A Business at a Glance
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Eaton Corp plc
ETN
$158.0B
Mkt Cap
$404.07
-2.66%
Eaton Corp plc (ETN) has a current P/E ratio of 38.7, compared to its historical median P/E of 26.9. The stock is currently considered Expensive based on its historical valuation range.
Eaton Corp plc (ETN) has a 5-year average return on invested capital (ROIC) of 12.9%. This indicates solid capital allocation.
Eaton Corp plc (ETN) has a market capitalization of $156.9B. It is classified as a large-cap stock.
Yes, Eaton Corp plc (ETN) pays a dividend with a trailing twelve-month yield of 1.05%. The company also returns capital through share buybacks, with a buyback yield of 0.79%.
Based on historical P/E analysis, Eaton Corp plc (ETN) appears expensive. The current P/E of 38.7 is 44% above its historical median of 26.9. The estimated fair value CAGR (P/E method) is 13.8%.
Eaton Corp plc (ETN) operates in the Misc Industrial & Commercial Machinery & Equipment industry, within the Industrials sector.
Eaton Corp plc (ETN) reported annual revenue of $27.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Eaton Corporation is an intelligent power management company serving data center, utility, industrial, commercial, aerospace, and mobility markets across 180 countries with 2025 revenues of $27.4 billion. The company operates through two electrical segments (Electrical Americas and Electrical Global), Aerospace, Vehicle, and eMobility divisions, earning revenue through the design, manufacture, and distribution of electrical power management products, systems, and solutions that range from grid-level infrastructure to building and industrial applications. Eaton's business model combines direct sales to original equipment manufacturers and large customers with distribution through channel partners, supported by a broad intellectual property portfolio and engineering capabilities that position it among market leaders in most product categories. The company benefits from secular megatrends including electrification, digitalization, and reindustrialization, with particular exposure to high-growth end markets such as data centers, aerospace and defense, and global infrastructure megaprojects. Eaton has strengthened its portfolio through strategic acquisitions including Fibrebond (modular data center solutions), Resilient Power Systems (power distribution and solid-state transformer technology), Ultra PCS (aerospace solutions), and Boyd Thermal (liquid cooling for data centers), while announcing a planned spin-off of its Mobility business to sharpen strategic focus.
【Record backlog driving execution】 Management emphasizes unprecedented demand visibility supported by record backlogs across Electrical and Aerospace segments, with combined book-to-bill of 1.2 on a rolling 12-month basis and data center orders accelerating at 240% growth. The company is executing a significant capacity ramp in Electrical Americas to meet demand, with sequential margin improvement expected from Q2 through Q4 2026 as utilization increases and recent pricing actions take effect, positioning the business to meet or exceed the 32% margin target by 2030. Boyd Thermal is expected to deliver $1.7 billion in revenue for 2026 with margins in line with prior expectations, while the broader portfolio benefits from strong momentum in data center, utility, and commercial aerospace end markets. Management remains focused on disciplined execution throughout 2026 to convert record backlogs into revenue and cash flow while managing temporary ramp-up costs in the first half of the year.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 9%-11% | FY2026 |
| Adjusted EPS | $13.05-$13.50 | FY2026 |
| Segment operating margin | 24.1%-24.5% | FY2026 |
| Boyd Thermal revenue | $1.7 billion or better | FY2026 |
Organic revenue growth (FY2026): “we now expect total company organic growth to be between 9%-11%, up 200 basis points at the midpoint”
Adjusted EPS (FY2026): “We expect full year EPS to be between $13.05 and $13.50, $13.28 at the midpoint”
Segment operating margin (FY2026): “For segment margins, our guidance range of 24.1%-24.5% is 50 basis points lower than the prior guide”
Boyd Thermal revenue (FY2026): “The cooling business is on track to record $1.7 billion or better in revenue in the full year of 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 28.5B | 27.4B | 24.9B | 23.2B | 20.8B | 19.6B |
| Net Income | 4.0B | 4.1B | 3.8B | 3.2B | 2.5B | 2.1B |
| EPS | $10.27 | $10.45 | $9.50 | $8.02 | $6.14 | $5.34 |
| Free Cash Flow | 3.8B | 3.6B | 3.5B | 2.9B | 1.9B | 1.6B |
| ROIC | 0.0% | 15.9% | 15.2% | 13.2% | 10.4% | 9.7% |
| Gross Margin | - | 37.6% | 38.2% | 36.4% | 33.2% | 32.3% |
| Debt/Equity | 1.07 | 0.51 | 0.50 | 0.49 | 0.51 | 0.52 |
| Dividends/Share | $4.23 | $4.16 | $3.76 | $3.44 | $3.24 | $3.04 |
| Operating Income | 0 | 5.2B | 4.7B | 4.0B | 3.1B | 3.0B |
| Operating Margin | 0.0% | 18.8% | 18.9% | 17.1% | 14.7% | 15.5% |
| ROE | 20.2% | 21.6% | 20.2% | 17.8% | 14.7% | 13.7% |
| Shares Outstanding | 388M | 391M | 399M | 401M | 401M | 401M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 22.6B | 20.9B | 19.7B | 20.4B | 21.6B | 21.4B | 17.9B | 19.6B | 20.8B | 23.2B | 24.9B | 27.4B | 28.5B |
| Gross Margin | 30.6% | 31.4% | 32.2% | 32.6% | 32.8% | 33.0% | 30.5% | 32.3% | 33.2% | 36.4% | 38.2% | 37.6% | N/A |
| R&D | 647M | 625M | 587M | 584M | 584M | 606M | 551M | 616M | 665M | 754M | 794M | 797M | 810M |
| SG&A | 3.8B | 3.6B | 3.5B | 3.5B | 3.5B | 3.6B | 3.1B | 3.3B | 3.2B | 3.8B | 4.1B | 4.3B | 4.5B |
| EBIT | 3.3B | 3.1B | 3.0B | 3.2B | 3.6B | 3.7B | 1.9B | 3.0B | 3.1B | 4.0B | 4.7B | 5.2B | 0 |
| Op. Margin | 14.7% | 15.0% | 15.0% | 15.8% | 16.8% | 17.2% | 10.6% | 15.5% | 14.7% | 17.1% | 18.9% | 18.8% | 0.0% |
| Net Income | 1.8B | 2.0B | 1.9B | 3.0B | 2.1B | 2.2B | 1.4B | 2.1B | 2.5B | 3.2B | 3.8B | 4.1B | 4.0B |
| Net Margin | 8.0% | 9.5% | 9.7% | 14.6% | 9.9% | 10.3% | 7.9% | 10.9% | 11.9% | 13.9% | 15.3% | 14.9% | 14.0% |
| Non-Recurring | 122M | 129M | 211M | 1.2B | 0 | 0 | 435M | 695M | 57M | 57M | 202M | 335M | 154M |
| Returns on Capital | |||||||||||||
| ROIC | 13.7% | 12.4% | 11.7% | 12.3% | 13.6% | 13.4% | 6.7% | 9.7% | 10.4% | 13.2% | 15.2% | 15.9% | 0.0% |
| ROE | 11.0% | 12.7% | 12.7% | 18.5% | 12.9% | 13.7% | 9.1% | 13.7% | 14.7% | 17.8% | 20.2% | 21.6% | 20.2% |
| ROA | 5.2% | 6.1% | 6.2% | 9.5% | 6.7% | 6.9% | 4.4% | 6.5% | 7.1% | 8.8% | 9.9% | 10.3% | 7.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.9B | 2.4B | 2.6B | 2.7B | 2.7B | 3.5B | 2.9B | 2.2B | 2.5B | 3.6B | 4.3B | 4.5B | 4.7B |
| Free Cash Flow | 1.2B | 1.9B | 2.1B | 2.1B | 2.1B | 2.9B | 2.6B | 1.6B | 1.9B | 2.9B | 3.5B | 3.6B | 3.8B |
| Owner Earnings | 761M | 1.4B | 1.6B | 1.7B | 1.7B | 2.5B | 2.1B | 1.2B | 1.5B | 2.6B | 3.3B | 3.4B | 3.6B |
