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Carel Industries SpA
(CRL)
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Rating:64Neutral
Price Target:
€30.00
▲(10.70% Upside)
Action:Reiterated
Date:08/07/26
The score is primarily supported by solid financial performance (healthy margins, low leverage, and positive free cash flow). It is held back by a relatively expensive valuation (high P/E and low yield) and a mixed technical picture (negative MACD and only neutral RSI despite longer-term price strength).
Positive Factors
Integrated HVAC/R product portfolio
Carel's broad hardware and software product set — controllers, sensors, valves, humidifiers and connectivity platforms — drives durable OEM design‑ins and installer relationships. This creates recurring aftermarket and services revenue, embeds the company in systems and raises customer switching costs over multiple years.
Negative Factors
Declining free cash flow
An almost 20% drop in TTM free cash flow and only moderate cash conversion signal operating cash volatility, likely from working capital or timing issues. This reduces optionality for sustained buybacks, larger acquisitions or accelerated product investment if the trend persists over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated HVAC/R product portfolio
Carel's broad hardware and software product set — controllers, sensors, valves, humidifiers and connectivity platforms — drives durable OEM design‑ins and installer relationships. This creates recurring aftermarket and services revenue, embeds the company in systems and raises customer switching costs over multiple years.
Read all positive factors
Carel Industries SpA (CRL) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€3.10B
Dividend Yield0.71%
Average Volume (3M)60.26K
Price to Earnings (P/E)33.7
Beta (1Y)1.16
Revenue Growth16.82%
EPS Growth49.68%
CountryIT
Employees2,709
SectorTechnology
Sector Strength88
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.82
Shares Outstanding112,499,200
10 Day Avg. Volume113,431
30 Day Avg. Volume60,255
Financial Highlights & Ratios
PEG Ratio2.35
Price to Book (P/B)5.83
Price to Sales (P/S)4.42
P/FCF Ratio25.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€35.35Price Target Upside30.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.78
Revenue Forecast (FY)€738.92M
Carel Industries SpA Business Overview & Revenue Model
Company Description
Carel Industries S.p.A., together with its subsidiaries, designs, manufactures, markets, and distributes control and humidification solutions in Europe, the Middle East, Africa, North America, South America, and the Asia Pacific. The company offer...
How the Company Makes Money
Carel makes money primarily by selling hardware and integrated solutions used by HVAC/R equipment manufacturers and installers to control, monitor and optimize climate and refrigeration systems. Its key revenue streams are: (1) sales of electronic...
Carel Industries SpA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
81
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 692.98M | 629.03M | 578.54M | 650.25M | 548.97M | 426.20M |
| Gross Profit | 104.51M | 151.77M | 263.97M | 170.14M | 230.60M | 186.28M |
| EBITDA | 148.05M | 119.53M | 104.87M | 136.72M | 108.41M | 83.85M |
| Net Income | 92.84M | 73.64M | 62.64M | 70.94M | 62.12M | 49.06M |
Balance Sheet | ||||||
| Total Assets | 899.63M | 868.01M | 851.02M | 920.40M | 640.46M | 507.80M |
| Cash, Cash Equivalents and Short-Term Investments | 126.29M | 143.76M | 102.41M | 157.17M | 107.49M | 100.63M |
| Total Debt | 119.24M | 125.33M | 151.60M | 185.85M | 195.32M | 157.44M |
| Total Liabilities | 386.98M | 385.06M | 409.49M | 524.23M | 419.22M | 337.92M |
| Stockholders Equity | 506.85M | 477.24M | 434.94M | 376.42M | 205.38M | 154.95M |
Cash Flow | ||||||
| Free Cash Flow | 89.08M | 108.58M | 63.90M | 74.62M | 42.61M | 35.48M |
| Operating Cash Flow | 102.56M | 121.64M | 85.38M | 102.03M | 69.41M | 54.12M |
| Investing Cash Flow | -39.27M | -43.93M | -27.65M | -197.00M | -79.66M | -41.78M |
| Financing Cash Flow | -55.61M | -52.12M | -111.94M | 153.53M | 6.21M | -18.98M |
Carel Industries SpA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | €3.10B | 33.66 | 17.70% | 0.72% | 16.82% | 49.68% | |
64 Neutral | €164.57M | 17.16 | 9.43% | 3.93% | 2.73% | -16.89% | |
62 Neutral | €460.92M | 231.00 | -0.27% | ― | 8.45% | 96.85% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | €19.77B | 94.81 | ― | ― | 22.07% | 196.86% |
* Technology Sector Average
IT:CRL
Carel Industries SpA
27.60
2.12
8.31%
IT:GE
Gefran SPA
11.45
1.29
12.67%
IT:IOT
SECO S.p.A.
3.47
1.05
43.78%
IT:TPRO
Technoprobe S.p.A.
30.34
24.06
383.12%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.