Trane Technologies

Revenue visibility is supported by a 7.2 billion dollar backlog and a services business at about one third of sales that compounds at low‑teens rates. Book‑to‑bill exceeded 100% in commercial HVAC across regions in 2025, and guidance implies mid‑single to high‑single digit organic growth against strong prior years.

The model benefits from replacement cycles, regulations phasing down HFCs, and efficiency upgrades that act like tollbooths on energy savings. Offsets include near‑term softness in residential due to refrigerant transition timing and in transport refrigeration end markets, but mix and services reduce volatility.

Geographic diversity also helps with roughly 26% of revenue outside the US.