CARR vs. CAT: Carrier Global vs. Caterpillar Stock Comparison

November 11, 2026

How do Carrier Global (CARR) and Caterpillar (CAT) 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

Carrier Global (CARR) and Caterpillar (CAT) both fall under the Capital Goods industry group, but CARR is classified in Building Products while CAT is classified in Machinery.

Caterpillar (CAT) has more than two decades of public-market history since January 2, 1962, whereas Carrier Global (CARR) listed on March 19, 2020 and has a much shorter record to draw on.

Company profile comparison for Carrier Global (CARR) and Caterpillar (CAT)
Profile Item	CARR	CAT
Name	Carrier Global Corp.	Caterpillar Inc.
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Building Products	Machinery
GICS Sub-Industry	Building Products	Construction Machinery & Heavy Transportation Equipment
Market Capitalization	42.86 billion USD	255.63 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 19, 2020	January 2, 1962
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CARR

CAT

GSPC

Carrier Global (CARR) vs. Caterpillar (CAT), 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 Carrier Global (CARR) and Caterpillar (CAT). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
Total Return (1Y)	-4.90%	6.75%
Total Return (3Y, Annualized)	3.62%	38.34%
Total Return (5Y, Annualized)	1.11%	25.28%

Risk Profile

Drawdown History

CARR

CAT

GSPC

Carrier Global (CARR) vs. Caterpillar (CAT), 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 Carrier Global (CARR) and Caterpillar (CAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
Volatility (1Y, Annualized)	35.35%	41.33%
Beta (5Y)	1.32	1.65
Max Drawdown (5Y)	-39.75%	-47.79%
Avg. Volume (3M)	6.08M	2.82M

Risk-Adjusted Performance

Risk-Return Positioning

CARR and CAT 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 Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
Sharpe Ratio (1Y)	-0.26	0.06
Sortino Ratio (1Y)	-0.36	0.08

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 Caterpillar (CAT) reports 56.14%, ranking against industry peers normally.

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%

CAT

Capital Goods industry group

56.14%

CAT: 56.14%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Carrier Global (CARR) vs. Caterpillar (CAT): 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 Caterpillar (CAT) reports 15.21%, ranking against industry peers normally.

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%

CAT

Capital Goods industry group

15.21%

Max: 27.47%
CAT: 15.21%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Caterpillar (CAT) at 20.19% operates in the top operating margin quartile, ahead of Carrier Global (CARR) at 11.00%, which runs around its industry’s norm.

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%

CAT

Capital Goods industry group

20.19%

Max: 36.60%
CAT: 20.19%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
ROE (TTM)	-13.44%	56.14%
ROA (TTM)	3.43%	9.09%
Net Margin (TTM)	-7.90%	15.21%
Operating Margin (TTM)	11.00%	20.19%
Gross Margin (TTM)	24.38%	29.54%

Growth

Revenue Growth

Caterpillar (CAT) at 4.29% 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.

Carrier Global (CARR) vs. Caterpillar (CAT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Caterpillar (CAT) at -14.69% is around its peer norm for EPS growth, while Carrier Global (CARR) at -72.03% drops into the bottom quartile, signaling weaker earnings momentum.

Carrier Global (CARR) vs. Caterpillar (CAT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
Revenue Growth (YoY)	-3.29%	4.29%
Revenue Growth (3Y CAGR)	7.95%	4.38%
EPS Growth (YoY)	-72.03%	-14.69%
EPS Growth (3Y CAGR)	-25.14%	14.17%

Financial Strength

Current Ratio (MRQ)

Both Carrier Global (CARR) at 1.00 and Caterpillar (CAT) at 1.42 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

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

CAT

Capital Goods industry group

1.42

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
CAT: 1.42
Min: 0.36

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

Debt / Equity (MRQ)

Both Carrier Global (CARR) at 1.14 and Caterpillar (CAT) at 2.10 lean more heavily on debt funding than most peers, landing in the higher-leverage quartile of their industries.

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

CAT

Capital Goods industry group

2.10

Max: 2.33
CAT: 2.10
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

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

Financial Strength Metrics

Financial strength metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
Current Ratio (MRQ)	1.00	1.42
Debt / Equity (MRQ)	1.14	2.10
Net Debt / EBITDA	3.24	2.25

Dividends

Dividend Yield (TTM)

Carrier Global (CARR) at 1.80% delivers top-quartile income for its industry, while Caterpillar (CAT) at 1.13% pays a more typical yield — both are credible income propositions, CARR the richer one.

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%

CAT

Capital Goods industry group

1.13%

Max: 2.66%
Q3: 1.14%
CAT: 1.13%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Caterpillar (CAT) at 24.18% 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.

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%

CAT

Capital Goods industry group

24.18%

Max: 67.39%
Q3: 28.02%
CAT: 24.18%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
Dividend Yield (TTM)	1.80%	1.13%
Dividend Payout Ratio (TTM)	67.39%	24.18%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Caterpillar (CAT) trades at 21.92 times trailing earnings, ranked against its peers, while Carrier Global (CARR) has no P/E ratio this period.

CARR

Capital Goods industry group

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

CAT

Capital Goods industry group

21.92

Max: 59.38
Q3: 35.92
Median: 25.41
CAT: 21.92
Q1: 19.47
Min: 3.03

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

P/S Ratio (TTM)

On P/S ratio, both Carrier Global (CARR) at 1.88 and Caterpillar (CAT) at 3.29 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

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

CAT

Capital Goods industry group

3.29

Max: 7.54
Q3: 3.76
CAT: 3.29
Median: 2.15
Q1: 1.03
Min: 0.03

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

P/B Ratio (MRQ)

Carrier Global (CARR) at 4.27 sits near its industry’s typical P/B ratio, while Caterpillar (CAT) at 11.90 prices above its benchmark range — CAT looks rich relative to book.

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

CAT

Capital Goods industry group

11.90

CAT: 11.90
Max: 9.66
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Carrier Global (CARR) and Caterpillar (CAT)
Metric	CARR	CAT
P/E Ratio (TTM)	--	21.92
P/S Ratio (TTM)	1.88	3.29
P/B Ratio (MRQ)	4.27	11.90
Free Cash Flow Yield (TTM)	4.54%	1.55%