olivLaw · US equity research
Carlisle Companies Incorporated CSL
Fabricated Rubber Products, NEC · SIC 3060 · Vertical: Rubber and plastics products (SIC 30xx)
Carlisle Companies is a major supplier of building envelope products, focused on energy-efficient insulation and low-labor roofing solutions, mainly in the United States and Canada with some presence in Europe. The company reported revenues of 5019.9 million USD in 2025 and kept high margins in a weak new-construction market, which makes it a case to watch for investors tracking the re-roofing cycle and petrochemical cost pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Carlisle Companies Incorporated (CSL) stock was 398.82 USD (+2.97% on the day), with market capitalisation 15.4 bn USD, P/E 22.6 on diluted EPS of 17.67 USD over the last 12 months, dividend yield 1.14%, beta 1.00, 52-week range 295.41–418.74 USD. Latest reported quarter (Q3 2026): revenue of 1.5 bn USD (+8.6% YoY), net income of 208.1 m USD (−2.8% YoY), diluted EPS 5.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 300.25 – 395.73
- above the upper band · %B 1.03 · band width 27.4%
- SMA 50 / 200
- 338.53 / 352.88
- mixed trend
- MACD (12, 26, 9)
- 14.79 / 8.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.5% | −1.1% | +21.6 pp | — |
| 3 months | +3.5% | −0.5% | +4.0 pp | — |
| 6 months | +6.6% | +4.4% | +2.3 pp | — |
| Year to date | +24.7% | +12.3% | +12.4 pp | — |
| 1 year | +22.0% | +13.5% | +8.4 pp | +6.6% |
| 3 years | +47.4% | +76.4% | −29.0 pp | +18.3% |
| 5 years | +71.0% | +63.7% | +7.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.4 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.6 bn | 1.5 bn |
| Cost of revenue | 717.4 m | 710.1 m | 908.4 m | 861.7 m | 747.1 m | 688.9 m | 1.0 bn | 968.5 m |
| Research & development | 8.8 m | 10.7 m | 11.1 m | 12.4 m | 12.9 m | 12.1 m | 11.4 m | 11.9 m |
| SG&A | 174.9 m | 194.0 m | 196.9 m | 177.9 m | 176.6 m | 171.8 m | 199.3 m | 186.1 m |
| Operating income | 224.0 m | 183.6 m | 335.0 m | 293.9 m | 190.0 m | 180.3 m | 352.5 m | 293.2 m |
| Depreciation & amortisation | 46.0 m | 47.8 m | 48.9 m | 49.8 m | 50.0 m | 49.2 m | 48.7 m | 48.8 m |
| Interest expense | 17.3 m | 14.8 m | 14.7 m | 21.3 m | 27.7 m | 28.3 m | 27.4 m | 27.7 m |
| Pre-tax income | 202.0 m | 175.0 m | 323.6 m | 277.8 m | 172.4 m | 163.2 m | 333.7 m | 269.9 m |
| Income tax | 39.6 m | 34.9 m | 68.1 m | 64.3 m | 39.0 m | 35.5 m | 76.0 m | 62.5 m |
| Net income | 162.8 m | 143.3 m | 255.8 m | 214.2 m | 127.4 m | 127.7 m | 255.2 m | 208.1 m |
| Diluted EPS | 3.57 ≈ | 3.20 | 5.88 | 4.98 | 3.03 ≈ | 3.10 | 6.30 | 5.24 |
| Operating cash flow | 370.6 m | 1.8 m | 287.1 m ≈ | 426.9 m ≈ | 386.0 m | -44.7 m | 241.8 m ≈ | 314.1 m ≈ |
| Capex | 36.6 m | 29.0 m | 28.8 m ≈ | 33.5 m ≈ | 39.9 m | 28.3 m | 41.7 m ≈ | 36.8 m ≈ |
| Dividends paid | 45.0 m | 45.2 m | 43.1 m ≈ | 47.0 m ≈ | 45.8 m | 45.7 m | 44.4 m ≈ | 49.5 m ≈ |
| Share repurchases | 419.8 m | 400.0 m | 300.0 m ≈ | 300.0 m ≈ | 300.0 m | 250.0 m | 250.0 m ≈ | 350.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 40-quarter history (min 10.2, median 19.1, max 31.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 4.5 bn | 4.0 bn | 3.8 bn | 5.4 bn | 4.6 bn | 5.0 bn | 5.0 bn |
| Revenue YoY | +19.4% | +0.1% | −11.5% | −3.4% | +42.0% | −15.8% | +9.1% | +0.3% |
| Net income | 611.1 m | 472.8 m | 320.1 m | 421.7 m | 924.0 m | 767.4 m | 1.3 bn | 740.7 m |
| Net income YoY | +67.2% | −22.6% | −32.3% | +31.7% | +119.1% | −16.9% | +70.9% | −43.5% |
| Diluted EPS | 10.02 | 8.19 | 5.80 | 7.91 | 17.56 | 15.18 | 27.82 | 17.12 |
| Diluted EPS YoY | +75.5% | −18.3% | −29.2% | +36.4% | +122.0% | −13.6% | +83.3% | −38.5% |
| net % | 13.6% | 10.5% | 8.1% | 11.0% | 17.0% | 16.7% | 26.2% | 14.8% |
| Free cash flow | 218.5 m | 614.2 m | 601.2 m | 286.9 m | 817.4 m | 1.1 bn | 917.0 m | 970.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 2.9 bn USD
