Trane Technologies
ConvictionModerate
Designs, manufactures, sells and services climate-control systems and services across three segments (Americas, EMEA, Asia Pacific). Two commercial engines: commercial/residential HVAC (Trane, American Standard) and transport refrigeration (Thermo King). Growing high-margin recurring aftermarket-services and controls/connected-building attach on a large installed base.
Revenue
$21.32BFY2025Rev growth
+7% reported / +6% organicFY2025); +6% reported (Q1 2026); ~9.5% reported / ~7% organic guided for FY2026Gross margin
~34-35%FY2025, approx; not separately broken out in the earnings releaseOp margin
18.6% GAAP / 18.5% adjustedFY2025); adj EBITDA margin 20.1%Capex intensity
~1.8%$383M capex / $21.32B revenue, FY2025) — asset-light for an industrialMarket cap
~$105.7BNYSE: TT, Jul 2, 2026 close ~$478.13/sh; EV ~$108.5B, ~25x EV/EBITDAThe read
Where our coverage leans
Coverage leans bullish
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence