Investment Analysis in Construction Market: Comparing Carrier and Owens
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 09 2026
0mins
Source: Fool
- Carrier Global Performance Overview: In FY 2025, Carrier Global reported revenue of approximately $21.8 billion, a 3% decline year-over-year, with net income dropping to $1.5 billion, significantly impacted by the removal of one-time gains, indicating both challenges and opportunities in the climate and energy solutions market.
- Owens Corning Financial Results: Owens Corning generated about $10.1 billion in revenue for FY 2025, an 8% decrease, and reported a net loss of $522 million, resulting in a negative net margin of 5.2%, reflecting cyclical risks in the residential and non-residential construction markets and potential threats from customer concentration.
- Risk Profile Comparison: Carrier Global's international operations account for 52% of net sales, exposing it to currency fluctuations and geopolitical instability, while Owens Corning is highly sensitive to cyclical fluctuations in the construction market, where interest rate changes can quickly impact demand, increasing operational uncertainty.
- Valuation Comparison: Carrier Global has a forward P/E ratio of 24.0, below the industry average of 30, while Owens Corning's forward P/E stands at 12.5, highlighting significant differences in market valuations that investors must consider based on their risk tolerance.
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Analyst Views on CARR
Wall Street analysts forecast CARR stock price to fall
14 Analyst Rating
9 Buy
5 Hold
0 Sell
Moderate Buy
Current: 73.430
Low
55.00
Averages
69.08
High
90.00
Current: 73.430
Low
55.00
Averages
69.08
High
90.00
About CARR
Carrier Global Corporation is engaged in providing intelligent climate and energy solutions with a focus on providing digitally enabled lifecycle solutions to its customers. The Company’s segment include Climate Solutions Americas, which provides products, controls, services and solutions to meet the heating, ventilation and cooling (HVAC) needs of residential and commercial customers in North and South America; Climate Solutions Europe segment provides products, controls, services and solutions to meet the HVAC needs of residential and commercial customers in Europe; Climate Solutions Asia Pacific, Middle East & Africa segment provides products, controls, services and solutions to meet the HVAC needs of residential and commercial customers in Asia Pacific, the Middle East and Africa; and Climate Solutions Transportation segment includes global transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Leadership Transition: Emmerich succeeds Mike McGann, who has served the company for 17 years and will act as a senior advisor to ensure a smooth transition, highlighting the company's commitment to leadership stability and business continuity.
- New Leadership Role: Joe Johnston will take over Emmerich's position as EVP and President of Applied Water, having served as Senior Vice President and General Manager within Xylem’s Water Solutions and Services segment, and brings over 25 years of global leadership experience that will provide fresh perspectives and strategies for the company.
- Strategic Execution Capability: Xylem CEO Matthew Pine emphasized that Emmerich and Johnston's deep industry knowledge will aid in continuing the execution of the company's strategy and delivering value to customers and communities, reflecting the company's confidence in future growth.
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- Automotive Industry Applications: Ferrari has started using aluminium wiring in its 296 model, achieving a 15% to 20% reduction in total wiring weight, while BMW has progressively replaced copper conductors with aluminium in hybrids and BEVs since 2011, enhancing the efficiency of its electrical systems.
- Cable Industry Investment: Global investment in electrical grids is expected to reach about €10 trillion by 2030, and while copper remains the benchmark material for demanding applications, aluminium is anticipated to capture a growing share of grid investments due to its cost advantages and greater availability.
- Air Conditioning Industry Transformation: Daikin Industries mentioned in its 2025 annual report that it is maximizing cost reductions by switching from copper to aluminium, while U.S. company Lennox has developed technology to replace copper coils with aluminium, reducing product weight and corrosion risk.
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- Transition Period: Donato and Heim will work together during a transition period to ensure continuity for employees, customers, and business partners, aiming to mitigate the impact of leadership changes on operations and ensure a smooth transition.
- Industry Experience: Prior to joining Carrier, Donato served as CEO of Bosch Power Tools and held senior leadership roles at Bosch Rexroth, Rockwell Automation, and ABB, bringing extensive global industrial technology management experience that will support the company's future growth.
- Strategic Integration: This appointment comes as Carrier continues to integrate operations following its acquisition of Viessmann Climate Solutions, aiming to further strengthen its competitive position in the European heating, ventilation, and air conditioning market.
