Trane Technologies plc - Ordinary Shares - Class A
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+ FollowMarket Cap$90.21B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 performance strong; raising outlook
- Enterprise organic bookings +20% YoY; global applied bookings +40% driving backlog to $12.5B.
- Organic revenue +16% YoY, led by Americas; Services ~1/3 of enterprise revenue remains a resilient growth engine (low-teens CAGR since 2020).
- Adjusted EPS +25% YoY (includes ~$0.10 tax benefit; underlying growth +23%).
- Free cash flow: $2.8B YTD and company now expects FY FCF >100% of net earnings (a key positive).
- Guidance: Full-year organic revenue ~11% (raised) and adjusted EPS $15.20–$15.30 reaffirmed; Q4 organic revenue mid-teens and adjusted EPS ~$3.40–$3.50 (includes $0.10 headwind from higher tax rate).
Americas momentum is the centerpiece (and demand visibility remains “robust”)
- Americas: standout results—commercial HVAC bookings up low double digits and organic revenues up low 20s; Services +10%; Residential bookings & organic revenues ~+20%; Transport bookings up high 30s (revenues high single digits).
- Despite sequential order deceleration in Americas, management emphasizes pipeline is still very robust and pushback is mainly about lumpiness (especially data centers, which are larger and can swing quarter to quarter).
- Commercial HVAC backlog visibility: company also states backlog for 2027 and beyond is over $8B (from ~$12.5B total backlog at end of September).
Price/cost dynamics: price softer than expected in 3Q, but improving into 4Q; margin algorithm expected to hold long-term
- Management lowered the full-year price realization expectation from ~1.5 points to ~1.0 point (timing/mix in shorter-cycle businesses); expects price to accelerate in Q4 to ~1.5 enterprise and ~2.0 in Americas.
- Organic leverage: now expected to land in the low 20s vs prior 25%+ view, attributed to updated price expectations plus near-term supply chain & inflationary pressures—but they expect Q4 leverage above long-term target range.
- Competitive/Residential pricing nuance: pricing remained positive in Residential in Q3 but slightly lower than expected due to IWD incentive dynamics (higher volumes increase incentives) and mix (e.g., Thermo King fleet customers).
- Framework confidence: CEO/CFO reiterate 25%+ long-term incremental margin algorithm and say plans are in place to return to it.
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$282.41
31.2% downside
Current Fair Value
31.2% downsideOvervalued by 31.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $90.21 Billion |
|---|---|
| Enterprise Value | $93.51 Billion |
| Annual dividend | $4.09 |
| Dividend yield | 1.00% |
| Earnings per Share | $13.09 |
| Beta | 1.16 |
| Outstanding Shares | 221,400,000 |
Return
| Return on Equity | 36.44% |
|---|---|
| Return on Assets | 13.17% |
| Return on Invested Capital | 26.57% |
Valuation & Multiples
| P/E Ratio | 28.83 |
|---|---|
| PEG | 121.52 |
| Price to Sales | 3.95 |
| Price to Book Ratio | 10.53 |
| Enterprise Value to Revenue | 4.03 |
| Enterprise Value to EBIT | 22.66 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 0.53 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$4.60
Consensus analyst estimateRevenue Estimate
$6.42 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$3.52
Consensus analyst estimateRevenue Estimate
$6.06 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 68.47% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.62%▼ 82.71% |
|---|---|
| Total Invested | $4.64B▼ 95.11% |
| Investors Holding | 694▼ 1178.00% |
About Trane Technologies plc
CEO: Michael Lamach
