Trane Technologies
TT on NYSE. Trane Technologies sells heating, cooling, and refrigeration systems to building owners and homeowners. Market value $103.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.42 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 21 cents a year. Above 10 is good.
Quality score: 100 of 100. Price score: 40 of 100. Our list needs 70 on quality and 60 on price.
$470.76 a share, 35% above its 1-year low
Over the past year the price has ranged from $348.06 to $505.87.
Dividend: 0.8% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $14.1bn | $16.0bn | $17.7bn | $19.8bn | $21.3bn |
| Operating margin | |||||
| Operating margin | 14.3% | 15.1% | 16.4% | 17.6% | 18.6% |
| Debt to equity | |||||
| Debt to equity | 0.77 | 0.79 | 0.68 | 0.64 | 0.54 |
| Shares outstanding | |||||
| Shares outstanding | 0.23bn | 0.23bn | 0.23bn | 0.22bn | 0.22bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.54× equity
- Revenue growth, five yearsStrong, 11.4% a year
- Buying back its own sharesYes, 4% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.4 billion last quarter, up 11% on a year ago.
- Profit: $926 million, up 6% on a year ago.
- It keeps 18 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $3.5 billion, up from $2.8 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $5.4bn |
| December 2024 | $4.9bn |
| March 2025 | $4.7bn |
| June 2025 | $5.7bn |
| September 2025 | $5.7bn |
| December 2025 | $5.1bn |
| March 2026 | $5.0bn |
| June 2026 | $6.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $772m |
| December 2024 | $604m |
| March 2025 | $605m |
| June 2025 | $875m |
| September 2025 | $848m |
| December 2025 | $591m |
| March 2026 | $584m |
| June 2026 | $926m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
8 long-term investors we follow own it, unchanged from 8 last quarter. 1,817 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Fenimore Asset Management (FAM Funds)John Fox | $160m | 3.3% | Cut |
| Aristotle Capital ManagementHoward Gleicher | $101m | 0.2% | Cut |
| GMOJeremy Grantham | $16m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $15m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $8m | <0.1% | Cut |
| Auxier Asset ManagementJeff Auxier | $3m | 0.4% | Cut |
| First Manhattan Co.First Manhattan partners | $737,231 | <0.1% | Cut |
| Mairs & PowerAndy Adams | $493,125 | <0.1% | Cut |
Largest holders overall
- BlackRock$10.7bn
- Vanguard Capital Management$7.1bn
- JPMorgan Chase$6.0bnCut
- FMR$5.0bnAdded
- State Street$4.9bn
- Morgan Stanley$2.7bnAdded
- Geode Capital Management$2.5bn
- Vanguard Portfolio Management$1.8bn
- Franklin Resources$1.6bnAdded
- Nuveen$1.5bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor7.7%Since 31 March 2025
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- JPMORGAN CHASE & CO.Passive investor5.6%−1.7 ptsSince 30 June 2026
- FMR LLCPassive investorat least 5.1%(filed with 1 related holder)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.7% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
JPMORGAN CHASE & CO. Passive investor | 5.6%−1.7 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 5.1% (filed with 1 related holder) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $172,176 of shares on the open market. 5 sold $53m, $53m of it under preset trading plans.
- Regnery David SChair and CEO, DirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 43,778
- Price
- $475.00
- Value
- $21m
- Schaeffer Melissa N.DirectorSold
- Date
- 4 August 2026
- Shares
- 145
- Price
- $472.27
- Value
- $68,479
- Simmons Donald E.Group President, AmericasSoldunder a preset trading plan
- Date
- 30 April 2026
- Shares
- 4,593
- Price
- $500.00
- Value
- $2m
- Kuehn Christopher JExecutive Vice President & CFOSoldunder a preset trading plan
- Date
- 8 April 2026
- Shares
- 8,619
- Price
- $450.00
- Value
- $4m
- Elwell Elizabeth A.VP & Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 6 March 2026
- Shares
- 635
- Price
- $422.71
- Value
- $268,421
- Regnery David SChair and CEO, DirectorSoldunder a preset trading plan
- Date
- 6 March 2026
- Shares
- 36,045
- Price
- $422.69
- Value
- $15m
- Simmons Donald E.Group President, AmericasSoldunder a preset trading plan
- Date
- 6 March 2026
- Shares
- 3,762
- Price
- $422.70
- Value
- $2m
- HAYES JOHN ADirectorBought
- Date
- 5 March 2026
- Shares
- 400
- Price
- $430.44
- Value
- $172,176
- Simmons Donald E.Group President, AmericasSoldunder a preset trading plan
- Date
- 12 February 2026
- Shares
- 7,663
- Price
- $475.00
- Value
- $4m
- Kuehn Christopher JExecutive Vice President & CFOSoldunder a preset trading plan
- Date
- 10 February 2026
- Shares
- 2,389
- Price
- $462.70
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 August 2026 | Regnery David S Chair and CEO, Director | Sold under a preset trading plan | 43,778 | $475.00 | $21m |
| 4 August 2026 | Schaeffer Melissa N. Director | Sold | 145 | $472.27 | $68,479 |
| 30 April 2026 | Simmons Donald E. Group President, Americas | Sold under a preset trading plan | 4,593 | $500.00 | $2m |
| 8 April 2026 | Kuehn Christopher J Executive Vice President & CFO | Sold under a preset trading plan | 8,619 | $450.00 | $4m |
| 6 March 2026 | Elwell Elizabeth A. VP & Chief Accounting Officer | Sold under a preset trading plan | 635 | $422.71 | $268,421 |
| 6 March 2026 | Regnery David S Chair and CEO, Director | Sold under a preset trading plan | 36,045 | $422.69 | $15m |
| 6 March 2026 | Simmons Donald E. Group President, Americas | Sold under a preset trading plan | 3,762 | $422.70 | $2m |
| 5 March 2026 | HAYES JOHN A Director | Bought | 400 | $430.44 | $172,176 |
| 12 February 2026 | Simmons Donald E. Group President, Americas | Sold under a preset trading plan | 7,663 | $475.00 | $4m |
| 10 February 2026 | Kuehn Christopher J Executive Vice President & CFO | Sold under a preset trading plan | 2,389 | $462.70 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 26.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.