What happened?
On Aug. 5, 2025, Telos Capital Management, Inc. disclosed a $4.15 million purchase of Carrier Global Corporation shares, in its latest Form 13-F filing. The investment adviser increased its position in the airconditioning and heating solutions giant by purchasing 61,200 additional shares during Q2 2025. The fund now holds 172,026 shares of Carrier, valued at $12.59 million as of June 30.
What else to know
The additional Carrier stake brought up the position to 1.3% of the fund's $982.21 million in 13F assets.
Carrier shares were priced at $66.54 as of 2025-08-04, up 0.7% over the past year (for the 1-year period ending 2025-08-04), underperforming the S&P 500 by 14.36 percentage points over the past year
Dividend yield stands at 1.3% as of August 5, 2025; Forward P/E ratio is 21.82.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $22.46 billion |
| Net income (TTM) | $4.38 billion |
| Dividend yield | 1.31% |
| One-year price change | -2.75% |
Company snapshot
Carrier Global Corporation provides HVAC systems, refrigeration solutions, and fire and security technologies for residential, commercial, and industrial markets worldwide.
The company generates revenue through the sale of equipment, aftermarket parts and services, and digital and automation solutions across its HVAC, Refrigeration, and Fire & Security segments.
Carrier serves a diverse customer base including building owners, contractors, transportation and logistics providers, and facility managers seeking integrated climate control and safety solutions.
Carrier Global Corporation operates at scale as a diversified provider of building and cold chain solutions, leveraging a broad portfolio of proprietary brands and technologies. Carrier's competitive advantage lies in its global reach and comprehensive product offerings.
Foolish take
Being among the best-known household brands, Carrier needs no introduction. The air conditioning pioneer's HVAC systems are used in both residential and commercial setups around the world.
Specifically over the last five years, as business boomed, Carrier’s shareholders have received handsome rewards, with stock returns averaging 17% annually. While those returns have seen some fluctuations, the future of Carrier’s business still looks to be on solid footing.
Since 2020, the company has significantly focused on innovation, with research and development (R&D) spending going up by 50%. The result has been innovative product offerings, including heat pumps, higher efficiency containers, and rotary compressors, that have driven up profit margins.
The other significantly profitable, or high margin, opportunity management is targeting is aftermarket sales for Carrier’s huge installed base. Management believes the company is currently capturing only about 25% of its own aftermarket (worth around $5.1 billion in 2024) sales, with the remaining 75% a lucrative opportunity to tap into.
In 2025 though, Carrier’s shares have fallen 2.75%. However, this really isn’t due to a fundamental problem with the business. The market just seems to be taking a more a risk-off approach to stocks it deems overvalued on the back of inflationary fears and macroeconomic uncertainty over the next few months.
Management, for its part, has reiterated an unchanged 2025 guidance in its latest earnings call last week.
In terms of valuation, the stock is attractively priced at 14 times trailing-12-month earnings (down from 22 times earnings last October), despite a solid 27% return on equity and a manageable debt-to-capital ratio of 43%, after deleveraging down from 80% in 2020.
From a fundamental and long-term investing standpoint, it’s no surprise Telos Capital has further increased its stake in Carrier.
Glossary
13F assets under management (AUM):The total value of U.S. equity securities reported by an institutional investment manager in SEC Form 13F filings.
Form 13-F:A quarterly SEC filing required from institutional investment managers to disclose their equity holdings.
Dividend yield:Annual dividends per share divided by the current share price, expressed as a percentage.
Forward P/E ratio:The current share price divided by projected earnings per share over the next 12 months.
Stake:The total number of shares or percentage ownership that an investor holds in a company.
Portfolio:A collection of financial assets, such as stocks, held by an individual or institution.
TTM:The 12-month period ending with the most recent quarterly report.
Aftermarket parts and services:Products and maintenance provided after the initial sale of equipment, supporting ongoing customer needs.
Cold chain solutions:Technologies and processes used to maintain temperature-sensitive products throughout storage and transportation.
Proprietary brands:Brands owned and controlled exclusively by a company, not licensed from others.
Assets under management (AUM):The total market value of investments managed on behalf of clients by a financial institution.
