PerpEquities

Equity · Industrials

Is Trane Technologies (TT) tradable as a perp? Not yet

Trane Technologies designs, manufactures, sells, and services heating, ventilation, air conditioning, and transport refrigeration solutions.

Not yet listed on any perp exchange

No perpetual-futures venue lists TT yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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TradingView symbol NYSE:TT

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Company data

Company fundamentals

Updated 1h ago
Market cap
$94.4B
Updated 1h ago
Revenue
$22.2B
Trailing 12 months
Revenue growth
+11%
Next fiscal year
Profit margin
+13.3%
P/E
32.4
Peer P/E 30.1
Free cash flow
$3.8B
Trailing 12 months
More metrics
Net income
$2.9B
Trailing 12 months
P/S
4.3
Peer P/E
30.1
Similar listed perps
Revenue estimate
$23.8B
Next fiscal year
Earnings
2026-10-29
Revenue est. $6.5B · Updated 1h ago
Dividend
$1.05
2026-09-04

Fundamental detail

Annual + quarterly
Latest revenue$21.3B
Net margin+13.7%
Free cash flow$2.8B
Net debt$2.9B
2020$12.5B
2021$14.1B
2022$16B
2023$17.7B
2024$19.8B
2025$21.3B
PeriodRevenueGrowthNet incomeFCF
2020$12.5B-5%$854.9M$1.3B
2021$14.1B+14%$1.4B$1.4B
2022$16B+13%$1.8B$1.2B
2023$17.7B+11%$2B$2.1B
2024$19.8B+12%$2.6B$2.8B
2025$21.3B+7%$2.9B$2.8B
PeriodGross marginOperating marginNet marginROEROA
2020+30.5%+12.3%+6.9%+13.3%+4.7%
2021+31.6%+14.3%+10.1%+22.7%+7.9%
2022+31.0%+15.1%+11.0%+28.8%+9.7%
2023+33.1%+16.4%+11.4%+28.9%+10.4%
2024+35.7%+17.6%+12.9%+34.4%+12.7%
2025+36.2%+18.6%+13.7%+33.9%+13.6%
PeriodCashDebtNet debtCurrent ratio
2020$3.3B$5.3B$2B1.59
2021$2.2B$4.8B$2.7B1.36
2022$1.2B$4.8B$3.6B1.12
2023$1.1B$4.8B$3.7B1.13
2024$1.6B$5.4B$3.8B1.21
2025$1.8B$4.6B$2.9B1.25
PeriodMarket capEnterprise valueP/SP/E
2020$34.9B$36.8B2.840.8
2021$48.2B$50.9B3.433.9
2022$39.1B$42.7B2.422.3
2023$55.4B$59.1B3.127.6
2024$82.9B$86.7B4.232.3
2025$87B$89.9B4.129.7
Q3 2024$5.4B
Q4 2024$4.9B
Q1 2025$4.7B
Q2 2025$5.7B
Q3 2025$5.7B
Q4 2025$5.1B
Q1 2026$5B
Q2 2026$6.4B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$5.4B+11%$772M$1.2B
Q4 2024$4.9B+10%$604.3M$774.3M
Q1 2025$4.7B+11%$604.9M$220.6M
Q2 2025$5.7B+8%$874.8M$602.2M
Q3 2025$5.7B+6%$847.6M$954.1M
Q4 2025$5.1B+6%$591.3M$1.1B
Q1 2026$5B+6%$584.4M$541.7M
Q2 2026$6.4B+11%$925.7M$1.2B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+36.3%+18.8%+14.2%+10.2%+3.7%
Q4 2024+35.1%+16.6%+12.4%+8.1%+3.0%
Q1 2025+35.8%+17.5%+12.9%+8.1%+3.0%
Q2 2025+37.6%+20.3%+15.2%+11.2%+4.2%
Q3 2025+36.9%+20.3%+14.8%+10.2%+4.0%
Q4 2025+34.1%+15.9%+11.5%+6.9%+2.8%
Q1 2026+34.8%+15.6%+11.8%+6.8%+2.6%
Q2 2026+35.6%+19.3%+14.6%+10.7%+3.9%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$1.5B$5.3B$3.8B1.22
Q4 2024$1.6B$4.8B$3.2B1.21
Q1 2025$860.5M$4.8B$3.9B1.09
Q2 2025$774.2M$4.6B$3.8B1.10
Q3 2025$1.1B$4.6B$3.5B1.20
Q4 2025$1.8B$4.6B$2.9B1.25
Q1 2026$1.1B$4.6B$3.5B1.10
Q2 2026$1.3B$4.6B$3.3B1.07
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$87.8B$91.6B16.128.4
Q4 2024$82.9B$86.1B17.034.3
Q1 2025$75.2B$79.1B16.031.1
Q2 2025$97.6B$101.5B17.027.9
Q3 2025$93.9B$97.4B16.427.6
Q4 2025$87B$89.9B16.936.4
Q1 2026$93B$96.5B18.739.8
Q2 2026$109.6B$112.9B17.229.6

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$6.4BQ2 2026
$1.6B$3.2B$4.8B$6.4BQ3 2023: $4.9BQ4 2023: $4.4BQ1 2024: $4.2BQ2 2024: $5.3BQ3 2024: $5.4BQ4 2024: $4.9BQ1 2025: $4.7BQ2 2025: $5.7BQ3 2025: $5.7BQ4 2025: $5.1BQ1 2026: $5BQ2 2026: $6.4BQ3 2023Q2 2026
Net income$925.7MQ2 2026
$231.4M$462.9M$694.3M$925.7MQ3 2023: $626.3MQ4 2023: $504.3MQ1 2024: $436.3MQ2 2024: $755.3MQ3 2024: $772MQ4 2024: $604.3MQ1 2025: $604.9MQ2 2025: $874.8MQ3 2025: $847.6MQ4 2025: $591.3MQ1 2026: $584.4MQ2 2026: $925.7MQ3 2023Q2 2026
EBITDA$1.3BQ2 2026
$331.6M$663.1M$994.7M$1.3BQ3 2023: $946.2MQ4 2023: $760MQ1 2024: $700.3MQ2 2024: $1.1BQ3 2024: $1.1BQ4 2024: $907.2MQ1 2025: $910.1MQ2 2025: $1.2BQ3 2025: $1.2BQ4 2025: $887.7MQ1 2026: $892.5MQ2 2026: $1.3BQ3 2023Q2 2026
Free cash flow$1.2BQ2 2026
$303.6M$607.2M$910.7M$1.2BQ3 2023: $839.1MQ4 2023: $851.3MQ1 2024: $163.4MQ2 2024: $619.9MQ3 2024: $1.2BQ4 2024: $774.3MQ1 2025: $220.6MQ2 2025: $602.2MQ3 2025: $954.1MQ4 2025: $1.1BQ1 2026: $541.7MQ2 2026: $1.2BQ3 2023Q2 2026
EPS$4.15Q2 2026
$1.04$2.08$3.11$4.15Q3 2023: $2.72Q4 2023: $2.19Q1 2024: $1.9Q2 2024: $3.3Q3 2024: $3.39Q4 2024: $2.66Q1 2025: $2.67Q2 2025: $3.89Q3 2025: $3.78Q4 2025: $2.64Q1 2026: $2.62Q2 2026: $4.15Q3 2023Q2 2026
Cash / Debt$1.3BQ2 2026
$1.3B$2.6B$4B$5.3BQ3 2023 · Cash: $960MQ3 2023 · Debt: $4.8BQ4 2023 · Cash: $1.1BQ4 2023 · Debt: $4.8BQ1 2024 · Cash: $849.9MQ1 2024 · Debt: $4.9BQ2 2024 · Cash: $874.6MQ2 2024 · Debt: $5.3BQ3 2024 · Cash: $1.5BQ3 2024 · Debt: $5.3BQ4 2024 · Cash: $1.6BQ4 2024 · Debt: $4.8BQ1 2025 · Cash: $860.5MQ1 2025 · Debt: $4.8BQ2 2025 · Cash: $774.2MQ2 2025 · Debt: $4.6BQ3 2025 · Cash: $1.1BQ3 2025 · Debt: $4.6BQ4 2025 · Cash: $1.8BQ4 2025 · Debt: $4.6BQ1 2026 · Cash: $1.1BQ1 2026 · Debt: $4.6BQ2 2026 · Cash: $1.3BQ2 2026 · Debt: $4.6BQ3 2023Q2 2026
CashDebt
Profitability+35.6%Q2 2026
+9.4%+18.8%+28.2%+37.6%Q3 2023 · Gross margin: +34.0%Q4 2023 · Gross margin: +33.3%Q1 2024 · Gross margin: +34.6%Q2 2024 · Gross margin: +36.5%Q3 2024 · Gross margin: +36.3%Q4 2024 · Gross margin: +35.1%Q1 2025 · Gross margin: +35.8%Q2 2025 · Gross margin: +37.6%Q3 2025 · Gross margin: +36.9%Q4 2025 · Gross margin: +34.1%Q1 