CARR vs. NOC: Carrier Global vs. Northrop Grumman Stock Comparison

November 11, 2026

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

Northrop Grumman (NOC) has more than two decades of public-market history since December 31, 1981, 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 Northrop Grumman (NOC)
Profile Item	CARR	NOC
Name	Carrier Global Corp.	Northrop Grumman 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	74.59 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 19, 2020	December 31, 1981
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CARR

NOC

GSPC

Carrier Global (CARR) vs. Northrop Grumman (NOC), 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 Northrop Grumman (NOC). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Carrier Global (CARR) and Northrop Grumman (NOC)
Metric	CARR	NOC
Total Return (1Y)	-4.90%	-3.34%
Total Return (3Y, Annualized)	3.62%	7.23%
Total Return (5Y, Annualized)	1.11%	9.98%

Risk Profile

Drawdown History

CARR

NOC

GSPC

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

Risk Metrics

Northrop Grumman (NOC) reports a negative beta of -0.12, suggesting inverse market sensitivity over the measurement window. That is uncommon for ordinary equities and can reflect commodity-linked or hedge-like exposure, but it can also come from statistical noise. Carrier Global (CARR) has a non-negative beta of 1.32.

Risk profile metrics for Carrier Global (CARR) and Northrop Grumman (NOC)
Metric	CARR	NOC
Volatility (1Y, Annualized)	35.35%	28.86%
Beta (5Y)	1.32	-0.12
Max Drawdown (5Y)	-39.75%	-37.80%
Avg. Volume (3M)	6.08M	902.47K

Risk-Adjusted Performance

Risk-Return Positioning

CARR and NOC 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 Northrop Grumman (NOC)
Metric	CARR	NOC
Sharpe Ratio (1Y)	-0.26	-0.26
Sortino Ratio (1Y)	-0.36	-0.37

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 Northrop Grumman (NOC) reports 26.07%, 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%

NOC

Capital Goods industry group

26.07%

Max: 40.55%
NOC: 26.07%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Carrier Global (CARR) vs. Northrop Grumman (NOC): 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 Northrop Grumman (NOC) reports 10.37%, 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%

NOC

Capital Goods industry group

10.37%

Max: 27.47%
Q3: 12.10%
NOC: 10.37%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Both Carrier Global (CARR) at 11.00% and Northrop Grumman (NOC) at 12.91% 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%

NOC

Capital Goods industry group

12.91%

Max: 36.60%
Q3: 18.33%
NOC: 12.91%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Carrier Global (CARR) and Northrop Grumman (NOC)
Metric	CARR	NOC
ROE (TTM)	-13.44%	26.07%
ROA (TTM)	3.43%	7.11%
Net Margin (TTM)	-7.90%	10.37%
Operating Margin (TTM)	11.00%	12.91%
Gross Margin (TTM)	24.38%	20.03%

Growth

Revenue Growth

Northrop Grumman (NOC) at 2.24% 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. Northrop Grumman (NOC): A comparison of their Revenue Growth across different time periods.

EPS Growth

Northrop Grumman (NOC) at 2.61% 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. Northrop Grumman (NOC): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Carrier Global (CARR) and Northrop Grumman (NOC)
Metric	CARR	NOC
Revenue Growth (YoY)	-3.29%	2.24%
Revenue Growth (3Y CAGR)	7.95%	4.65%
EPS Growth (YoY)	-72.03%	2.61%
EPS Growth (3Y CAGR)	-25.14%	-2.60%

Financial Strength

Current Ratio (MRQ)

Both Carrier Global (CARR) at 1.00 and Northrop Grumman (NOC) at 1.23 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

NOC

Capital Goods industry group

1.23

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
NOC: 1.23
Min: 0.36

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

Debt / Equity (MRQ)

Northrop Grumman (NOC) at 0.93 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

NOC

Capital Goods industry group

0.93

Max: 2.33
Q3: 1.12
NOC: 0.93
Median: 0.60
Q1: 0.29
Min: 0.00

Carrier Global (CARR) vs. Northrop Grumman (NOC): 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 Northrop Grumman (NOC)
Metric	CARR	NOC
Current Ratio (MRQ)	1.00	1.23
Debt / Equity (MRQ)	1.14	0.93
Net Debt / EBITDA	3.24	1.87

Dividends

Dividend Yield (TTM)

Both Carrier Global (CARR) at 1.80% and Northrop Grumman (NOC) at 1.82% 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%

NOC

Capital Goods industry group

1.82%

Max: 2.66%
NOC: 1.82%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Carrier Global (CARR) vs. Northrop Grumman (NOC): 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 Northrop Grumman (NOC) at 30.18% 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%

NOC

Capital Goods industry group

30.18%

Max: 67.39%
NOC: 30.18%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Carrier Global (CARR) and Northrop Grumman (NOC)
Metric	CARR	NOC
Dividend Yield (TTM)	1.80%	1.82%
Dividend Payout Ratio (TTM)	67.39%	30.18%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Northrop Grumman (NOC) trades at 16.57 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: --

NOC

Capital Goods industry group

16.57

Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
NOC: 16.57
Min: 3.03

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

P/S Ratio (TTM)

On P/S ratio, both Carrier Global (CARR) at 1.88 and Northrop Grumman (NOC) at 1.71 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

NOC

Capital Goods industry group

1.71

Max: 7.54
Q3: 3.76
Median: 2.15
NOC: 1.71
Q1: 1.03
Min: 0.03

Carrier Global (CARR) vs. Northrop Grumman (NOC): 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 Northrop Grumman (NOC) at 3.99 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

NOC

Capital Goods industry group

3.99

Max: 9.66
Q3: 5.00
NOC: 3.99
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Carrier Global (CARR) and Northrop Grumman (NOC)
Metric	CARR	NOC
P/E Ratio (TTM)	--	16.57
P/S Ratio (TTM)	1.88	1.71
P/B Ratio (MRQ)	4.27	3.99
Free Cash Flow Yield (TTM)	4.54%	4.21%