CARR vs LII: Carrier Global and Lennox International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Carrier Global is the larger company, worth $45.5B, about 3.9 times Lennox International.
- Lennox International grew revenue faster over the last year (+5.8% vs +2.4%).
- Lennox International keeps more of each dollar of revenue as operating profit (19.7% vs 8.2%).
- On earnings, Lennox International is the cheaper stock (15.8x vs 36.5x).
- Carrier Global's price assumes faster free cash flow growth: about 6% a year, against 4% for Lennox International (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CARR | LII |
|---|---|---|
| Market cap | $45.5B | $11.8B |
| Share price | $55.56 | $356.44 |
| Revenue (last fiscal year) | $21.7B | $5.2B |
| Free cash flow (last fiscal year) | $2.1B | $639M |
| Revenue growth, last year | +2.4% | +5.8% |
| Revenue growth per year, last 5 fiscal years | +1.3% | +5.5% |
| Operating margin | 8.2% | 19.7% |
| Net margin | 6.0% | 15.1% |
| Return on equity | 9.5% | 65.4% |
| P/E (trailing) | 36.5x | 15.8x |
| Price / free cash flow | 26.8x | 18.5x |
| EV / EBITDA | 21.6x | 13.1x |
| FCF growth the price implies | 5.9% | 4.0% |
| Dividend yield | 1.6% | 1.5% |
| Debt / equity | 1.69x | 2.54x |
| Fundamental grade | D | C |
| Superinvestors holding it | 8 | 3 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Carrier Global
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $20.6B | $1.9B | 12.8% |
| 2022 | $17.3B | $1.4B | 23.0% |
| 2023 | $19.0B | $2.2B | 11.4% |
| 2024 | $22.5B | $44M | 11.8% |
| 2025 | $21.7B | $2.1B | 10.0% |
Lennox International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.2B | $409M | 14.1% |
| 2022 | $4.7B | $201M | 13.9% |
| 2023 | $5.0B | $486M | 15.9% |
| 2024 | $5.3B | $782M | 19.5% |
| 2025 | $5.2B | $639M | 20.0% |
Where the revenue comes from
Carrier Global · by segments, 2025
CSA$10.5B48%
CSE$5.0B23%
CSAME$3.3B15%
CST$2.9B13%
Lennox International · by segments, 2025
Residential Heating and Cooling$3.3B64%
Commercial Heating and Cooling$1.9B36%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CARR in InvestinglyQuestions
Which is bigger, Carrier Global or Lennox International?
Carrier Global (CARR), at $45.5B against $11.8B.
Is CARR or LII cheaper?
By trailing P/E, Lennox International (15.8x) is cheaper than Carrier Global (36.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, CARR or LII?
Lennox International: revenue grew +5.8% over the last year, against +2.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.