# Ingersoll Rand (IR.US)

Canonical: https://gigainvestors.com/s/IR

Analysis as of: 2026-10-16T07:29:24.424Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $77.87 per share; close as of 2026-10-15.

Estimated value: low $38.84 per share, central $43.84 per share, high $50.49 per share. Buy at or below the central value $43.84 per share. Valuation as of 2026-10-16T07:29:24.424Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.16×

- FY2019: 0.10×

- FY2020: 0.02×

- FY2021: 0.11×

- FY2022: 0.14×

- FY2023: 0.17×

- FY2024: 0.18×

- FY2025: 0.19×

- LTM to Jun 2026: 0.22×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.5%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 38.6%

- Recent gross margin (lower of latest and 3-year median): 38.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.0%

- FY2018: 8.7%

- FY2019: 2.9%

- FY2020: 0.8%

- FY2021: 10.3%

- FY2022: 12.1%

- FY2023: 20.5%

- FY2024: >100%

- FY2025: 19.8%

- LTM to Jun 2026: 25.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.52×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.1B

- Net income, five-year total: $3.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -9.5 pp

- Working capital / revenue, final three-year average: 21.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.56×

- FY2023: 1.45×

- FY2024: 1.40×

- FY2025: 1.64×

- LTM to Jun 2026: 1.36×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.2% vs 20.5%

- Per-share earnings: -0.14 to 3.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.7%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: $9.1B

- Cumulative retained earnings: $3.6B

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $3.52

- Per-share value, starting three-year median: -$0.14

- Per-share value, ending three-year median: $3.38

- Buybacks concentrated in cheaper years (correlation): 0.53

- Average buyback yield: 1.8%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $13B

- Cumulative net income, 10 years: $3.7B

- ROIC, first three-year median: 3.2%

- ROIC, last three-year median: 20.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.14

- FY2017: $0.07

- FY2018: $1.08

- FY2019: $0.65

- FY2020: -$0.14

- FY2021: $2.32

- FY2022: $2.57

- FY2023: $3.38

- FY2024: $3.67

- FY2025: $2.59

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.26×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -3.9%

- FY2018: -3.9%

- FY2019: -4.0%

- FY2020: -5.9%

- FY2021: -0.3%

- FY2022: -1.7%

- FY2023: -3.8%

- FY2024: -3.1%

- FY2025: -4.2%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Nov 2024 · "IR Q3 Deep Dive: Tariffs and Delayed Pricing Weigh on Outlook Amid Solid Execution" (finance.yahoo.com, Nov 2025) · sales +5.7%

Story as of 2026-10-16T09:58:57.998Z; price observation 2026-10-15.

Price needs cash profits to grow 8.5% a year for ten years

- 2025-05-16: IR Q1 Earnings Call: Management Lowers 2025 Profit Outlook Amid Tariff and Volume Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/ir-q1-earnings-call-management-125846850.html))

- 2025-08-13: IR Q2 Deep Dive: Tariff Uncertainty and Cautious Outlook Shape Results Despite Raised Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/ir-q2-deep-dive-tariff-030732044.html))

- 2025-11-03: IR Q3 Deep Dive: Tariffs and Delayed Pricing Weigh on Outlook Amid Solid Execution ([finance.yahoo.com](https://finance.yahoo.com/news/ir-q3-deep-dive-tariffs-133144047.html))

- 2026-07-31: Ingersoll Rand Beats Q2 Earnings Estimates, Raises Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ingersoll-rand-beats-q2-earnings-173700805.html))

### Sales · FY2024–2025

sales +5.7%; source https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm; observed 2026-02-05.

- FY2016: $1.9B 

- FY2017: $2.4B 

- FY2018: $2.7B 

- FY2019: $2.0B 

- FY2020: $4.0B 

- FY2021: $5.2B 

- FY2022: $5.9B 

- FY2023: $6.9B 

- FY2024: $7.2B 

- FY2025: $7.7B 

### Gross margin · FY2025

gross margin 38.5%; source https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm; observed 2026-02-05.

