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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. TT Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Trane Technologies (TT)

Market Price (9/17/2025): $399.99 | Market Cap: $89.3 Bil
Sector: Industrials | Industry: Building Products

Trane Technologies (TT)

Market Price (9/17/2025): $399.99
Market Cap: $89.3 Bil
Sector: Industrials
Industry: Building Products

Investment Highlights

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 3.2 Bil, FCF LTM is 2.8 Bil		  
1 Low stock price volatility
Vol 12M is 28%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 3.2 Bil, FCF LTM is 2.8 Bil
1 Low stock price volatility
Vol 12M is 28%

Market Valuation

 9/17/252024202320222021
Share Price CYE$399.99$366.69$239.72$162.64$192.11
Market Cap CYE ($ Bil)89.382.554.737.445.6
Total Debt ($ Bil)4.64.84.84.84.8
Total Cash ($ Bil)0.81.61.11.22.2
Enterprise Value ($ Bil)93.187.359.542.250.4
Valuation Ratios     
P/S TTM4.34.23.12.43.4
P/EBIT TTM23.524.019.916.323.8
P/E TTM31.332.527.622.333.9
Sector Ratios     
P/S TTM (Sector)1.61.41.41.11.6
P/EBIT TTM (Sector)11.410.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/17/2520242023
Share Price CYE$399.99$366.69$239.72
Market Cap CYE ($ Bil)89.382.554.7
Total Debt ($ Bil)4.64.84.8
Total Cash ($ Bil)0.81.61.1
Enterprise Value ($ Bil)93.187.359.5
Valuation Ratios   
P/S TTM4.34.23.1
P/EBIT TTM23.524.019.9
P/E TTM31.332.527.6
Sector Ratios   
P/S TTM (Sector)1.61.41.4
P/EBIT TTM (Sector)11.410.210.0
P/E TTM (Sector)16.613.713.9

Market Cap Chart

Business Description

Trane Technologies plc, together with its subsidiaries, engages in the designing, manufacturing, selling, and servicing of solutions for heating, ventilation, air conditioning, and transport refrigeration. It offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation products; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality assessments and related products; large and light commercial unitary products; motor replacements; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps. The company also provides building management, control, ductless, geothermal, package heating and cooling, temporary heating and cooling, and unitary systems; bus, rail, and multi-pipe heating, ventilation, and air conditioning systems; and container, cryogenic, diesel-powered, electric-powered trailer and truck, hybrid-powered trailer, industrial, rail, self-powered truck, trailer, and vehicle-powered truck refrigeration systems, as well as aftermarket and OEM parts and supplies. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
TT Return44%41%-15%47%53%9%324%
Peers Return18%40%-17%44%35%-5%151%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JCI, CARR, IR, LII, AAON. See TT Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Better Bets than Trane Technologies (TT)

 TTBetter Performance than TT
MetricValueIndustry (Building Products)
Rev Chg LTM10.2%JCI (22.2%), OC (20.1%), AWI (15.6%), NX (70.2%), ASPN (11.2%)
Rev Chg 3Y Avg11.8%AAON (25.5%), WOR (27.5%), NX (19.9%), ASPN (43.1%)
Op Mgn LTM18.4%LII (19.6%), ALLE (21.0%), WMS (22.2%), AOS (18.6%), WTS (18.9%)
CFO/Rev LTM15.6%ALLE (19.7%), WMS (23.1%), AOS (15.7%), AWI (19.6%), TREX (19.5%)
FCF/Rev LTM13.5%ALLE (17.6%), WMS (15.9%), WTS (13.9%), AWI (14.0%), WOR (13.8%)
Total Yield4.1%JCI (4.6%), CARR (9.1%), LII (4.7%), BLDR (5.9%), MAS (6.8%)
 TTBetter Performance than TT
MetricValueAll Other Sectors
Rev Chg LTM10.2%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), AMZN (10.9%), META (19.4%)
Rev Chg 3Y Avg11.8%NVDA (92.0%), MSFT (12.5%), META (13.0%), AVGO (24.0%), TSLA (12.9%)
Op Mgn LTM18.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM15.6%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM13.5%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield4.1%GOOGL (4.1%), BRK-B (5.9%), JPM (6.6%), XOM (9.7%), JNJ (8.2%)

