Trane Technologies PLC
TT—
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Trane Technologies PLC AI Insights
Informational only. Not investment advice.Snapshot
- ROIC of 22.7% TTM vs industry median 4.8% - nearly 5x capital efficiency advantage signals durable competitive moat[Return on Invested Capital]
- Goodwill of 6.4B is 77% of equity (8.3B) with negative tangible book value (-1.4B) - acquisition-heavy balance sheet[Goodwill]
- FCF of 2.5B TTM at 12% margin converts 86% of net income to cash - high earnings quality[Free Cash Flow]
Watch Triggers
- Operating Margin: Falls below 16% TTM — Would signal pricing power erosion or input cost pressure compressing premium returns
- Free Cash Flow: FCF conversion drops below 70% of net income — Working capital build or capex surge would challenge capital return thesis
- Goodwill: Any impairment charge >500M — Validates bear case on acquisition strategy and balance sheet quality
Bull Case
ROE 36.8% and ROIC 22.7% TTM are 5x industry medians - pricing power and operational excellence compound shareholder value at premium rates
Return on EquityReturn on Invested Capital
FCF of 2.5B TTM at 0.55 debt/equity funds 3.66/share dividend (1.2% yield) plus buybacks without leverage increase
Free Cash FlowDebt to EquityDividends Paid Per Share
Bear Case
P/E 30.3x vs industry median 24.3x and P/S 4.2x vs 2.2x median - premium valuation leaves no margin for execution misses
P/E RatioP/S Ratio
Negative tangible book (-1.4B) with goodwill 77% of equity - impairment risk if acquired businesses underperform
Tangible Book ValueGoodwill
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
HVAC replacement cycle + energy efficiency mandates drive mid-single-digit organic growth through 2027
1-3ymed
- Revenue 3Y CAGR 9.5% vs industry 3.7%
- Operating margin 18.8% expanding on mix shift
- Installed base creates recurring service revenue
Revenue 21.1B TTM, 5Y CAGR 10.4%Operating income 4.0B TTMFCF conversion 86% of net income
Valuation Context
Caveats
Public Strategies Rankings
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TT Fundamentals
Manufacturing → Machinery Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$93.22B | — | ||
$96.08B | — | ||
32 | — | ||
$21.32B | +7.5% | — | |
$12.98 | +15.4% | — | |
18.6% | +1.0% | — | |
13.7% | +0.7% | — | |
$2.81B | +1.3% | — | |
36.4% | +0.9% | — | |
Beta 5Y (Monthly) | unknown | — |
TT Dividend History
105 dividends
2026
$1.050003/06/26$1.0500
2025
$3.760012/05/25$0.9400
09/05/25$0.9400
06/06/25$0.9400
03/07/25$0.9400
2024
$3.360012/06/24$0.8400
09/06/24$0.8400
06/07/24$0.8400
02/29/24$0.8400
2023
$3.000011/30/23$0.7500
08/31/23$0.7500
06/01/23$0.7500
03/02/23$0.7500
2022
$2.680012/01/22$0.6700
09/01/22$0.6700
06/02/22$0.6700
03/03/22$0.6700
2021
$2.360012/02/21$0.5900
09/02/21$0.5900
06/03/21$0.5900
03/04/21$0.5900
2020
$2.120012/03/20$0.5300
09/03/20$0.5300
06/04/20$0.5300
03/12/20$0.5300
2019
$2.120012/05/19$0.5300
09/05/19$0.5300
06/06/19$0.5300
03/07/19$0.5300
2018
$1.960012/06/18$0.5300
09/06/18$0.5300
06/07/18$0.4500
03/08/18$0.4500
2017
$1.700012/07/17$0.4500
09/07/17$0.4500
06/07/17$0.4000
03/08/17$0.4000
2016
$1.360012/07/16$0.4000
09/07/16$0.3200
06/08/16$0.3200
03/09/16$0.3200
2015
$1.160012/09/15$0.2900
09/09/15$0.2900
06/10/15$0.2900
03/11/15$0.2900
2014
$1.000012/10/14$0.2500
09/10/14$0.2500
06/11/14$0.2500
03/12/14$0.2500
2013
$0.840010/30/13$0.2100
09/11/13$0.2100
06/12/13$0.2100
03/08/13$0.2100
2012
$0.640012/12/12$0.1600
09/11/12$0.1600
06/14/12$0.1600
03/08/12$0.1600
2011
$0.430012/12/11$0.1200