| CapEx | 632M | 506M | 497M | 520M | 565M | 587M | 389M | 575M | 598M | 757M | 808M | 919M | 965M |
| Maint. CapEx | 983M | 925M | 929M | 914M | 903M | 884M | 811M | 922M | 954M | 926M | 921M | 1.0B | 1.0B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 983M | 925M | 929M | 914M | 903M | 884M | 811M | 922M | 954M | 926M | 921M | 1.0B | 1.0B |
| CapEx/OCF | 33.7% | 21.3% | 19.3% | 19.5% | 21.3% | 17.0% | 13.2% | 26.6% | 23.6% | 20.9% | 18.7% | 20.6% | 20.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 929M | 1.0B | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B |
| Dividend Yield | 3.6% | 4.4% | 4.5% | 3.8% | 3.8% | 3.9% | 3.3% | 2.2% | 2.3% | 1.8% | 1.2% | 1.2% | 1.0% |
| Share Buybacks | 650M | 682M | 730M | 850M | 1.3B | 1.0B | 1.6B | 122M | 286M | 0 | 2.5B | 1.9B | 1.2B |
| Buyback Yield | 2.5% | 3.5% | 2.9% | 2.8% | 4.9% | 2.9% | 3.7% | 0.2% | 0.5% | N/A | 1.9% | 1.5% | 0.8% |
| Stock-Based Comp | 134M | 38M | 18M | 22M | 24M | 46M | 37M | 47M | 60M | 49M | 70M | 52M | 55M |
| Debt Repayment | 582M | 1.0B | 653M | 1.6B | 574M | 348M | 249M | 1.0B | 2.0B | 19M | 1.0B | 717M | 717M |
| Balance Sheet | |||||||||||||
| Net Debt | 8.0B | 8.0B | 7.5B | 6.7B | 7.1B | 7.7B | 7.0B | 8.0B | 8.1B | 6.7B | 7.1B | 9.1B | 20.4B |
| Cash & Equiv. | 781M | 268M | 543M | 561M | 283M | 370M | 438M | 297M | 294M | 488M | 555M | 622M | 751M |
| Long-Term Debt | 8.0B | 7.7B | 6.7B | 7.2B | 6.8B | 7.8B | 7.0B | 6.8B | 8.3B | 8.2B | 8.5B | 8.8B | 18.5B |
| Debt/Equity | 0.57 | 0.55 | 0.55 | 0.45 | 0.47 | 0.52 | 0.54 | 0.52 | 0.51 | 0.49 | 0.50 | 0.51 | 1.07 |
| Interest Coverage | 14.6 | 13.5 | 12.7 | 13.1 | 14.1 | 18.5 | 12.7 | 21.1 | 21.2 | 26.3 | 36.1 | 21.4 | 21.4 |
| Equity | 15.8B | 15.2B | 15.0B | 17.3B | 16.1B | 16.1B | 14.9B | 16.4B | 17.0B | 19.0B | 18.5B | 19.4B | 19.7B |
| Total Assets | 33.5B | 31.1B | 30.5B | 32.6B | 31.1B | 32.8B | 31.8B | 34.0B | 35.0B | 38.4B | 38.4B | 41.3B | 55.1B |
| Total Liabilities | 17.6B | 15.8B | 15.5B | 15.3B | 14.9B | 16.7B | 16.9B | 17.6B | 17.9B | 19.4B | 19.9B | 21.8B | 61M |
| Intangibles | 6.6B | 6.0B | 5.5B | 5.3B | 4.8B | 4.6B | 4.2B | 5.9B | 5.5B | 5.1B | 4.7B | 5.1B | 11.3B |
| Retained Earnings | 7.1B | 7.3B | 7.6B | 8.7B | 8.2B | 8.2B | 6.8B | 7.6B | 8.5B | 10.3B | 10.1B | 10.7B | 11.1B |
| Working Capital | 2.7B | 2.0B | 1.5B | 3.3B | 2.4B | 3.6B | 3.3B | 299M | 2.4B | 3.9B | 3.9B | 3.0B | 2.3B |
| Current Assets | 8.1B | 6.6B | 7.0B | 8.3B | 7.6B | 8.7B | 9.2B | 7.5B | 8.7B | 11.7B | 11.8B | 12.4B | 14.0B |
| Current Liabilities | 5.4B | 4.6B | 5.5B | 5.1B | 5.2B | 5.1B | 5.9B | 7.2B | 6.4B | 7.7B | 7.9B | 9.4B | 11.7B |
| Per Share Data | |||||||||||||
| EPS | 3.76 | 4.22 | 4.20 | 6.68 | 4.91 | 5.25 | 3.49 | 5.34 | 6.14 | 8.02 | 9.50 | 10.45 | 10.27 |
| Owner EPS | 1.60 | 3.09 | 3.56 | 3.87 | 3.96 | 5.99 | 5.19 | 2.97 | 3.79 | 6.60 | 8.35 | 8.73 | 9.37 |
| Book Value | 33.10 | 32.50 | 32.78 | 38.61 | 36.87 | 38.19 | 36.95 | 40.88 | 42.49 | 47.44 | 46.29 | 49.67 | 50.79 |
| Cash Flow/Share | 3.94 | 5.16 | 5.63 | 5.97 | 6.08 | 8.19 | 7.29 | 5.39 | 6.32 | 9.03 | 10.83 | 11.43 | 12.97 |
| Dividends/Share | 1.96 | 2.20 | 2.28 | 2.40 | 2.64 | 2.84 | 2.92 | 3.04 | 3.24 | 3.44 | 3.76 | 4.16 | 4.23 |
| Shares Out. | 476.9M | 467.3M | 456.2M | 446.9M | 436.9M | 421.1M | 404.0M | 401.5M | 401.0M | 401.2M | 399.4M | 391.1M | 388.3M |
| Valuation | |||||||||||||
| P/E Ratio | 14.2 | 9.9 | 13.3 | 10.0 | 12.1 | 16.3 | 31.1 | 30.1 | 24.4 | 29.4 | 34.9 | 30.8 | 39.3 |
