Carrier Global

Net debt was about $10.5 billion at Sep 30, 2025; leverage is manageable given cash generation and divestiture proceeds, and the company has resumed sizable buybacks. Nine‑month 2025 free cash flow was $1.21 billion, with TTM FCF around $1.1 billion after a seasonal Q4 2024 dip. Dividend growth continues at $0.225 per quarter.

We view liquidity as solid and covenant room adequate, but interest expense and amortization from recent deals keep leverage above our ideal.