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Eaton Corporation, PLC

ETN Industrials Specialty Industrial Machinery

Eaton Corporation, PLC’s revenue for fiscal 2025 (year ended December 2025) was $27.4 billion, up 10.3% from fiscal 2024.

Revenue
+28.0%
EPS
+6.79%
Free cash flow
−11.0%
Total debt
+87.1%

Quarter to September 2026, against a year earlier

327.18 25.90 −7.34%
Market cap
$127.1B
P/E
32.6×
Fwd P/E
32.9×
Dividend yield
1.01%
F-score
7/9
Altman Z
4.95
Beneish M
−2.37
Dividend safety
86/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Electrical Americas
  • Electrical Global
  • Aerospace
  • Vehicle
  • eMobility

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 0.48
Sold, $m 22.59
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — 1 — — —
Sell — — 1 1 — 4 — — 2 — — —
Insider Ownership 0.25%

Capital & Financial Ratios $m

Size
Market Cap 127,050.00
Revenue ttm 31,984.00
Net income ttm 3,901.00
Free cash flow ttm 3,871.00
Net debt Q 17,694.00
Valuation
P/E 32.60
Forward P/E 32.90
Price / sales 3.98
Forward P/S Powerpack
Price / FCF 32.84
Price / book 6.05 (above 6: high)
Financial health
Current ratio Q 1.23
Debt / equity Q 0.88
Interest coverage Q 8.03
Growth
Revenue growth Q +28.03% (above 0%: growing)
Operating income growth Q +16.24% (above 0%: growing)
EPS, this year +13.81%
EPS, next year A +18.93% (at or above 15%: strong)
Revenue, next year A +19.88% (at or above 10%: strong)
EPS, past 5 yrs +24.53% (at or above 15%: strong)
EPS, next 5 yrs A +16.50% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.5×, against a ten-year median of 3.3×; over the ten years it ranged from 1.5× in 2016 to 6.5× in 2026.
P/E against its own 10 years 69.67%
10-year low 10-year high
P/S against its own 10 years 72.13%
10-year low 10-year high
P/B against its own 10 years 55.70%
10-year low 10-year high
EV/Sales against its own 10 years 74.51%
10-year low 10-year high
EV/FCF against its own 10 years 66.78%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.01%
Annual rate
3.30
Payout ratio
33.0%
Growth, 2018–26
+6.59%/yr
  1. 2.64 ’18
  2. 2.84 ’19 +8
  3. 3.65 ’20 +29
  4. 3.04 ’21 −17
  5. 3.24 ’22 +7
  6. 3.44 ’23 +6
  7. 3.76 ’24 +9
  8. 4.16 ’25 +11
  9. 4.40 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,609 2,080 803 818
Receivables 4,475 4,619 5,387 7,150
Inventory 3,739 4,227 4,721 5,941
Other — — — —
11,675 11,801 12,355 16,031
2023 2024 2025 Q'26
Payables 3,365 3,678 4,168 5,911
ST’ Debt 1,017 674 1,136 710
Other 2,680 2,835 3,421 3,944
7,747 7,857 9,370 12,991

Compound Annual Growth %

10y 5y 3y
Sales 2.79% 8.98% 9.77%
Cash Flow 6.38% 8.72% 20.86%
Earnings 7.56% 23.72% 18.41%
Book Value 2.49% 5.39% 4.47%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.54 Actual 3.68

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.33 3.33 Met by 0.00
Q1 FY26 2.74 2.81 Beat by 0.07
Q2 FY26 3.08 3.15 Beat by 0.07
Q3 FY26 3.54 3.68 Beat by 0.14
Q4 FY26 4.10 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.22 2.11 2.77 — —
’25 2.45 2.51 2.59 2.91 10.45
’24 2.04 2.48 2.53 2.45 9.50
’23 1.59 1.86 2.22 2.35 8.02
’22 1.33 1.50 1.52 1.80 6.14
’21 1.14 1.26 1.57 1.37 5.34
’20 1.07 0.13 1.11 1.18 3.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 7,451 8,531 8,947 — —
’25 6,377 7,028 6,988 7,055 27,448
’24 5,943 6,350 6,345 6,240 24,878
’23 5,483 5,866 5,880 5,967 23,196
’22 4,843 5,212 5,313 5,384 20,752
’21 4,692 5,215 4,923 4,798 19,628
’20 4,789 3,856 4,526 4,687 17,858
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 507 1,127 1,309 — —
’25 238 918 1,351 1,965 4,472
’24 475 946 1,309 1,597 4,327
’23 335 850 1,141 1,298 3,624
’22 42 340 965 1,186 2,533
’21 260 637 471 795 2,163
’20 323 757 921 943 2,944
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 352 875 1,044 — —
’25 140 720 1,173 1,600 3,633
’24 350 778 1,133 1,343 3,604
’23 212 687 967 1,077 2,943
’22 (69) 289 904 974 2,098
’21 141 500 345 646 1,632
’20 211 667 832 857 2,567
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.0% a year for ten years. It grew 6.9% a year over the last ten.

