▌Top Stocks · DATA CENTER COOLING·Updated September 6, 2026
Top Data Center Cooling Stocks: Our 7 Picks for September 2026
A seven-stock countdown spans diversified HVAC, electrical protection, and data-center cooling specialists, with Carrier, Johnson Controls, Trane, nVent, and AAON in the public preview.
Top Stocks · DATA CENTER COOLINGUpdated September 6, 2026
Data center cooling has become one of the clearest picks-and-shovels themes in the artificial-intelligence infrastructure buildout. The investment case is shifting beyond server count: denser GPUs and higher rack power create a thermal constraint that can limit performance, reliability, and deployment speed. Cooling suppliers therefore sit at an important point in the data center capital cycle, helping operators manage heat while controlling energy consumption and, increasingly, water intensity. That gives the group exposure to AI infrastructure without requiring investors to own the semiconductor or cloud companies driving demand.
The opportunity spans more than conventional air-conditioning equipment. Direct-to-chip liquid cooling, coolant distribution units, cold plates, pumps, heat exchangers, manifolds, hoses, precision air handlers, rear-door heat exchangers, and hybrid air/liquid designs are becoming more important as rack densities rise. The market also includes diversified building-infrastructure companies, pure-play thermal specialists, and industrial suppliers expanding their data center offerings. Trane Technologies' agreement to acquire LiquidStack in February 2026 is one sign that liquid cooling has moved into the strategic mainstream.
This countdown covers seven US-listed companies with meaningful exposure to the data center cooling ecosystem, from broad HVAC and building-systems providers to businesses with dedicated liquid-cooling and thermal-management products. The picks are presented in countdown order from #7 to #1. Exposure to the theme comes first, while profitability, growth, valuation, earnings execution, and analyst sentiment help distinguish the companies within that opportunity set.
Our screen begins with US-listed companies carrying market capitalizations above $500 million and identifiable exposure to data center cooling, thermal management, HVAC, electrical protection, or related infrastructure. We rank the group primarily by depth of exposure to the theme, then by business fundamentals, using composite quality grades, operating performance, growth, valuation, earnings history, and analyst consensus as context. This is a countdown: the best-ranked pick is intentionally reserved for #1 at the end.
What they do. The company provides climate and energy solutions across the Americas, Europe, Asia Pacific, the Middle East, and Africa. Its portfolio includes air conditioners, heating systems, heat pumps, building-energy management and automation systems, aftermarket components, and repair and maintenance services, alongside transport refrigeration and monitoring products. Carrier's multiple brands and regional Climate Solutions segments give it a broad commercial HVAC and service footprint, although data center cooling is one part of a much larger building and transportation portfolio.
Why it fits. Carrier's relevance comes through its commercial climate systems, building controls, energy management, and modernization capabilities. Those products can support the cooling, ventilation, and efficiency requirements of data center facilities, but the company's exposure is less concentrated than that of suppliers offering dedicated liquid-cooling stacks. That breadth places Carrier in the diversified HVAC and building-infrastructure tier of this list.
Numbers that matter. Carrier generated $22.108 billion of revenue and $3.093 billion of EBITDA, with a 24.7% gross margin, 13.07% operating margin, and 5.52% net margin. Revenue growth was 3.9% year over year, while earnings growth declined 11.8%, a weaker growth profile than the more data-center-focused names below. Valuation is mixed: the trailing P/E in the core valuation data is 42.65, versus a forward P/E of 17.51.
Recent momentum. Carrier's latest reported quarter produced EPS of $0.86 against an estimate of $0.83, a 3.6% surprise, and the company has beaten estimates in six of the last seven reported quarters. The consensus breakdown is two Buys and 11 Holds, with no reported Sell count, supporting a positive but measured analyst view. The average analyst target is $77.8152, compared with the last closed price of $59.71 on September 4, 2026; investors should note that the valuation grade is weighed down by the composite metrics' strong-sell readings for P/E and price-to-book.
Market cap: $87.8B · Quality grade: B · Analyst consensus: Hold (avg target $163.37)
What they do. Johnson Controls engineers, manufactures, installs, commissions, and services heating, ventilation, air conditioning, refrigeration, controls, building-management, security, and fire systems. It also provides energy solutions, technical services, scheduled maintenance, repairs, replacement work, and data-driven building solutions. The company sells to commercial, institutional, industrial, governmental, marine, residential-security, and data center customers, giving it a substantial installed-base and service model across building infrastructure.
Why it fits. Data centers are explicitly among Johnson Controls' end markets, and the company's combination of HVAC, refrigeration, controls, building management, and technical services maps closely to facility cooling and energy-optimization needs. Its broad systems approach is useful where operators want cooling equipment integrated with controls and ongoing maintenance. The trade-off is that investors are buying a diversified building-technology platform rather than a narrowly focused liquid-cooling specialist.
Numbers that matter. Johnson Controls reported $24.995 billion of revenue and $4.325 billion of EBITDA. Its 36.7% gross margin, 15.88% operating margin, and 14.32% net margin are stronger than Carrier's, while revenue growth reached 9.3% and earnings growth reached 15.3% year over year. The core valuation data shows a trailing P/E of 40.83 and forward P/E of 23.15, so the company combines solid profitability with a valuation that still requires continued execution.
Recent momentum. The latest reported quarter delivered EPS of $1.42 versus an estimate of $1.32, a 7.6% beat. Johnson Controls has exceeded estimates in all eight of the reported quarters in the supplied history, including a 6.2% surprise in the prior quarter. Analysts are divided but lean constructive, with one Buy, nine Holds, and two Sells; the average target is $163.3684, while the composite grade is supported by strong-buy readings for return on equity and return on assets but pressured by valuation and debt-to-equity measures.
What they do. Trane Technologies designs, manufactures, sells, and services heating, ventilation, air conditioning, custom and transport refrigeration, controls, and energy-efficiency systems. Its portfolio includes chillers, coils and condensers, air handlers, heat pumps, energy recovery equipment, thermal energy storage, water-source heat pumps, building management systems, and data center and multi-pipe HVAC. The company also provides installation, repair, maintenance, rental, energy infrastructure, and smart and AI-enabled services, giving it a broad equipment-plus-services revenue model.
Why it fits. Trane has unusually direct data center exposure for a diversified HVAC company, with dedicated data center HVAC, chillers, airside equipment, controls, energy storage, and water-efficiency capabilities. Its February 2026 agreement to acquire LiquidStack also highlights the strategic push toward liquid cooling and expands the company's relevance to higher-density computing environments. That combination gives Trane a bridge between conventional cooling infrastructure and the newer liquid-cooling ecosystem.
Numbers that matter. Trane generated $22.210 billion of revenue and $4.308 billion of EBITDA. Its 35.4% gross margin, 19.25% operating margin, 13.28% net margin, 36.64% return on equity, and 11.0% return on assets show a stronger profitability profile than the lower-ranked diversified HVAC names. Revenue grew 10.6% year over year and earnings grew 7.1%, while the core trailing P/E was 33.33 and forward P/E was 25.58.
Recent momentum. Trane's latest reported EPS was $4.31, narrowly above the $4.27 estimate for a 0.9% surprise, and it has beaten estimates in all seven reported quarters. The supplied consensus shows three Buys, 10 Holds, and one Sell, with an average target of $526.9915. The B+ quality grade reflects strong return metrics and steady execution, although the composite valuation components still classify both P/E and price-to-book as strong sells.
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What they do. nVent designs, manufactures, markets, installs, and services electrical connection and protection solutions. Its Systems Protection and Electrical Connections segments provide enclosures, cable management, power connections, switchgear, bus systems, equipment protection, and power-management products. Crucially for this theme, the portfolio also includes liquid- and air-cooling solutions, while sales run through distributors, contractors, retail channels, and original-equipment manufacturers.
Why it fits. nVent's data center exposure is tied to the physical interface between power, data, and thermal management. Its liquid- and air-cooling products, enclosures, power connections, cable management, and protection systems can address several of the infrastructure layers required as racks become denser. This is a more specialized data center infrastructure position than traditional HVAC, even though cooling is part of a broader electrical-protection portfolio.
Numbers that matter. nVent produced $4.834 billion of revenue and $1.050 billion of EBITDA. Revenue growth was 52.8% year over year and earnings growth was 98%, the strongest growth profile among the four companies ranked above it. Profitability included a 36.5% gross margin, 18.83% operating margin, 12.38% net margin, 15.75% return on equity, and 7.36% return on assets. The trailing P/E was 43.34 against a forward P/E of 23.42, indicating that the market already discounts substantial growth.
Recent momentum. The latest quarter was particularly strong: EPS of $1.45 exceeded the $1.16 estimate by 25.0%, following a 16.0% surprise in the previous quarter. nVent has beaten estimates in five of the eight reported quarters, with three quarters matching or missing estimates in the supplied history. Analysts remain positive, with four Buys and one Hold, no reported Sell count, and an average target of $204.0667.
What they do.AAON engineers, manufactures, markets, and sells air-conditioning and heating equipment in the United States and Canada through its AAON Oklahoma, AAON Coil Products, and BASX segments. Its products include rooftop units, air-handling units, makeup-air units, energy-recovery units, coils, controls, cleanroom systems, packaged outdoor mechanical rooms, and data center cooling solutions. The company sells through independent manufacturer representatives, its internal sales force, and online channels, with exposure across commercial, medical, pharmaceutical, manufacturing, and data center customers.
Why it fits.AAON is one of the more direct air-cooling plays in the group because data center cooling solutions are explicitly part of its portfolio, alongside BASX cleanroom and specialized air-handling capabilities. Its equipment is relevant to facilities that need precise airflow, temperature control, and modular mechanical capacity. That gives AAON deeper theme exposure than broad building-system vendors, although the company remains primarily an air-cooling and HVAC manufacturer rather than a comprehensive liquid-cooling supplier.
Numbers that matter.AAON generated $1.932 billion of revenue and $300.057 million of EBITDA. Revenue growth surged 101.2% year over year and earnings growth reached 257.9%, but profitability was more moderate than the growth rates suggest: a 25.6% gross margin, 10.99% operating margin, and 8.24% net margin. The trailing P/E was 41.79, versus a forward P/E of 20.62, leaving the valuation dependent on the expected earnings ramp.
Recent momentum.AAON's August 10 report showed EPS of $0.69 versus an estimate of $0.52, a 32.7% surprise; the previous quarter produced a much larger 65.5% beat. The company has beaten estimates in five of the last eight reported quarters, with misses of 13.3%, 33.3%, and 43.7% in the other three. The consensus breakdown is one Buy and three Holds, with an average target of $143, suggesting analysts see potential but remain less unanimous than they are on the most specialized names.
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The screen covers US-listed companies with market capitalizations above $500 million and meaningful exposure to data center cooling or the adjacent thermal, electrical, HVAC, and building-infrastructure systems required to deploy it. Companies were ranked first by the depth and specificity of their theme exposure, then by business fundamentals. The review considered composite quality grades, profitability, revenue and earnings growth, trailing and forward P/E ratios, recent earnings surprises, analyst consensus, and reported average targets. Broad diversified companies remain eligible when their descriptions explicitly include data center customers, systems, or cooling products. The ranking is refreshed monthly, so company fundamentals, earnings histories, analyst views, and market capitalizations can change over time.
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