- FY2016: 37.0% 

- FY2017: 37.8% 

- FY2018: 37.6% 

- FY2019: 38.6% 

- FY2020: 35.4% 

- FY2021: 38.6% 

- FY2022: 39.3% 

- FY2023: 41.9% 

- FY2024: 43.8% 

- FY2025: 38.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 7.7 billion.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2025-12-31 (filed 2026-02-05); FY2025: revenue 7650900000; grossProfit 2948800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IR.US: Ingersoll Rand Inc. provides mission-critical air, fluid, clean energy, and medical technologies services and solutions worldwide. It operates in two segments, Industrial Technologies and Services, and Precision and Science Technologies. The Industrial Technologies and Services segment designs, manufactures, markets, and services a range of air and gas compression and treatment equipment, vacuum and blower products, fluid transfer equipment, loading systems, and power tools and lifting equipment; and other specialized equipment, including aftermarket parts, consumables and services, air treatment equipment, controls, other accessories, and services under the Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle, and other brands. The Precision and Science Technologies segment designs, manufactures, and markets diaphragm, piston, water-powered, peristaltic, gear, vane, progressive cavity, and syringe pumps; and gas boosters, hydrogen compression systems, liquid handling systems, odorant injection systems, controls, software, and other related components and accessories for precision dosing, liquid and solid transfer, dispensing, gas compression and sampling, pressure management, flow control, powder handling, and other applications under the Air Dimensions, Albin, ARO, Dosatron, Haskel, Ingersoll Rand, LMI, Maximus, Milton Roy, MP, Oberdorfer, Seepex, Thomas, Welch, Williams, YZ, and Zinnser Analytic brands. This segment's products are used in medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, clean energy, food and beverage, agriculture and other markets. It sells its products through a network of direct sales representatives and independent distributors. It has a strategic alliance with Garrett Motion. The company was formerly known as Gardner Denver Holdings, Inc. and changed its name to Ingersoll Rand Inc. in March 2020. Ingersoll Rand Inc. was founded in 1859 and is headquartered in Davidson, North Carolina.

### Why customers stay

Margins ranged from 38.5% to 43.8% during 2023–25; it earns 9.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2023-12-31 (filed 2026-02-05); FY2023: grossProfit / revenue = 41.9%.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2024-12-31 (filed 2026-02-05); FY2024: grossProfit / revenue = 43.8%.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2025-12-31 (filed 2026-02-05); FY2025: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); 10-year return on capital observations [[2016,0.031506630784596604],[2017,0.030414637589102973],[2018,0.08724577649791591],[2019,0.029215760443613403],[2020,0.008301274705125266],[2021,0.10265856092913529],[2022,0.12073760816856866],[2023,0.20528339444256902],[2024,1.7748366557725346],[2025,0.19842100948376865]]; median 0.0949521687135256. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 55.2% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2016-12-31 (filed 2026-02-05); FY2016: growth capex 0; upkeep 74416000; owner earnings 61664000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2017-12-31 (filed 2026-02-05); FY2017: growth capex 0; upkeep 56800000; owner earnings 135400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2018-12-31 (filed 2026-02-05); FY2018: growth capex 0; upkeep 52200000; owner earnings 397600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2019-12-31 (filed 2026-02-05); FY2019: growth capex 0; upkeep 43200000; owner earnings 262400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2020-12-31 (filed 2026-02-05); FY2020: growth capex 0; upkeep 48700000; owner earnings 330500001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2021-12-31 (filed 2026-02-05); FY2021: growth capex 0; upkeep 64100000; owner earnings 920500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2022-12-31 (filed 2026-02-05); FY2022: growth capex 0; upkeep 94600000; cash acquisitions 246800000; owner earnings 942900000. Growth capex plus acquisitions / owner earnings = 0.26174567822674727.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2023-12-31 (filed 2026-02-05); FY2023: growth capex 0; upkeep 105400000; cash acquisitions 963000000; owner earnings 1132400000. Growth capex plus acquisitions / owner earnings = 0.8504062168844931.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2024-12-31 (filed 2026-02-05); FY2024: growth capex 0; upkeep 149100000; cash acquisitions 2958700000; owner earnings 1171500000. Growth capex plus acquisitions / owner earnings = 2.5255655142979085.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2025-12-31 (filed 2026-02-05); FY2025: growth capex 0; upkeep 135600000; cash acquisitions 525000000; owner earnings 951600000. Growth capex plus acquisitions / owner earnings = 0.5517023959646911.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Dividend observations: [[2016,992000],[2017,2010700000],[2018,520900000],[2019,42700000],[2020,22700000],[2021,8200000],[2022,32400000],[2023,32400000],[2024,32300000],[2025,31800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/IR.US.json#2025-12-31 (filed 2026-02-05); FY2025: cash repurchases 1018000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IR.US SharesStats.PercentInsiders = 0.214 percentage points; cache date 2026-10-16.

### What could break it

"More than half of our sales and operations are in non-U.S. jurisdictions" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1699150/000162828026008617/iri-20251231.htm (filed 2026-02-17); More than half of our sales and operations are in non-U.S. jurisdictions

### What the price says

The price assumes cash profits grow 8.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Ten-year compound average after fade. Initial solved rate 0.10847534861608088. Price 77.87; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.9678864824495892 → FY2025 4.23121387283237. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-05: $22.93 per share

