CARR (Carrier Global) Beneish M-Score: -2.54 (As of Jun. 24, 2026)

What is Carrier Global Beneish M-Score?

Carrier Global CARR +4.68% 79 Beneish M-Score is -2.54 as of Jun. 24, 2026. GuruFocus rates CARR with a GF Score™ of 79/100 and a GF Value™ of $67.63 (Fairly Valued). The stock has 10 warning signs investors should review. Among 1,704 Construction companies, Carrier Global ranks better than 54.4% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Carrier Global's Beneish M-Score or its related term are showing as below:

CARR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.52 Max: -1.24
Current: -2.54

During the past 9 years, the highest Beneish M-Score of Carrier Global was -1.24. The lowest was -3.24. And the median was -2.52.

Carrier Global Beneish M-Score Related Terms

Carrier Global Beneish M-Score Historical Data

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The historical data trend for Carrier Global's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Carrier Global Beneish M-Score Chart

Carrier Global Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.80

-2.11

-3.24

-1.24

-2.60

Carrier Global Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.01	-2.21	-2.12	-2.60	-2.54

CARR vs JCI, MAIR, LII: Beneish M-Score Comparison

For the Building Products & Equipment subindustry, Carrier Global's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Carrier Global Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Carrier Global's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Carrier Global's Beneish M-Score falls into.

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79GF Score

Carrier Global Corp CARR

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Carrier Global Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Carrier Global for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0706

0.528 * 1.0933

0.404 * 0.9839

0.892 * 0.9814

0.115 * 0.9796

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0529

4.679 * -0.02708

0.327 * 1.0274

-2.54

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $3,130 Mil.
Revenue was 5341 + 4837 + 5579 + 6113 = $21,870 Mil.
Gross Profit was 1244 + 961 + 1449 + 1769 = $5,423 Mil.
Total Current Assets was $9,018 Mil.
Total Assets was $37,186 Mil.
Property, Plant and Equipment(Net PPE) was $3,673 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,286 Mil.
Selling, General, & Admin. Expense(SGA) was $3,224 Mil.
Total Current Liabilities was $8,585 Mil.
Long-Term Debt & Capital Lease Obligation was $10,837 Mil.
Net Income was 238 + 53 + 428 + 591 = $1,310 Mil.
Non Operating Income was 20 + 45 + 35 + 108 = $208 Mil.
Cash Flow from Operations was 79 + 1040 + 341 + 649 = $2,109 Mil.

Total Receivables was $2,979 Mil.
Revenue was 5218 + 5148 + 5984 + 5934 = $22,284 Mil.
Gross Profit was 1445 + 1344 + 1677 + 1575 = $6,041 Mil.
Total Current Assets was $8,444 Mil.
Total Assets was $36,447 Mil.
Property, Plant and Equipment(Net PPE) was $3,603 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,227 Mil.
Selling, General, & Admin. Expense(SGA) was $3,120 Mil.
Total Current Liabilities was $7,011 Mil.
Long-Term Debt & Capital Lease Obligation was $11,517 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(3130 / 21870)	/	(2979 / 22284)
	=	0.143118	/	0.133683
	=	1.0706

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(6041 / 22284)	/	(5423 / 21870)
	=	0.271091	/	0.247965
	=	1.0933

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (9018 + 3673) / 37186)	/	(1 - (8444 + 3603) / 36447)
	=	0.658716	/	0.669465
	=	0.9839

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	21870	/	22284
	=	0.9814

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(1227 / (1227 + 3603))	/	(1286 / (1286 + 3673))
	=	0.254037	/	0.259326
	=	0.9796

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(3224 / 21870)	/	(3120 / 22284)
	=	0.147417	/	0.140011
	=	1.0529

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((10837 + 8585) / 37186)	/	((11517 + 7011) / 36447)
	=	0.522293	/	0.508355
	=	1.0274

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1310 - 208	-	2109)	/	37186
	=	-0.02708

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Carrier Global has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.54 mean?

Carrier Global (CARR) has a Beneish M-Score of -2.54 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carrier Global and its competitors. According to the industry distribution chart, Carrier Global ranks #777 out of 1704 companies in the Construction industry, placing it in the top 45.6%.

Is Carrier Global's Beneish M-Score too high?

Carrier Global's current Beneish M-Score is -2.54. Based on the distribution chart, Carrier Global ranks #777 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, Carrier Global has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Carrier Global's Beneish M-Score compare to JCI and MAIR?

According to the Construction industry distribution chart, Carrier Global ranks #777 out of 1704 companies for Beneish M-Score. This puts Carrier Global in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Construction company?

A good Beneish M-Score depends on the Construction industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carrier Global and its competitors. Carrier Global's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Carrier Global stock overvalued right now?

Based on GuruFocus' analysis, Carrier Global (CARR) is currently considered Fairly Valued. The stock's GF Value™ is $67.63, compared to a current price of $74.06 — trading 9.5% above its estimated fair value. The current Beneish M-Score is -2.54. Carrier Global's overall GF Score™ is 79/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Carrier Global (CARR), the current Beneish M-Score is -2.54 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Carrier Global (CARR) Overvalued in 2026?

Based on GuruFocus' analysis, Carrier Global stock appears to be overvalued. The current stock price of $74.06 is trading 9.5% above its estimated GF Value™ of $67.63. GuruFocus considers Carrier Global to be Fairly Valued.

Key valuation signals for CARR:

Beneish M-Score: -2.54
GF Value™: $67.63 vs. price of $74.06 (9.5% above fair value)
GF Score™: 79/100 with 10 warning signs

No single metric tells the full story. See the CARR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Carrier Global Business Description

Industry Industrials Construction

Comparable Companies JCI MAIR LII MAS CSL AAON SPXC WMS OC BLDR TT XPAR:SGO TSE:6367 XSWX:GEBN DUB:KRX XSWX:BEAN TSE:5332 OSTO:NIBE B OCSE:ROCK A AWI

Other Exchanges CARR:Mexico 1CARR:Italy 4PN:Germany C1RR34:Brazil CARG:Austria

Address 13995 Pasteur Boulevard, Palm Beach Gardens, FL, USA, 33418

Website https://www.corporate.carrier.com

Carrier Global, spun out of United Technologies in 2020, manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its flagship Carrier brand, as well as Bryant, Payne, Heil, and others across various price points. In 2024, Carrier acquired Viessmann Climate Solutions to expand its footprint in Europe with heat pumps, boilers, and solar PV equipment. Proceeds from the sale of Carrier's fire and security (Honeywell) and commercial refrigeration (Haier) businesses reduced debt and focused the company on global HVAC and refrigeration solutions. Carrier generates 75% of sales from equipment and 25% from parts and services. The company derives 50% of revenue from the US, 30% from Europe, and 20% from the Asia-Pacific region.

79GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$74.06

Price

$67.63

GF Value

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