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Trane Technologies

TT NYSE Building Products Financials FY2016–FY2025

Trane Technologies' revenue rose 7.5% to $21.3 billion in fiscal 2025. Its operating margin was 18.6%, up from 17.6% a year earlier. Free cash flow was $2.8 billion, up 1.3%. It paid out $2.3 billion in dividends and buybacks, 82% of free cash flow. The diluted share count fell 1.5%.

Last close · Oct 23, 2026

$444.90

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$21.3B
7.5% vs prior year
Operating margin Operating income as a share of revenue.
18.6%
1.0 pts
Net income Profit after all expenses, interest and tax.
$2.9B
13.7%
Free cash flow Cash from operations minus capital spending.
$2.8B
1.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
29.0%
2.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$99.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
33.7x
On $13.21 EPS (TTM)

What Trane Technologies does

No business description yet.

Legal name
TRANE TECHNOLOGIES PLC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-005731
0001466258

Revenue and margins

Trane Technologies had $21.3B of revenue in fiscal 2025, up 7.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.8B in fiscal 2025, 13.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Trane Technologies returned $2.3B to shareholders in fiscal 2025, 82% of free cash flow. The diluted share count fell 1.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Trane Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.9B and divides by 224.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 33.7x · peers 26.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Trane Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.2B$1.2B$1.1B$1.6B$1.8B
Debt incl. finance leases $4.8B$4.8B$4.8B$4.8B$4.6B
Net debt / EBITDA 1.2x1.3x1.1x0.8x0.7x
Debt / equity 0.8x0.8x0.7x0.6x0.5x
Interest coverage 8.7x10.8x12.3x14.7x17.5x
Current ratio 1.4x1.1x1.1x1.2x1.3x
Quick ratio 1.0x0.8x0.8x0.9x0.9x
Total assets $18.1B$18.1B$19.4B$20.1B$21.4B
Total liabilities $11.8B$12.0B$12.4B$12.7B$12.8B
Shareholders' equity $6.3B$6.1B$7.0B$7.5B$8.6B
Net debt (− = net cash) $2.7B$3.6B$3.7B$3.2B$2.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$74.5M

5 insiders

Of sales under plans

100%

$74.5M

DateInsiderTradeSharesPriceValueFiling
Oct 6, 2026 David S RegneryChair and CEO, Director Sold plan 48,091 $480.00 $23.1M Form 4
Aug 5, 2026 David S RegneryChair and CEO, Director Sold plan 43,778 $475.00 $20.8M Form 4
Aug 4, 2026 Melissa N. SchaefferDirector Sold 145 $472.27 $0.1M Form 4
Apr 30, 2026 Donald E. SimmonsGroup President, Americas Sold plan 4,593 $500.00 $2.3M Form 4
Apr 8, 2026 Christopher J KuehnExecutive Vice President & CFO Sold plan 8,619 $450.00 $3.9M Form 4
Mar 6, 2026 David S RegneryChair and CEO, Director Sold plan 36,045 $422.69 $15.2M Form 4
Mar 6, 2026 Donald E. SimmonsGroup President, Americas Sold plan 3,762 $422.70 $1.6M Form 4
Mar 6, 2026 Elizabeth A. ElwellVP & Chief Accounting Officer Sold plan 635 $422.71 $0.3M Form 4
Mar 5, 2026 John A HayesDirector Bought 400 $430.44 $0.2M Form 4
Feb 12, 2026 Donald E. SimmonsGroup President, Americas Sold plan 7,663 $475.00 $3.6M Form 4
Feb 10, 2026 Christopher J KuehnExecutive Vice President & CFO Sold plan 2,389 $462.70 $1.1M Form 4
Feb 10, 2026 David S RegneryChair and CEO, Director Sold plan 5,588 $462.60 $2.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 8 / 88 / 88 / 8
Accruals ratio −2.0%−2.9%−1.3%
Altman Z'' 3.413.794.02

