Owens Corning 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 $10.1B for Owens Corning, about 2.1 times as much.
- Trane Technologies grew revenue faster (7.5%, against 2.6%).
- Trane Technologies kept more of each dollar of sales as operating profit (18.6% operating margin, against 3.6%).
- Trane Technologies turned more of its sales into free cash flow (13.2% FCF margin, against 9.5%).
- Trane Technologies earned a higher return on the capital invested in it (29.0%, against 1.9%).
| Latest fiscal year | OC · FY25 | TT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $99.0B |
| Revenue | $10.1B | $21.3B |
| Free cash flow | $962M | $2.8B |
| Net income | −$522M | $2.9B |
| Growth | ||
| Revenue growth | 2.6% | 7.5% |
| 5-year growth | 7.5% | 11.4% |
| Share count change | −4.3% | −1.5% |
| Profitability | ||
| Gross margin | 28.1% | — |
| Operating margin | 3.6% | 18.6% |
| Net margin | −5.2% | 13.7% |
| FCF margin | 9.5% | 13.2% |
| Return on capital | 1.9% | 29.0% |
| Return on equity | −11.7% | 36.4% |
| Balance sheet | ||
| Net debt | $4.8B | $2.9B |
| Net debt / EBITDA | 4.6x | 0.7x |
| Dividends and buybacks | $1.0B | $2.3B |
| Valuation & quality | ||
| P/E | — | 33.7x |
| Piotroski F-score | 4 | 8 |
Revenue
FY16
OC $5.7B
TT $13.5B
FY17
OC $6.4B
TT $14.2B
FY18
OC $7.1B
TT $12.3B
FY19
OC $7.2B
TT $13.1B
FY20
OC $7.1B
TT $12.5B
FY21
OC $8.5B
TT $14.1B
FY22
OC $9.8B
TT $16.0B
FY23
OC $8.4B
TT $17.7B
FY24
OC $9.9B
TT $19.8B
FY25
OC $10.1B
TT $21.3B
OC
TT
Operating margin
FY16
OC 12.3%
TT 11.9%
FY17
OC 12.5%
TT 11.7%
FY18
OC 11.4%
TT 12.3%
FY19
OC 11.0%
TT 12.8%
FY20
OC −2.0%
TT 12.3%
FY21
OC 16.9%
TT 14.3%
FY22
OC 17.6%
TT 15.1%
FY23
OC 19.6%
TT 16.4%
FY24
OC 15.0%
TT 17.6%
FY25
OC 3.6%
TT 18.6%
OC
TT
Free cash flow
FY16
OC $570M
TT $1.3B
FY17
OC $679M
TT $1.3B
FY18
OC $266M
TT $1.1B
FY19
OC $590M
TT $1.7B
FY20
OC $828M
TT $1.3B
FY21
OC $1.1B
TT $1.4B
FY22
OC $1.3B
TT $1.2B
FY23
OC $1.2B
TT $2.1B
FY24
OC $1.2B
TT $2.8B
FY25
OC $962M
TT $2.8B
OC
TT
Return on capital
FY16
OC 8.3%
TT 14.5%
FY17
OC 6.8%
TT 16.6%
FY18
OC 9.0%
TT 12.3%
FY19
OC 7.1%
TT 12.7%
FY20
OC −1.6%
TT 11.8%
FY21
OC 16.8%
TT 19.0%
FY22
OC 20.1%
TT 21.4%
FY23
OC 18.2%
TT 22.8%
FY24
OC 12.9%
TT 26.4%
FY25
OC 1.9%
TT 29.0%
OC
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.