- Net debt
- 1.8 bn USD
- Equity
- 1.8 bn USD
- Total assets
- 6.3 bn USD
- Debt / equity
- 1.61x
- Current ratio
- 3.09x
- ROE
- 34.8%
- ROA
- 12.3%
- FCF margin
- 19.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 3.8 bn | 5.4 bn | 4.6 bn | 5.0 bn | 5.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 2.8 bn | 2.7 bn | 3.6 bn | 3.0 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 1.1 bn ≈ | 1.1 bn ≈ | 1.9 bn | 1.6 bn | 1.9 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Research & development | 45.4 m | 16.4 m | 19.0 m | 28.7 m | 35.4 m | 47.1 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 603.2 m | 507.8 m | 623.5 m | 625.2 m | 722.8 m | 745.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 487.8 m | 573.4 m | 1.2 bn | 982.8 m | 1.1 bn | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 224.2 m | 119.7 m | 158.6 m | 151.1 m | 172.6 m | 196.5 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 712.0 m ≈ | 693.1 m ≈ | 1.4 bn ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 1.2 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | — | — | 85.9 m | 75.6 m | 73.3 m | 78.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 404.2 m | 489.9 m | 1.1 bn | 930.4 m | 1.1 bn | 948.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 78.5 m | 104.3 m | 265.7 m | 211.5 m | 245.8 m | 206.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 320.1 m | 421.7 m | 924.0 m | 767.4 m | 1.3 bn | 740.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 5.80 | 7.91 | 17.56 | 15.18 | 27.82 | 17.12 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 55.0 m | 53.2 m | 52.5 m | 50.4 m | 47.1 m | 43.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 2.05 | 2.13 | 2.58 | 3.20 | 3.70 | 4.20 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 897.1 m | 324.4 m | 364.8 m | 576.7 m | 753.5 m | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 554.4 m | 814.6 m | 615.3 m | 615.3 m | 579.7 m | 593.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 432.7 m | 605.1 m | 518.0 m | 361.7 m | 472.7 m | 447.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 2.2 bn | 2.2 bn | 2.2 bn | 3.4 bn | 1.9 bn | 2.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 672.1 m | 759.9 m | 602.0 m | 655.2 m | 711.8 m | 807.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 1.6 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 960.9 m | 2.0 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 5.9 bn | 7.2 bn | 7.2 bn | 6.6 bn | 5.8 bn | 6.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 284.5 m | 432.4 m | 273.5 m | 245.5 m | 261.1 m | 233.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 1.1 m | 352.0 m | 301.7 m | 402.7 m | 3.2 m | 4.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 2.1 bn | 2.6 bn | 2.3 bn | 1.9 bn | 1.9 bn | 2.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 646.2 m | 1.2 bn | 1.1 bn | 1.2 bn | 665.8 m | 736.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 2.5 bn † | 2.6 bn † | 3.0 bn † | 2.8 bn † | 2.5 bn † | 1.8 bn † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 696.7 m | 421.7 m | 1.0 bn | 1.2 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 95.5 m | 134.8 m | 183.5 m | 142.2 m | 113.3 m | 131.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 601.2 m ≈ | 286.9 m ≈ | 817.4 m ≈ | 1.1 bn ≈ | 917.0 m ≈ | 970.6 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -122.6 m | -1.5 bn | -61.1 m | 352.4 m | 1.2 bn | -240.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -24.7 m | 488.1 m | -862.0 m | -1.3 bn | -2.1 bn | -503.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 112.4 m | 112.5 m | 134.4 m | 160.3 m | 172.4 m | 181.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 382.4 m | 315.6 m | 400.0 m | 900.0 m | 1.6 bn | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet68
- Valuation50
- Quality80
- Growth0
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 55.19 – 638.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)203.56 – 361.38 (Mid 263.08)WACC 8.6% · starting FCFF 836.4 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 12.7%
- Peers: EV/EBITDA316.45 – 378.20 (Mid 365.85)10 companies used · median multiple 13.6x · quartiles 12.0x – 14.0xATR, AWI, CMT, CROX, KRT, MYE, NPO, NWL, SWIM, WMS
- Peers: P/E310.57 – 638.58 (Mid 427.41)12 companies used · median multiple 24.2x · quartiles 17.6x – 36.1xATR, AWI, CMT, CROX, DECK, DSWL, ENTG, KRT, MYE, NKE, ONON, WMS
- Dividend discount (DDM)55.19 – 74.22 (Mid 63.31)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.8% | 73 (vs peers) | 10% |
| Net margin · Quality | 13.8% | 72 (vs peers) | 6% |
| FCF conversion · Quality | 104.5% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -2.7% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -0.8% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.9x | 36 (vs peers) | 10% |
| Interest coverage · Balance sheet | 9.1x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 22.6x | 64 (vs peers) | 10% |
| EV/EBITDA · Valuation | 14.6x | 27 (vs peers) | 10% |
| FCF yield · Valuation | 4.9% | 61 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 8.7% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 24.7% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet68/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation50/100 · 3/3 factors with a value
Memo
CARLISLE COMPANIES INCORPORATED (CSL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.0 bn USD in 2025; YoY growth 0.3%; net margin 13.8%; ROE 41.9%; net debt/EBITDA 1.9x.
The estimated value range is 257.06–369.79 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 314.46 USD, the price of 398.82 USD leaves a potential of -21.2% (value / price − 1) and a margin of safety of -26.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.8%
- Net margin: 13.8%
- FCF conversion: 104.5%
- Interest coverage: 9.1x
- Current ratio: 2.4x
- Shareholder yield (distributions): 8.7%
- Payout ratio (FCF): 24.7%
What contradicts it
- Revenue CAGR 3Y: -2.7%
- EPS CAGR 3Y: -0.8%
- EV/EBITDA: 14.6x
- The price is above the estimated value range
Versus the vertical median
Rubber and plastics products (SIC 30xx) · same major group (2-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENTGEntegris, Inc. | 21.8 bn | 55.7 | 9.6% | 11.1% | −1.4% | +85% / +37% |
| CSLCarlisle Companies Incorporated | 15.4 bn | 22.6 | 41.9% | 13.8% | +0.3% | +22% / +47% |
| DECKDeckers Outdoor Corp | 11.9 bn | 11.8 | 44.3% | 19.0% | +9.8% | +1% / −19% |
| ONONOn Holding AG | 11.5 bn | 56.3 | 13.5% | 6.8% | +30.0% | −12% / +33% |
| WMSAdvanced Drainage Systems, Inc. | 10.9 bn | 24.9 | 26.1% | 14.0% | +5.0% | −5% / +19% |
| ATRAptarGroup, Inc | 9.3 bn | 35.6 | 9.9% | 6.7% | +5.4% | +18% / +16% |
| AWIArmstrong World Industries, Inc. | 7.4 bn | 23.5 | 36.0% | 18.4% | +12.1% | −7% / +107% |
| CROXCrocs, Inc. | 7.3 bn | 11.9 | 49.1% | 16.2% | −1.5% | +88% / +51% |
| NPOEnpro Inc | 5.9 bn | 94.7 | 4.0% | 4.9% | +9.0% | +25% / +116% |
| NWLNewell Brands Inc | 2.5 bn | — | -12.8% | -4.4% | −5.0% | +61% / −23% |
| GTThe Goodyear Tire & Rubber Company | 1.3 bn | — | -63.9% | -14.4% | −3.2% | −47% / −67% |
| MYEMyers Industries, Inc. | 1.1 bn | 37.6 | 9.7% | 3.3% | −1.3% | +58% / +62% |
| KRTKarat Packaging Inc. | 1.1 bn | 21.5 | 31.2% | 10.2% | +10.7% | +143% / +149% |
| SWIMLatham Group, Inc. | 963.2 m | 100.2 | 2.2% | 1.6% | +7.4% | +14% / +262% |
| LWLGLightwave Logic, Inc. | 662.9 m | — | -34.4% | -9,134.4% | +147.7% | −1% / +8% |
| CMTCore Molding Technologies, Inc. | 187.1 m | 26.1 | 4.4% | 2.4% | −9.5% | +12% / +18% |
| DSWLDeswell Industries, Inc. | 46.5 m | 4.4 | 10.0% | 17.3% | −9.3% | −19% / +12% |
| YHGJYunhong Green Cti Ltd. | 9.2 m | — | -29.5% | -14.4% | +9.8% | −29% / −87% |
| NKENIKE, Inc. | — | 19.5 | 21.6% | 6.7% | +0.2% | −37% / −63% |
1- and 3-year price returns: for CSL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 230.02 Total return -41% · Per year -41% | 408.17 Total return 4% · Per year 4% | 616.89 Total return 56% · Per year 56% |
| 3 years | 192.10 Total return -49% · Per year -20% | 386.43 Total return 0% · Per year 0% | 645.61 Total return 66% · Per year 18% |
| 5 years | 160.43 Total return -56% · Per year -15% | 365.85 Total return -3% · Per year -1% | 675.65 Total return 77% · Per year 12% |
- Exit P/E± 96.61
- Net margin± 67.63
- Annual revenue growth± 59.63
- Annual dilution± 5.68
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Carlisle Companies is a major supplier of building envelope products, focused on energy-efficient insulation and low-labor roofing solutions, mainly in the United States and Canada with some presence in Europe. The company reported revenues of 5019.9 million USD in 2025 and kept high margins in a weak new-construction market, which makes it a case to watch for investors tracking the re-roofing cycle and petrochemical cost pressure 123.
SWOT
Strengths
- The company holds a leading position in North American building envelope products and a high operating margin relative to the market, supported by its continuous improvement system 1.
- Re-roofing demand is steady and makes up a large part of the commercial business, which cushions weak new construction 1.
- Strong operating cash flow allows share repurchases and innovation spending without weakening the balance sheet 13.
Weaknesses
- The company depends on a small number of large customers, and losing one could materially affect revenue 1.
- Margins compressed in 2025 and in the second quarter of 2026 as raw material costs rose faster than prices 12.
- The CWT segment earns a much lower margin than CCM, which makes it more sensitive to lower volumes 13.
Opportunities
- If price increases recover costs, margins could gradually recover through the second half of 2026 and into 2027 2.
- Demand for energy efficiency and labor savings could open new products and synergistic acquisitions 13.
- A recovery in new construction, if it occurs, could support volumes in both segments 3.
Risks
- Dependence on a few large customershigh
A significant share of CCM revenue comes from a few customers, and a reduction in their purchases or a switch to other suppliers could have a large effect 1.
- Raw material inflationhigh
Raw materials and freight make up a large part of cost of goods sold, and their rise may not be recovered through prices 12.
- Construction cyclicalitymedium
The company's segments are sensitive to commercial and residential construction cycles, and a prolonged downturn could reduce volumes 1.
- Acquisitions and integrationmedium
The growth strategy relies on synergistic acquisitions, and integration may fail to deliver expected synergies or require goodwill impairments 1.
- Environmental and climate ruleslow
Greenhouse gas obligations and environmental laws could raise costs and required investments 1.
Investment thesis
What would need to be true (bull case)
- If price increases recover costs as the company expects, margins could recover over the coming quarters 2.
- Re-roofing and energy-efficiency demand provide a relatively stable revenue base even when new construction is weak 13.
- Strong cash generation supports share repurchases and innovation spending, which could sustain long-term value creation 13.
What would break the thesis
- If raw material inflation persists, margins could stay under pressure for longer than expected 2.
- Concentration on a few large customers could leave revenue exposed to a change in their behavior 1.
- New construction has no near-term recovery in sight, and if weakness continues the forecast growth could be harder to reach 3.
