CARR vs. TT: Carrier Global vs. Trane Technologies Stock Comparison

November 11, 2026

How do Carrier Global (CARR) and Trane Technologies (TT) 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 Trane Technologies (TT) are both classified in the Building Products sub-industry within the broader Building Products industry, placing them in the closest GICS peer bucket.

Trane Technologies (TT) has more than two decades of public-market history since March 17, 1980, 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 Trane Technologies (TT)
Profile Item	CARR	TT
Name	Carrier Global Corp.	Trane Technologies plc
Country/Region	United States	Ireland
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Building Products	Building Products
GICS Sub-Industry	Building Products	Building Products
Market Capitalization	42.86 billion USD	87.94 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 19, 2020	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CARR

GSPC

Carrier Global (CARR) vs. Trane Technologies (TT), 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 Trane Technologies (TT). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Carrier Global (CARR) and Trane Technologies (TT)
Metric	CARR	TT
Total Return (1Y)	-4.90%	-2.56%
Total Return (3Y, Annualized)	3.62%	25.06%
Total Return (5Y, Annualized)	1.11%	18.70%

Risk Profile

Drawdown History

CARR

GSPC

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

Risk Metrics

Risk profile metrics for Carrier Global (CARR) and Trane Technologies (TT)
Metric	CARR	TT
Volatility (1Y, Annualized)	35.35%	30.26%
Beta (5Y)	1.32	1.18
Max Drawdown (5Y)	-39.75%	-39.76%
Avg. Volume (3M)	6.08M	1.24M

Risk-Adjusted Performance

Risk-Return Positioning

CARR and TT 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 Trane Technologies (TT)
Metric	CARR	TT
Sharpe Ratio (1Y)	-0.26	-0.23
Sortino Ratio (1Y)	-0.36	-0.31

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 Trane Technologies (TT) reports 36.94%, 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%

TT

Capital Goods industry group

36.94%

Max: 40.55%
TT: 36.94%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Carrier Global (CARR) vs. Trane Technologies (TT): 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 Trane Technologies (TT) reports 13.56%, 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%

TT

Capital Goods industry group

13.56%

Max: 27.47%
TT: 13.56%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Trane Technologies (TT) at 19.85% 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%

TT

Capital Goods industry group

19.85%

Max: 36.60%
TT: 19.85%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Carrier Global (CARR) and Trane Technologies (TT)
Metric	CARR	TT
ROE (TTM)	-13.44%	36.94%
ROA (TTM)	3.43%	11.42%
Net Margin (TTM)	-7.90%	13.56%
Operating Margin (TTM)	11.00%	19.85%
Gross Margin (TTM)	24.38%	34.99%

Growth

Revenue Growth

Trane Technologies (TT) at 7.48% 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. Trane Technologies (TT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Trane Technologies (TT) at 15.48% 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. Trane Technologies (TT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Carrier Global (CARR) and Trane Technologies (TT)
Metric	CARR	TT
Revenue Growth (YoY)	-3.29%	7.48%
Revenue Growth (3Y CAGR)	7.95%	10.06%
EPS Growth (YoY)	-72.03%	15.48%
EPS Growth (3Y CAGR)	-25.14%	20.17%

Financial Strength

Current Ratio (MRQ)

Both Carrier Global (CARR) at 1.00 and Trane Technologies (TT) at 1.12 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

TT

Capital Goods industry group

1.12

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
TT: 1.12
Min: 0.36

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

Debt / Equity (MRQ)

Trane Technologies (TT) at 0.46 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

TT

Capital Goods industry group

0.46

Max: 2.33
Q3: 1.12
Median: 0.60
TT: 0.46
Q1: 0.29
Min: 0.00

Carrier Global (CARR) vs. Trane Technologies (TT): 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 Trane Technologies (TT)
Metric	CARR	TT
Current Ratio (MRQ)	1.00	1.12
Debt / Equity (MRQ)	1.14	0.46
Net Debt / EBITDA	3.24	0.66

Dividends

Dividend Yield (TTM)

Carrier Global (CARR) at 1.80% delivers top-quartile income for its industry, while Trane Technologies (TT) at 1.04% 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%

TT

Capital Goods industry group

1.04%

Max: 2.66%
Q3: 1.14%
TT: 1.04%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Carrier Global (CARR) vs. Trane Technologies (TT): 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 Trane Technologies (TT) at 28.42% 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%

TT

Capital Goods industry group

28.42%

Max: 67.39%
TT: 28.42%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Carrier Global (CARR) and Trane Technologies (TT)
Metric	CARR	TT
Dividend Yield (TTM)	1.80%	1.04%
Dividend Payout Ratio (TTM)	67.39%	28.42%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Trane Technologies (TT) trades at 27.92 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: --

TT

Capital Goods industry group

27.92

Max: 59.38
Q3: 35.92
TT: 27.92
Median: 25.41
Q1: 19.47
Min: 3.03

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

P/S Ratio (TTM)

Carrier Global (CARR) at 1.88 is priced about in line with its industry on P/S ratio, while Trane Technologies (TT) at 3.79 sits in the pricier quartile — TT costs more per dollar of sales.

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

TT

Capital Goods industry group

3.79

Max: 7.54
TT: 3.79
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

Carrier Global (CARR) vs. Trane Technologies (TT): 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 Trane Technologies (TT) at 9.66 carries an above-peer premium to book — TT 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

TT

Capital Goods industry group

9.66

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

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

Valuation Metrics

Valuation metrics for Carrier Global (CARR) and Trane Technologies (TT)
Metric	CARR	TT
P/E Ratio (TTM)	--	27.92
P/S Ratio (TTM)	1.88	3.79
P/B Ratio (MRQ)	4.27	9.66
Free Cash Flow Yield (TTM)	4.54%	3.94%