CARR vs. CMI: Carrier Global vs. Cummins Stock Comparison

November 11, 2026

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

Cummins (CMI) has more than two decades of public-market history since February 21, 1973, 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 Cummins (CMI)
Profile Item	CARR	CMI
Name	Carrier Global Corp.	Cummins 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	61.69 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 19, 2020	February 21, 1973
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CARR

CMI

GSPC

Carrier Global (CARR) vs. Cummins (CMI), 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 Cummins (CMI). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Carrier Global (CARR) and Cummins (CMI)
Metric	CARR	CMI
Total Return (1Y)	-4.90%	-0.52%
Total Return (3Y, Annualized)	3.62%	31.79%
Total Return (5Y, Annualized)	1.11%	17.12%

Risk Profile

Drawdown History

CARR

CMI

GSPC

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

Risk Metrics

Risk profile metrics for Carrier Global (CARR) and Cummins (CMI)
Metric	CARR	CMI
Volatility (1Y, Annualized)	35.35%	36.83%
Beta (5Y)	1.32	1.26
Max Drawdown (5Y)	-39.75%	-38.12%
Avg. Volume (3M)	6.08M	1.14M

Risk-Adjusted Performance

Risk-Return Positioning

CARR and CMI 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 Cummins (CMI)
Metric	CARR	CMI
Sharpe Ratio (1Y)	-0.26	-0.13
Sortino Ratio (1Y)	-0.36	-0.18

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 Cummins (CMI) reports 25.05%, 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%

CMI

Capital Goods industry group

25.05%

Max: 40.55%
CMI: 25.05%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Carrier Global (CARR) vs. Cummins (CMI): 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 Cummins (CMI) reports 9.26%, 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%

CMI

Capital Goods industry group

9.26%

Max: 27.47%
Q3: 12.10%
CMI: 9.26%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Both Carrier Global (CARR) at 11.00% and Cummins (CMI) at 13.95% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

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%

CMI

Capital Goods industry group

13.95%

Max: 36.60%
Q3: 18.33%
CMI: 13.95%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Carrier Global (CARR) and Cummins (CMI)
Metric	CARR	CMI
ROE (TTM)	-13.44%	25.05%
ROA (TTM)	3.43%	7.60%
Net Margin (TTM)	-7.90%	9.26%
Operating Margin (TTM)	11.00%	13.95%
Gross Margin (TTM)	24.38%	26.32%

Growth

Revenue Growth

Both Carrier Global (CARR) at -3.29% and Cummins (CMI) at -1.27% post bottom-quartile revenue growth versus peers, pointing to weaker demand or pricing momentum than typical rivals.

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

EPS Growth

Both Carrier Global (CARR) at -72.03% and Cummins (CMI) at -27.74% post bottom-quartile EPS growth versus peers, pointing to weaker earnings momentum than typical rivals.

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

Growth Metrics

Growth metrics for Carrier Global (CARR) and Cummins (CMI)
Metric	CARR	CMI
Revenue Growth (YoY)	-3.29%	-1.27%
Revenue Growth (3Y CAGR)	7.95%	6.25%
EPS Growth (YoY)	-72.03%	-27.74%
EPS Growth (3Y CAGR)	-25.14%	10.68%

Financial Strength

Current Ratio (MRQ)

Cummins (CMI) at 1.74 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.

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

CMI

Capital Goods industry group

1.74

Max: 5.22
Q3: 2.95
Median: 2.08
CMI: 1.74
Q1: 1.43
Min: 0.36

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

Debt / Equity (MRQ)

Cummins (CMI) at 0.52 carries an industry-typical debt-to-equity mix, while Carrier Global (CARR) at 1.14 uses more debt funding than most peers.

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

CMI

Capital Goods industry group

0.52

Max: 2.33
Q3: 1.12
Median: 0.60
CMI: 0.52
Q1: 0.29
Min: 0.00

Carrier Global (CARR) vs. Cummins (CMI): 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 Cummins (CMI)
Metric	CARR	CMI
Current Ratio (MRQ)	1.00	1.74
Debt / Equity (MRQ)	1.14	0.52
Net Debt / EBITDA	3.24	0.62

Dividends

Dividend Yield (TTM)

Both Carrier Global (CARR) at 1.80% and Cummins (CMI) at 1.83% offer top-quartile dividend income relative to share price within their industries.

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%

CMI

Capital Goods industry group

1.83%

Max: 2.66%
CMI: 1.83%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Carrier Global (CARR) at 67.39% and Cummins (CMI) at 34.21% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

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%

CMI

Capital Goods industry group

34.21%

Max: 67.39%
CMI: 34.21%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Carrier Global (CARR) and Cummins (CMI)
Metric	CARR	CMI
Dividend Yield (TTM)	1.80%	1.83%
Dividend Payout Ratio (TTM)	67.39%	34.21%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Cummins (CMI) trades at 18.78 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: --

CMI

Capital Goods industry group

18.78

Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
CMI: 18.78
Min: 3.03

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

P/S Ratio (TTM)

On P/S ratio, both Carrier Global (CARR) at 1.88 and Cummins (CMI) at 1.72 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

CMI

Capital Goods industry group

1.72

Max: 7.54
Q3: 3.76
Median: 2.15
CMI: 1.72
Q1: 1.03
Min: 0.03

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

P/B Ratio (MRQ)

On P/B ratio, both Carrier Global (CARR) at 4.27 and Cummins (CMI) at 4.63 are valued close to their industries’ norm against book — neither stands out from peers.

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

CMI

Capital Goods industry group

4.63

Max: 9.66
Q3: 5.00
CMI: 4.63
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Carrier Global (CARR) and Cummins (CMI)
Metric	CARR	CMI
P/E Ratio (TTM)	--	18.78
P/S Ratio (TTM)	1.88	1.72
P/B Ratio (MRQ)	4.27	4.63
Free Cash Flow Yield (TTM)	4.54%	4.06%