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Trane Technologies TT $99.0B 7.5% 18.6% 13.2% 29.0% 33.7x 8
Carrier Global CARR $47.4B −3.3% 10.0% 9.8% 8.0% 36.8x 5 Compare →
Johnson Controls JCI $88.4B 2.8% — 9.0% 8.2% 26.0x 6 Compare →
Owens Corning OC $9.2B 2.6% 3.6% 9.5% 1.9% — 4 Compare →
Masco MAS $15.5B −3.4% 16.5% 11.5% 40.4% 18.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.5B $14.2B $12.3B $13.1B $12.5B $14.1B $16.0B $17.7B $19.8B $21.3B
Gross profit $4.2B $4.4B $3.8B $4.0B $3.8B — — — — —
Research and development $208M $211M $167M $174M $165M $194M $211M $252M $310M $348M
Operating income $1.6B $1.7B $1.5B $1.7B $1.5B $2.0B $2.4B $2.9B $3.5B $4.0B
Interest expense $222M $216M $221M $243M $249M $234M $224M $235M $238M $227M
Pretax income $1.7B $1.4B $1.3B $1.4B $1.3B $1.8B $2.2B $2.6B $3.2B $3.7B
Income tax $282M $80.2M $235M $239M $297M $334M $376M $498M $628M $706M
Net income $1.5B $1.3B $1.3B $1.4B $855M $1.4B $1.8B $2.0B $2.6B $2.9B
Diluted EPS $5.65 $5.05 $5.35 $5.77 $3.52 $5.87 $7.48 $8.77 $11.24 $12.98
Diluted shares 0.26B 0.26B 0.25B 0.24B 0.24B 0.24B 0.23B 0.23B 0.23B 0.22B
Cash flow
Cash from operations $1.5B $1.5B $1.4B $1.9B $1.4B $1.6B $1.5B $2.4B $3.1B $3.2B
Capital expenditure $183M $221M $285M $205M $146M $223M $292M $301M $371M $383M
Free cash flow $1.3B $1.3B $1.1B $1.7B $1.3B $1.4B $1.2B $2.1B $2.8B $2.8B
Depreciation and amortization $352M $353M $362M $397M $294M $299M $324M $348M $379M $376M
Stock-based compensation $69.6M $70.8M $78.8M $66.4M $69.5M $66.5M $56.3M $64.3M $82.9M $86.6M
Acquisitions $9.2M $158M $286M $83.4M $183M $269M $235M $863M $180M $276M
Share buybacks $250M $1.0B $900M $750M $250M $1.1B $1.2B $669M $1.3B $1.5B
Dividends paid $349M $430M $480M $510M $507M $561M $620M $684M $758M $837M
Dividends and buybacks $599M $1.4B $1.4B $1.3B $757M $1.7B $1.8B $1.4B $2.0B $2.3B
Balance sheet
Cash and short-term investments $1.7B $1.5B $878M $1.3B $3.3B $2.2B $1.2B $1.1B $1.6B $1.8B
Total debt $4.2B $4.1B $4.1B $5.6B $5.3B $4.8B $4.8B $4.8B $4.8B $4.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $5.6B $6.1B $5.7B $9.3B $6.9B $6.5B $6.4B $6.9B $7.3B $7.9B
Current liabilities $3.6B $4.8B $4.3B $5.2B $4.3B $4.8B $5.7B $6.1B $6.1B $6.3B
Inventory $1.4B $1.6B $1.7B $1.3B $1.2B $1.5B $2.0B $2.2B $2.0B $2.1B