See More
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- Leadership Transition: Carrier Global Corporation has appointed Thomas Donato as President of Climate Solutions Europe, succeeding Thomas Heim, who is stepping down, ensuring a seamless transition for employees, customers, and partners.
- Experienced Leader: Donato brings extensive global business leadership experience, having served as CEO of Bosch Power Tools and held senior roles at Bosch Rexroth, Rockwell Automation, and ABB, which is expected to drive growth and transformation for the company.
- Key Contributions to Integration: Heim played a pivotal role in the successful integration of Viessmann Climate Solutions with Carrier, strengthening the company's operations, portfolio, and market position, thus positioning Climate Solutions Europe for its next growth phase.
- Future Growth Outlook: Carrier's Chairman and CEO David Gitlin expressed excitement for Donato's leadership, confident that his global experience will continue to drive growth in Climate Solutions Europe and enhance the company's competitive market position.
See More
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- Air Conditioner and Heat Pump Performance: Specifically, air conditioner shipments increased by 8.0% to 456,210 units, while heat pump shipments rose by 1.8% to 380,888 units, reflecting sustained consumer demand for energy-efficient equipment.
- Market Trend Analysis: Despite the April gains, total shipments for the first four months of 2026 fell by 3.5%, with air conditioner shipments down 7.5%, highlighting uneven demand across the market.
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See More
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- Carrier Global Performance Overview: In FY 2025, Carrier Global reported revenue of approximately $21.8 billion, a 3% decline year-over-year, with net income dropping to $1.5 billion, significantly impacted by the removal of one-time gains, indicating both challenges and opportunities in the climate and energy solutions market.
- Owens Corning Financial Results: Owens Corning generated about $10.1 billion in revenue for FY 2025, an 8% decrease, and reported a net loss of $522 million, resulting in a negative net margin of 5.2%, reflecting cyclical risks in the residential and non-residential construction markets and potential threats from customer concentration.
- Risk Profile Comparison: Carrier Global's international operations account for 52% of net sales, exposing it to currency fluctuations and geopolitical instability, while Owens Corning is highly sensitive to cyclical fluctuations in the construction market, where interest rate changes can quickly impact demand, increasing operational uncertainty.
- Valuation Comparison: Carrier Global has a forward P/E ratio of 24.0, below the industry average of 30, while Owens Corning's forward P/E stands at 12.5, highlighting significant differences in market valuations that investors must consider based on their risk tolerance.
See More
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- Executive Appointments: Xylem announced that Meredith Emmerich will serve as EVP and President of Measurement and Control Solutions effective July 1, bringing extensive industry experience from her previous role as EVP and President of Applied Water, which will enhance the company's strategic execution.
- Leadership Transition: Emmerich succeeds Mike McGann, who has served the company for 17 years and will act as a senior advisor to ensure a smooth transition, highlighting the company's commitment to leadership stability and business continuity.
- New Leadership Role: Joe Johnston will take over Emmerich's position as EVP and President of Applied Water, having served as Senior Vice President and General Manager within Xylem’s Water Solutions and Services segment, and brings over 25 years of global leadership experience that will provide fresh perspectives and strategies for the company.
- Strategic Execution Capability: Xylem CEO Matthew Pine emphasized that Emmerich and Johnston's deep industry knowledge will aid in continuing the execution of the company's strategy and delivering value to customers and communities, reflecting the company's confidence in future growth.
See More
Surge in Copper Prices Fuels Aluminium Substitution Trend
- Copper-Aluminium Substitution Trend: The spike in copper prices earlier this year, with the copper-to-aluminium price ratio hitting 4.3 and currently around 4.2, makes aluminium a more attractive substitute, particularly in the electric vehicle sector where its lightweight properties help extend driving ranges.
- Automotive Industry Applications: Ferrari has started using aluminium wiring in its 296 model, achieving a 15% to 20% reduction in total wiring weight, while BMW has progressively replaced copper conductors with aluminium in hybrids and BEVs since 2011, enhancing the efficiency of its electrical systems.
- Cable Industry Investment: Global investment in electrical grids is expected to reach about €10 trillion by 2030, and while copper remains the benchmark material for demanding applications, aluminium is anticipated to capture a growing share of grid investments due to its cost advantages and greater availability.
