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Makes heating, ventilation and air conditioning (HVAC) systems and climate-control equipment for buildings and transport.
Makes heating, ventilation and air conditioning (HVAC) systems and climate-control equipment for buildings and transport.
Sells equipment through dealers and contractors, then installs and services it over the building's life, so earnings follow construction and replacement. It was formerly Ingersoll Rand, which sold its industrial division in 2020 to focus on climate.
Moat: narrow (brand, scale, installed base). Strong brand portfolio (Trane, Thermo King) and large installed base drive recurring service/parts revenue.
Headquarters: Davidson, North Carolina, US · Founded: 1913 · Employees: 44,000
Size Trane Technologies (TT) is a United States Industrials company (Industrial Machinery) with a market value of $87.9B, the 149th largest of 3,117 United States companies the cockpit tracks. Shares closed at $401.76 on 6 Nov 2026.
Performance Over six months the shares fell 13.6%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +8.3%); the operating margin is 18.1% (peer median 18.0%).
Valuation It trades at 23.4× forward earnings against a peer median of 23.2× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 16.7 points above its cost of capital (10.6% WACC).
Credit Trane Technologies has 6 bonds outstanding ($2.52B), rated A- by the agencies and trading like A+ at a weighted spread of 58 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $23.2B | $21.3B | $19.8B | $17.7B | $16.0B |
| Revenue growth | — | +7% | +12% | +11% | — |
| Gross profit | $8.13B | $7.71B | $7.08B | $5.86B | $4.98B |
| EBITDA | $4.60B | $4.31B | $3.88B | $3.25B | $2.77B |
| Net income | $3.15B | $2.92B | $2.57B | $2.02B | $1.76B |
| Free cash flow | $3.80B | $2.81B | $2.77B | $2.09B | $1.21B |
| Capital expenditure | $367M | $383M | $371M | $301M | $292M |
| Total debt | $4.22B | $6.26B | $5.38B | $5.30B | $5.31B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
| Lennox International LII | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.5% | -4.1% | 6th lowest of 21 |
| 6-month return | -13.6% | -1.0% | 5th lowest of 20 |
| Distance from 52-week high | -20.6% | -17.1% | 9th lowest of 21 |
| Revenue growth (TTM) | +10.3% | +8.3% | 9th highest of 21 |
| Operating margin | 18.1% | 18.0% | 10th highest of 21 |
| Forward P/E | 23.4× | 23.2× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 14.7% | 17.3% | 9th least demanding of 20 |
| Growth delivered (Del g) | +11.4% | +8.4% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | +3.3 pp | +5.6 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +16.7 pp | +5.3 pp | 3rd highest of 21 |
| EV / EBITDA | 19.8× | 17.2× | 4th most expensive of 16 |
| Net debt / EBITDA | 0.7× | 0.8× | 8th least indebted of 17 |
| Bond spread | 58 bp | 74 bp | 2nd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Trane Technologies TT | United States | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% | +11.4% |
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| Parker Hannifin PH | United States | $116B | +4% | +8% | 22% | 24.4× | 19.0% | +8.4% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Siemens SIE.DE | Germany | $225B | -4% | +4% | 13% | 23.4× | 18.3% | +7.4% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
Trane Technologies has 6 bonds outstanding with $2.52B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.37%, a spread of 58 bp over government bonds.