Johnson Controls vs Trane Technologies
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The short version
- Johnson Controls is the larger business, with $23.6B of revenue in fiscal 2025 against $21.3B for Trane Technologies.
- Trane Technologies grew revenue faster (7.5%, against 2.8%).
- Trane Technologies turned more of its sales into free cash flow (13.2% FCF margin, against 9.0%).
- Trane Technologies earned a higher return on the capital invested in it (29.0%, against 8.2%).
- Investors pay more for each dollar of Trane Technologies’s earnings: a P/E of 33.7x against 26.0x for Johnson Controls.
| Latest fiscal year | JCI · FY25 | TT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $88.4B | $99.0B |
| Revenue | $23.6B | $21.3B |
| Free cash flow | $2.1B | $2.8B |
| Net income | $3.3B | $2.9B |
| Growth | ||
| Revenue growth | 2.8% | 7.5% |
| 5-year growth | 1.1% | 11.4% |
| Share count change | −3.2% | −1.5% |
| Profitability | ||
| Gross margin | 36.4% | — |
| Operating margin | — | 18.6% |
| Net margin | 14.0% | 13.7% |
| FCF margin | 9.0% | 13.2% |
| Return on capital | 8.2% | 29.0% |
| Return on equity | 22.7% | 36.4% |
| Balance sheet | ||
| Net debt | $9.5B | $2.9B |
| Net debt / EBITDA | 3.0x | 0.7x |
| Dividends and buybacks | $7.0B | $2.3B |
| Valuation & quality | ||
| P/E | 26.0x | 33.7x |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
JCI $20.8B
TT $13.5B
FY17
JCI $22.8B
TT $14.2B
FY18
JCI $23.4B
TT $12.3B
FY19
JCI $24.0B
TT $13.1B
FY20
JCI $22.3B
TT $12.5B
FY21
JCI $23.7B
TT $14.1B
FY22
JCI $20.6B
TT $16.0B
FY23
JCI $22.3B
TT $17.7B
FY24
JCI $23.0B
TT $19.8B
FY25
JCI $23.6B
TT $21.3B
JCI
TT
Operating margin
FY16
JCI —
TT 11.9%
FY17
JCI —
TT 11.7%
FY18
JCI —
TT 12.3%
FY19
JCI —
TT 12.8%
FY20
JCI —
TT 12.3%
FY21
JCI —
TT 14.3%
FY22
JCI —
TT 15.1%
FY23
JCI —
TT 16.4%
FY24
JCI —
TT 17.6%
FY25
JCI —
TT 18.6%
JCI
TT
Free cash flow
FY16
JCI $659M
TT $1.3B
FY17
JCI −$389M
TT $1.3B
FY18
JCI $875M
TT $1.1B
FY19
JCI $1.2B
TT $1.7B
FY20
JCI $2.0B
TT $1.3B
FY21
JCI $2.0B
TT $1.4B
FY22
JCI $750M
TT $1.2B
FY23
JCI $1.4B
TT $2.1B
FY24
JCI $1.1B
TT $2.8B
FY25
JCI $2.1B
TT $2.8B
JCI
TT
Return on capital
FY16
JCI 4.7%
TT 14.5%
FY17
JCI 3.1%
TT 16.6%
FY18
JCI 5.0%
TT 12.3%
FY19
JCI 4.8%
TT 12.7%
FY20
JCI 4.1%
TT 11.8%
FY21
JCI 7.6%
TT 19.0%
FY22
JCI 5.4%
TT 21.4%
FY23
JCI 5.6%
TT 22.8%
FY24
JCI 6.7%
TT 26.4%
FY25
JCI 8.2%
TT 29.0%
JCI
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.