- 2017-06: $21.61 per share

- 2017-07: $22.96 per share

- 2017-08: $23.49 per share

- 2017-09: $27.52 per share

- 2017-10: $28.85 per share

- 2017-11: $32.41 per share

- 2017-12: $33.93 per share

- 2018-01: $34.58 per share

- 2018-02: $32.01 per share

- 2018-03: $30.68 per share

- 2018-04: $31.63 per share

- 2018-05: $32.87 per share

- 2018-06: $29.39 per share

- 2018-07: $28.61 per share

- 2018-08: $27.96 per share

- 2018-09: $28.34 per share

- 2018-10: $27.06 per share

- 2018-11: $24.75 per share

- 2018-12: $20.45 per share

- 2019-01: $24.67 per share

- 2019-02: $26.85 per share

- 2019-03: $27.81 per share

- 2019-04: $33.75 per share

- 2019-05: $33.97 per share

- 2019-06: $34.60 per share

- 2019-07: $32.97 per share

- 2019-08: $28.68 per share

- 2019-09: $28.29 per share

- 2019-10: $31.83 per share

- 2019-11: $33.87 per share

- 2019-12: $36.68 per share

- 2020-01: $35.31 per share

- 2020-02: $32.79 per share

- 2020-03: $24.80 per share

- 2020-04: $29.08 per share

- 2020-05: $28.20 per share

- 2020-06: $28.12 per share

- 2020-07: $31.59 per share

- 2020-08: $35.06 per share

- 2020-09: $35.60 per share

- 2020-10: $34.94 per share

- 2020-11: $44.27 per share

- 2020-12: $45.56 per share

- 2021-01: $41.84 per share

- 2021-02: $46.34 per share

- 2021-03: $49.21 per share

- 2021-04: $49.41 per share

- 2021-05: $49.64 per share

- 2021-06: $48.81 per share

- 2021-07: $48.87 per share

- 2021-08: $53.02 per share

- 2021-09: $50.41 per share

- 2021-10: $53.76 per share

- 2021-11: $58.34 per share

- 2021-12: $61.87 per share

- 2022-01: $56.21 per share

- 2022-02: $50.52 per share

- 2022-03: $50.35 per share

- 2022-04: $43.96 per share

- 2022-05: $47.15 per share

- 2022-06: $42.08 per share

- 2022-07: $49.80 per share

- 2022-08: $47.37 per share

- 2022-09: $43.26 per share

- 2022-10: $50.50 per share

- 2022-11: $53.97 per share

- 2022-12: $52.25 per share

- 2023-01: $56.00 per share

- 2023-02: $58.07 per share

- 2023-03: $58.18 per share

- 2023-04: $57.02 per share

- 2023-05: $56.66 per share

- 2023-06: $65.36 per share

- 2023-07: $65.27 per share

- 2023-08: $69.61 per share

- 2023-09: $63.72 per share

- 2023-10: $60.68 per share

- 2023-11: $71.43 per share

- 2023-12: $77.34 per share

- 2024-01: $79.86 per share

- 2024-02: $91.33 per share

- 2024-03: $94.95 per share

- 2024-04: $93.32 per share

- 2024-05: $93.05 per share

- 2024-06: $90.84 per share

- 2024-07: $100.40 per share

- 2024-08: $91.45 per share

- 2024-09: $98.16 per share

- 2024-10: $96.00 per share

- 2024-11: $104.17 per share

- 2024-12: $90.46 per share

- 2025-01: $93.80 per share

- 2025-02: $84.78 per share

- 2025-03: $80.03 per share

- 2025-04: $75.43 per share

- 2025-05: $81.64 per share

- 2025-06: $83.18 per share

- 2025-07: $84.63 per share

- 2025-08: $79.43 per share

- 2025-09: $82.62 per share

- 2025-10: $76.33 per share

- 2025-11: $80.34 per share

- 2025-12: $79.22 per share

- 2026-01: $86.09 per share

- 2026-02: $94.14 per share

- 2026-03: $80.12 per share

- 2026-04: $79.86 per share

- 2026-05: $71.64 per share

- 2026-06: $81.99 per share

- 2026-07: $83.38 per share

- 2026-08: $77.05 per share

- 2026-09: $75.11 per share

- 2026-10: $77.87 per share

## Annual estimated value (USD per share)

- FY2016: low $3.23 per share, central $3.58 per share, high $4.05 per share

- FY2017: low $4.54 per share, central $4.98 per share, high $5.57 per share

- FY2018: low $4.41 per share, central $4.92 per share, high $5.61 per share

- FY2019: low $7.05 per share, central $7.76 per share, high $8.70 per share

- FY2020: low $21.74 per share, central $23.78 per share, high $26.51 per share

- FY2021: low $38.51 per share, central $42.68 per share, high $48.23 per share

- FY2022: low $47.06 per share, central $52.67 per share, high $60.14 per share

- FY2023: low $58.24 per share, central $65.40 per share, high $74.93 per share

- FY2024: low $62.18 per share, central $69.91 per share, high $80.20 per share

- FY2025: low $65.08 per share, central $73.38 per share, high $84.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:08.513Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/tt-20251231.htm); period 2025-12-31, filed 2026-02-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.