share of earnings, while Carrier Global (CARR) at 67.39% distributes more than its industry norm — less retained, thinner cover.

AIT

Capital Goods industry group

17.63%

Max: 67.39%
Q3: 28.02%
AIT: 17.63%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

CARR

Capital Goods industry group

67.39%

CARR: 67.39%
Max: 67.39%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
Dividend Yield (TTM)	0.71%	1.80%
Dividend Payout Ratio (TTM)	17.63%	67.39%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Applied Industrial (AIT) trades at 25.10 times trailing earnings, ranked against its peers, while Carrier Global (CARR) has no P/E ratio this period.

AIT

Capital Goods industry group

25.10

Max: 59.38
Q3: 35.92
Median: 25.41
AIT: 25.10
Q1: 19.47
Min: 3.03

CARR

Capital Goods industry group

Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
Min: 3.03
CARR: --

Applied Industrial (AIT) vs. Carrier Global (CARR): CARR does not report P/E ratio, so it has no value marker; AIT is benchmarked against the Capital Goods industry group.

P/S Ratio (TTM)

On P/S ratio, both Applied Industrial (AIT) at 2.05 and Carrier Global (CARR) at 1.88 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

AIT

Capital Goods industry group

2.05

Max: 7.54
Q3: 3.76
Median: 2.15
AIT: 2.05
Q1: 1.03
Min: 0.03

CARR

Capital Goods industry group

1.88

Max: 7.54
Q3: 3.76
Median: 2.15
CARR: 1.88
Q1: 1.03
Min: 0.03

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

Carrier Global (CARR) at 4.27 is valued about in line with its industry on P/B ratio, while Applied Industrial (AIT) at 5.50 carries an above-peer premium to book — AIT is pricier on assets.

AIT

Capital Goods industry group

5.50

Max: 9.66
AIT: 5.50
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

CARR

Capital Goods industry group

4.27

Max: 9.66
Q3: 5.00
CARR: 4.27
Median: 3.12
Q1: 1.81
Min: -1.08

Applied Industrial (AIT) vs. Carrier Global (CARR): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Applied Industrial (AIT) and Carrier Global (CARR)
Metric	AIT	CARR
P/E Ratio (TTM)	25.10	--
P/S Ratio (TTM)	2.05	1.88
P/B Ratio (MRQ)	5.50	4.27
Free Cash Flow Yield (TTM)	3.24%	4.54%