I have been looking at the Troy flip up iron sights. Does the rear sight have an elevation adjustment, and does it have the same adjustments as say an LMT rear fixed sight?  I don't know what they are called but it's where you can adjust the sights from 300 to 600 meters. Thanks.

No elevation adjustment and the apertures are same-plane.  Zero at 50 yards and you're good to go.

+1 Troy rear BUIS have no elevation adjustment, the small and large hole peep sights are same plane which have the same point of aim.

If you're going to use the Troy BUIS on defensive carbines the elevation adjustment are not required because usually it takes more time to adjust the elevation.

It's not used on a Palma match (1000 yd), if you lets say in a rare occasion use it at 300 meters just hold over the sight which is faster than adjusting the rear sight.

I have Troy rear BUIS on my two carbines and a LMT BUIS on another carbine but I never used my LMT's elevation adjustment.

Thanks