Masco vs Trane Technologies
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The short version
- Trane Technologies is the larger business, with $21.3B of revenue in fiscal 2025 against $7.6B for Masco, about 2.8 times as much.
- Trane Technologies grew revenue faster (7.5%, against −3.4%).
- Trane Technologies kept more of each dollar of sales as operating profit (18.6% operating margin, against 16.5%).
- Trane Technologies turned more of its sales into free cash flow (13.2% FCF margin, against 11.5%).
- Masco earned a higher return on the capital invested in it (40.4%, against 29.0%).
- Investors pay more for each dollar of Trane Technologies’s earnings: a P/E of 33.7x against 18.9x for Masco.
| Latest fiscal year | MAS · FY25 | TT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.5B | $99.0B |
| Revenue | $7.6B | $21.3B |
| Free cash flow | $866M | $2.8B |
| Net income | $810M | $2.9B |
| Growth | ||
| Revenue growth | −3.4% | 7.5% |
| 5-year growth | 1.0% | 11.4% |
| Share count change | −4.1% | −1.5% |
| Profitability | ||
| Gross margin | 35.4% | — |
| Operating margin | 16.5% | 18.6% |
| Net margin | 10.7% | 13.7% |
| FCF margin | 11.5% | 13.2% |
| Return on capital | 40.4% | 29.0% |
| Return on equity | — | 36.4% |
| Balance sheet | ||
| Net debt | $2.3B | $2.9B |
| Net debt / EBITDA | 1.7x | 0.7x |
| Dividends and buybacks | $832M | $2.3B |
| Valuation & quality | ||
| P/E | 18.9x | 33.7x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
MAS $7.4B
TT $13.5B
FY17
MAS $6.0B
TT $14.2B
FY18
MAS $6.7B
TT $12.3B
FY19
MAS $6.7B
TT $13.1B
FY20
MAS $7.2B
TT $12.5B
FY21
MAS $8.4B
TT $14.1B
FY22
MAS $8.7B
TT $16.0B
FY23
MAS $8.0B
TT $17.7B
FY24
MAS $7.8B
TT $19.8B
FY25
MAS $7.6B
TT $21.3B
MAS
TT
Operating margin
FY16
MAS 14.8%
TT 11.9%
FY17
MAS 17.1%
TT 11.7%
FY18
MAS 16.2%
TT 12.3%
FY19
MAS 16.2%
TT 12.8%
FY20
MAS 18.0%
TT 12.3%
FY21
MAS 16.8%
TT 14.3%
FY22
MAS 14.9%
TT 15.1%
FY23
MAS 16.9%
TT 16.4%
FY24
MAS 17.4%
TT 17.6%
FY25
MAS 16.5%
TT 18.6%
MAS
TT
Free cash flow
FY16
MAS $609M
TT $1.3B
FY17
MAS $578M
TT $1.3B
FY18
MAS $813M
TT $1.1B
FY19
MAS $671M
TT $1.7B
FY20
MAS $839M
TT $1.3B
FY21
MAS $802M
TT $1.4B
FY22
MAS $616M
TT $1.2B
FY23
MAS $1.2B
TT $2.1B
FY24
MAS $907M
TT $2.8B
FY25
MAS $866M
TT $2.8B
MAS
TT
Return on capital
FY16
MAS 40.5%
TT 14.5%
FY17
MAS 36.9%
TT 16.6%
FY18
MAS 36.5%
TT 12.3%
FY19
MAS 35.8%
TT 12.7%
FY20
MAS 49.8%
TT 11.8%
FY21
MAS 48.4%
TT 19.0%
FY22
MAS 43.0%
TT 21.4%
FY23
MAS 42.7%
TT 22.8%
FY24
MAS 43.6%
TT 26.4%
FY25
MAS 40.4%
TT 29.0%
MAS
TT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.