Implied
14.0%
10 years, reported
6.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,747 20,404 21,609 21,390 17,858 19,628 20,752 23,196 24,878 27,448 31,984 +3.7% 32,905 36,943 40,512 +13.9%
Gross margin, % 32.16 32.58 32.85 32.97 30.52 32.28 33.19 36.36 38.20 37.59 35.05 +5.4 pt
EBT 2,118 3,368 2,424 2,591 1,746 2,896 2,911 3,827 4,566 4,932 4,915 +9.8%
EBT margin, % 10.73 16.51 11.22 12.11 9.78 14.75 14.03 16.50 18.35 17.97 15.37 +7.2 pt
Net income 1,919 2,986 2,146 2,213 1,415 2,146 2,465 3,223 3,798 4,090 3,901 +8.8%
Per share, $
Per share, $ Revenue 43.40 45.90 49.76 51.05 44.40 49.23 52.05 58.12 62.57 70.40 82.31 +5.5%
Earnings 4.22 6.71 4.93 5.28 3.51 5.38 6.18 8.06 9.54 10.48 10.04 +10.6%
Cash flow 5.65 6.00 6.12 8.24 7.32 5.43 6.35 9.08 10.88 11.47 12.63 +8.2%
Capex (1.09) (1.17) (1.30) (1.40) (0.94) (1.33) (1.09) (1.71) (1.82) (2.15) (2.67) +7.8%
Free cash flow 4.56 4.83 4.82 6.84 6.38 4.09 5.26 7.37 9.06 9.32 9.96 +8.3%
Book value 32.96 38.90 37.17 38.50 37.23 41.26 42.83 47.78 46.61 49.93 54.10 +4.7%
Shares, m 455 445 434 419 402 399 399 399 398 390 389 (1.7%)
Valuation, ×
Valuation, × P/E 16.20 11.75 13.93 17.97 34.33 32.12 25.57 29.64 34.79 30.33 32.60 24.7
P/S 1.58 1.72 1.38 1.86 2.71 3.51 3.03 4.11 5.30 4.52 3.98 3.0
P/B 2.08 2.03 1.85 2.46 3.23 4.19 3.68 5.00 7.12 6.38 6.05 3.8
EV/Sales 1.96 2.04 1.69 2.20 3.10 3.92 3.41 4.40 5.59 4.86 4.53 3.3
EV/FCF 18.67 19.43 17.43 16.47 21.53 47.12 33.68 34.66 38.57 36.69 37.42 28.4
Cash, $m
Cash, $m Operating cash flow 2,570 2,666 2,658 3,451 2,944 2,163 2,533 3,624 4,327 4,472 4,908 +6.3%
Capex (497) (520) (565) (587) (377) (531) (435) (681) (723) (839) (1,037) +6.0%
Free cash flow 2,073 2,146 2,093 2,864 2,567 1,632 2,098 2,943 3,604 3,633 3,871 +6.4%
Balance, $m
Balance, $m Working capital 1,548 3,262 2,436 3,596 3,297 299 2,386 3,928 3,944 2,985 3,040 +7.6%
Net debt 7,517 6,650 6,667 7,476 6,955 7,998 7,776 6,652 7,072 9,091 17,694 +2.1%
Shareholders’ equity 14,998 17,290 16,142 16,133 14,973 16,451 17,075 19,069 18,531 19,469 21,023 +2.9%
Returns, %
Returns, % ROA 6.23 9.46 6.73 6.92 4.36 6.51 7.13 8.76 9.88 10.26 7.94 +4.0 pt
ROIC 6.38 6.63 7.37 7.58 5.20 6.30 7.53 9.44 11.31 11.40 8.94 +5.0 pt
ROE 12.68 18.49 12.83 13.70 9.07 13.65 14.69 17.81 20.18 21.51 19.52 +8.8 pt
People
People Employees 95,000 96,000 99,000 101,000 91,987 86,000 92,000 94,000 94,000 97,000 — +0.2%
Revenue/emp, $m 0.21 0.21 0.22 0.21 0.19 0.23 0.23 0.25 0.26 0.28 — +3.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Eaton is a power-management company that makes equipment for managing and distributing electricity, as well as products for aircraft and vehicles. Its customers include data-center operators, utilities, industrial businesses, commercial building operators, machine builders and aircraft manufacturers. It also serves residential and mobility markets.

