CARR vs. LMT: Carrier Global vs. Lockheed Martin Stock Comparison

November 11, 2026

How do Carrier Global (CARR) and Lockheed Martin (LMT) 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 Lockheed Martin (LMT) both fall under the Capital Goods industry group, but CARR is classified in Building Products while LMT is classified in Aerospace & Defense.

Lockheed Martin (LMT) 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 Lockheed Martin (LMT)
Profile Item	CARR	LMT
Name	Carrier Global Corp.	Lockheed Martin Corporation
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Building Products	Aerospace & Defense
GICS Sub-Industry	Building Products	Aerospace & Defense
Market Capitalization	42.86 billion USD	131.00 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

LMT

GSPC

Carrier Global (CARR) vs. Lockheed Martin (LMT), 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 Lockheed Martin (LMT). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Carrier Global (CARR) and Lockheed Martin (LMT)
Metric	CARR	LMT
Total Return (1Y)	-4.90%	31.17%
Total Return (3Y, Annualized)	3.62%	12.79%
Total Return (5Y, Annualized)	1.11%	14.65%

Risk Profile

Drawdown History

CARR

LMT

GSPC

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

Risk Metrics

Carrier Global (CARR) has an aggressive beta of 1.32, indicating higher sensitivity to broad-market moves, while Lockheed Martin (LMT) is defensive at 0.10 and tends to be less market-sensitive — they sit on opposite ends of the beta spectrum.

Risk profile metrics for Carrier Global (CARR) and Lockheed Martin (LMT)
Metric	CARR	LMT
Volatility (1Y, Annualized)	35.35%	31.09%
Beta (5Y)	1.32	0.10
Max Drawdown (5Y)	-39.75%	-31.79%
Avg. Volume (3M)	6.08M	1.29M

Risk-Adjusted Performance

Risk-Return Positioning

CARR and LMT 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 Lockheed Martin (LMT)
Metric	CARR	LMT
Sharpe Ratio (1Y)	-0.26	0.86
Sortino Ratio (1Y)	-0.36	1.38

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 Lockheed Martin (LMT) reports 80.19%, 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%

LMT

Capital Goods industry group

80.19%

LMT: 80.19%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Carrier Global (CARR) vs. Lockheed Martin (LMT): 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 Lockheed Martin (LMT) reports 8.23%, 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%

LMT

Capital Goods industry group

8.23%

Max: 27.47%
Q3: 12.10%
LMT: 8.23%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Both Carrier Global (CARR) at 11.00% and Lockheed Martin (LMT) at 11.41% 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%

LMT

Capital Goods industry group

11.41%

Max: 36.60%
Q3: 18.33%
LMT: 11.41%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Carrier Global (CARR) and Lockheed Martin (LMT)
Metric	CARR	LMT
ROE (TTM)	-13.44%	80.19%
ROA (TTM)	3.43%	8.58%
Net Margin (TTM)	-7.90%	8.23%
Operating Margin (TTM)	11.00%	11.41%
Gross Margin (TTM)	24.38%	11.73%

Growth

Revenue Growth

Lockheed Martin (LMT) at 5.64% 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. Lockheed Martin (LMT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Lockheed Martin (LMT) at -3.68% 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. Lockheed Martin (LMT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Carrier Global (CARR) and Lockheed Martin (LMT)
Metric	CARR	LMT
Revenue Growth (YoY)	-3.29%	5.64%
Revenue Growth (3Y CAGR)	7.95%	4.38%
EPS Growth (YoY)	-72.03%	-3.68%
EPS Growth (3Y CAGR)	-25.14%	-0.26%

Financial Strength

Current Ratio (MRQ)

Both Carrier Global (CARR) at 1.00 and Lockheed Martin (LMT) at 1.26 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

LMT

Capital Goods industry group

1.26

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
LMT: 1.26
Min: 0.36

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

Debt / Equity (MRQ)

Both Carrier Global (CARR) at 1.14 and Lockheed Martin (LMT) at 2.04 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

LMT

Capital Goods industry group

2.04

Max: 2.33
LMT: 2.04
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

Carrier Global (CARR) vs. Lockheed Martin (LMT): 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 Lockheed Martin (LMT)
Metric	CARR	LMT
Current Ratio (MRQ)	1.00	1.26
Debt / Equity (MRQ)	1.14	2.04
Net Debt / EBITDA	3.24	1.47

Dividends

Dividend Yield (TTM)

Both Carrier Global (CARR) at 1.80% and Lockheed Martin (LMT) at 2.40% 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%

LMT

Capital Goods industry group

2.40%

Max: 2.66%
LMT: 2.40%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Carrier Global (CARR) vs. Lockheed Martin (LMT): 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 Lockheed Martin (LMT) at 49.01% 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%

LMT

Capital Goods industry group

49.01%

Max: 67.39%
LMT: 49.01%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Carrier Global (CARR) and Lockheed Martin (LMT)
Metric	CARR	LMT
Dividend Yield (TTM)	1.80%	2.40%
Dividend Payout Ratio (TTM)	67.39%	49.01%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Lockheed Martin (LMT) trades at 20.14 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: --

LMT

Capital Goods industry group

20.14

Max: 59.38
Q3: 35.92
Median: 25.41
LMT: 20.14
Q1: 19.47
Min: 3.03

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

P/S Ratio (TTM)

On P/S ratio, both Carrier Global (CARR) at 1.88 and Lockheed Martin (LMT) at 1.66 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

LMT

Capital Goods industry group

1.66

Max: 7.54
Q3: 3.76
Median: 2.15
LMT: 1.66
Q1: 1.03
Min: 0.03

Carrier Global (CARR) vs. Lockheed Martin (LMT): 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 Lockheed Martin (LMT) at 12.96 prices above its benchmark range — LMT 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

LMT

Capital Goods industry group

12.96

LMT: 12.96
Max: 9.66
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Carrier Global (CARR) and Lockheed Martin (LMT)
Metric	CARR	LMT
P/E Ratio (TTM)	--	20.14
P/S Ratio (TTM)	1.88	1.66
P/B Ratio (MRQ)	4.27	12.96
Free Cash Flow Yield (TTM)	4.54%	4.31%