- Air Conditioning Industry Transformation: Daikin Industries mentioned in its 2025 annual report that it is maximizing cost reductions by switching from copper to aluminium, while U.S. company Lennox has developed technology to replace copper coils with aluminium, reducing product weight and corrosion risk.
See More
Carrier Global Appoints New President for Climate Solutions Europe
- Leadership Change: Carrier Global has appointed Thomas Donato as the new president of its Climate Solutions Europe business, succeeding Thomas Heim, who successfully integrated Viessmann's climate business during his nine-year tenure, enhancing the company's market position.
- Transition Period: Donato and Heim will work together during a transition period to ensure continuity for employees, customers, and business partners, aiming to mitigate the impact of leadership changes on operations and ensure a smooth transition.
- Industry Experience: Prior to joining Carrier, Donato served as CEO of Bosch Power Tools and held senior leadership roles at Bosch Rexroth, Rockwell Automation, and ABB, bringing extensive global industrial technology management experience that will support the company's future growth.
- Strategic Integration: This appointment comes as Carrier continues to integrate operations following its acquisition of Viessmann Climate Solutions, aiming to further strengthen its competitive position in the European heating, ventilation, and air conditioning market.
See More
Carrier Announces Leadership Transition in Climate Solutions Europe
- Leadership Transition: Carrier Global Corporation has appointed Thomas Donato as President of Climate Solutions Europe, succeeding Thomas Heim, who is stepping down, ensuring a seamless transition for employees, customers, and partners.
- Experienced Leader: Donato brings extensive global business leadership experience, having served as CEO of Bosch Power Tools and held senior roles at Bosch Rexroth, Rockwell Automation, and ABB, which is expected to drive growth and transformation for the company.
- Key Contributions to Integration: Heim played a pivotal role in the successful integration of Viessmann Climate Solutions with Carrier, strengthening the company's operations, portfolio, and market position, thus positioning Climate Solutions Europe for its next growth phase.
- Future Growth Outlook: Carrier's Chairman and CEO David Gitlin expressed excitement for Donato's leadership, confident that his global experience will continue to drive growth in Climate Solutions Europe and enhance the company's competitive market position.
See More
U.S. Air Conditioner and Heat Pump Shipments Rise in April
- Shipment Growth: According to data from the Air-Conditioning, Heating and Refrigeration Institute (AHRI), combined shipments of central air conditioners and air-source heat pumps rose 5.1% year-over-year in April, reaching 837,098 units, indicating signs of market recovery.
- Air Conditioner and Heat Pump Performance: Specifically, air conditioner shipments increased by 8.0% to 456,210 units, while heat pump shipments rose by 1.8% to 380,888 units, reflecting sustained consumer demand for energy-efficient equipment.
- Market Trend Analysis: Despite the April gains, total shipments for the first four months of 2026 fell by 3.5%, with air conditioner shipments down 7.5%, highlighting uneven demand across the market.
- Alternative Energy Advantage: Heat pump shipments maintained a 1.2% year-to-date increase, suggesting that manufacturers benefiting from electrification trends and energy efficiency incentives may be better positioned in the competitive landscape.
See More
Investment Analysis in Construction Market: Comparing Carrier and Owens
- Carrier Global Performance Overview: In FY 2025, Carrier Global reported revenue of approximately $21.8 billion, a 3% decline year-over-year, with net income dropping to $1.5 billion, significantly impacted by the removal of one-time gains, indicating both challenges and opportunities in the climate and energy solutions market.
- Owens Corning Financial Results: Owens Corning generated about $10.1 billion in revenue for FY 2025, an 8% decrease, and reported a net loss of $522 million, resulting in a negative net margin of 5.2%, reflecting cyclical risks in the residential and non-residential construction markets and potential threats from customer concentration.
- Risk Profile Comparison: Carrier Global's international operations account for 52% of net sales, exposing it to currency fluctuations and geopolitical instability, while Owens Corning is highly sensitive to cyclical fluctuations in the construction market, where interest rate changes can quickly impact demand, increasing operational uncertainty.
- Valuation Comparison: Carrier Global has a forward P/E ratio of 24.0, below the industry average of 30, while Owens Corning's forward P/E stands at 12.5, highlighting significant differences in market valuations that investors must consider based on their risk tolerance.
See More
