Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We like businesses a child could draw, and this one nearly qualifies: Carrier makes machines that heat and cool buildings, and refrigerated boxes that keep food and medicine cold while they move. Willis Carrier invented modern air conditioning in 1902, and the company still carries his name on rooftops, basements, and trailer trucks across the world. Since its April 2020 spin-off from United Technologies, Carrier has reshaped itself into a pure-play "intelligent climate and energy solutions" company with four segments. In the second quarter of 2026, they looked like this: The Americas segment — residential, light commercial, and commercial HVAC in North and South America — is the crown jewel, earning nearly three-quarters of segment profit.
Recent filings analysed: 8-K (2026-07-28), 10-Q (2026-07-28), 8-K (2026-07-24), 8-K (2026-04-30).
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