Its electrical businesses provide equipment used between the electricity grid and the places where power is consumed. Products include transformers, switchgear, circuit breakers and uninterruptible power supplies. Eaton also combines equipment in modular units, allowing work that might otherwise take place at a customer’s construction site to be done in a factory.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Electrical Americas 13,276 48.37%
Electrical Global 6,815 24.83%
Aerospace 4,249 15.48%
Vehicle 2,505 9.13%
eMobility 604 2.20%
Gross margin 37.59%
Operating margin 18.98%
Pre-tax margin 17.97%

Revenue by segment since 2010

Eaton Corporation, PLC vs peers in Specialty Industrial Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GEV GE Vernova Inc. $203.9B 20.1× 27.3× +26.81% (above 0%: growing) +191.92% (above 0%: growing) +640.03% (above 0%: growing) 24.57% 11.03% Compare
ETN Eaton Corporation, PLC $127.1B 32.6× 32.9× +28.03% (above 0%: growing) +6.79% (above 0%: growing) −11.00% (below 0%: shrinking) 34.70% 17.76%
PH Parker-Hannifin Corporation $112.5B 30.5× 29.1× +17.86% (above 0%: growing) +9.70% (above 0%: growing) +7.58% (above 0%: growing) 37.73% 0.00% Compare
EMR Emerson Electric Co. $90.7B 35.7× 33.6× +7.10% (above 0%: growing) +23.08% (above 0%: growing) +8.91% (above 0%: growing) 52.68% 25.90% Compare
ITW Illinois Tool Works Inc. $81.1B 25.4× 24.3× +4.36% (above 0%: growing) +6.53% (above 0%: growing) −5.57% (below 0%: shrinking) 45.09% 27.79% Compare
CMI Cummins Inc. $61.8B 18.6× 17.8× +13.48% (above 0%: growing) +113.66% (above 0%: growing) +9.43% (above 0%: growing) 27.71% 15.30% Compare
AME AMETEK, Inc. $51.1B 31.4× 32.8× +17.31% (above 0%: growing) +15.55% (above 0%: growing) +25.59% (above 0%: growing) 36.50% 26.35% Compare
ROK Rockwell Automation, Inc. $42.3B 35.6× 33.8× +7.88% (above 0%: growing) +40.38% (above 0%: growing) +33.74% (above 0%: growing) 49.46% 21.75% Compare
IR Ingersoll Rand Inc. $31.4B 22.9× 32.9× +5.62% (above 0%: growing) +180.65% (above 0%: growing) +91.49% (above 0%: growing) 44.76% 37.90% Compare
Median of peers $71.4B 27.9× 31.0× +10.68% +31.73% +17.51% 41.25% 23.83%

All 79 Specialty Industrial Machinery stocks →

From the latest earnings call

Updated

  • CEO Paulo Ruiz said demand was broadening beyond data centers, while new Electrical Americas capacity was translating into output and margins.
  • CFO Dave Foster said Electrical Americas pricing actions had made price-cost positive in dollar terms in Q3, following commodity pressure on margins.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Oct 5, 2026 Upgrade Buy 450.00 → 515.00
Morgan Stanley Oct 5, 2026 Target raised — 500.00 → 520.00
Bank of America Oct 2, 2026 Reiterated Buy 490.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 0.00%
Held by the ten largest 0.00%
Holder Shares Stake Change
AVENIR CORP 537.00 0.00% +537.00
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 March 2026

Ownership

Directors and executive officers, together 0.10%
The Vanguard Group 9.43%
BlackRock Inc. 7.04%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Eaton Corporation, PLC (ETN) Latest News

5 Nov

Impact 3 · · Trefis
Impact 3 · · utilitydive.com

4 Nov

Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 4 · · MarketBeat transcript
Impact 4 · · GuruFocus.com
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

3 Nov

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Investing.com
Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · TIKR
Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Associated Press

29 Oct

Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

28 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Moby
Impact 3 · · Trefis
Impact 3 · · Zacks

27 Oct

Impact 4 · · Zacks
Impact 3 · · Simply Wall St.

26 Oct

Impact 3 · · Zacks

ETN metrics, ten years each

stockrow.com/ETN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com