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CARRIER GLOBAL vs Tecogen: revenue, profit, margins and growth compared

CARRIER GLOBAL brought in $21.7B of revenue in fiscal 2025, Tecogen $27.1M in fiscal 2025. Revenue changed by -3.3% at CARRIER GLOBAL and +19.7% at Tecogen on the year before, so Tecogen grew faster. CARRIER GLOBAL kept 6.8% of its revenue as net profit, Tecogen -30.5%. Free cash flow was $2.1B at CARRIER GLOBAL and -$10.3M at Tecogen.

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Side by side, latest fiscal year

CARRTGEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$21.7B$27.1M
Revenue growth-3.3%+19.7%
Net income$1.5B-$8.2M
Net margin6.8%-30.5%
Free cash flow$2.1B-$10.3M
Free cash flow margin9.8%-38.1%
Earnings per share (diluted)$1.72-$0.30
Cash$1.6B$12.4M
Debt$11.5Bn/a
Price to earnings32.8n/a
Market value$46.5B$92.1M
Dividend yield1.20%n/a
Rank by revenue in sector#30 of 451 · Industrials#419 of 451 · Industrials

Over the years

Revenue
CARR FY2018: $18.9BCARR FY2020: $18.6BCARR FY2020: $17.5BCARR FY2021: $20.6BCARR FY2022: $17.3BCARR FY2023: $19BCARR FY2024: $22.5BCARR FY2025: $21.7BTGEN FY2018: $35.9MTGEN FY2019: $33.4MTGEN FY2020: $28.3MTGEN FY2021: $24.4MTGEN FY2022: $25MTGEN FY2023: $25.1MTGEN FY2024: $22.6MTGEN FY2025: $27.1MFY18FY19FY20FY21FY22FY23FY24FY25
CARR $21.7BTGEN $27.1M
Net income
CARR FY2018: $2.7BCARR FY2020: $2.1BCARR FY2020: $2BCARR FY2021: $1.7BCARR FY2022: $3.5BCARR FY2023: $1.3BCARR FY2024: $5.6BCARR FY2025: $1.5BTGEN FY2018: -$5.7MTGEN FY2019: -$4.7MTGEN FY2020: -$6.2MTGEN FY2021: $3.7MTGEN FY2022: -$2.4MTGEN FY2023: -$4.6MTGEN FY2024: -$4.8MTGEN FY2025: -$8.2MFY18FY19FY20FY21FY22FY23FY24FY25
CARR $1.5BTGEN -$8.2M
Net margin
CARR FY2018: 14.5%CARR FY2020: 11.4%CARR FY2020: 11.4%CARR FY2021: 8.1%CARR FY2022: 20.4%CARR FY2023: 7.1%CARR FY2024: 24.9%CARR FY2025: 6.8%TGEN FY2018: -15.9%TGEN FY2019: -14.1%TGEN FY2020: -21.8%TGEN FY2021: 15.1%TGEN FY2022: -9.8%TGEN FY2023: -18.3%TGEN FY2024: -21.0%TGEN FY2025: -30.5%FY18FY19FY20FY21FY22FY23FY24FY25
CARR 6.8%TGEN -30.5%
Revenue growth
CARR FY2020: -1.6%CARR FY2020: -6.2%CARR FY2021: +18.1%CARR FY2022: -16.1%CARR FY2023: +9.6%CARR FY2024: +18.7%CARR FY2025: -3.3%TGEN FY2019: -6.8%TGEN FY2020: -15.5%TGEN FY2021: -13.6%TGEN FY2022: +2.5%TGEN FY2023: +0.5%TGEN FY2024: -10.0%TGEN FY2025: +19.7%FY19FY20FY21FY22FY23FY24FY25
CARR -3.3%TGEN +19.7%
Free cash flow
CARR FY2018: $1.8BCARR FY2020: $1.8BCARR FY2020: $1.4BCARR FY2021: $1.9BCARR FY2022: $1.4BCARR FY2023: $2.2BCARR FY2024: $44MCARR FY2025: $2.1BTGEN FY2018: -$4.7MTGEN FY2019: -$4.6MTGEN FY2020: $1.3MTGEN FY2021: $373.6KTGEN FY2022: -$1.7MTGEN FY2023: -$864.7KTGEN FY2024: $3.1MTGEN FY2025: -$10.3MFY18FY19FY20FY21FY22FY23FY24FY25
CARR $2.1BTGEN -$10.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about CARRIER GLOBAL and Tecogen

Which is bigger by revenue, CARRIER GLOBAL or Tecogen?

CARRIER GLOBAL is bigger by revenue: $21.7B in fiscal 2025, against $27.1M for Tecogen in fiscal 2025.

Which keeps more of its revenue as profit, CARRIER GLOBAL or Tecogen?

CARRIER GLOBAL had a net margin of 6.8% in fiscal 2025; Tecogen had -30.5% in fiscal 2025.

Which grew revenue faster, CARRIER GLOBAL or Tecogen?

In their latest fiscal years revenue changed by -3.3% at CARRIER GLOBAL and +19.7% at Tecogen.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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