Carel Industries - Public Comps and Valuation Multiples

Carel Industries Overview

About Carel Industries

Carel Industries SpA manufactures control systems and humidification for air conditioning and refrigeration. The group provides control solutions for the commercial, industrial, and residential air-conditioning and refrigeration (HVAC/R) markets. Its geographical segments are Europe, the Middle East and Africa, North America, South America, and APAC. The company's industrial applications for the air-conditioning sector are designed for data centers. Its products include programmable controls, room terminals, Isothermal Humidifiers, Sensors and protection devices, Sensors and protection devices, and others. It derives maximum revenue from Europe, the Middle East, and Africa segment.

Founded

1973

HQ

Employees

2.6K+

Website

carel.com

Sectors

Electronic Equipment
Automation & Control Systems
Electronic Components
Electrical Parts & Equipment

Financials

LTM Revenue $708M

LTM EBITDA $136M

EV

$2.8B

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Carel Industries Financials

As of September 2025, Carel Industries reported last 12-month revenue of $708M and EBITDA of $136M.

In the same period, Carel Industries achieved $69.4M in LTM net income.

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Carel Industries P&L

In the most recent fiscal year, Carel Industries reported revenue of $675M and EBITDA of $148M.

Carel Industries expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$708M	XXX	$675M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$406M	XXX	XXX	XXX
Gross Margin	n/a	XXX	60%	XXX	XXX	XXX
EBITDA	$136M	XXX	$148M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	22%	XXX	XXX	XXX
EBIT	$94.4M	XXX	$77.7M	XXX	XXX	XXX
EBIT Margin	13%	XXX	12%	XXX	XXX	XXX
Net Profit	$69.4M	XXX	$72.5M	XXX	XXX	XXX
Net Margin	10%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$24.2M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Carel Industries including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $708M. EBITDA for the last twelve months was $136M. In the most recent fiscal year, Carel Industries achieved $675M in revenue and $148M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$708M	Analyst estimates available to subscribers	$675M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$406M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	60.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$136M	Analyst estimates available to subscribers	$148M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	19.2% EBITDA margin	Analyst estimates available to subscribers	22.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$94.4M	Analyst estimates available to subscribers	$77.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	13.3% EBIT margin	Analyst estimates available to subscribers	11.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$69.4M	Analyst estimates available to subscribers	$72.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.8% net profit margin	Analyst estimates available to subscribers	10.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$24.2M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Carel Industries

This financial data table provides comprehensive performance metrics for Carel Industries, a company based in Italy. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Carel Industries generated $708M in revenue over the last twelve months.
The company achieved $136M in EBITDA over the last twelve months.
Net income over the last twelve months reached $69.4M.

Fiscal Year Performance

In the most recent fiscal year, Carel Industries reported $675M in total revenue.
Fiscal year EBITDA was $148M.
The company maintained a gross profit margin of 60.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 22.0%.
Net profit margin reached 10.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Carel Industries. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Carel Industries Stock Performance

Carel Industries has current market cap of EUR 2.4B (or $2.7B), and EV of EUR 2.4B (or $2.8B).

Market Cap Evolution

Carel Industries Stock Data

As of October 17, 2025, Carel Industries's stock price is EUR 21 (or $24).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.8B	$2.7B	XXX	XXX	XXX	XXX	$0.61

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Carel Industries Valuation Multiples

Carel Industries's trades at 4.1x EV/Revenue multiple, and 18.7x EV/EBITDA.

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Carel Industries Financial Valuation Multiples

As of October 17, 2025, Carel Industries has market cap of $2.7B and EV of $2.8B.

Equity research analysts estimate Carel Industries's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Carel Industries has a P/E ratio of 39.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.7B	XXX	$2.7B	XXX	XXX	XXX
EV (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV/Revenue	3.9x	XXX	4.1x	XXX	XXX	XXX
EV/EBITDA	20.4x	XXX	18.7x	XXX	XXX	XXX
EV/EBIT	29.3x	XXX	35.7x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	39.3x	XXX	37.6x	XXX	XXX	XXX
EV/FCF	44.1x	XXX	44.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Carel Industries Margins & Growth Rates

Carel Industries's last 12 month revenue growth is 9%

Carel Industries's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Carel Industries's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Carel Industries's rule of X is 42% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Carel Industries Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	19%	XXX	22%	XXX	XXX	XXX
EBITDA Growth	14%	XXX	-6%	XXX	XXX	XXX
Rule of 40	30%	XXX	31%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	42%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	49%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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