2026 · Gross margin: +34.8%Q2 2026 · Gross margin: +35.6%Q3 2023 · Operating margin: +17.7%Q4 2023 · Operating margin: +15.5%Q1 2024 · Operating margin: +15.0%Q2 2024 · Operating margin: +19.5%Q3 2024 · Operating margin: +18.8%Q4 2024 · Operating margin: +16.6%Q1 2025 · Operating margin: +17.5%Q2 2025 · Operating margin: +20.3%Q3 2025 · Operating margin: +20.3%Q4 2025 · Operating margin: +15.9%Q1 2026 · Operating margin: +15.6%Q2 2026 · Operating margin: +19.3%Q3 2023 · Net margin: +12.8%Q4 2023 · Net margin: +11.4%Q1 2024 · Net margin: +10.3%Q2 2024 · Net margin: +14.2%Q3 2024 · Net margin: +14.2%Q4 2024 · Net margin: +12.4%Q1 2025 · Net margin: +12.9%Q2 2025 · Net margin: +15.2%Q3 2025 · Net margin: +14.8%Q4 2025 · Net margin: +11.5%Q1 2026 · Net margin: +11.8%Q2 2026 · Net margin: +14.6%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+10.6%Q2 2026
+2.9%+5.7%+8.6%+11.4%Q3 2024: +11.4%Q4 2024: +10.2%Q1 2025: +11.2%Q2 2025: +8.3%Q3 2025: +5.5%Q4 2025: +5.5%Q1 2026: +6.0%Q2 2026: +10.6%Q3 2023Q2 2026
Shares outstanding223.1MQ2 2026
57.7M115.3M173M230.6MQ3 2023: 230.6MQ4 2023: 229.9MQ1 2024: 229.5MQ2 2024: 228.7MQ3 2024: 228MQ4 2024: 227.3MQ1 2025: 226.4MQ2 2025: 225.1MQ3 2025: 224.4MQ4 2025: 223.6MQ1 2026: 223.1MQ2 2026: 223.1MQ3 2023Q2 2026
Valuation29.6Q2 2026
9.919.929.839.8Q3 2023 · P/E: 18.5Q4 2023 · P/E: 27.5Q1 2024 · P/E: 38.6Q2 2024 · P/E: 24.1Q3 2024 · P/E: 28.4Q4 2024 · P/E: 34.3Q1 2025 · P/E: 31.1Q2 2025 · P/E: 27.9Q3 2025 · P/E: 27.6Q4 2025 · P/E: 36.4Q1 2026 · P/E: 39.8Q2 2026 · P/E: 29.6Q3 2023 · P/S: 9.5Q4 2023 · P/S: 12.5Q1 2024 · P/S: 16.0Q2 2024 · P/S: 13.7Q3 2024 · P/S: 16.1Q4 2024 · P/S: 17.0Q1 2025 · P/S: 16.0Q2 2025 · P/S: 17.0Q3 2025 · P/S: 16.4Q4 2025 · P/S: 16.9Q1 2026 · P/S: 18.7Q2 2026 · P/S: 17.2Q3 2023Q2 2026
P/EP/S
Revenue$21.3B2025
$5.3B$10.7B$16B$21.3B2018: $12.3B2019: $13.1B2020: $12.5B2021: $14.1B2022: $16B2023: $17.7B2024: $19.8B2025: $21.3B20182025
Net income$2.9B2025
$729.7M$1.5B$2.2B$2.9B2018: $1.3B2019: $1.4B2020: $854.9M2021: $1.4B2022: $1.8B2023: $2B2024: $2.6B2025: $2.9B20182025
EBITDA$4.2B2025
$1B$2.1B$3.1B$4.2B2018: $2.2B2019: $1.9B2020: $1.8B2021: $2.3B2022: $2.7B2023: $3.1B2024: $3.9B2025: $4.2B20182025
Free cash flow$2.8B2025
$702.9M$1.4B$2.1B$2.8B2018: $1B2019: $1.7B2020: $1.3B2021: $1.4B2022: $1.2B2023: $2.1B2024: $2.8B2025: $2.8B20182025
EPS$132025
$3.25$6.49$9.74$132018: $5.352019: $5.772020: $3.522021: $5.872022: $7.482023: $8.772024: $11.22025: $1320182025
Cash / Debt$1.8B2025
$1.4B$2.8B$4.2B$5.6B2018 · Cash: $903.4M2018 · Debt: $4.1B2019 · Cash: $1.3B2019 · Debt: $5.6B2020 · Cash: $3.3B2020 · Debt: $5.3B2021 · Cash: $2.2B2021 · Debt: $4.8B2022 · Cash: $1.2B2022 · Debt: $4.8B2023 · Cash: $1.1B2023 · Debt: $4.8B2024 · Cash: $1.6B2024 · Debt: $5.4B2025 · Cash: $1.8B2025 · Debt: $4.6B20182025
CashDebt
Profitability+36.2%2025
+9.0%+18.1%+27.1%+36.2%2018 · Gross margin: +30.5%2019 · Gross margin: +30.8%2020 · Gross margin: +30.5%2021 · Gross margin: +31.6%2022 · Gross margin: +31.0%2023 · Gross margin: +33.1%2024 · Gross margin: +35.7%2025 · Gross margin: +36.2%2018 · Operating margin: +12.2%2019 · Operating margin: +12.8%2020 · Operating margin: +12.3%2021 · Operating margin: +14.3%2022 · Operating margin: +15.1%2023 · Operating margin: +16.4%2024 · Operating margin: +17.6%2025 · Operating margin: +18.6%2018 · Net margin: +10.8%2019 · Net margin: +10.8%2020 · Net margin: +6.9%2021 · Net margin: +10.1%2022 · Net margin: +11.0%2023 · Net margin: +11.4%2024 · Net margin: +12.9%2025 · Net margin: +13.7%20182025
Gross marginOperating marginNet margin
Revenue growth+7.5%2025
-0.2%+4.4%+8.9%+13.5%2019: +5.9%2020: -4.8%2021: +13.5%2022: +13.1%2023: +10.5%2024: +12.2%2025: +7.5%20182025
Shares outstanding223.6M2025
62.5M125.1M187.6M250.1M2018: 250.1M2019: 244.4M2020: 243.1M2021: 242.3M2022: 234.9M2023: 230.7M2024: 228.4M2025: 223.6M20182025
Valuation29.72025
10.220.430.640.82018 · P/E: 12.82019 · P/E: 17.72020 · P/E: 40.82021 · P/E: 33.92022 · P/E: 22.32023 · P/E: 27.62024 · P/E: 32.32025 · P/E: 29.72018 · P/S: 1.42019 · P/S: 1.92020 · P/S: 2.82021 · P/S: 3.42022 · P/S: 2.42023 · P/S: 3.12024 · P/S: 4.22025 · P/S: 4.120182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202615.28$23.8B+11%13
FY 202717.57$25.9B+22%14
FY 202820.30$28.2B+32%7
FY 202923.27$30.6B+43%2
FY 203026.50$34B+59%4
Q1 20273.18$5.5B+11%4

Company events

6
2026-10-29EarningsActual - / Estimate 4.74-
2026-09-04Dividend$1.05-
2026-07-30EarningsActual 4.31 / Estimate 4.27Beat
2026-06-05Dividend$1.05-
2026-04-30EarningsActual 2.63 / Estimate 2.53Beat
2026-03-06Dividend$1.05-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
GD$95.5B1.721.2+8.2%2PWR$95.7B2.972.0+4.1%1VRT$96B8.455.2+15.1%13HWM$91.9B10.149.2+20.5%1NOC$74.9B1.716.7+10.5%3LMT$123.2B1.619.6+8.2%6ROK$46.2B5.238.9+13.4%5SUMIELEC$41.3B1.216.2+7.6%2

Analyst track record

How the analysts covering TT have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings99321
Analysts2228
Buy / hold / sell63 / 24 / 12125 / 128 / 68
Upgrades / downgrades / initiations4 / 0 / 28 / 4 / 5
Price targets hit / missed11 / 78 (12%)163 / 123 (57%)
Avg. return after a rating (TipRanks)-14.9%+16.2%
Best / worst call+14.4% / -27.6%+122.8% / -27.6%

After buy calls on this stock: median 21-day move -1.1% vs S&P 500 -2.6% (n = 122)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Christopher SnyderMorgan Stanley88% hit rate on this stock · 8 targets measuredBuytarget $565Sep 2, 2026
  2. Andrew KaplowitzCiti87% hit rate on this stock · 15 targets measuredBuytarget $566Jul 31, 2026
  3. Julian MitchellBarclays76% hit rate on this stock · 21 targets measuredBuytarget $585May 1, 2026

Latest ratings

DateAnalystCallTarget
Sep 3, 2026Varun GovindarajBernsteinBuyMaintained$575
Sep 2, 2026Christopher SnyderMorgan StanleyBuyMaintained$565article ↗
Aug 20, 2026Varun GovindarajBernsteinBuyMaintained$575article ↗
Aug 14, 2026Varun GovindarajBernsteinBuyReiterated$575article ↗
Aug 3, 2026Andrew ObinBank of America SecuritiesBuyMaintained–article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$380$400$420$440$460$480$500$520$540Oct 25 · Buy 6 · Hold 9 · Sell 1Oct 25Nov 25 · Buy 7 · Hold 8 · Sell 1Dec 25 · Buy 8 · Hold 7 · Sell 1Dec 25Jan 26 · Buy 10 · Hold 4 · Sell 1Feb 26 · Buy 9 · Hold 4 · Sell 1Feb 26Mar 26 · Buy 9 · Hold 4 · Sell 1Apr 26 · Buy 11 · Hold 5 · Sell 1Apr 26May 26 · Buy 11 · Hold 6 · Sell 1Jun 26 · Buy 13 · Hold 6 · Sell 1Jun 26Jul 26 · Buy 11 · Hold 6 · Sell 1Aug 26 · Buy 11 · Hold 6 · Sell 1Aug 26Sep 26 · Buy 11 · Hold 6 · Sell 1Oct 25 · avg. target $484Nov 25 · avg. target $484Dec 25 · avg. target $483Jan 26 · avg. target $477Feb 26 · avg. target $480Mar 26 · avg. target $480Apr 26 · avg. target $489May 26 · avg. target $522Jun 26 · avg. target $526Jul 26 · avg. target $533Aug 26 · avg. target $534Sep 26 · avg. target $534Oct 25 · month-end close $449Nov 25 · month-end close $421Dec 25 · month-end close $389Jan 26 · month-end close $421Feb 26 · month-end close $462Mar 26 · month-end close $417Apr 26 · month-end close $493May 26 · month-end close $451Jun 26 · month-end close $491Jul 26 · month-end close $455Aug 26 · month-end close $444Sep 26 · month-end close $423

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 99 ratings