| P/FCF | 20.5 | 10.3 | 12.3 | 13.9 | 12.4 | 12.6 | 17.2 | 40.7 | 31.0 | 33.0 | 37.6 | 35.5 | 41.6 |
| EV/EBIT | 183.2 | 12.9 | 309.4 | 10.8 | 13.6 | 15.5 | N/A | 23.9 | 23.4 | 25.5 | 29.7 | 26.1 | N/A |
| Price/Book | 1.6 | 1.3 | 1.7 | 1.7 | 1.6 | 2.2 | 2.9 | 3.9 | 3.5 | 5.0 | 7.2 | 6.5 | 8.0 |
| Price/Sales | 1.1 | 1.1 | 1.2 | 1.4 | 1.4 | 1.4 | 2.0 | 2.8 | 2.7 | 3.3 | 4.9 | 4.8 | 5.5 |
| FCF Yield | 4.9% | 9.7% | 8.1% | 7.2% | 8.1% | 8.0% | 5.8% | 2.5% | 3.2% | 3.0% | 2.7% | 2.8% | 2.4% |
| Market Cap | 25.5B | 19.6B | 25.6B | 29.9B | 25.9B | 36.0B | 43.8B | 64.6B | 60.0B | 94.5B | 132.3B | 126.0B | 156.9B |
| Avg. Price | 54.12 | 49.38 | 50.18 | 63.18 | 68.38 | 72.29 | 87.42 | 138.91 | 140.29 | 188.48 | 308.31 | 333.96 | 404.07 |
| Year-End Price | 53.52 | 41.96 | 56.07 | 66.80 | 59.34 | 85.48 | 108.48 | 160.89 | 149.60 | 235.44 | 331.29 | 322.17 | 404.07 |
Eaton Corp plc passes 4 of 9 quality checks, suggesting mixed fundamentals.
Eaton Corp plc trades at 38.7x trailing earnings, compared to its 15-year median P/E of 26.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 44.1x vs a median of 24.1x. The company's 5-year average ROIC is 12.9% with a gross margin of 35.5%. Total shareholder yield (dividends + buybacks) is 1.8%. At current prices, the estimated annualized return to fair value is +6.1%.
Eaton Corp plc (ETN) has a net profit margin of 14.9%. This is a healthy margin.
Eaton Corp plc (ETN) generated $3.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Eaton Corp plc (ETN) has a debt-to-equity ratio of 0.51. This indicates moderate leverage.
Eaton Corp plc (ETN) reported earnings per share (EPS) of $10.45 in its most recent fiscal year.
Eaton Corp plc (ETN) has a return on equity (ROE) of 21.6%. This indicates the company generates strong returns for shareholders.
Eaton Corp plc (ETN) has a 5-year average gross margin of 35.5%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for Eaton Corp plc (ETN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Eaton Corp plc (ETN) has a book value per share of $49.67, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management emphasizes unprecedented demand visibility supported by record backlogs across Electrical and Aerospace segments, with combined book-to-bill of 1.2 on a rolling 12-month basis and data center orders accelerating at 240% growth. The company is executing a significant capacity ramp in Electrical Americas to meet demand, with sequential margin improvement expected from Q2 through Q4 2026 as utilization increases and recent pricing actions take effect, positioning the business to meet or exceed the 32% margin target by 2030. Boyd Thermal is expected to deliver $1.7 billion in revenue for 2026 with margins in line with prior expectations, while the broader portfolio benefits from strong momentum in data center, utility, and commercial aerospace end markets. Management remains focused on disciplined execution throughout 2026 to convert record backlogs into revenue and cash flow while managing temporary ramp-up costs in the first half of the year.
Based on recent SEC filings and earnings calls, Eaton Corp plc (ETN) has provided the following forward guidance: Organic revenue growth: 9%-11% (FY2026); Adjusted EPS: $13.05-$13.50 (FY2026); Segment operating margin: 24.1%-24.5% (FY2026); Boyd Thermal revenue: $1.7 billion or better (FY2026).