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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. In the quarter to June 2026, revenue grew 10.6%, EPS grew 6.94%, free cash flow grew 67.9% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three; insiders bought in the last twelve months.

458.89 1.53 +0.33%
Market cap
$100.6B
P/E
34.8×
Fwd P/E
30.8×
Dividend yield
0.89%
F-score
9/9
Altman Z
6.44
Beneish M
−2.46
Dividend safety
89/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.17
Total sells 75.65
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — — — 8 3 2 — — — 2 — 1
Insider Ownership 0.67%

Capital & Financial Ratios $m

Market Cap 100,630.00
Revenue 22,209.90
Net Income 2,972.50
Free Cash Flow 3,567.10
Net Debt 3,298.50
Current Ratio 1.07
Debt/Equity 0.53
P/E ratio 34.76
Fwd P/E 30.80
P/S ratio 4.57
P/B ratio 11.73 (above 6: high)
Past 5Y EPS Growth 29.82% (at or above 15%: strong)
This Y EPS Growth 17.00% (at or above 15%: strong)
Next Y EPS Growth 15.99% (at or above 15%: strong)
Next Y revenue growth 11.35% (at or above 10%: strong)
Next 5Y EPS Growth 15.98% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.7×, 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 81.68%
10-year low 10-year high
P/S against its own 10 years 90.90%
10-year low 10-year high
P/B against its own 10 years 90.64%
10-year low 10-year high
EV/Sales against its own 10 years 90.42%
10-year low 10-year high
EV/FCF against its own 10 years 58.83%
10-year low 10-year high

Dividends

Payout Ratio 0.31
Annual Dividend Rate 4.09
Annual Dividend Yield 0.89%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 4.08
1.05
1.05
1.05
2025 3.76
0.94
0.94
0.94
0.94
2024 3.36
0.84
0.84
0.84
0.84
2023 3.00
0.75
0.75
0.75
0.75
2022 2.68
0.67
0.67
0.67
0.67
2021 2.36
0.59
0.59
0.59
0.59
2020 2.12
0.53
0.53
0.53
0.53
2019 1.64
0.41
0.41
0.41
0.41
2018 1.52
0.35
0.35
0.41
0.41
2017 1.32
0.31
0.31
0.35
0.35
2016 1.06
0.25
0.25
0.25
0.31
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,095 1,590 1,763 1,318
Receivables 2,957 3,090 3,235 4,235
Inventory 2,152 1,972 2,104 2,617
Other 666 686 761 837
6,870 7,338 7,863 9,007
2023 2024 2025 Q'26
Payables 2,025 2,148 2,154 2,976
ST’ Debt 802 452 693 693
Other — — — —
6,054 6,069 6,287 8,391

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%

Revenue $m

Mar Jun Sep Dec Year
’26 4,969 6,354 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 2.62 4.16 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 36.52 57.68 61.78 69.12 70.00 137.98 120.64 162.04 233.76 298.15

