Price to Book Value (P/BV)
since 2005
Calculation
Trane Technologies plc, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Trane Technologies plc shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2023 | 6.89 | = | 183.14 | ÷ | 26.58 | 26.58 | = | 6,088,600 | ÷ | 229,074,725 | |
| Feb 7, 2022 | 5.86 | = | 156.97 | ÷ | 26.79 | 26.79 | = | 6,255,900 | ÷ | 233,538,091 | |
| Feb 9, 2021 | 5.42 | = | 145.71 | ÷ | 26.87 | 26.87 | = | 6,407,700 | ÷ | 238,428,700 | |
| Feb 18, 2020 | 4.76 | = | 144.97 | ÷ | 30.48 | 30.48 | = | 7,267,600 | ÷ | 238,401,033 | |
| Feb 12, 2019 | 3.58 | = | 103.75 | ÷ | 29.00 | 29.00 | = | 7,022,700 | ÷ | 242,168,631 | |
| Feb 12, 2018 | 3.18 | = | 90.91 | ÷ | 28.57 | 28.57 | = | 7,140,300 | ÷ | 249,889,299 | |
| Feb 13, 2017 | 3.20 | = | 81.98 | ÷ | 25.60 | 25.60 | = | 6,643,800 | ÷ | 259,508,972 | |
| Feb 12, 2016 | 2.27 | = | 51.32 | ÷ | 22.65 | 22.65 | = | 5,816,700 | ÷ | 256,847,948 | |
| Feb 13, 2015 | 2.98 | = | 67.69 | ÷ | 22.74 | 22.74 | = | 5,987,400 | ÷ | 263,321,574 | |
| Feb 14, 2014 | 2.30 | = | 58.43 | ÷ | 25.42 | 25.42 | = | 7,068,900 | ÷ | 278,035,707 | |
| Feb 14, 2013 | 2.20 | = | 53.03 | ÷ | 24.12 | 24.12 | = | 7,147,800 | ÷ | 296,317,386 | |
| Feb 21, 2012 | 1.76 | = | 40.99 | ÷ | 23.28 | 23.28 | = | 6,924,300 | ÷ | 297,375,890 | |
| Feb 22, 2011 | 1.91 | = | 46.11 | ÷ | 24.17 | 24.17 | = | 7,964,300 | ÷ | 329,577,804 | |
| Feb 26, 2010 | 1.44 | = | 31.91 | ÷ | 22.12 | 22.12 | = | 7,101,800 | ÷ | 321,072,029 | |
| Mar 2, 2009 | 0.62 | = | 12.99 | ÷ | 20.89 | 20.89 | = | 6,661,400 | ÷ | 318,864,140 | |
| Feb 29, 2008 | 1.44 | = | 41.86 | ÷ | 29.00 | 29.00 | = | 7,907,900 | ÷ | 272,645,080 | |
| Mar 1, 2007 | 2.45 | = | 43.08 | ÷ | 17.56 | 17.56 | = | 5,404,800 | ÷ | 307,801,047 | |
| Mar 1, 2006 | 2.38 | = | 41.96 | ÷ | 17.60 | 17.60 | = | 5,762,000 | ÷ | 327,478,397 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Trane Technologies plc Annual Report.
- Share Price Trend
- The share price exhibits significant fluctuations over the analyzed period. Initially, it remained relatively stable around the low 40s US dollars from 2006 to 2008. However, a pronounced decline occurred in 2009, dropping sharply to approximately 13 US dollars. Following this low, the share price demonstrated a substantial recovery and subsequent growth trajectory. From 2010 onwards, the price generally increased with some variability, reaching a peak near 183 US dollars in 2023. The overall pattern indicates a strong upward trend in the long term despite the earlier volatility.
- Book Value Per Share (BVPS) Analysis
- BVPs values remained within a narrower range compared to the share price. It started at around 17.6 US dollars in 2006 and experienced a noticeable increase peaking at close to 29 US dollars in 2008. Thereafter, BVPS saw some fluctuations but stayed mostly between approximately 20 and 30 US dollars throughout the subsequent years. The data suggest relative stability in the company's book value, with some moderate growth over time but no extreme changes.
- Price-to-Book Value Ratio (P/BV) Insights
- The P/BV ratio reveals changing market perceptions relative to the company's net asset value. Initially, the ratio was above 2 in 2006 and 2007 but dropped sharply to 0.62 in 2009, coinciding with the share price low. After 2009, the ratio gradually increased, reflecting the strengthening share price relative to book value. By 2023, the P/BV ratio reached 6.89, suggesting that the market valuation has grown substantially faster than the company’s book value. This trend indicates increasing investor optimism or potentially higher growth expectations embedded in the share price compared to the accounting value of equity.
