Is Carrier Global Stock Underperforming the Dow?

Carrier Global Corporation (CARR), headquartered in Palm Beach Gardens, Florida, provides heating, ventilating, air conditioning, refrigeration, fire, security, and building automation technologies. Valued at $56.1 billion by market cap, the company also provides building services such as audit, design, installation, system integration, repair, maintenance, and monitoring. 

Companies worth $10 billion or more are generally described as “large-cap stocks,” and CARR perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the building products & equipment industry. CARR's diverse brand portfolio (Carrier, Viessmann, Toshiba) makes it a global leader in climate and energy solutions. Its strong brand equity, built on innovation and quality, drives its competitive edge. 

Despite its notable strength, CARR slipped 16.7% from its 52-week high of $81.09, achieved on Jul. 28, 2025. Over the past three months, CARR stock gained 10.5%, outperforming the Dow Jones Industrials Average’s ($DOWI) 4.5% gains during the same time frame.

Shares of CARR rose 27.9% on a YTD basis, outperforming DOWI’s YTD gains of 5.5%. However, in the longer term, the stock dipped 4.6% over the past 52 weeks, underperforming DOWI’s 19.2% returns over the last year.

To confirm the bullish trend, CARR has been trading above its 50-day and 200-day moving averages since early April, with slight fluctuations. 

CARR’s underperformance stemmed from persistent challenges in residential HVAC. With tariffs and rising input costs driving further price hikes, Carrier is leaning on new heat pump and data center cooling products while staying cautious on macro uncertainty and China’s housing market. 

On Apr. 30, CARR shares closed up by 8.8% after reporting its Q1 results. Its adjusted EPS of $0.57 beat Wall Street expectations of $0.51. The company’s revenue was $5.3 billion, surpassing Wall Street forecasts of $5 billion. CARR expects full-year adjusted EPS to be $2.80.

In the competitive arena of building products & equipment, Trane Technologies plc (TT) has taken the lead over CARR, showing resilience with 7.7% gains over the past 52 weeks, but lagged behind the stock with a 19.7% uptick on a YTD basis.

Wall Street analysts are reasonably bullish on CARR’s prospects. The stock has a consensus “Moderate Buy” rating from the 25 analysts covering it, and the mean price target of $76.86 suggests a potential upside of 13.7% from current price levels.