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Trane Technologies plc (TT)

NYSE / Industrials / Construction

Share price

457.36 USD Market dataClose of Oct 15, 2026

Market capitalisation

100.60B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 5, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

26.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

34.94x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 13.51B USDFY2016 Net income: 1.48B USDFY2017 Revenue: 14.20B USDFY2017 Net income: 1.30B USDFY2018 Revenue: 12.34B USDFY2018 Net income: 1.34B USDFY2019 Revenue: 13.08B USDFY2019 Net income: 1.41B USDFY2020 Revenue: 12.45B USDFY2020 Net income: 854.9M USDFY2021 Revenue: 14.14B USDFY2021 Net income: 1.42B USDFY2022 Revenue: 15.99B USDFY2022 Net income: 1.76B USDFY2023 Revenue: 17.68B USDFY2023 Net income: 2.02B USDFY2024 Revenue: 19.84B USDFY2024 Net income: 2.57B USDFY2025 Revenue: 21.32B USDFY2025 Net income: 2.92B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 34.94x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Industrials sector (412 companies), 34.94x sits at the 69th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 26.2% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Industrials sector (316 companies), 26.2% sits at the 92nd percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 17.50x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Trane Technologies plc's return on equity stayed above the median of the Industrials sector, year by year. (FY2016 to FY2025, 10 fiscal years of Trane Technologies plc with a comparable figure)
The direction
Which way Trane Technologies plc's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Trane Technologies plc)
What could explain it
What in Trane Technologies plc's filed statements could explain the movements. (9 readings drawn from the statement lines Trane Technologies plc filed)
What to check next
What to check next on Trane Technologies plc, and where in its filings. (3 questions for Trane Technologies plc)
In one paragraph
One paragraph on Trane Technologies plc's returns, cash, balance sheet and price. (15 of sixteen figures read for Trane Technologies plc)

These are TT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research TTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 5, 2026, accession 0001628280-26-005731.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Trane Technologies plc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax26.2% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Return on equity34.0% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Return on capital employed, pre-tax26.2% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Return on assets13.6% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Operating margin18.6% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Net margin13.7% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
TT 13.7%
JCI 13.9%CARR 6.8%MAS 10.7%CSL 14.8%LII 15.5%
6.8%15.5%
Net margin: TT against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Trane Technologies plc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.63 ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Current ratio1.25 ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Quick ratio0.92 ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Interest coverage17.50x ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Altman Z-score7.19 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Net debt3.68B ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Total assets 21.42BTotal liabilities 12.82BShareholders' equity 8.58BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Trane Technologies plc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 5, 2026, 0001628280-26-005731).

Trane Technologies plc: balance sheet position
Total assets21.42B FiledFY2025 10-K, filed Feb 5, 2026
Total liabilities12.82B FiledFY2025 10-K, filed Feb 5, 2026
Shareholders' equity8.58B FiledFY2025 10-K, filed Feb 5, 2026
Cash1.76B FiledFY2025 10-K, filed Feb 5, 2026
Total debt5.44B FiledFY2025 10-K, filed Feb 5, 2026
Net debt3.68B
Current ratio1.25
Debt to equity0.63

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Trane Technologies plc: what the market charges, each with its source
FigureValue, source and document
Price to earnings34.94x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
P/E on trailing twelve months36.18x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book11.99x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Price to sales4.82x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Enterprise value to EBIT26.85x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Enterprise value to EBITDA24.53x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Price to earnings over growth1.17 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Diluted earnings per share12.98 USD FiledFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Graham number106.00 USD ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731

We publish no fair value or price target of our own. Value TT on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Trane Technologies plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Trane Technologies plc: valuation
Share price457.36 USD
Market capitalisation100.60B USD
Enterprise value to EBITDA24.53x
Graham number106.00 USD
Diluted earnings per share, FY202512.98 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 11.06x, median 25.29x, high 49.88x, latest 36.18x. 2,520 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Trane Technologies plc

