Trane Technologies PLC (TT) intrinsic value & 10-year financials
Trane Technologies PLC (TT) has a Graham intrinsic value of $274.36 per share. At $455.03 on Oct 27, 2026, the stock trades 66% above that value. Over the last 10 fiscal years revenue grew 5.2% a year to $21.3B, with an average return on invested capital of 20.5%.
- Graham intrinsic value
- $274.36
- Share price (Oct 27, 2026)
- $455.03
- Price vs Graham value
- 66% above
- Market cap
- $102.3B
- Revenue (FY2025)
- $21.3B
- Revenue growth (10-yr CAGR)
- 5.2%
- ROIC (10-yr avg)
- 20.5%
- Free cash flow (FY2025)
- $2.8B
TT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $21.3B | $2.9B | $12.98 | $2.8B | 18.6% | 30.5% |
| FY2024 | $19.8B | $2.6B | $11.24 | $2.8B | 17.6% | 28.0% |
| FY2023 | $17.7B | $2.0B | $8.77 | $2.1B | 16.4% | 25.1% |
| FY2022 | $16.0B | $1.8B | $7.48 | $1.2B | 15.1% | 23.1% |
| FY2021 | $14.1B | $1.4B | $5.87 | $1.4B | 14.3% | 20.2% |
| FY2020 | $12.5B | $854.9M | $3.52 | $1.3B | 12.3% | 12.0% |
| FY2019 | $16.6B | $1.4B | $5.77 | $1.7B | 12.2% | 15.3% |
| FY2018 | $15.7B | $1.3B | $5.35 | $1.0B | 12.2% | 17.2% |
| FY2017 | $14.2B | $1.3B | $5.05 | $1.3B | 11.7% | 18.3% |
| FY2016 | $13.5B | $1.5B | $5.65 | $1.3B | 11.6% | 15.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Trane Technologies has demonstrated mature, steady growth, with revenue compounding at 5.2% annually over the past decade.
Trane Technologies has earned high returns on invested capital, averaging 20.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Trane Technologies shows that management has aggressively returned capital to shareholders by retiring 14.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Trane Technologies is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $274.36 per share.