TTTrane Technologies plc

Auto Controls For Regulating Residential & Comml Environments

Revenue: $21.3B; 7.5% YoY
Operating margin: 18.6%; 5.5% YoY
EBITDA: $4.2B; 13% YoY
Market cap: $102.1B
Employees: 44,000; $485K revenue each
Net debt / EBITDA: 0.7×; $2.9B net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
109% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
73% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$485K · 68th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$102.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$75M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14.1B	$16.0B	$17.7B	$19.8B	$21.3B	7.5%
Operating income	$2.0B	$2.4B	$2.9B	$3.5B	$4.0B	13%
Net income	$1.4B	$1.8B	$2.0B	$2.6B	$2.9B	14%
Operating cash flow	$1.6B	$1.5B	$2.4B	$3.1B	$3.2B	1.6%
Capex	$223M	$292M	$301M	$371M	$383M	3.3%
Stock-based comp	$67M	$56M	$64M	$83M	$87M	4.5%
Buybacks	$1.1B	$1.2B	$669M	$1.3B	$1.5B	16%
Dividends	$561M	$620M	$684M	$758M	$837M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $172K · 1
Open-market sells, 12 mo: $76M · 17
Net: −$75M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	286	189
FY2024	—	—	269	158
FY2023	—	—	176	135
FY2022	—	—	119	114
FY2021	—	—	141	121