Carrier Global Corporation (CARR)
Carrier Global makes heating, ventilation, air-conditioning, and refrigeration systems.
CARR vs CAT: how the two businesses compare
- Bigger business: CAT, with $67.6B of yearly revenue, about 3.1× CARR's $21.7B.
- More profitable: CAT keeps 13 cents of each sales dollar as profit, against 7 cents at CARR.
- More cash from each sale: CAT turns 17 cents of each sales dollar into operating cash flow, against 12 cents at CARR.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Caterpillar (CAT) is the larger business by reported revenue: $67.6B in its fiscal year ended Dec 2025, about 3.1× CARR's $21.7B (fiscal year ended Dec 2025). CARR's net margin was 6.8% and CAT's 13.1%. The SEC places them in related industries (Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; Construction Machinery & Equip), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 13, 2026
CARR vs CAT: quick comparison
| Company fact | CARR | CAT |
|---|---|---|
| Company | Carrier Global Corporation | Caterpillar Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | — | Irving, Texas |
| Founded | — | 1925 |
| SEC industry | Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip | Construction Machinery & Equip |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-05 | 10-K · 2026-02-13 |
CARR vs CAT: audited financials
- Scale: CAT's $67.6B of revenue is about 3.1× CARR's $21.7B.
- Net margin: CAT kept 13.1% of revenue as net income versus 6.8% at CARR.
- Cash conversion: operating cash flow equalled CARR 11.6% of revenue, or 1.69× net income; CAT 17.4% of revenue, or 1.32× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CARR | CAT |
|---|---|---|
| Revenue | $21.7B2025-01-01 to 2025-12-31 · SEC filing | $67.6B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.5B2025-01-01 to 2025-12-31 · SEC filing | $8.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.5B2025-01-01 to 2025-12-31 · SEC filing | $11.7B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $1.722025-01-01 to 2025-12-31 · SEC filing | $18.812025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 6.8%2025-01-01 to 2025-12-31 · SEC filing | 13.1%2025-01-01 to 2025-12-31 · SEC filing |
CARR: FY ending 2025-12-31 · CAT: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CARR and CAT overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: CARR is 3585 (Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip); CAT is 3531 (Construction Machinery & Equip).
- Only CAT maps to Tariffs & trade.
- Scale: CAT reported about 3.1× the annual revenue of CARR.
- Profitability: net margin of 6.8% for CARR versus 13.1% for CAT.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Caterpillar Inc. (CAT)
Caterpillar is the world's largest maker of construction and mining equipment, and it also builds engines and power systems. Its order book is a widely followed gauge of global infrastructure and resource investment.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CARR
We have not yet published a company-specific driver list for CARR. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-05.
What moves CAT
We have not yet published a company-specific driver list for CAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-13.
The investment question
You now know CAT reports about 3.1× CARR's revenue, and CAT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 20 matched transaction rows for CARR and 23 matched transaction rows for CAT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CARR primary filings
CAT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CARR or CAT
CARR vs CAT FAQs
Are CARR and CAT direct competitors?
Not necessarily. Carrier Global files as Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip and Caterpillar as Construction Machinery & Equip. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is CARR or CAT the bigger company by revenue?
Caterpillar (CAT) is the larger business by reported revenue: $67.6B in its fiscal year ended Dec 2025, about 3.1× CARR's $21.7B (fiscal year ended Dec 2025). CARR's net margin was 6.8% and CAT's 13.1%. The SEC places them in related industries (Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; Construction Machinery & Equip), and both map to the Economic trends research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CARR or CAT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CARR vs CAT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Carrier Global Corporation and Caterpillar Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CARR vs CAT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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