Carel Industries S.p.A.

0YQA.L

Industrial - Machinery · Industrials

Price

27.10 GBp

+0.15 (+0.57%)

Market Cap

£3.07B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

Track this stock — start free trial

Share count rising — dilution

+10.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 102.9M (2021) → 113.3M (2025)

Winston Score History

The full picture

Carel Industries is an Italian company that makes control systems and electronic components for machines that manage temperature and humidity. Its main products include controllers, sensors, and software used in refrigeration units, air conditioners, and industrial humidifiers. Its customers are manufacturers of HVAC and refrigeration equipment, as well as operators of supermarkets, data centers, and hospitals.

Carel earns revenue by selling hardware components and software solutions to equipment makers and end users across more than 75 countries. Headquartered in Brugine, Italy, it generates a significant share of sales in Europe but has been expanding in North America and Asia. Its competitive edge comes from deep technical specialization in climate control electronics and long-standing relationships with major equipment manufacturers, which makes switching suppliers costly. The key growth driver is rising demand for energy-efficient climate systems, particularly in data centers and cold chain logistics, though the business faces risk from slowing industrial capital spending and competition from larger automation companies.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+66.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

51.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€133M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Carel Industries S.p.A. grew revenue 25% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

17.9%

Thin — 17.9% gross margin

Profit after running costs

Operating Margin

17.9%

Healthy — 17.9% operating margin

Return on the money invested

ROCE

17.0%

Strong — 17.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+16.8%

Fast-growing sales (+16.8% YoY)

Profit growth

EPS YoY

+49.1%

Earnings growing fast (+49.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

110%

Turns 110% of profit into real cash

Spare cash per sale

FCF Margin

12.9%

Converts sales into free cash efficiently (12.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.24

Conservative — low debt load (0.24)

Covers its interest

Interest Cover

21.56x

Comfortably covers interest (21.6x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

32.9x

Pricey — P/E 32.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+6.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.9 → 26.7)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

0.72%

Small dividend — 0.72% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+50.1%

Dividend growing fast (50.1% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial