At a glance
Carlisle Companies Incorporated is worth $13.34B, about 20 times its fiscal 2025 earnings. Revenue grew 0.3% to $5.02B in fiscal 2025, with 14.8% kept as profit; over 5 years it has grown 4.8% a year. It pays a 1.32% dividend yield, raised every year for at least 9 years, and returned $5.26B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.7% over the past year with dividends reinvested and +10.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.2% in the 2020 crash (S&P 500: 33.7%) and 15.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 1 month after the lows.
The business in plain English
Carlisle Companies makes products for the building envelope, the outer shell of a building: its roof, walls and the layers that keep out water and air and hold in heat. Demand for its roofing products comes mainly from replacing older roofs on nonresidential buildings, and less from new construction. Revenue was $5.02 billion in the year ended December 31, 2025.
Carlisle Construction Materials (CCM) brought in $3.72 billion, or 74.1% of revenue. It makes single-ply roofing membranes, which are sheets of synthetic rubber or plastic known as EPDM, TPO and PVC. It also makes polyiso insulation, architectural metal and roof garden systems. Its brands include Carlisle SynTec, Versico, Weatherbond and Hunter Panels, plus Resitrix and Hertalan in Europe. CCM sells through sales representatives and distributors and offers warranties of up to 40 years on some roofing systems. CCM's two largest customers made up 33% of Carlisle's revenue in 2025.
Carlisle Weatherproofing Technologies (CWT) brought in $1.30 billion, or 25.9% of revenue. It sells waterproofing, protective layers that go under roofing, air and vapor barriers, spray foam, coatings and polystyrene insulation for commercial and residential buildings. It sells mostly through distributors and retail outlets in the US and Canada. The United States supplied 89.6% of total revenue and Europe 5%. Sales tend to peak in the second and third quarters, when the weather suits construction.
Price history
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CSL +2.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| CCM | $3.72B | 74.1% |
| CWT | $1.30B | 25.9% |
By geography
| United States | $4.50B | 89.6% |
| Europe | $250.7M | 5% |
| North America (excluding U.S.) | $231.0M | 4.6% |
| Other | $37.9M | 0.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.46B, up 8.6% from a year earlier, and net income was $208.1M (-2.8%).
- For fiscal 2025, revenue was $5.02B (+0.3% year over year; +4.8% a year from FY2020 to FY2025) with a 14.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.8% watch |
|---|---|
| Operating margin | 20% good |
| Free cash flow margin | 19.3% good |
| Return on equity (FY2025) | 41.3% good |
| Return on assets (FY2025) | 11.8% good |
| Net cash (cash minus debt) | $-2.35B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.97B | $320.1M | $601.2M |
| FY2021 | $3.84B | $421.7M | $286.9M |
| FY2022 | $5.45B | $924.0M | $817.4M |
| FY2023 | $4.59B | $767.4M | $1.06B |
| FY2024 | $5.00B | $1.31B | $917.0M |
| FY2025 | $5.02B | $740.7M | $970.6M |
Valuation snapshot
| Market value | $13.34B |
|---|---|
| P/E ratio | 20.2 |
| Dividend yield | 1.32% |
Rank among 1514 US companies
Market value at each year end
Carlisle Companies Incorporated’s market value went from $7.11B at the end of 2016 to $13.34B on Oct 28, 2026, up 88%; since the end of 2025 it is down 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.34B | -0.2% |
| 2025 | $13.37B | -20.1% |
| 2024 | $16.72B | +9.9% |
| 2023 | $15.21B | +24.8% |
| 2022 | $12.19B | -6.1% |
| 2021 | $12.97B | +55.6% |
| 2020 | $8.34B | -9.1% |
| 2019 | $9.17B | +53.2% |
| 2018 | $5.99B | -15.0% |
| 2017 | $7.04B | -1.0% |
| 2016 | $7.11B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CSL price data to Oct 28, 2026 | +8.9% | +2.7% | +12.8% | +10.2% | +14.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.9% |
| 2025 | -12.3% |
| 2024 | +19.1% |
| 2023 | +34.3% |
| 2022 | -4.1% |
| 2021 | +60.6% |
| 2020 | -2.0% |
| 2019 | +63.1% |
| 2018 | -10.3% |
| 2017 | +4.5% |
| 2016 | +26.0% |
| 2015 | -0.6% |
| 2014 | +14.9% |
| 2013 | +36.8% |
| 2012 | +34.6% |
| 2011 | +13.3% |
| 2010 | +18.2% |
| 2009 | +69.6% |
| 2008 | -42.9% |
| 2007 | -4.4% |
| 2006 | +14.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.9% over that stretch · deepest drop along the way 63.4%, back to its old high 26.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.2% over that stretch · deepest drop along the way 38.2%, back to its old high 12.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18.2% over that stretch · deepest drop along the way 15%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Sep 30, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Morgan Stanley | 5.1% | Mar 31, 2026 |
ETFs with the most weight in CSL
| XMHQ Invesco S&P MidCap Quality ETF | 4.02% |
| XHB SPDR S&P Homebuilders ETF | 3.63% |
| SMRI Bushido Capital US Equity ETF | 2.11% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.11% |
| BUL Pacer US Cash Cows Growth ETF | 2.09% |
| RUNN Running Oak Efficient Growth ETF | 1.9% |
| TMDV ProShares Russell U.S. Dividend Growers ETF | 1.75% |
| TMFM Motley Fool Mid-Cap Growth ETF | 1.59% |
What could go wrong
- Two customers drive a third of sales. Carlisle's two largest customers accounted for 33% of revenue in 2025, and losing either could hurt results. Roofing distributors have been merging, which gives big buyers more power to push prices down.
