Carrier Global management check
CARR · Industrials · Building Products · CEO Mr. Gitlin
Filings as of
2 good · 4 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $149, against $173 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.79 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.0% of net income$15.0m of reported pay in fiscal 2025, against $1.5bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $750.0m sold in six months.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.5% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.
- Watch
Is leadership stable?
11 leadership filings in 3 yearsCEO in the pay table: Mr. Gitlin. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 33 | 55 | |
| Pay for performance | 90 | 86 | |
| CEO cost | 50 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 43 | 62 | |
| Stable leadership | 70 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Building Products, by management score. Carrier Global is 46th of 81 in its sector.
- 73MASMasco78
- 175TTTrane Technologies71
- 251CARRCarrier Global64
- 274AOSA. O. Smith63
- 288JCIJohnson Controls62
- 290ALLEAllegion62
- 458LIILennox International44
Pay versus performance
From the proxy statement filed March 3, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Gitlin | $15.0m | −$27.8m | $4.7m | $149 | $173 | $1.5bn |
| 2024 | — | $65.7m | $112.2m | $5.5m | $191 | $150 | $5.6bn |
| 2023 | — | $17.7m | $42.7m | $5.3m | $159 | $131 | $1.3bn |
| 2022 | — | $13.2m | −$20.1m | $3.8m | $112 | $113 | $3.5bn |
| 2021 | — | $14.9m | $61.1m | $4.7m | $145 | $121 | $1.7bn |
The board says pay is tied most to 8Adjusted EPS. Its other key measures: ▪Relative TSR, ▪Adjusted EPS, ▪Sales, ▪Adjusted Operating Profit, ▪Free Cash Flow.
Insiders and the CEO's stake
Light activity: no buys, $750.0m sold in six months.
- SoldMaximilian ViessmannDirector$750.0mMay 20, 2026
Leadership and governance on file
- Jul 24, 2026Leadership change8-K 5.02
- Sep 4, 2025Leadership change8-K 5.02
- Apr 17, 2025Leadership change8-K 5.02
- Apr 11, 2025Leadership change8-K 5.02
- Jan 15, 2025Leadership change8-K 5.02
- Dec 3, 2024Leadership change8-K 5.02
- Jun 21, 2024Leadership change8-K 5.02
- Jun 21, 2024Leadership change8-K 5.02
- Jun 7, 2024Leadership change8-K 5.02
- Feb 1, 2024Leadership change8-K 5.02
- Jan 2, 2024Leadership change8-K 5.02
- Jun 12, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 16, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $9.8bn returned to owners in buybacks and dividends, 82% of net income, and $422.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $20.6bn | $17.3bn | $19.0bn | $22.5bn | $21.7bn |
| Net income | — | $3.5bn | $1.3bn | $5.6bn | $1.5bn |
| Stock-based pay | $92.0m | $77.0m | $81.0m | $98.0m | $74.0m |
| Buybacks | $527.0m | $1.4bn | $62.0m | $1.9bn | $2.9bn |
| Dividends | $417.0m | $509.0m | $620.0m | $670.0m | $772.0m |
| Diluted shares | 890m | 861m | 853m | 912m | 862m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.