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Trane Technologies plc

TT Industrials Building Products & Equipment

Trane Technologies plc’s revenue for fiscal 2025 (year ended December 2025) was $21.3 billion, up 7.48% from fiscal 2024.

Revenue
+17.7%
EPS
+25.4%
Free cash flow
+28.8%
Total debt
−8.63%

Quarter to September 2026, against a year earlier

394.05 16.43 −4.00%
Market cap
$85.9B
P/E
27.8×
Fwd P/E
27.1×
Dividend yield
1.04%
F-score
9/9
Altman Z
6.44
Beneish M
−2.46
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Product
  • Service

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.17
Sold, $m 75.65
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — 8 3 2 — — — 2 — 1 —
Insider Ownership 0.73%

Capital & Financial Ratios $m

Size
Market Cap 85,900.00
Revenue ttm 23,227.10
Net income ttm 3,175.70
Free cash flow ttm 3,836.70
Net debt Q 2,990.20
Valuation
P/E 27.83
Forward P/E 27.10
Price / sales 3.73
Forward P/S Powerpack
Price / FCF 22.60
Price / book 9.49 (above 6: high)
Financial health
Current ratio Q 1.12
Debt / equity Q 0.46 (at or below 0.5: strong)
Interest coverage Q 25.63
Growth
Revenue growth Q +17.71% (above 0%: growing)
Operating income growth Q +15.26% (above 0%: growing)
EPS, this year +17.05% (at or above 15%: strong)
EPS, next year A +16.17% (at or above 15%: strong)
Revenue, next year A +13.15% (at or above 10%: strong)
EPS, past 5 yrs +29.82% (at or above 15%: strong)
EPS, next 5 yrs A +16.04% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.9×, against a ten-year median of 2.7×; over the ten years it ranged from 1.1× in 2016 to 5.2× in 2026.
P/E against its own 10 years 59.85%
10-year low 10-year high
P/S against its own 10 years 76.53%
10-year low 10-year high
P/B against its own 10 years 75.76%
10-year low 10-year high
EV/Sales against its own 10 years 75.54%
10-year low 10-year high
EV/FCF against its own 10 years 44.33%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.04%
Annual rate
4.09
Payout ratio
28.9%
Growth, 2017–25
+14.0%/yr
  1. 1.32 ’17
  2. 1.52 ’18 +15
  3. 1.64 ’19 +8
  4. 2.12 ’20 +29
  5. 2.36 ’21 +11
  6. 2.68 ’22 +14
  7. 3.00 ’23 +12
  8. 3.36 ’24 +12
  9. 3.76 ’25 +12
  10. 4.11 ’26e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,095 1,590 1,763 1,227
Receivables 2,957 3,090 3,235 4,090
Inventory 2,152 1,972 2,104 2,603
Other 666 686 761 792
6,870 7,338 7,863 8,711
2023 2024 2025 Q'26
Payables 2,025 2,148 2,154 3,103
ST’ Debt 802 452 693 293
Other — — — —
6,054 6,069 6,287 7,752

Compound Annual Growth %

10y 5y 3y
Sales 4.83% 11.35% 10.06%
Cash Flow 13.65% 17.36% 28.54%
Earnings 15.95% 27.84% 18.44%
Book Value 3.88% 6.00% 12.10%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.74 Actual 4.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.82 2.86 Beat by 0.04
Q1 FY26 2.53 2.63 Beat by 0.10
Q2 FY26 4.27 4.31 Beat by 0.04
Q3 FY26 4.74 4.86 Beat by 0.12
Q4 FY26 3.57 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.62 4.16 4.74 — —
’25 2.67 3.89 3.78 2.64 12.98
’24 1.90 3.30 3.39 2.66 11.24
’23 1.33 2.55 2.72 2.19 8.77
’22 1.10 2.16 2.34 1.89 7.48
’21 0.97 1.91 1.68 1.32 5.87
’20 (0.12) 0.99 1.64 1.01 3.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,969 6,354 6,760 — —
’25 4,689 5,746 5,743 5,145 21,322
’24 4,216 5,307 5,441 4,874 19,838
’23 3,666 4,705 4,883 4,424 17,678
’22 3,356 4,190 4,372 4,074 15,992
’21 3,018 3,830 3,720 3,569 14,136
’20 2,641 3,139 3,496 3,179 12,455
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 626 1,088 1,313 — —
’25 340 692 1,004 1,159 3,195
’24 247 696 1,303 900 3,146
’23 9 524 922 935 2,390
’22 (188) 422 510 760 1,504
’21 260 491 411 427 1,588
’20 (328) 205 931 627 1,435
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 547 1,011 1,205 — —
’25 221 602 936 1,074 2,832
’24 163 623 1,214 779 2,780
’23 (69) 467 839 861 2,098
’22 (263) 353 451 681 1,222
’21 216 457 367 341 1,380
’20 (362) 180 901 570 1,289
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.2% a year for ten years. It grew 11.7% a year over the last ten.

Implied
8.2%
10 years, reported
11.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,509 14,198 12,344 13,076 12,455 14,136 15,992 17,678 19,838 21,322 23,227 +5.2% 24,125 26,442 28,754 +10.5%
Gross margin, % 31.10 30.89 30.47 30.52 30.54 31.62 31.05 33.13 35.69 36.16 34.99 +5.1 pt
EBT 1,741 1,418 1,258 1,399 1,288 1,791 2,172 2,567 3,242 3,679 3,926 +8.7%
EBT margin, % 12.89 9.99 10.19 10.70 10.34 12.67 13.58 14.52 16.34 17.25 16.90 +4.4 pt
Net income 1,493 1,312 1,358 1,429 870 1,437 1,775 2,042 2,590 2,936 3,176 +7.8%
Per share, $
Per share, $ Revenue 52.12 55.70 49.93 54.12 51.87 59.22 68.75 77.33 87.70 95.61 105.58 +7.0%
Earnings 5.65 5.05 5.35 5.77 3.52 5.87 7.48 8.77 11.24 12.98 14.16 +9.7%
Cash flow 5.87 5.98 5.70 7.95 5.98 6.65 6.47 10.45 13.91 14.33 19.03 +10.4%
Capex (0.67) (0.86) (1.11) (0.84) (0.61) (0.87) (1.21) (1.28) (1.62) (1.63) (1.59) +10.4%
Free cash flow 5.20 5.11 4.58 7.10 5.37 5.78 5.25 9.18 12.29 12.70 17.44 +10.4%
Book value 25.92 28.27 28.58 30.27 26.77 26.28 26.25 30.70 33.10 38.57 41.51 +4.5%
Shares, m 259 255 247 242 240 239 233 229 226 223 221 (1.7%)
Valuation, ×
Valuation, × P/E 10.52 13.65 13.27 17.93 41.24 34.36 22.90 27.38 32.83 29.98 27.83 24.4
P/S 1.14 1.24 1.42 1.91 2.80 3.41 2.49 3.11 4.21 4.07 3.73 2.6
P/B 2.28 2.45 2.49 3.42 5.42 7.69 6.54 7.84 11.16 10.09 9.49 5.9
EV/Sales 1.31 1.42 1.68 2.24 2.96 3.60 2.72 3.32 4.37 4.20 3.86 2.8
EV/FCF 13.12 15.46 18.33 17.09 28.58 36.88 35.61 27.97 31.20 31.65 23.37 25.6
Cash, $m
Cash, $m Operating cash flow 1,522 1,524 1,408 1,920 1,435 1,588 1,504 2,390 3,146 3,195 4,186 +8.6%
Capex (173) (220) (275) (203) (146) (208) (282) (291) (366) (362) (349) +8.5%
Free cash flow 1,349 1,304 1,133 1,716 1,289 1,380 1,222 2,098 2,780 2,832 3,837 +8.6%
Balance, $m
Balance, $m Working capital 1,989 1,291 1,416 4,055 2,567 1,719 692 816 1,269 1,576 959 (2.6%)
Net debt 2,356 2,515 3,188 4,295 1,982 2,683 3,616 3,685 3,180 2,852 2,990 +2.1%
Shareholders’ equity 6,718 7,207 7,065 7,312 6,427 6,273 6,105 7,017 7,487 8,601 9,133 +2.8%
Returns, %
Returns, % ROA 8.65 7.32 7.41 7.35 4.42 7.86 9.72 10.80 12.99 14.04 13.92 +5.4 pt
ROIC 11.04 10.71 9.22 8.99 11.39 14.12 15.55 16.90 20.51 21.65 21.46 +10.6 pt
ROE 23.44 18.71 18.74 19.63 12.44 22.42 28.38 30.85 35.41 36.28 36.04 +12.8 pt
People
People Employees 45,000 46,000 49,000 50,000 35,000 37,000 39,000 40,000 45,000 44,000 — (0.2%)
Revenue/emp, $m 0.30 0.31 0.25 0.26 0.36 0.38 0.41 0.44 0.44 0.48 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Trane Technologies makes and services heating, ventilation and air-conditioning equipment, known as HVAC, as well as refrigeration systems. It sells under brands including Trane and Thermo King. Its equipment helps control temperatures and air quality in buildings and homes, and keeps cargo cold during transportation.

