# Trane Technologies plc (TT) — Stock CV

Trane Technologies plc is a $105B technology company. Revenue grew 7.0% over the last year, it keeps 13¢ of every dollar of sales as profit, and its net debt equals ~0.8 years of free cash flow. It trades at 35.6× earnings — in the most expensive third of its own history.

> Trane Technologies manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its prominent Trane, American Standard, and Thermo King brands. The company generates approximately 70% of sales from equipment and 30% from parts and services.

## Identity

- **Ticker**: TT
- **Sector**: Technology
- **Industry**: Auto Controls For Regulating Residential & Comml Environments
- **Headquarters**: CO. DUBLIN, L2
- **Employees**: 44 000
- **Website**: https://www.tranetechnologies.com
- **Market cap**: $105B
- **Last price**: $476.98
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $22.2B
- **Net income**: $2.95B
- **Free cash flow**: $3.55B
- **Net debt**: $2.85B
- **P/E**: 35.6
- **Revenue growth (YoY)**: 7.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 90 |
| Profitability | 90 |
| Health | 74 |
| Quality | 95 |
| Moat | 81 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +7.0% YoY
- [x] Profitable — $2.95B TTM
- [x] Profit growing — +20.2% YoY
- [x] Generates cash — $3.55B TTM
- [x] Debt under control — ~0.8y of cash flow to repay
- [x] Established company — $105B market cap
- [x] Not printing shares — +0.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 5.6 — safe
- [x] Pays a dividend — yield 0.84%
- [x] Valuation not extreme — P/E 35.6

## Experience (career milestones)

- **FY2025** — Best year on record: $2.92B net income
- **2020** — Ingersoll Rand spun off its non-refrigeration businesses and was rebranded as Trane Technologies
- **2017** — The Asthma and Allergy Foundation of America and Allergy Standards Limited announced that the…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $13.5B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **Dec 17, 2007** — Trane announced it had agreed to be acquired by Ireland-based Ingersoll Rand in a cash and…
- **Nov 28, 2007** — American Standard then renamed itself Trane Inc. effective November 28, 2007
- **1984** — Trane was acquired by the American Standard Companies
- **1982** — Trane purchased General Electric's Central Air Conditioning Division
- **1931** — Trane's first air conditioning unit was developed in 1931

## Strengths

- Strong cash conversion — FCF is 16.0% of revenue
- Could repay net debt from ~0.9 years of free cash flow
- Interest covered 16.8× by operating earnings
- High returns on invested capital (ROIC 27.1%)
- Piotroski F-Score 8/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $14.1B | $1.42B | $1.37B |
| FY2022 | $16.0B | $1.76B | $1.21B |
| FY2023 | $17.7B | $2.02B | $2.09B |
| FY2024 | $19.8B | $2.57B | $2.77B |
| FY2025 | $21.3B | $2.92B | $2.81B |

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Source: https://stockcv.com/TT — derived from company filings; may be delayed or incomplete. Information, not investment advice.