- Overall Observations
- The data reflects a period of volatility followed by strong recovery and growth in share price, while the book value per share remained comparatively stable with moderate growth. The rising P/BV ratio towards the later years points to a market expectation of enhanced future performance or possibly a revaluation based on factors beyond the book value. The sharp dip in 2009 aligns with broader market disruptions seen in that period, while the steady increase in subsequent years highlights resilience and positive market sentiment.
Comparison to Competitors
Trane Technologies plc, P/BV, long-term trends, comparison to competitors
| Trane Technologies plc | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 10, 2023 | 6.89 | — | 8.09 | 4.04 | 2.43 | 8.02 | 12.67 | 1.97 |
| Feb 7, 2022 | 5.86 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Feb 9, 2021 | 5.42 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Feb 18, 2020 | 4.76 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Feb 12, 2019 | 3.58 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Feb 12, 2018 | 3.18 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Feb 13, 2017 | 3.20 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Feb 12, 2016 | 2.27 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Feb 13, 2015 | 2.98 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Feb 14, 2014 | 2.30 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Feb 14, 2013 | 2.20 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Feb 21, 2012 | 1.76 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Feb 22, 2011 | 1.91 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
| Feb 26, 2010 | 1.44 | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 7.00 | 3.12 |
| Mar 2, 2009 | 0.62 | — | 2.63 | 0.95 | 1.10 | 3.38 | 9.51 | 2.82 |
| Feb 29, 2008 | 1.44 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 4.38 | 3.28 |
| Mar 1, 2007 | 2.45 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 6.23 | 3.92 |
| Mar 1, 2006 | 2.38 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 4.05 | 3.39 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Trane Technologies plc, P/BV, long-term trends, comparison to sector (capital goods)
| Trane Technologies plc | Capital Goods | |
|---|---|---|
| Feb 10, 2023 | 6.89 | 5.31 |
| Feb 7, 2022 | 5.86 | 4.77 |
| Feb 9, 2021 | 5.42 | 5.05 |
| Feb 18, 2020 | 4.76 | 6.91 |
| Feb 12, 2019 | 3.58 | 6.11 |
| Feb 12, 2018 | 3.18 | 5.42 |
| Feb 13, 2017 | 3.20 | 4.64 |
| Feb 12, 2016 | 2.27 | 3.45 |
| Feb 13, 2015 | 2.98 | 3.17 |
| Feb 14, 2014 | 2.30 | 2.85 |
| Feb 14, 2013 | 2.20 | 2.77 |
| Feb 21, 2012 | 1.76 | 2.89 |
| Feb 22, 2011 | 1.91 | 2.90 |
| Feb 26, 2010 | 1.44 | 2.29 |
| Mar 2, 2009 | 0.62 | 1.86 |
| Feb 29, 2008 | 1.44 | 3.46 |
| Mar 1, 2007 | 2.45 | 3.91 |
| Mar 1, 2006 | 2.38 | 3.47 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Trane Technologies plc, P/BV, long-term trends, comparison to industry (industrials)
| Trane Technologies plc | Industrials | |
|---|---|---|
| Feb 10, 2023 | 6.89 | 5.50 |
| Feb 7, 2022 | 5.86 | 5.44 |
| Feb 9, 2021 | 5.42 | 5.89 |
| Feb 18, 2020 | 4.76 | 6.28 |
| Feb 12, 2019 | 3.58 | 5.96 |
| Feb 12, 2018 | 3.18 | 5.37 |
| Feb 13, 2017 | 3.20 | 4.89 |
| Feb 12, 2016 | 2.27 | 3.68 |
| Feb 13, 2015 | 2.98 | 3.70 |
| Feb 14, 2014 | 2.30 | 3.14 |
| Feb 14, 2013 | 2.20 | 3.06 |
| Feb 21, 2012 | 1.76 | 3.09 |
| Feb 22, 2011 | 1.91 | 3.05 |
| Feb 26, 2010 | 1.44 | 2.43 |
| Mar 2, 2009 | 0.62 | 2.01 |
| Feb 29, 2008 | 1.44 | 3.45 |
| Mar 1, 2007 | 2.45 | 3.75 |
| Mar 1, 2006 | 2.38 | 3.95 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).