For commercial buildings, the company supplies systems such as chillers, air handlers, heat pumps and building controls. It also offers energy management, installation, maintenance and repair. Its portfolio includes data-center cooling equipment and controls. For homes, it sells heating and cooling systems, thermostats and air filtration products. Thermo King products include refrigeration systems for trucks, trailers, containers and other forms of transport.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Product 13,982 65.58%
Service 7,340 34.42%
Gross margin 36.16%
Operating margin 18.61%
Pre-tax margin 17.25%

Revenue by segment since 2009

Trane Technologies plc vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TT Trane Technologies plc $85.9B 27.8× 27.1× +17.71% (above 0%: growing) +25.40% (above 0%: growing) +28.82% (above 0%: growing) 35.28% 19.87%
JCI Johnson Controls International plc $79.6B 28.2× 30.2× +10.42% (above 0%: growing) −40.07% (below 0%: shrinking) +23.20% (above 0%: growing) 38.03% 15.98% Compare
CARR Carrier Global Corporation $43.5B — (loss-making) 47.7× +12.26% (above 0%: growing) n/m +200.89% (above 0%: growing) 26.87% (36.29%) Compare
MAS Masco Corporation $16.2B 18.1× 17.1× +2.56% (above 0%: growing) +30.00% (above 0%: growing) −20.00% (below 0%: shrinking) 36.62% 17.24% Compare
CSL Carlisle Companies Incorporated $14.7B 21.4× 20.3× +8.65% (above 0%: growing) +5.21% (above 0%: growing) −29.51% (below 0%: shrinking) 33.82% 20.04% Compare
LII Lennox International, Inc. $11.9B 16.2× 16.3× +10.21% (above 0%: growing) −8.27% (below 0%: shrinking) +36.71% (above 0%: growing) 31.62% 19.85% Compare
MAIR Madison Air Solutions Corporation $10.8B 48.8× 34.9× — — +79.04% (above 0%: growing) 38.98% 19.70% Compare
OC Owens Corning Inc $9.8B — (loss-making) 15.2× −7.27% (below 0%: shrinking) n/m −16.47% (below 0%: shrinking) 24.71% (6.11%) Compare
WMS Advanced Drainage Systems, Inc. $9.3B 23.3× 21.8× +4.59% (above 0%: growing) −26.87% (below 0%: shrinking) −8.28% (below 0%: shrinking) 38.89% 21.91% Compare
Median of peers $13.3B 22.4× 21.1× +8.65% −8.27% +7.46% 35.22% 18.47%

All 34 Building Products & Equipment stocks →

From the latest earnings call

Updated

  • CEO David Regnery said second-quarter organic bookings rose 37%, while backlog reached 12.1 billion, with approximately $6 billion scheduled for 2027 and beyond.
  • CFO Chris Kuehn said the Middle East conflict affected EMEA margins and that Trane had taken cost actions at the end of June.

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TT metrics, ten years each

stockrow.com/TT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com