Carrier Global vs Trane Technologies
Carrier Global and Trane Technologies are similar in size: $21.75bn and $21.32bn of revenue in their latest fiscal years. Trane Technologies grew faster (7.5% against -3.3%). Trane Technologies kept more of each dollar of sales as profit: a net margin of 13.7% against 6.8%. Trane Technologies carries less debt relative to equity (53.8% against 83.8%).
| Latest fiscal year | Carrier GlobalCARR, 2025 | Trane TechnologiesTT, 2025 |
|---|---|---|
| Revenue | $21.75bn | $21.32bn |
| Revenue growth | -3.3% | 7.5% |
| Net income | $1.48bn | $2.92bn |
| Operating margin | 10.0% | 18.6% |
| Net margin | 6.8% | 13.7% |
| Return on equity | 10.4% | 36.4% |
| Free cash flow | $2.12bn | $2.81bn |
| Cash | $1.55bn | $1.76bn |
| Total debt | $11.83bn | $4.62bn |
| Debt to equity | 83.8% | 53.8% |
| Dividend per share | $0.68 | $3.76 |
| Dividend yield | 1.7% | 1.0% |
| Share buybacks | $2.89bn | $1.48bn |
| Employees | 47,000 | 44,000 |
| Market value | $45.42bn | $92.77bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 55 (Moderate) | 65 (Moderate) |
| Insider trades, 12 months | 1 buys, 1 sales | 1 buys, 17 sales |