Latest Trefis Analyses

TitleTopic
0DASHBOARDS 
1Trane Technologies Earnings Notes 
2Trane Technologies vs Alphabet: Which Is A Better Investment?Counter-Intuitive Comparisons
3Trane Technologies vs TransDigm: Which Is A Better Investment?Counter-Intuitive Comparisons
4Trane Technologies vs Armstrong World Industries: Which Is A Better Investment?Counter-Intuitive Comparisons
5How Does TT Stack Up Against Its Peers?Peer Comparison
6Better Bet Than TT Stock: Pay Less Than Trane Technologies To Get More From BKNG, RCL  
7Better Bet Than TT Stock: Pay Less Than Trane Technologies To Get More From EME, PSN  
8TT Dip Buy Analysis 
9TT YTD Stock Return Of 17% Outperforms AAON by 35% and Underperforms JCI by -12%Return
10Trane Technologies Total Shareholder Return (TSR): 53.8% in 2024 and 25.1% 3-yr compounded annual returns (above peer average) 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11963.5%11963.5%
2GIBOGIBO9734.4% 
3CHSNChanson International7565.0%-99.3%
4LNZALanzaTech Global7287.5%-86.0%
5QMMMQMMM3031.7%6775.0%
6OESXOrion Energy Systems1497.9%22.9%
7CURXCuranex Pharmaceuticals1401.6%1401.6%
8ENTOEntero Therapeutics565.6%117.6%
9PTNMPitanium553.2% 
10WLDSWearable Devices449.5%-30.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-92.2%-95.0%
2STFSStar Fashion Culture-92.2%-97.8%
3ELPWElong Power-91.6%-76.7%
4NXTTNext Technology-89.6%-95.1%
5NAKAKindly MD-89.0% 
6BINIBollinger Innovations-88.9%-100.0%
7JEM707 Cayman-88.4%-98.2%
8YAASYouxin Technology-82.5%-98.3%
9NEONNeonode-82.0%-50.2%
10NVNOenVVeno Medical-81.5%-69.8%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Trane Technologies

Financials

TTJCICARRIRLIIAAONMedian
NameTrane Te.Johnson .Carrier .Ingersol.Lennox I.AAON  
Mkt Price399.99106.9660.9377.70550.4083.9995.47
Mkt Cap89.370.152.131.319.46.841.7
Rev LTM20,75023,40222,4637,2825,4171,25914,016
Op Inc LTM3,8152,8982,4431,4611,0591571,952
FCF LTM2,8112,8685421,371680-2671,026
FCF 3Y Avg2,2702,0141,6391,160505-741,400
CFO LTM3,2343,3679951,492836-401,243
CFO 3Y Avg2,6122,4482,0721,282679721,677

Growth & Margins

TTJCICARRIRLIIAAONMedian
NameTrane Te.Johnson .Carrier .Ingersol.Lennox I.AAON  
Rev Chg LTM10.2%22.2%9.0%5.3%7.9%5.4%8.5%
Rev Chg 3Y Avg11.8%-0.9%3.7%10.8%7.2%25.5%9.0%
Rev Chg Q8.3%2.6%3.0%2.8%3.4%-0.6%2.9%
QoQ Delta Rev Chg LTM2.2%0.7%0.8%0.6%0.9%-0.2%0.7%
Op Mgn LTM18.4%12.4%10.9%20.1%19.6%12.5%15.4%
Op Mgn 3Y Avg17.1%11.1%10.3%18.1%17.7%16.7%16.9%
QoQ Delta Op Mgn LTM0.2%-1.7%0.7%-0.0%0.4%-3.2%0.1%
CFO/Rev LTM15.6%14.4%4.4%20.5%15.4%-3.2%14.9%
CFO/Rev 3Y Avg13.7%11.3%10.3%18.7%13.2%6.4%12.3%
FCF/Rev LTM13.5%12.3%2.4%18.8%12.6%-21.2%12.4%
FCF/Rev 3Y Avg11.9%9.3%8.2%16.9%9.8%-5.8%9.5%

