TTNYSEAuto Controls For Regulating Residential & Comml EnvironmentsFiscal year ends December 31
Trane Technologies plc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$465.04+6.15 (+1.34%)
Close on Oct 19, 2026
- Market cap
- $103.47B
- P/E (TTM)
- 35.2
- Dividend yield
- 0.81%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
18.6%+6.3 pts over 5 years
Net margin
13.7%+6.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.5% | +10.1% | +11.4% | +4.8% | |
| Operating income | +13.4% | +17.9% | +20.9% | +10.3% | |
| Net income | +13.7% | +18.4% | +27.8% | +15.9% | |
| EPS, diluted | +15.5% | +20.2% | +29.8% | +18.0% | |
| Free cash flow | +1.3% | +32.4% | +16.9% | +16.0% | |
| Dividend per share | +11.9% | +11.9% | +12.1% | +12.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 23.7% | 12.5% | 36.4% | |
| Return on assets | 8.7% | 4.4% | 14.0% | |
| Current ratio | 1.55 | 1.59 | 1.25 | |
| Debt to equity | 0.61 | 0.82 | 0.54 | |
| Net debt to EBITDA | 1.20× | 1.08× | 0.66× | |
| Interest coverage | 7.2× | 6.2× | 17.5× | |
| Inventory turnover | 6.7× | 7.0× | – | |
| Capex to revenue | 1.4% | 1.2% | 1.8% | |
| Diluted shares | 262M | 243M | 225M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Trane Technologies generated $11.82B from operations and spent $10.76B on capital expenditure, dividends and share buybacks. 15% of that went back into the business.
Generated
$11.82B
Used
$10.76B
Capital expenditure$1.57B15%Dividends$3.46B32%Share buybacks$5.73B53%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin13.7%
×Asset turnover1.03×
×Equity multiplier2.59×
=Return on equity, FY202536.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 13.7% | 1.03× | 2.59× | 36.4% |
| FY2024 | 12.9% | 1.00× | 2.74× | 35.5% |
| FY2023 | 11.4% | 0.94× | 2.86× | 30.9% |
| FY2022 | 11.0% | 0.88× | 2.93× | 28.5% |
| FY2021 | 10.1% | 0.78× | 2.86× | 22.5% |
| FY2020 | 6.9% | 0.64× | 2.83× | 12.5% |
| FY2019 | 10.8% | 0.68× | 2.69× | 19.7% |
| FY2018 | 10.8% | 0.68× | 2.55× | 18.9% |
| FY2017 | 9.2% | 0.80× | 2.58× | 18.9% |
| FY2016 | 10.9% | 0.79× | 2.74× | 23.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$2.92B
- Cash generatingOperating cash flow above zero$3.19B
- Return on assets improvedROA up on the prior year13.2% → 14.5%
- Earnings backed by cashOperating cash flow above net income$3.19B vs $2.92B
- Less leverageLong-term debt to assets fell21.4% → 18.3%
- Better liquidityCurrent ratio rose1.21 → 1.25
- No dilutionShare count did not rise228M → 225M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.02 → 1.06