Trane Technologies plc
- Open
- 483.00
- Day high
- 494.54
- Day low
- 482.88
- Prev close
- 480.35
- Volume
- 1.3M
- Mkt cap
- $108.6B
- P/E (TTM)
- 37.7
- EPS (TTM)
- $13.03
- P/B
- 12.6
- P/S
- 5.0
- Yield
- 0.43%
- Per share
- $2.10
- ▼Insiders net selling -$6.0M over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
Trane Technologies plc (TT) is a Industrials company listed on NYSE. The stock is up 10% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
Trane Technologies plc (TT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.53 | $2.63 | +4.0% | $5.0B | +3.2% |
| Jan 29, 2026 | $2.81 | $2.86 | +1.8% | $5.1B | +1.1% |
| Oct 30, 2025 | $3.80 | $3.88 | +2.1% | $5.7B | -0.6% |
| Jul 30, 2025 | $3.79 | $3.88 | +2.4% | $5.7B | -0.5% |
| Apr 30, 2025 | $2.20 | $2.45 | +11.4% | $4.7B | +5.0% |
| Jan 30, 2025 | $2.52 | $2.61 | +3.6% | $4.9B | +1.8% |
| Oct 30, 2024 | $3.25 | $3.37 | +3.7% | $5.4B | +2.3% |
| Jul 31, 2024 | $3.08 | $3.30 | +7.1% | $5.3B | +3.5% |
| Apr 30, 2024 | $1.65 | $1.94 | +17.6% | $4.2B | +5.5% |
| Feb 1, 2024 | $2.13 | $2.17 | +1.9% | $4.4B | +10.9% |
| Nov 1, 2023 | $2.66 | $2.79 | +4.9% | $4.9B | +10.2% |
| Aug 2, 2023 | $2.56 | $2.68 | +4.7% | $4.7B | -2.1% |
TT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | HAYES JOHN Adirector | Grant | 438 | — |
| Jun 9, 2026 | George Mark Rdirector | Tax | 112 | $456.84 |
| Jun 9, 2026 | de Jesus Assis Ana Pauladirector | Grant | 438 | — |
| Jun 9, 2026 | HAYES JOHN Adirector | Tax | 112 | $456.84 |
| Jun 9, 2026 | Lee Myles Pdirector | Tax | 224 | $456.84 |
| Jun 9, 2026 | BERZIN ANN Cdirector | Tax | 112 | $456.84 |
| Jun 9, 2026 | Schaeffer Melissa N.director | Tax | 112 | $456.84 |
| Jun 9, 2026 | George Mark Rdirector | Grant | 438 | — |
| Jun 9, 2026 | Arnold Kirk Edirector | Tax | 112 | $456.84 |
| Jun 9, 2026 | BERZIN ANN Cdirector | Grant | 438 | — |
| Jun 9, 2026 | de Jesus Assis Ana Pauladirector | Tax | 224 | $456.84 |
| Jun 9, 2026 | Arnold Kirk Edirector | Grant | 438 | — |
| Jun 9, 2026 | Miller Boise Aprildirector | Tax | 112 | $456.84 |
| Jun 9, 2026 | SURMA JOHN Pdirector | Tax | 112 | $456.84 |
| Jun 9, 2026 | HAYES JOHN Adirector | Buy | 400 | $430.44 |
Source: TT SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full TT insider & 13F page →Trane Technologies plc company profile
Overview
Trane Technologies plc (NYSE:TT) is a global industrial company that designs, manufactures, and services climate control solutions for buildings and transportation. Founded in 1885 as a plumbing and heating company, the company has evolved into a leading provider of heating, ventilation, air conditioning (HVAC), and transport refrigeration systems. The company was formerly known as Ingersoll-Rand plc before changing its name to Trane Technologies in March 2020 to better reflect its focus on climate solutions. Headquartered in Swords, Ireland, the company operates globally through its well-known Trane and Thermo King brands, serving commercial, residential, and transport markets with energy-efficient and sustainable climate control technologies.
Business
Trane Technologies operates in the climate control industry, providing solutions that regulate temperature, humidity, and air quality in buildings and vehicles. The company's core business revolves around HVAC systems - the essential infrastructure that keeps buildings comfortable and functional. HVAC systems work by moving air through buildings, heating or cooling it as needed, and maintaining proper ventilation for air quality and comfort. The company operates through three main business segments: 1. **Commercial HVAC** (approximately 60-65% of revenue): This segment provides large-scale climate control systems for office buildings, hospitals, schools, data centers, and industrial facilities. Products include chillers (large machines that cool water for air conditioning), air handlers (units that circulate conditioned air), rooftop units, and building management systems that optimize energy usage. The segment also includes a substantial services business that maintains and repairs these systems throughout their lifecycle. 2. **Residential HVAC** (approximately 20-25% of revenue): This division manufactures heating and cooling systems for homes, including furnaces, heat pumps, air conditioners, and smart thermostats. These systems are typically sold through distributors and dealers to contractors who install them in residential properties. 3. **Transport Refrigeration** (approximately 15-20% of revenue): Operating under the Thermo King brand, this segment provides refrigeration systems for trucks, trailers, shipping containers, and rail cars that transport temperature-sensitive goods like food and pharmaceuticals. These systems ensure products remain at proper temperatures during transportation from farms and factories to stores and consumers. The company also provides comprehensive aftermarket services, including installation, maintenance, repair, and energy management services across all segments, which generates recurring revenue and higher margins than equipment sales.
Revenue model
Trane Technologies generates revenue through multiple streams across its business model. The primary revenue source is product sales, where the company manufactures and sells HVAC equipment, transport refrigeration units, and related components to distributors, dealers, contractors, and end customers. This includes both new equipment installations and replacement units. The company also operates a substantial services business that provides ongoing maintenance, repair, and performance optimization services. This creates recurring revenue streams as customers require regular servicing of their climate control systems. The services business is particularly attractive because it generates revenue throughout the 15-20 year lifecycle of equipment, with potential for 8-10 times the original equipment value in service revenue over time. Key customer segments include commercial building owners and operators, residential contractors and homeowners, and transportation companies. The company sells through multiple channels: direct sales to large commercial customers, distributor networks for smaller commercial and residential markets, and dealer networks for consumer-facing sales. Several factors influence the company's margins and profitability. Positive factors include: the ongoing transition to more energy-efficient systems driven by environmental regulations and sustainability goals; growing demand from data centers requiring specialized cooling solutions; increasing adoption of connected and smart building technologies; and the company's ability to implement pricing increases to offset cost inflation. Negative factors include: commodity price fluctuations affecting steel, copper, and aluminum costs; supply chain disruptions that can increase manufacturing costs; competitive pricing pressure in certain markets; and economic downturns that can reduce construction activity and capital spending by customers. The company's direct sales approach and strong service capabilities help maintain pricing power and customer relationships, providing some protection against margin compression.
Competitive moat
Trane Technologies possesses a moderate to strong competitive moat built on several defensive characteristics. The company's primary moat comes from its brand recognition and reputation in mission-critical applications - customers rely on Trane and Thermo King systems to maintain comfortable buildings and preserve temperature-sensitive cargo, creating strong brand loyalty and customer switching costs. The company benefits from scale advantages in manufacturing, distribution, and R&D investment, allowing it to offer comprehensive product portfolios and maintain competitive pricing. Its extensive service network creates recurring revenue streams and deepens customer relationships, as building owners prefer working with providers who can service equipment throughout its lifecycle. Regulatory compliance provides another layer of protection, as HVAC systems must meet increasingly stringent energy efficiency standards and environmental regulations. Trane's expertise in navigating these requirements and developing compliant products creates barriers for smaller competitors. However, the moat faces several challenges. The HVAC industry is highly competitive with numerous established players like Carrier, Johnson Controls, and Daikin, limiting pricing power in many segments. The company operates in cyclical markets tied to construction activity and economic conditions, making it vulnerable to downturns. Additionally, technological disruption from new cooling technologies, smart building systems, and potential changes in refrigerants could erode competitive advantages if not properly managed. The company's moat is strongest in complex commercial applications and transport refrigeration, where technical expertise and service capabilities are most valued, but faces more pressure in commoditized residential markets where price competition is intense.
Risks & safety
Trane Technologies demonstrates a **moderate margin of safety** with generally solid financial fundamentals but some areas of concern. **Financial Stability:** - Cash position of $860 million provides adequate liquidity - Current ratio of 1.09 indicates tight but manageable short-term liquidity - Debt-to-equity ratio of 0.64 represents moderate leverage levels - Strong free cash flow generation of $2.8 billion in 2024 supports operations and capital allocation **Valuation Metrics:** - P/E ratio of 31x appears elevated for an industrial company - EV/EBITDA of 22x suggests premium valuation relative to cyclical industrials - Price-to-book ratio of 10x indicates significant premium to tangible assets - Graham number suggests potential overvaluation at current levels **Other Considerations:** - Strong EBITDA margins around 19-20% indicate operational efficiency - Consistent dividend payments with recent 12% increase shows commitment to shareholder returns - Exposure to cyclical construction markets creates earnings volatility risk - Tariff exposure of $250-275 million annually presents ongoing cost pressures
Recent development
Over the past few years, Trane Technologies has executed several strategic initiatives to strengthen its market position and capitalize on sustainability trends. The company has significantly invested in digital transformation, developing connected building solutions and AI-powered tools to help customers optimize energy usage and reduce emissions. A key acquisition was BrainBox AI, which enhances the company's building efficiency capabilities through artificial intelligence. The company has been preparing for the refrigerant transition in residential HVAC, moving from R-410A to the more environmentally friendly 454B (A2L) refrigerant. This transition, mandated by environmental regulations, required substantial engineering and manufacturing investments but positions Trane for continued market leadership while supporting sustainability goals. Data center cooling has emerged as a significant growth opportunity, with the company developing specialized solutions for high-heat applications driven by AI and GPU computing. The increasing heat generation from advanced processors requires innovative cooling technologies, creating a premium market where Trane's technical expertise commands higher margins. The company has also focused on expanding its services business, which now represents a $6.5 billion revenue stream with attractive recurring revenue characteristics. This includes predictive maintenance services, energy management solutions, and comprehensive building optimization programs that deepen customer relationships and improve profitability. In response to supply chain challenges and tariff pressures, Trane has implemented cost reduction initiatives with suppliers and strategic pricing actions to maintain margins while managing inflationary pressures across its global operations.
TT company profile · for informational purposes only — not investment advice.
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