Analyst estimates 2026–2028

Powerpack
High 61.45 74.65 83.07 107.32 153.72 207.06 201.65 245.27 422.00 476.19
People
People Employees 45,000 46,000 49,000 50,000 35,000 37,000 39,000 40,000 45,000 44,000
Revenue/emp, $m 0.30 0.31 0.25 0.26 0.36 0.38 0.41 0.44 0.44 0.48
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
Gross margin, % 31.10 30.89 30.47 30.52 30.54 31.62 31.05 33.13 35.69 36.16
EBT 1,741 1,418 1,258 1,399 1,288 1,791 2,172 2,567 3,242 3,679
EBT margin, % 12.89 9.99 10.19 10.70 10.34 12.67 13.58 14.52 16.34 17.25
Net income 1,493 1,312 1,358 1,429 870 1,437 1,775 2,042 2,590 2,936
Depreciation 352 353 282 289 294 299 324 348 379 376
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
Earnings 5.65 5.05 5.35 5.77 3.52 5.87 7.48 8.77 11.24 12.98
Cash flow 5.87 5.98 5.70 7.95 5.98 6.65 6.47 10.45 13.91 14.33
Capex (0.67) (0.86) (1.11) (0.84) (0.61) (0.87) (1.21) (1.28) (1.62) (1.63)
Free cash flow 5.20 5.11 4.58 7.10 5.37 5.78 5.25 9.18 12.29 12.70
Book value 25.92 28.27 28.58 30.27 26.77 26.28 26.25 30.70 33.10 38.57
Shares, m 259 255 247 242 240 239 233 229 226 223
Valuation, ×
Valuation, × P/E 10.46 13.58 13.21 17.84 41.24 34.36 22.90 27.38 32.83 29.98
P/S 1.13 1.24 1.42 1.91 2.80 3.41 2.49 3.11 4.21 4.07
P/B 2.27 2.44 2.48 3.41 5.42 7.69 6.54 7.84 11.16 10.09
EV/Sales 1.30 1.41 1.68 2.23 2.96 3.60 2.72 3.32 4.37 4.20
EV/FCF 13.07 15.39 18.26 17.02 28.58 36.88 35.61 27.97 31.20 31.65
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
Capex (173) (220) (275) (203) (146) (208) (282) (291) (366) (362)
Free cash flow 1,349 1,304 1,133 1,716 1,289 1,380 1,222 2,098 2,780 2,832
Balance, $m
Balance, $m Working capital 1,989 1,291 1,416 4,055 2,567 1,719 692 816 1,269 1,576
Total debt 4,070 4,064 4,091 5,573 5,272 4,842 4,836 4,780 4,770 4,615
Net debt 2,356 2,515 3,188 4,295 1,982 2,683 3,616 3,685 3,180 2,852
Shareholders’ equity 6,718 7,207 7,065 7,312 6,427 6,273 6,105 7,017 7,487 8,601
Returns, %
Returns, % ROA 8.65 7.32 7.41 7.35 4.42 7.86 9.72 10.80 12.99 14.04
ROIC 11.04 10.71 9.22 8.99 11.39 14.12 15.55 16.90 20.51 21.65
ROE 23.44 18.71 18.74 19.63 12.44 22.42 28.38 30.85 35.41 36.28
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $100.6B 34.8× 30.8× +10.56% (above 0%: growing) +6.94% (above 0%: growing) +67.93% (above 0%: growing) 35.57% 19.27%
JCI Johnson Controls International plc $89.4B 25.2× 30.7× +9.29% (above 0%: growing) +14.95% (above 0%: growing) +72.29% (above 0%: growing) 37.41% 14.92% Compare
CARR Carrier Global Corporation $45.3B 37.9× 31.1× +3.89% (above 0%: growing) −13.04% (below 0%: shrinking) +42.61% (above 0%: growing) 27.21% 12.99% Compare
MAS Masco Corporation $14.3B 16.8× 16.5× −2.88% (below 0%: shrinking) +25.00% (above 0%: growing) +67.78% (above 0%: growing) 43.57% 23.64% Compare
CSL Carlisle Companies Incorporated $13.3B 19.0× 18.5× +8.33% (above 0%: growing) +6.75% (above 0%: growing) −22.53% (below 0%: shrinking) 36.20% 22.45% Compare
LII Lennox International, Inc. $12.4B 16.1× 20.8× +2.96% (above 0%: growing) −1.40% (below 0%: shrinking) +133.39% (above 0%: growing) 34.91% 22.97% Compare
WMS Advanced Drainage Systems, Inc. $9.7B 21.9× 21.2× +20.63% (above 0%: growing) +18.92% (above 0%: growing) −8.28% (below 0%: shrinking) 40.76% 25.43% Compare
OC Owens Corning Inc $9.0B — (loss-making) 13.4× +0.33% (above 0%: growing) −34.19% (below 0%: shrinking) +61.87% (above 0%: growing) 28.77% 17.49% Compare
SPXC SPX Technologies, Inc. $8.4B 29.5× 34.3× +22.92% (above 0%: growing) +40.18% (above 0%: growing) +96.84% (above 0%: growing) 40.18% 16.94% Compare
Median of peers $12.9B 21.9× 21.0× +6.11% +10.85% +64.83% 36.81% 19.97%

All 35 Building Products & Equipment stocks →

TT metrics, ten years each

Trane Technologies plc (TT) key facts

  • Strength: Trane Technologies plc’s revenue for fiscal 2025 (year ended December 2025) was $21.3 billion, up 7.48% from fiscal 2024.
  • Strength: Net income was $2.9 billion, or $12.98 per share (basic), a net margin of 13.7%.
  • Trane Technologies plc (TT) is a Building Products & Equipment company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, TT traded at $458.89, a market capitalization of $100.6 billion.
  • At that price the stock trades at 34.8× trailing-twelve-month earnings and 4.6× sales; its P/E is higher than 82% of its own readings over the past ten years.
  • Trane Technologies plc pays an annual dividend of $4.09 per share, a yield of 0.89%, with a payout ratio of 31.0%.
  • Return on equity was 36.3% and debt-to-equity 0.53.
  • Its Piotroski F-score is 9 out of 9 and its Altman Z-score is 6.44 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Trane Technologies plc (TT) Latest News

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stockrow.com/TT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com