09/09/11$0.1200
06/15/11$0.1200
03/09/11$0.0700
2010
$0.280012/10/10$0.0700
09/10/10$0.0700
06/10/10$0.0700
02/12/10$0.0700
2009
$0.500011/10/09$0.0700
08/14/09$0.0700
05/12/09$0.1800
02/11/09$0.1800
2008
$0.720011/12/08$0.1800
08/13/08$0.1800
05/13/08$0.1800
02/13/08$0.1800
2007
$0.720011/08/07$0.1800
08/13/07$0.1800
05/11/07$0.1800
02/14/07$0.1800
2006
$0.680011/09/06$0.1800
08/11/06$0.1800
05/12/06$0.1600
02/10/06$0.1600
2005
$0.570011/09/05$0.1600
08/12/05$0.1600
05/12/05$0.1250
02/11/05$0.1250
2004
$0.440011/10/04$0.1250
08/13/04$0.1250
05/13/04$0.0950
02/12/04$0.0950
2003
$0.360011/13/03$0.0950
08/14/03$0.0950
05/13/03$0.0850
02/13/03$0.0850
2002
$0.340011/14/02$0.0850
08/15/02$0.0850
05/16/02$0.0850
02/14/02$0.0850
2001
$0.340011/13/01$0.0850
08/14/01$0.0850
05/14/01$0.0850
02/15/01$0.0850
2000
$0.340011/13/00$0.0850
08/14/00$0.0850
05/12/00$0.0850
02/11/00$0.0850
TT Stock Splits
1 stock split
09/02/050.5:1 split
TT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/05/26 | 12/31/25 | 10-K | |
10/30/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/06/25 | 12/31/24 | 10-K | |
10/30/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/08/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/10/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/07/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/09/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
05/05/20 | 03/31/20 | 10-Q | |
02/18/20 | 12/31/19 | 10-K | |
10/29/19 | 09/30/19 | 10-Q | |
08/05/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/12/19 | 12/31/18 | 10-K | |
10/24/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/25/18 | 03/31/18 | 10-Q | |
02/12/18 | 12/31/17 | 10-K | |
10/25/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
02/13/17 | 12/31/16 | 10-K | |
10/26/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
04/26/16 | 03/31/16 | 10-Q | |
02/12/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/28/15 | 06/30/15 | 10-Q | |
04/23/15 | 03/31/15 | 10-Q | |
02/13/15 | 12/31/14 | 10-K | |
10/22/14 | 09/30/14 | 10-Q | |
07/22/14 | 06/30/14 | 10-Q | |
04/23/14 | 03/31/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
10/23/13 | 09/30/13 | 10-Q | |
07/24/13 | 06/30/13 | 10-Q | |
04/25/13 | 03/31/13 | 10-Q | |
02/14/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/26/12 | 06/30/12 | 10-Q | |
04/26/12 | 03/31/12 | 10-Q | |
02/21/12 | 12/31/11 | 10-K | |
10/28/11 | 09/30/11 | 10-Q | |
07/28/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
02/22/11 | 12/31/10 | 10-K | |
11/01/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/30/09 | 10-Q | |
12/31/08 | 12/31/08 | Unknown | -- |
09/30/08 | 09/30/08 | Unknown | -- |
06/30/08 | 06/30/08 | Unknown | -- |
03/31/08 | 03/30/08 | Unknown | -- |
12/31/07 | 12/31/07 | Unknown | -- |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | Unknown | -- |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | Unknown | -- |
09/30/05 | 09/30/05 | Unknown | -- |
06/30/05 | 06/30/05 | Unknown | -- |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | Unknown | -- |
09/30/04 | 09/30/04 | Unknown | -- |
06/30/04 | 06/30/04 | Unknown | -- |
03/31/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | Unknown | -- |
09/30/03 | 09/30/03 | Unknown | -- |
06/30/03 | 06/30/03 | Unknown | -- |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | Unknown | -- |
09/30/02 | 09/30/02 | Unknown | -- |
06/30/02 | 06/30/02 | Unknown | -- |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | Unknown | -- |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |