Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Trane Technologies plcTT · business equipment | |
|---|---|
| Grade |  Bsecond fifth of 497 graded peers; percentile 27.6, sampling error 2.2 points; lower is stronger |
| Rank | 138 of 497 |
| Profitability | Cpercentile 49.3 |
| Solvency | B/Cpercentile 38.2 |
| Growth and financing | B/Cpercentile 37.8 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $21.4B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress |
| Inputs computable | 11 of 14 |
| Graded from | filings received through Feb 5, 2026246 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $470.232026-10-08; market equity $103.5B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 5, 2026; the document on sec.gov.
" for additional details. As we integrate acquisitions into our portfolio of solutions, we may face new competitors in our target markets and incur increased competition from alternative solutions, which could lead to decreased demand or reduced market share for our products and services. We must maintain the quality of our products, retain longstanding relationships with major customers, continue to grow our business by establishing relationships with new customers, and continually innovate new or enhanced products and services to maintain and expand our brand recognition and market leadership position to effectively compete in the markets that we serve.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 49.3 | |||||||
| Gross profitability | not computable | 28.5% | |||||
| latest aligned inputs end 2020-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | 29.1% | [3-11] | 10.9% | 16.3 | 136 | 2025-12-31 | |
| Accruals ratio | (1.3%) | [1,12-14] | (7.4%) | 82.3 | 621 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| latest aligned inputs end 2020-12-31; latest annual assets end 2025-12-31 | |||||||
| Solvency, sleeve percentile 38.2 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 4.02 | [1,3,7,15-18] | 2.18 | 28.7 | 566 | 2025-12-31 | |
| Net debt to EBITDA | 0.68x | [3,6,8,19] | 1.11x | 37.7 | 147 | 2025-12-31 | |
| Interest coverage | 17.50x | [3,20] | 3.77x | 15.7 | 90 | 2025-12-31 | |
| Current ratio | 1.25x | [15-16] | 2.02x | 70.7 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 37.8 | |||||||
| Revenue growth, three-year compound | 10.1% | [2,21-23] | 6.4% | 38.7 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 32.4% | [13,24-30] | 17.2% | 29.6 | 268 | 2025-12-31 | |
| Reinvestment rate | 15.1% | [3-5,15-16,19,24,31-32] | 14.3% | 49.8 | 226 | 2025-12-31 | |
| Asset growth, three years | 5.8% | [1,14,33-34] | 5.0% | 45.0 | 563 | 2025-12-31 | |
| Net share issuance, one year | (1.3%) | [35-36] | 0.5% | 25.9 | 407 | 2026-01-30 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.177; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 133 | Epam Systems, Inc. (EPAM) Epam Systems, Inc. (EPAM) Bsecond fifth; percentile 26.6 NYSE · Services-Computer Programming Services market equity $5.9B; last close $113.86 Warnings: fortress balance sheet; 9 of 14 inputs | 26.6 | B | fortress balance sheet |
| 134 | Quantum Computing Inc. (QUBT) Quantum Computing Inc. (QUBT) Bsecond fifth; percentile 26.8 Nasdaq · Services-Prepackaged Software market equity $1.7B; last close $7.45 Warnings: dilution; 8 of 14 inputs | 26.8 | B | dilution |
| 135 | Inspired Entertainment, Inc. (INSE) Inspired Entertainment, Inc. (INSE) Bsecond fifth; percentile 27.0 Nasdaq · Services-Prepackaged Software market equity $92.8M; last close $3.51 Warnings: late filer; 7 of 14 inputs | 27.0 | B | late filer |
| 136 | IonQ, Inc. (IONQ) IonQ, Inc. (IONQ) Bsecond fifth; percentile 27.2 NYSE · Services-Computer Integrated Systems Design market equity $15.0B; last close $39.46 Warnings: dilution; 7 of 14 inputs | 27.2 | B | dilution |
| 137 | Alkami Technology, Inc. (ALKT) Alkami Technology, Inc. (ALKT) Bsecond fifth; percentile 27.4 Nasdaq · Services-Prepackaged Software market equity $1.5B; last close $14.33 Warnings: fortress balance sheet; 8 of 14 inputs | 27.4 | B | fortress balance sheet |
| 138 | Trane Technologies plc (TT) Trane Technologies plc (TT) Bsecond fifth; percentile 27.6 NYSE · Auto Controls For Regulating Residential & Comml Environments market equity $103.4B; last close $470.23 No active warnings; 11 of 14 inputs | 27.6 | B | |
| 139 | Intellicheck, Inc. (IDN) Intellicheck, Inc. (IDN) Bsecond fifth; percentile 27.8 Nasdaq · Services-Prepackaged Software market equity $46.4M; last close $2.29 No active warnings; 9 of 14 inputs | 27.8 | B | |
| 140 | Keysight Technologies, Inc. (KEYS) Keysight Technologies, Inc. (KEYS) Bsecond fifth; percentile 28.0 NYSE · Industrial Instruments For Measurement, Display, and Control market equity $63.8B; last close $374.61 No active warnings; 13 of 14 inputs | 28.0 | B | |
| 141 | PTC Inc. (PTC) PTC Inc. (PTC) Bsecond fifth; percentile 28.2 Nasdaq · Services-Prepackaged Software market equity $21.0B; last close $193.74 No active warnings; 13 of 14 inputs | 28.2 | B | |
| 142 | Ceva Inc. (CEVA) Ceva Inc. (CEVA) Bsecond fifth; percentile 28.4 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $947.7M; last close $33.68 No active warnings; 7 of 14 inputs | 28.4 | B | |
| 143 | Macom Technology Solutions Holdings, Inc. (MTSI) Macom Technology Solutions Holdings, Inc. (MTSI) Bsecond fifth; percentile 28.6 Nasdaq · Semiconductors & Related Devices market equity $24.6B; last close $322.31 No active warnings; 10 of 14 inputs | 28.6 | B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 18.1 | 2204 |
| sector peers, equal sleeves (the grade) | B | 27.6 | 497 |
| same exchange, equal sleeves | A | 17.7 | 984 |
| sector peers, equal inputs | B | 25.0 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 5.7% | 2.2% | 53 | hotter than 53 of 100 peers |
| Distance from 52-week high | (6.7%) | (30.0%) | 85 | closer to its high than 85 of 100 peers |
| EBIT to enterprise value | 3.7% | 1.5% | 71 | pricier than 29 of 100 peers |
| Free cash flow yield | 2.7% | 2.7% | 51 | pricier than 49 of 100 peers |
| Book value to price | 0.08 | 0.23 | 22 | pricier than 78 of 100 peers |
| Sales to price | 0.21 | 0.30 | 38 | pricier than 62 of 100 peers |
| Composite equity issuance, five years | (14.2%) | 3.9% | 20 | more equity-funded than 20 of 100 peers |
| Relative strength against the sector, log excess return | (0.23) | (0.26) | 53 | ahead of 53 of 100 peers |
Inputs: market equity $103.4B; EBIT $4.0B; free cash flow $2.8B; book equity $8.6B; sales $21.3B; debt $4.6B; cash $1.8B[37].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 14.5% | ✓ pass[12,14] |
| Operating cash flow above zero | $3.2B | ✓ pass[13] |
| Return on assets improved | 1.2 pts | ✓ pass[12,14,33,38] |
| Operating cash flow exceeds net income | $275.9M | ✓ pass[12-13] |
| Long-term leverage fell | (3.0 pts) | ✓ pass[1,14,33,39-40] |
| Current ratio improved | 4.2 pts | ✓ pass[15-16,31-32] |
| No new shares issued | (1.3%) | ✓ pass[35-36] |
| Gross margin improved | n/a | |
| Asset turnover improved | 3.5 pts | ✓ pass[2,14,21,33] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[13,41-44] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 71 |
| 10-Q received Jul 30, 2026 | |
| Median daily dollar volume | $447.9M |
| 63 sessions | |
| Days since newest grade input | 246 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $21.4B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $21.3B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | $4.0B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $3.7B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | $705.9M | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebt | $4.6B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $8.6B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.8B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebt | $4.8B | 2024-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $7.5B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.6B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | $2.9B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.2B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $20.1B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $7.9B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $6.3B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $10.4B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 18 | liabilities | us-gaap:Liabilities | $12.8B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 19 | depreciation amortization | us-gaap:Depreciation | $207.4M | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 20 | interest expense | us-gaap:InterestExpense | $226.7M | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $19.8B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $17.7B | 2023-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $16.0B | 2022-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $383.0M | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.1B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $370.6M | 2024-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.4B | 2023-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $300.7M | 2023-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.5B | 2022-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 30 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $291.8M | 2022-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $7.3B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $6.1B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $19.4B | 2023-12-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $18.1B | 2022-12-31 | 2024-02-08 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 221,331,905 | 2026-01-30 | 2026-02-05 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 224,290,964 | 2025-01-31 | 2025-02-06 | 10-K | filing · viewer · series |
| 37 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 220,023,177 | 2026-07-24 | 2026-07-30 | 10-Q | filing · viewer · series |
| 38 | net income | us-gaap:NetIncomeLoss | $2.6B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 39 | long term debt | us-gaap:LongTermDebtNoncurrent | $3.9B | 2025-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 40 | long term debt | us-gaap:LongTermDebtNoncurrent | $4.3B | 2024-12-31 | 2026-02-05 | 10-K | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.7B | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $626.2M | 2026-03-31 | 2026-04-30 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.0B | 2025-09-30 | 2025-10-30 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.0B | 2025-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 27.6 is 7.6 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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