# Trane Technologies plc (TT)

> Source: Nexqual · https://nexqual.com/TT · data as of 2026-10-23 17:24 UTC · cite as "Nexqual, Trane Technologies plc (TT), nexqual.com/TT" · informational, not investment advice.

**Price:** USD 447.81 (-0.22% today) · US market open, as of October 23, 2026 at 17:24 UTC; quotes may be delayed. Prev close 448.8 · day 436.99–448.35 · 52w 348.06–505.87 · market cap $98.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $22.2B, net income $2.95B (13.3% margin), free cash flow $3.55B (SEC filings).
- Valuation: P/E 33.4x (avg 30.2x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold TT (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $50.1M; 1 not under a Rule 10b5-1 plan ($68K); 3 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $172K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.31 on a 1–5 scale) (26 analysts), mean target USD 529.12 (range 422–575).
- Total return with dividends: 1Y +8.4% vs S&P 500 +14.4%; 5Y +163.0% vs S&P 500 +77.0%.
- Next earnings: 2026-10-29, EPS estimate USD 4.73, revenue estimate $6.50B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.1B | $16.0B | $17.7B | $19.8B | $21.3B | $22.2B |
| Operating income | $2.02B | $2.42B | $2.89B | $3.50B | $3.97B | $3.98B |
| Net income | $1.42B | $1.76B | $2.02B | $2.57B | $2.92B | $2.95B |
| EPS (diluted) | $5.87 | $7.48 | $8.77 | $11.24 | $12.98 | — |
| Free cash flow | $1.37B | $1.21B | $2.09B | $2.77B | $2.81B | $3.55B |
| Operating margin | 14.3% | 15.1% | 16.4% | 17.6% | 18.6% | 17.9% |
| Net margin | 10.1% | 11.0% | 11.4% | 12.9% | 13.7% | 13.3% |
| Revenue growth | +13.5% | +13.1% | +10.5% | +12.2% | +7.5% | — |
| Cash + short-term investments | $2.16B | $1.22B | $1.10B | $1.59B | $1.76B | — |
| Total debt | $4.84B | $4.84B | $4.78B | $4.77B | $4.62B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.4x · P/S 4.4x · P/FCF 27.8x · P/B 11.4x · FCF yield 3.60% · Earnings yield 2.99% · Dividend yield (paid, TTM) 0.89% · Buyback yield (TTM) 1.38%
P/E at fiscal year-ends: Dec 2025 30.0x, Dec 2024 32.9x, Dec 2023 27.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | <0.01% | $493K | Reduced -8.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Regnery David S | Chair and CEO | 48,091 | $23.1M | 28.4% | Yes (adopted May 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-05 | Regnery David S | Chair and CEO | 43,778 | $20.8M | 26.5% | Yes (adopted May 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Schaeffer Melissa N. | Director | 145 | $68K | 6.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Simmons Donald E. | Group President, Americas | 4,593 | $2.3M | 24.6% | Yes (adopted August 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-08 | Kuehn Christopher J | Executive Vice President & CFO | 8,619 | $3.9M | 12.5% | Yes (adopted October 31, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $172K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-03-05 | Hayes John A | Director | 400 | $172K | 430.44 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.31 on a 1–5 scale), 26 analysts; mean target USD 529.12 (low 422, high 575).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Mizuho | Target raised | Neutral | $475 → $485 |
| 2026-10-14 | Goldman Sachs | Upgrade | Neutral → Buy | $548 → $565 |
| 2026-10-14 | RBC Capital | Target raised | Sector Perform | $496 → $502 |
| 2026-09-25 | Wells Fargo | Initiated | Overweight | $536 |
| 2026-08-14 | Bernstein | Target raised | Outperform | $555 → $575 |
| 2026-07-31 | RBC Capital | Target lowered | Sector Perform | $501 → $496 |
| 2026-07-31 | Citigroup | Target lowered | Buy | $570 → $566 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +8.4% | +163.0% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +8.4% | +21.4% |
| Volatility (annualized) | 29.0% | 27.7% |
| Max drawdown | -16.1% (Oct 2025→Jan 2026) | -39.8% (Dec 2021→Jun 2022) |

## Peers (Building Products & Equipment)
JCI (Johnson Controls International ) USD 144.18 +0.83% · CARR (Carrier Global Corporation) USD 56.16 -0.57% · MAS (Masco Corporation) USD 76.34 -2.19% · CSL (Carlisle Companies Incorporated) USD 343.93 -2.46% · LII (Lennox International, Inc.) USD 375.82 -0.77% · MAIR (Madison Air Solutions Corporati) USD 22.77 -1.34%

## More
Full page: https://nexqual.com/TT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $13.98B | 65.6% | +5.0% |
| Service | $7.34B | 34.4% | +12.5% |
| Total revenue | $21.32B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $5.27B | 83.0% | +12.3% |
| EMEA | $697.6M | 11.0% | -1.5% |
| Asia Pacific | $384.6M | 6.1% | +11.1% |
| Total revenue | $6.35B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.73 | $4.59 | +3.0% | $6.50B | 20 |
| Next quarter (ends 2026-12-31) | $3.62 | $3.42 | +5.8% | $5.96B | 17 |
| Current fiscal year (ends 2026-12-31) | $15.28 | $14.90 | +2.5% | $23.77B | 25 |
| Next fiscal year (ends 2027-12-31) | $17.66 | $17.08 | +3.3% | $26.10B | 25 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±8.2%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 36.8% | ±8.2% |
| 2026-12-18 | 56 | 33.1% | ±10.4% |
| 2027-01-15 | 84 | 31.5% | ±12.1% |
| 2027-03-19 | 147 | 31.7% | ±16.0% |
| 2027-06-17 | 237 | 31.4% | ±20.0% |