CARR vs. LECO: Carrier Global vs. Lincoln Electric Stock Comparison

November 11, 2026

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

Lincoln Electric (LECO) has more than two decades of public-market history since April 7, 1994, 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 Lincoln Electric (LECO)
Profile Item	CARR	LECO
Name	Carrier Global Corp.	Lincoln Electric Holdings, 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	Industrial Machinery & Supplies & Components
Market Capitalization	42.86 billion USD	14.91 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	March 19, 2020	April 7, 1994
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CARR

LECO

GSPC

Carrier Global (CARR) vs. Lincoln Electric (LECO), 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 Lincoln Electric (LECO). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Carrier Global (CARR) and Lincoln Electric (LECO)
Metric	CARR	LECO
Total Return (1Y)	-4.90%	27.30%
Total Return (3Y, Annualized)	3.62%	17.31%
Total Return (5Y, Annualized)	1.11%	16.33%

Risk Profile

Drawdown History

CARR

LECO

GSPC

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

Risk Metrics

Risk profile metrics for Carrier Global (CARR) and Lincoln Electric (LECO)
Metric	CARR	LECO
Volatility (1Y, Annualized)	35.35%	31.13%
Beta (5Y)	1.32	1.17
Max Drawdown (5Y)	-39.75%	-34.29%
Avg. Volume (3M)	6.08M	409.99K

Risk-Adjusted Performance

Risk-Return Positioning

CARR and LECO 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 Lincoln Electric (LECO)
Metric	CARR	LECO
Sharpe Ratio (1Y)	-0.26	0.74
Sortino Ratio (1Y)	-0.36	1.11

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 Lincoln Electric (LECO) reports 38.75%, 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%

LECO

Capital Goods industry group

38.75%

Max: 40.55%
LECO: 38.75%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Carrier Global (CARR) vs. Lincoln Electric (LECO): 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 Lincoln Electric (LECO) reports 12.40%, 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%

LECO

Capital Goods industry group

12.40%

Max: 27.47%
LECO: 12.40%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Both Carrier Global (CARR) at 11.00% and Lincoln Electric (LECO) at 18.29% 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%

LECO

Capital Goods industry group

18.29%

Max: 36.60%
Q3: 18.33%
LECO: 18.29%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Carrier Global (CARR) and Lincoln Electric (LECO)
Metric	CARR	LECO
ROE (TTM)	-13.44%	38.75%
ROA (TTM)	3.43%	13.32%
Net Margin (TTM)	-7.90%	12.40%
Operating Margin (TTM)	11.00%	18.29%
Gross Margin (TTM)	24.38%	35.54%

Growth

Revenue Growth

Lincoln Electric (LECO) at 5.60% 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. Lincoln Electric (LECO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Lincoln Electric (LECO) at 14.36% 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. Lincoln Electric (LECO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Carrier Global (CARR) and Lincoln Electric (LECO)
Metric	CARR	LECO
Revenue Growth (YoY)	-3.29%	5.60%
Revenue Growth (3Y CAGR)	7.95%	4.02%
EPS Growth (YoY)	-72.03%	14.36%
EPS Growth (3Y CAGR)	-25.14%	5.05%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 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

LECO

Capital Goods industry group

1.91

Max: 5.22
Q3: 2.95
Median: 2.08
LECO: 1.91
Q1: 1.43
Min: 0.36

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

Debt / Equity (MRQ)

Lincoln Electric (LECO) at 0.78 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

LECO

Capital Goods industry group

0.78

Max: 2.33
Q3: 1.12
LECO: 0.78
Median: 0.60
Q1: 0.29
Min: 0.00

Carrier Global (CARR) vs. Lincoln Electric (LECO): 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 Lincoln Electric (LECO)
Metric	CARR	LECO
Current Ratio (MRQ)	1.00	1.91
Debt / Equity (MRQ)	1.14	0.78
Net Debt / EBITDA	3.24	1.00

Dividends

Dividend Yield (TTM)

Both Carrier Global (CARR) at 1.80% and Lincoln Electric (LECO) at 1.16% 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%

LECO

Capital Goods industry group

1.16%

Max: 2.66%
LECO: 1.16%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Carrier Global (CARR) vs. Lincoln Electric (LECO): 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 Lincoln Electric (LECO) at 30.30% 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%

LECO

Capital Goods industry group

30.30%

Max: 67.39%
LECO: 30.30%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Carrier Global (CARR) and Lincoln Electric (LECO)
Metric	CARR	LECO
Dividend Yield (TTM)	1.80%	1.16%
Dividend Payout Ratio (TTM)	67.39%	30.30%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Lincoln Electric (LECO) trades at 26.40 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: --

LECO

Capital Goods industry group

26.40

Max: 59.38
Q3: 35.92
LECO: 26.40
Median: 25.41
Q1: 19.47
Min: 3.03

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

P/S Ratio (TTM)

On P/S ratio, both Carrier Global (CARR) at 1.88 and Lincoln Electric (LECO) at 3.21 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

LECO

Capital Goods industry group

3.21

Max: 7.54
Q3: 3.76
LECO: 3.21
Median: 2.15
Q1: 1.03
Min: 0.03

Carrier Global (CARR) vs. Lincoln Electric (LECO): 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 Lincoln Electric (LECO) at 9.59 carries an above-peer premium to book — LECO is pricier on assets.

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

LECO

Capital Goods industry group

9.59

Max: 9.66
LECO: 9.59
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Carrier Global (CARR) and Lincoln Electric (LECO)
Metric	CARR	LECO
P/E Ratio (TTM)	--	26.40
P/S Ratio (TTM)	1.88	3.21
P/B Ratio (MRQ)	4.27	9.59
Free Cash Flow Yield (TTM)	4.54%	2.68%