- Heavily tied to the construction cycle. Carlisle sells only building products. A slump in commercial construction would cut demand, especially in roof repair and replacement. So would a slump in home building, which matters for the weatherproofing unit.
- Volatile raw material costs. Inputs such as MDI and polyol chemicals, EPDM and TPO polymers, asphalt and coated steel are a large share of costs. Price spikes or shortages could squeeze margins or disrupt production.
- Growth depends partly on acquisitions. Buying companies is a pillar of Carlisle's Vision 2030 plan. Competitive bidding can push prices up, deals may add debt, and poor integration could force write-downs of the premium paid.
- Production relies on a limited number of plants. Many products are made at only a few locations. A flood, tornado, fire, equipment failure or cyberattack at a key plant could cut output and cause losses that insurance may not cover.
- Long warranties and product liability exposure. Carlisle offers warranties of up to 40 years on some roofing systems. Product problems could bring costly warranty or liability claims, and insurance may not fully cover liability claims.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Carlisle's dividend is modest but has grown quickly, from $2.05 a share in 2020 to $4.20 in 2025. That is about 15% a year, with at least nine straight annual increases. In 2025 the dividend used about 24% of earnings and 19% of free cash flow (the cash left after running and investing in the business). The yield was 1.32% as of October 28, 2026. Buybacks are much larger: $4.5 billion from 2021 to 2025, against $761 million in dividends. The share count fell 24% between October 2021 and July 2026.
The stock has fallen sharply in severe downturns. It lost 63.4% in the 2008 financial crisis and took about 27 months from its low to get back to its old peak. It dropped 38.2% in the 2020 COVID crash and recovered in about a year. During the 2022 bear market it gained 18.2% while the broader market fell. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Carlisle Companies make money?
Carlisle sells roofing, insulation and weatherproofing products for buildings. Its Carlisle Construction Materials segment makes single-ply roofing membranes and insulation. In 2025 it brought in $3.72 billion, or 74.1% of total revenue of $5.02 billion. Carlisle Weatherproofing Technologies sells waterproofing, air barriers, spray foam and other insulation, and it added $1.30 billion. The United States supplied 89.6% of revenue. Most roofing demand comes from replacing older roofs on nonresidential buildings. The operating margin, the share of sales left after operating costs, was 20%.
Does Carlisle raise its dividend every year?
Yes, so far. Carlisle has raised its dividend at least nine years in a row through 2025, and possibly longer. Dividends per share rose from $2.05 in 2020 to $4.20 in 2025, about 15% a year. The 2025 dividend used about 24% of earnings and 19% of free cash flow. The yield was a modest 1.32% as of October 28, 2026. Past increases do not guarantee future ones.
Does Carlisle buy back its own stock?
Yes, on a large scale. Carlisle spent $4.5 billion on buybacks from 2021 to 2025, nearly six times the $761 million it paid in dividends. That included $1.59 billion in 2024 and $1.3 billion in 2025. Shares outstanding fell 24%, from about 52.3 million in October 2021 to 39.7 million in July 2026, so each remaining share owns a bigger slice of the company. Debt is worth watching too: as of June 30, 2026, total debt was $2.89 billion against $665 million in cash.
Does Carlisle depend on a few big customers?
Yes. The two largest customers of its Carlisle Construction Materials segment made up 33% of the whole company's revenue in 2025. Carlisle says losing either one could materially hurt revenue and operating income. Each customer's business is spread across a number of separate local agreements. Roofing distributors have also been merging, and big buyers can use their purchasing power to push for lower prices.
Is Carlisle stock sensitive to the construction cycle?
Yes. Carlisle sells only building products. The company says both of its segments are exposed to downturns in commercial construction, especially repair and replacement work, and its weatherproofing unit also depends on home building. Sales are seasonal and peak in the second and third quarters. The stock fell 63.4% in the 2008 financial crisis and 38.2% in the 2020 COVID crash. Its largest drop in the three years to October 28, 2026 was 37.7%.