Carlisle Companies Inc (NYSE: CSL)

Sector: Industrials Industry: Building Products & Equipment CIK: 0000790051
Market Cap 17.50 Bn
P/B 9.75
P/E 23.63
P/S 3.49
ROIC (Qtr) 16.08
Div Yield % 1.03
Rev 1y % (Qtr) 0.43
Total Debt (Qtr) 2.88 Bn
Debt/Equity (Qtr) 1.60
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About

Investment thesis

Bull case

  • Robust free cash flow of 970.60M exceeds capital expenditure of 131.20M by 7.40x, indicating strong organic growth funding capability.
  • Operating cash flow of 1.10B provides strong 31.66x coverage of stock compensation 34.80M, indicating sustainable incentive practices.
  • Operating cash flow of 1.10B provides exceptional 14.04x coverage of interest expenses 78.50M, showing strong debt service capability.
  • Tangible assets of 3.30B provide exceptional 9.63x coverage of deferred revenue 342.50M, showing strong service capability backing.
  • Operating cash flow of 1.10B provides strong 3.22x coverage of deferred revenue 342.50M, indicating service delivery capability.

Bear case

  • Operating cash flow of 1.10B barely covers its investment activities of (240.40M), with a coverage ratio of -4.58, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (240.40M) provide weak support for R&D spending of 47.10M, which is -5.10x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 1.10B provides thin coverage of dividend payments of (181.10M) with a -6.08 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Cash reserves of 1.11B provide limited coverage of acquisition spending of (109.60M), which is -10.15x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of 1.10B barely covers operating expenses of (2.40M) with a -459.08 ratio, suggesting thin operational efficiency margins and limited flexibility.

Segments Breakdown of Revenue (2025)

Subsegments Breakdown of Revenue (2025)

Peer comparison

Companies in the Building Products & Equipment
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TT Trane Technologies plc 104.89 Bn 35.94 4.92 4.62 Bn
2 JCI Johnson Controls International plc 91.64 Bn 26.98 3.82 9.71 Bn
3 CARR CARRIER GLOBAL Corp 56.66 Bn 38.18 2.61 12.25 Bn
4 LII Lennox International Inc 19.91 Bn 24.71 3.83 1.77 Bn
5 CSL Carlisle Companies Inc 17.50 Bn 23.63 3.49 2.88 Bn
6 MAS Masco Corp /De/ 15.94 Bn 19.68 2.11 3.17 Bn
7 OC Owens Corning 13.83 Bn 13.90 1.63 5.61 Bn
8 WMS Advanced Drainage Systems, Inc. 13.26 Bn 28.18 4.44 1.45 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 3.08 2.00
EV to Cash from Ops. EV/CFO 17.49 13.48
EV to Debt EV to Debt 6.69 10.94
EV to EBIT EV/EBIT 18.80 24.16
EV to EBITDA EV/EBITDA 16.08 -11.14
EV to Free Cash Flow [EV/FCF] EV/FCF 19.86 46.78
EV to Market Cap EV to Market Cap 1.10 1.12
EV to Revenue EV/Rev 3.84 2.81
Price to Book Value [P/B] P/B 9.75 4.24
Price to Earnings [P/E] P/E 23.63 47.40
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 4.09 0.80
Dividend Payout Ratio % Div Payout % (Qtr) 24.30 11.22
Dividend per Basic Share Div per Share (Qtr) 4.20 0.71
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 18.52 10.90
Interest Coverage Int. cover (Qtr) 13.06 111.58
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -15.80 -24.93
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 47.59 61.26
Dividend Growth (1y) % Div 1y % (Qtr) 47.37 1.67
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -41.60 -186.82
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -8.87 -57.93
EBIT Growth (1y) % EBIT 1y % (Qtr) -37.12 -102.26
EBT Growth (1y) % EBT 1y % (Qtr) -39.20 -299.15
EPS Growth (1y) % EPS 1y % (Qtr) -38.69 -598.34
FCF Growth (1y) % FCF 1y % (Qtr) 5.85 89.70
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -5.04 -3.62
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.80 0.88
Cash Payout Ratio Cash Payout (Qtr) 0.15 0.13
Cash Ratio Cash Ratio (Qtr) 1.51 1.57
Current Ratio Curr Ratio (Qtr) 3.09 3.42
Debt to Equity Ratio Debt/Equity (Qtr) 1.60 0.79
Interest Cover Ratio Int Coverage (Qtr) 13.06 111.58
Times Interest Earned Times Interest Earned (Qtr) 13.06 111.58
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 24.30 3.54
EBIT Margin % EBIT Margin % (Qtr) 20.43 1.23
EBT Margin % EBT Margin % (Qtr) 18.86 -1.76
Gross Margin % Gross Margin % (Qtr) 35.70 28.65
Net Profit Margin % Net Margin % (Qtr) 14.80 -3.80