Property and equipment, net $1.5B $1.6B $1.7B $1.4B $1.3B $1.4B $1.5B $1.8B $2.0B $2.3B
Total assets $17.4B $18.2B $17.9B $20.5B $18.2B $18.1B $18.1B $19.4B $20.1B $21.4B
Total liabilities $10.7B $11.0B $10.9B $13.2B $11.7B $11.8B $12.0B $12.4B $12.7B $12.8B
Shareholders' equity $6.6B $7.1B $7.0B $7.3B $6.4B $6.3B $6.1B $7.0B $7.5B $8.6B
Margins
Gross margin 31.1% 30.9% 30.5% 30.5% 30.5% — — — — —
Operating margin 11.9% 11.7% 12.3% 12.8% 12.3% 14.3% 15.1% 16.4% 17.6% 18.6%
EBITDA margin 14.5% 14.2% 15.2% 15.8% 14.7% 16.4% 17.2% 18.3% 19.6% 20.4%
Net margin 10.9% 9.2% 10.8% 10.8% 6.9% 10.1% 11.0% 11.5% 12.9% 13.7%
FCF margin 9.9% 9.2% 9.1% 13.1% 10.4% 9.7% 7.6% 11.8% 14.0% 13.2%
Returns
Return on capital 14.5% 16.6% 12.3% 12.7% 11.8% 19.0% 21.4% 22.8% 26.4% 29.0%
Return on capital employed 11.9% 12.3% 11.2% 11.6% 10.6% 14.9% 18.8% 22.5% 25.5% 27.2%
Return on equity 23.7% 18.9% 18.9% 19.8% 12.5% 22.5% 28.5% 30.9% 35.5% 36.4%
Return on assets 8.7% 7.3% 7.4% 7.4% 4.4% 7.9% 9.7% 10.8% 13.0% 14.0%
Growth
Revenue growth 1.6% 5.1% −13.1% 5.9% −4.8% 13.5% 13.1% 10.5% 12.2% 7.5%
Net income growth 122.1% −11.8% 2.7% 5.5% −39.4% 66.5% 23.4% 15.2% 26.9% 13.7%
EPS growth 127.8% −10.6% 5.9% 7.9% −39.0% 66.8% 27.4% 17.3% 28.2% 15.5%
FCF growth 109.6% −2.8% −13.8% 52.6% −24.8% 5.9% −11.2% 72.3% 32.9% 1.3%
Share count change −2.3% −1.4% −3.1% −2.3% −0.5% −0.3% −3.1% −1.8% −1.0% −1.5%
Financial health
Net debt / EBITDA 1.3x 1.3x 1.7x 2.1x 1.1x 1.2x 1.3x 1.1x 0.8x 0.7x
Debt / equity 0.6x 0.6x 0.6x 0.8x 0.8x 0.8x 0.8x 0.7x 0.6x 0.5x
Interest coverage 7.2x 7.7x 6.8x 6.9x 6.2x 8.7x 10.8x 12.3x 14.7x 17.5x
Current ratio 1.6x 1.3x 1.3x 1.8x 1.6x 1.4x 1.1x 1.1x 1.2x 1.3x
Quick ratio 1.2x 1.0x 0.9x 1.5x 1.3x 1.0x 0.8x 0.8x 0.9x 0.9x
Capital allocation
Capex / revenue 1.4% 1.6% 2.3% 1.6% 1.2% 1.6% 1.8% 1.7% 1.9% 1.8%
Stock comp / revenue 0.5% 0.5% 0.6% 0.5% 0.6% 0.5% 0.4% 0.4% 0.4% 0.4%
Payouts / FCF 44.7% 111.1% 122.9% 73.5% 58.8% 121.7% 150.2% 64.8% 73.5% 82.5%
Quality scores
Piotroski F-score 9.0 6.0 6.0 8.0 6.0 7.0 5.0 8.0 8.0 8.0
Altman Z'' 3.5 3.4 3.5 4.0 3.6 3.4 3.2 3.4 3.8 4.0
Accruals ratio −0.3% −1.2% −0.4% −2.7% −3.0% −0.9% 1.4% −2.0% −2.9% −1.3%

Source: SEC EDGAR XBRL filings (CIK 0001466258). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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