TT vs WMS: Trane Technologies and Advanced Drainage Systems compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Trane Technologies is the larger company, worth $100.3B, about 10.7 times Advanced Drainage Systems.
- Advanced Drainage Systems grew revenue faster over the last year (+20.6% vs +10.6%).
- Advanced Drainage Systems keeps more of each dollar of revenue as operating profit (20.7% vs 17.9%).
- On earnings, Advanced Drainage Systems is the cheaper stock (20.0x vs 34.7x).
- Trane Technologies's price assumes faster free cash flow growth: about 13% a year, against 2% for Advanced Drainage Systems (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | TT | WMS |
|---|---|---|
| Market cap | $100.3B | $9.3B |
| Share price | $476.98 | $125.79 |
| Revenue (last fiscal year) | $21.3B | $3.1B |
| Free cash flow (last fiscal year) | $2.8B | $569M |
| Revenue growth, last year | +10.6% | +20.6% |
| Revenue growth per year, last 5 fiscal years | +10.8% | +2.4% |
| Operating margin | 17.9% | 20.7% |
| Net margin | 13.3% | 14.0% |
| Return on equity | 34.2% | 25.2% |
| P/E (trailing) | 34.7x | 20.0x |
| Price / free cash flow | 35.7x | 25.4x |
| EV / EBITDA | 25.0x | 11.8x |
| FCF growth the price implies | 12.6% | 2.4% |
| Dividend yield | 0.83% | 0.57% |
| Debt / equity | 1.77x | 1.46x |
| Fundamental grade | C | B |
| Superinvestors holding it | 3 | 4 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Trane Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.1B | $1.4B | 14.3% |
| 2022 | $16.0B | $1.2B | 15.1% |
| 2023 | $17.7B | $2.1B | 16.4% |
| 2024 | $19.8B | $2.8B | 17.6% |
| 2025 | $21.3B | $2.8B | 18.6% |
Advanced Drainage Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $2.8B | $126M | 14.9% |
| 2023 | $3.1B | $541M | 23.4% |
| 2024 | $2.9B | $534M | 25.5% |
| 2025 | $2.9B | $369M | 22.6% |
| 2026 | $3.1B | $569M | 20.3% |
Where the revenue comes from
Trane Technologies · by segments, 2019
Climate$13.1B79%
Industrial$3.5B21%
Advanced Drainage Systems · by segments, 2026
Stormwater$2.4B79%
Wastewater$653M21%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open TT in InvestinglyQuestions
Which is bigger, Trane Technologies or Advanced Drainage Systems?
Trane Technologies (TT), at $100.3B against $9.3B.
Is TT or WMS cheaper?
By trailing P/E, Advanced Drainage Systems (20.0x) is cheaper than Trane Technologies (34.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, TT or WMS?
Advanced Drainage Systems: revenue grew +20.6% over the last year, against +10.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.