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Trane Technologies (TT)

Industrials · $92.2B market cap · SEC CIK 0001466258

$420.82 ▲+0.06% on the day close of Nov 10, 2026
79 Screens well
ahead of 79% of the S&P 500 · #12 of 79 in Industrials

Next reports on Jan 25, 2027, after the close, with analysts expecting $3.59 in earnings per share.

52-week range $348.06 to $505.87. 17% below its 52-week high and 21% above its low.

The case for TT

The case against

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

Valuewhat you pay for the earnings and cash, against the growth you get66
Growthhow fast revenue and earnings are moving, this year and over five76
Profitabilityhow much of the revenue becomes profit, and how much of that is cash66
Momentumhow the price has behaved lately38
Stabilityhow violently it moves, what it owes and what it pays you70

The financials

Revenue growth

Is the business growing? Yes

Last 12 months+10.3%
Over 5 years+11.3% a year
FY2025 revenue$21.3B (+7%)

Free cash flow

Is it generating real cash? Yes

FY2025 free cash flow$2.8B
Of revenue13%
Of profit96%

Profit margins

Is profitability improving? Holding steady

Gross margin35%
Operating margin18%
Net margin, FY24 → FY25 → now12.9% → 13.7% → 13.6%

Debt vs. cash

Is the balance sheet healthy? Yes, the debt is manageable

Cash$1.8B
Long-term debt$3.9B
Net debt$2.2B
Years to repay1.2 yrs

Valuation

Is the stock price reasonable? Yes, about fair

P/E29.3×
Fair P/E for its growth36×
P/FCF32.8×
Forward P/E23.7×
EV / EBITDA20.8×

At 29.3× earnings it trades below the 36× that 17% a year of growth plus a 1.3% dividend would justify. At 32.8× free cash flow it trades close to that same mark.

The financials, five years deep

Pulled from Trane Technologies's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

FY2025FY2024FY2023FY2022FY2021
Revenue growth
Revenue$21.3B$19.8B$17.7B$16.0B$14.1B
Change on the year+7%+12%+11%+13%—
Free cash flow
Free cash flow$2.8B$2.8B$2.1B$1.2B$1.4B
Of revenue13%14%12%8%10%
Profit margins
Operating margin18.6%17.6%16.4%15.1%14.3%
Net margin13.7%12.9%11.4%11.0%10.1%
Debt vs. cash
Cash$1.8B$1.6B$1.1B$1.2B$2.2B
Long-term debt$3.9B$4.3B$4.0B$3.8B$4.5B
Net cash (debt)−$2.2B−$2.7B−$2.9B−$2.6B−$2.3B

What Trane Technologies says it does

Overview Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, us, our, the Company) is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane ® and Thermo King ® , and our environmentally responsible portfolio of products, services and connected intelligent controls. We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions. As an industry leader with an extensive global install base, our growth strategy includes expanding recurring revenue through services and rental options. Our unique business operating system, uplifting culture and highly engaged team around the world are also central to our earnings and…

Risk factors TT lists in its 10-K

Filings

Open TT in the deck

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