Valuation

TTJCICARRIRLIIAAONMedian
NameTrane Te.Johnson .Carrier .Ingersol.Lennox I.AAON  
Mkt Cap89.370.152.131.319.46.841.7
P/S4.33.02.34.33.65.43.9
P/EBIT23.527.415.823.118.344.523.3
P/E31.331.413.038.123.356.031.3
P/CFO27.620.852.421.023.3-170.522.1
Total Yield4.1%4.6%9.1%2.7%4.7%2.2%4.3%
Dividend Yield0.9%1.4%1.4%0.1%0.4%0.4%0.7%
FCF Yield 3Y Avg3.2%3.7%3.3%3.6%2.9%-1.3%3.3%
D/E0.10.10.20.20.10.00.1
Net D/E0.00.10.20.10.10.00.1

Returns

TTJCICARRIRLIIAAONMedian
NameTrane Te.Johnson .Carrier .Ingersol.Lennox I.AAON  
1M Rtn-5.3%3.3%-6.8%-0.8%-7.0%5.7%-3.1%
3M Rtn-5.0%3.0%-12.4%-3.6%2.6%15.5%-0.5%
6M Rtn16.8%32.1%-8.9%-4.7%-4.9%5.5%0.4%
12M Rtn9.4%50.1%-20.0%-14.5%-8.0%-12.3%-10.2%
3Y Rtn166.5%113.2%65.4%65.2%132.1%124.2%118.7%
1M Excs Rtn-7.8%0.9%-9.3%-3.2%-9.4%3.3%-5.5%
3M Excs Rtn-15.5%-7.1%-23.5%-14.3%-8.1%4.6%-11.2%
6M Excs Rtn-1.9%15.9%-25.8%-22.7%-22.6%-14.6%-18.6%
12M Excs Rtn-5.8%34.8%-36.2%-31.5%-21.9%-27.8%-24.9%
3Y Excs Rtn90.9%34.1%-11.7%-7.2%57.3%59.8%45.7%

Comparison Analyses

Title
0How Does TT Stack Up Against Its Peers?
1Trane Technologies vs. AAON: With Return Forecast Of 33%, AAON Is A Better Bet
2With 21% Gains On The Table, TT May Outshine LII
3Trane Technologies vs. Becton Dickinson and company: With Return Forecast Of 29%, Becton Dickinson and company Is A Better Bet
4Trane Technologies vs. Illinois Tool Works: Neither Seems Like A Good Bet
5Trane Technologies vs. Marriott: With Return Forecast Of 21%, Marriott Is A Better Bet
6Trane Technologies vs. Ingersoll: With Return Forecast Of 26%, Ingersoll Is A Better Bet
7Trane Technologies vs. Intuit: With Return Forecast Of 32%, Intuit Is A Better Bet
8Trane Technologies vs. Vertex Pharmaceuticals: With Return Forecast Of 72%, Vertex Pharmaceuticals Is A Better Bet
9Trane Technologies vs. Stryker: With Return Forecast Of 17%, Stryker Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/30/20254/30/20252/6/202510/30/20247/31/20244/30/20242/8/202411/1/20238/2/20235/3/20232/10/202311/2/2022
Key Financials Quarterly            
Total Revenue5,7464,6884,8745,4415,3074,2164,4244,8834,7053,6664,0744,372
Ebitda1,2499109071,1261,126700760946916527661805
Operating Income1,1648198081,0251,034634688864885457581740
Net Income875605604772755436504626586307439548
EPS3.922.702.693.423.331.922.222.742.571.341.922.36
Key Financials TTM            
Total Revenue TTM20,75020,31119,83819,38818,83018,22717,67817,32716,81616,30215,99215,487
Ebitda TTM4,1924,0703,8603,7133,5333,3233,1503,0512,9092,7822,7192,585
Operating Income TTM3,8153,6853,5003,3803,2203,0712,8942,7872,6622,4882,4192,274
Net Income TTM2,8562,7362,5682,4682,3222,1532,0241,9591,8801,8031,7561,635
Growth Rates Quarterly            
Total Revenue Growth8.3%11.2%10.2%11.4%12.8%15.0%8.6%11.7%12.3%9.2%14.1%17.5%
EBITDA Growth10.9%30.0%19.4%19.0%22.9%32.8%15.0%17.6%16.2%13.4%25.4%24.0%
Operating Income Growth12.6%29.2%17.5%18.6%16.8%38.7%18.4%16.9%24.6%17.7%33.3%26.8%
Net Income Growth15.8%38.6%19.8%23.3%28.8%42.1%14.8%14.3%15.1%18.0%38.2%35.1%
Margins Quarterly            
EBITDA Margin21.7%19.4%18.6%20.7%21.2%16.6%17.2%19.4%19.5%14.4%16.2%18.4%
Operating Income Margin20.3%17.5%16.6%18.8%19.5%15.0%15.5%17.7%18.8%12.5%14.3%16.9%
Net Income Margin15.2%12.9%12.4%14.2%14.2%10.3%11.4%12.8%12.5%8.4%10.8%12.5%
Cash & Debt            
Total Cash7748601,5901,9281,3268501,0959606646931,2201,080
Total Debt4,6154,7714,7705,2695,2684,8814,7804,8255,0274,8304,8364,837
Net Debt / (Cash)3,8413,9113,1803,3423,9424,0313,6843,8654,3634,1373,6163,757
Cash Flows Quarterly            
FCF from Operations6923409001,3036962479359225248760510
Cash Flows TTM            
FCF from Operations TTM3,2343,2383,1463,1802,8002,6282,3902,2151,8031,7011,5041,171
Returns to Shareholders Quarterly            
Dividends210210189189190190171172171170153156
Share Repurchases402478355302324300210160-0300300250
Return on Invested Capital (ROIC) Quarterly            
ROIC97.2%68.8%83.3%99.7%82.7%50.8%62.7%71.8%63.2%35.9%55.2%66.3%
Return on Invested Capital (ROIC) TTM            
ROIC TTM80.7%76.3%88.8%81.9%65.9%61.4%63.3%58.3%50.1%49.7%55.3%49.6%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Equipment11,97510,9319,4998,3728,968
Services5,7025,0614,6384,0824,108
Total17,67815,99214,13612,45513,076


