Trane Technologies management check
TT · Industrials · Building Products · CEO David S Regnery
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $286, against $189 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.43 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.9% of net income$27.3m of reported pay in fiscal 2025, against $2.9bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.6 years of payThe CEO holds 145,042.43 shares, directly or through trusts (unvested awards not counted): about 2.6 years of pay. Light activity: no buys, $46.2m sold in six months. 3 of 4 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.3% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: CEO Mr. Lamach, Mr. Regnery. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 55 | |
| Pay for performance | 72 | 86 | |
| CEO cost | 52 | 48 | |
| Skin in the game | 55 | 55 | |
| Dilution | 66 | 62 | |
| Stable leadership | 50 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Building Products, by management score. Trane Technologies is 32nd of 81 in its sector.
- 73MASMasco78
- 175TTTrane Technologies71
- 251CARRCarrier Global64
- 274AOSA. O. Smith63
- 288JCIJohnson Controls62
- 290ALLEAllegion62
- 458LIILennox International44
Pay versus performance
From the proxy statement filed April 23, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Regnery | $27.3m | $28.1m | $5.5m | $286 | $189 | $2.9bn |
| 2024 | — | $28.2m | $60.8m | $5.1m | $269 | $158 | $2.6bn |
| 2023 | CEO Mr. Lamach | $22.9m | $39.5m | $4.0m | $176 | $135 | $2.0bn |
| 2022 | — | $12.8m | $9.0m | $3.2m | $119 | $114 | $1.8bn |
| 2021 | — | $18.3m | $46.0m | $3.8m | $141 | $121 | $1.4bn |
The board says pay is tied most to Revenue($M) (e). Its other key measures: Revenue, Adjusted EBITDA, Free Cash Flow, Relative 3-Year Total Shareholder Return Percentile Ranking, Relative Cash Flow Return on Invested Capital Percentile Ranking.
Insiders and the CEO's stake
David S Regnery (Chair and CEO) held 145,042.43 shares directly after their latest Form 4 on Oct 6, 2026, roughly $69.6m at that filing's price.
Light activity: no buys, $46.2m sold in six months. 3 of 4 sales ran on pre-arranged 10b5-1 plans.
- SoldDavid S RegneryChair and CEO · 10b5-1 plan$43.9mOct 6, 2026
- SoldDonald E. SimmonsGroup President, Americas · 10b5-1 plan$2.3mApr 30, 2026
- SoldMelissa N. SchaefferDirector$68kAug 4, 2026
Leadership and governance on file
- Jul 22, 2026Leadership change8-K 5.02
- Jun 10, 2026Leadership change8-K 5.02
- May 28, 2025Leadership change8-K 5.02
- Feb 6, 2025Leadership change8-K 5.02
- Nov 21, 2024Leadership change8-K 5.02
- Feb 8, 2024Leadership change8-K 5.02
- Jan 10, 2024Leadership change8-K 5.02
- Oct 4, 2023Leadership change8-K 5.02
- Apr 6, 2023Leadership change8-K 5.02
- Oct 14, 2022Leadership change8-K 5.02
- Oct 14, 2022Leadership change8-K 5.02
- Jul 20, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 5, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $9.2bn returned to owners in buybacks and dividends, 86% of net income, and $356.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $14.1bn | $16.0bn | $17.7bn | $19.8bn | $21.3bn |
| Net income | $1.4bn | $1.8bn | $2.0bn | $2.6bn | $2.9bn |
| Stock-based pay | $66.5m | $56.3m | $64.3m | $82.9m | $86.6m |
| Buybacks | $1.1bn | $1.2bn | $669.3m | $1.3bn | $1.5bn |
| Dividends | $561.1m | $620.2m | $683.7m | $757.5m | $837.3m |
| Diluted shares | 242m | 235m | 231m | 228m | 225m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.