  1. Johnson Controls International plc (JCI)Market cap 89.43B USD
  2. Carrier Global Corporation (CARR)Market cap 45.30B USD
  3. Masco Corporation (MAS)Market cap 14.31B USD
  4. Carlisle Companies Incorporated (CSL)Market cap 13.32B USD
  5. Lennox International Inc. (LII)Market cap 12.39B USD

Same industry (Construction) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Trane Technologies plc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Free cash flow2.81B USD ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Free cash flow margin13.2% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Dividend yield0.9% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Payout ratio28.7% ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
FY2016 Free cash flow: 1.34B USDFY2016 Net income: 1.48B USDFY2017 Free cash flow: 1.30B USDFY2017 Net income: 1.30B USDFY2018 Free cash flow: 1.12B USDFY2018 Net income: 1.34B USDFY2019 Free cash flow: 1.71B USDFY2019 Net income: 1.41B USDFY2020 Free cash flow: 1.29B USDFY2020 Net income: 854.9M USDFY2021 Free cash flow: 1.37B USDFY2021 Net income: 1.42B USDFY2022 Free cash flow: 1.21B USDFY2022 Net income: 1.76B USDFY2023 Free cash flow: 2.09B USDFY2023 Net income: 2.02B USDFY2024 Free cash flow: 2.77B USDFY2024 Net income: 2.57B USDFY2025 Free cash flow: 2.81B USDFY2025 Net income: 2.92B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Trane Technologies plc: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
34.94xFY2025Oct 15, 2026
11.99xFY2025Oct 15, 2026
26.85xFY2025Oct 15, 2026
2.7%FY2025Oct 15, 2026
26.2%FY2025Feb 5, 2026
0.9%FY2025Oct 15, 2026
0.63FY2025Feb 5, 2026
1.25FY2025Feb 5, 2026
4.82xFY2025Oct 15, 2026
1.17FY2025Oct 15, 2026
7.19FY2025Oct 15, 2026
-2.45FY2025Feb 5, 2026
8/9FY2025Feb 5, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Trane Technologies plc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Trane Technologies plc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202521.32B3.97B2.92B12.982.81B18.6%34.0%10-K, Feb 5, 20260001628280-26-005731
FY202419.84B3.50B2.57B11.242.77B17.6%34.4%10-K, Feb 6, 20250001466258-25-000039
FY202317.68B2.89B2.02B8.772.09B16.4%28.9%10-K, Feb 8, 20240001466258-24-000047
FY202215.99B2.42B1.76B7.481.21B15.1%28.9%10-K, Feb 10, 20230001466258-23-000058
FY202114.14B2.02B1.42B5.871.37B14.3%22.8%10-K, Feb 7, 20220001466258-22-000031
FY202012.45B1.53B854.9M3.521.29B12.3%13.3%10-K, Feb 9, 20210001466258-21-000027
FY201913.08B1.67B1.41B5.771.71B12.8%19.4%10-K, Feb 18, 20200001466258-20-000064
FY201812.34B1.51B1.34B5.351.12B12.3%19.1%10-K, Feb 12, 20190001466258-19-000073
FY201714.20B1.67B1.30B3.921.30B11.7%18.2%10-K, Feb 12, 20180001466258-18-000063
FY201613.51B1.60B1.48B4.381.34B11.9%22.2%10-K, Feb 13, 20170001466258-17-000053
  • Revenue, compound annual growth FY2016 to FY2025: 5.2%
  • Earnings, compound annual growth FY2016 to FY2025: 7.9%
  • Earnings per share, compound annual growth FY2016 to FY2025: 12.8%
  • Free cash flow, compound annual growth FY2016 to FY2025: 8.6%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Trane Technologies plc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.45 ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Piotroski F-score8/9 ComputedFY2025 10-K, filed Feb 5, 2026, 0001628280-26-005731
Named tests met4 of 30 Computed
Beta1.04 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 25 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Three forensic scores; ROIC at or above WACC; High return on tangibles; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Gross margin, turnover (Robert Novy-Marx). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(2)
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Gross Margin, Price Tangible Book. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.