Price Behavior

TT Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.450.840.790.890.961.00
Up Beta0.560.470.530.800.790.97
Down Beta0.09-0.77-0.400.650.760.80
Up Capture8%103%79%137%145%192%
Bmk +ve Days10223571142415
Stock +ve Days8213164128417
Down Capture117%225%180%111%116%101%
Bmk -ve Days11192754106334
Stock -ve Days13203161118331

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity2,946,102
Short Interest: % Change Since 8152025-2.1%
Average Daily Volume1,022,979
Days-to-Cover Short Interest2.88
Basic Shares Quantity223,200,000
Short % of Basic Shares1.3%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2025-8.4%-9.0%-9.9%
4/30/20258.5%15.1%22.3%
1/30/20250.6%-1.7%-2.8%
10/30/2024-3.9%-0.1%6.5%
7/31/20241.7%-1.8%7.1%
4/30/20245.5%8.3%7.0%
2/1/20247.4%8.5%13.8%
11/1/202312.2%15.4%18.8%
...
SUMMARY STATS   
# Positive181519
# Negative695
Median Positive3.2%6.4%7.1%
Median Negative-3.7%-4.9%-9.9%
Max Positive12.2%15.4%22.3%
Max Negative-8.4%-9.0%-11.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025730202510-Q 6/30/2025
3312025430202510-Q 3/31/2025
12312024206202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023208202410-K 12/31/2023
93020231101202310-Q 9/30/2023
6302023802202310-Q 6/30/2023
3312023503202310-Q 3/31/2023
12312022210202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021207202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Regnery David SChair and CEO3062025Sell346.9526,9899,363,91542,921,767Form
1Simmons Donald E.Group President, Americas3062025Sell350.003,3731,180,5501,257,550Form
2Turtz Evan MSenior Vice President3062025Sell346.993,7781,310,9347,549,220Form
3Kuehn Christopher JExecutive Vice President & CFO3062025Sell346.968,4342,926,24621,290,948Form
4Magner MaireadSenior Vice President3062025Sell346.953,5901,245,5574,481,558Form

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