What to watch
- Trend in adjusted EBITDA margin and how well pricing offsets raw material costsQ3 2026
- Delivery of the 2026 revenue outlook and stability of the adjusted EBITDA marginnext 10-K
- Pace of share repurchases against the 1.2 billion USD target2026
- Development of new construction demand and its effect on the CWT segment2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Carlisle Companies Incorporated describes its business as a supplier of innovative building envelope solutions, organized in two building products segments: Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT) 1. Its five-year Vision 2030 plan rests on above-market organic growth, innovation, synergistic acquisitions and a continuous improvement system called the Carlisle Operating System 1. The company presents itself as a leader in energy efficiency and labor reduction, and has explicitly moved to a pure-play building products portfolio 1.
For 2025 the company reported revenues of 5019.9 million USD and an operating margin of 20.0 %, down from the prior year, as weak new construction demand and higher fixed-cost absorption weighed on results 1. In the second quarter of 2026 revenues rose 8.3 %, and the company raised its full-year revenue outlook to mid-single-digit growth 23.
The company employed about 5900 people at the end of 2025, of whom roughly 500 were represented by unions 1. Operating cash flow exceeded one billion dollars in 2025, and a large part of it went to share repurchases 1.
Segments
Carlisle Construction Materials (CCM)
CCM makes single-ply roofing membranes including EPDM, TPO and PVC, along with polyiso insulation and architectural metal panels, mainly for commercial buildings in the United States 1. Segment revenues reached 3721.7 million USD in 2025, and in the second quarter of 2026 CCM posted a record 1181 million USD, supported by re-roofing demand 13.
Carlisle Weatherproofing Technologies (CWT)
CWT provides air and vapor barriers, waterproofing systems, spray polyurethane foam and expanded polystyrene insulation, sold mainly in North America through distribution and retail 1. Segment revenues were 1298.2 million USD in 2025 and grew 10 % in the second quarter of 2026, although the adjusted EBITDA margin narrowed on raw material inflation 13.
Market context
The company's main market is North America, where aging non-residential buildings need continuing maintenance, and demand for energy efficiency and labor savings remains strong 1. Re-roofing makes up about 70 % of the commercial roofing business, which helps stabilize revenue when new construction is weak 1.
New construction has not yet recovered, and the company said its outlook does not assume a near-term rebound in those markets 3. Rising petrochemical and freight costs could weigh on margins if price increases lag cost inflation, as the company acknowledges is typical 2.
Trends
- Re-roofing demand and energy efficiencytailwind
Aging non-residential buildings need maintenance and better insulation, which supports demand for products that cut energy use and labor 1. This factor could sustain volumes even while new construction stays weak 13.
- Petrochemical raw material inflationheadwind
The rapid rise in oil prices and freight costs tied to the Middle East conflict compressed margins in the second quarter of 2026 23. The effect depends on how quickly the company recovers costs through higher prices 2.
- Weak new constructionheadwind
New commercial and residential construction remains soft, which reduced CWT volumes and pressured fixed-cost absorption 12. If this weakness persists, pressure on revenue could continue 3.
- Investment in innovation and automationmixed
The company launched about half of its planned 2026 products and is investing in automation and in-house polystyrene resin capacity 23. These investments could improve margins over the medium term, though the effect is uncertain 2.
Competitive position
In the CCM segment the company is one of four major manufacturers in the single-ply industry, and competes through innovative products, long warranties and customer service 1. The CWT segment faces numerous competitors, usually local or regional, that produce a subset of its broader range 1.
Competition also includes pressure from large customers, two of which represented a significant share of revenue, and price remains a competitive factor in both segments 1. The company notes that new entrants or pricing competition could affect future results 3.
- Other single-ply roofing manufacturers
The company says it is one of four major manufacturers in the single-ply industry, without naming competitors in the sources provided 1.
- Regional and local competitors in CWT
The CWT segment competes with numerous local or regional producers, not named individually in the sources provided 1.
- Distributors and large customers
Consolidation among distributors and large customers can shift bargaining power over prices, as the company's own risk factors describe 1.
- Insulation and air barrier producers
Competition in insulation and air barriers runs on price and innovation, with no firms named in the sources analyzed 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- A super el Niño threatens our food system. Here’s how farms can prepare | Liz CarlisleThe Guardian — Environment · 12 Oct 2026 · EN
The latest news item in our archive is from 12 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report10 Sept 2026Departure or appointment of officers
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report24 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Mar 2026
- Annual report13 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Carlisle Companies Incorporated · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Carlisle Companies Incorporated · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Carlisle Companies Incorporated · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.