Trane Technologies plcTT
NYSE•Industrials•Building Products & Equipment
Trane Technologies plc designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, and custom and transport refrigeration. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps; chillers; coils and condensers; auxiliary power, cold storage, and condensing units; controls contracting and commissioning, decarbonization programs, and gensets; dehumidifiers; energy and water efficiency programs; energy recovery ventilators and power solutions; energy storage; furnaces; home automation; humidifiers; HVAC performance-monitoring products; and indoor air quality assessments and related products for HVAC and transport solutions. The company also provides asset management, building management, bus air purification, bus and rail HVAC, container refrigeration, control, ductless, geothermal, data center and multi-pipe HVAC, package heating and cooling, rail refrigeration, residential air filtration, self and vehicle powered truck refrigeration, temporary heating and cooling, truck refrigeration, unitary, variable refrigerant flow, and trailer refrigeration systems. In addition, it offers industrial process refrigeration, installation contracting, lighting retrofit, medical grade refrigeration, refrigerant reclamation, renewable energy and storage, residential hybrid heating, telematics, thermostats/controls and associated digital, ventilation, and stationary cold storage solutions; packaged rooftop units; rate chambers; residential air filters; thermal energy storage; transport heater products; temperature freezers; energy infrastructure programs and management, repair and maintenance, smart and AI-enabled, and rental services; water source heat pumps; and aftermarket and OEM parts and supplies. The company was formerly known as Ingersoll-Rand Plc and changed its name to Trane Technologies plc in March 2020. The company was founded in 1885 and is headquartered in Swords, Ireland.
Trane Technologies plc (TT) reported trailing twelve months revenue of $21.60B as of March 2026, a 6.4% increase year-over-year. Quarterly revenue reached $4.97B, reflecting continued top-line momentum.
Trane Technologies plc generated $2.90B in TTM net income, with quarterly EBITDA of $877.20M. The operating margin contracted from 17.5% to 15.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (15.6%) and net margin (11.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 12.9% a year ago, reflecting increased costs or interest expense.
TT trades at a P/E of 31.1x (a premium multiple) and a P/S of 4.2x. The price-to-book ratio of 10.5x indicates a significant premium over book value.
The company generated $541.70M in free cash flow over the trailing twelve months, a 145.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $22.75B in total assets with $3.92B in long-term debt against $8.61B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~18.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 34.5% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~14.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.0% — no sign of cost or pricing stress.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.4% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation