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Power-management company making electrical equipment for data centers, utilities and buildings, plus aerospace and vehicle components.
Power-management company making electrical equipment for data centers, utilities and buildings, plus aerospace and vehicle components.
Sells switchgear, circuit protection and power systems to data centers, utilities and builders, often through distributors and contractors or on large projects, then earns from replacement and service. Electrical now carries the group after it sold lighting in 2020 and hydraulics in 2021. In 2026 it announced plans to separate its vehicle and eMobility businesses.
Moat: narrow (installed base, switching costs, brand). Broad electrical-equipment installed base and certified specs in data centers/buildings create durable replacement and service demand.
Headquarters: Dublin, Ireland · Founded: 1911 · Employees: 97,000
Size Eaton (ETN) is a United States Industrials company (Electrical Products) with a market value of $133B, the 90th largest of 3,117 United States companies the cockpit tracks. Shares closed at $341.72 on 6 Nov 2026.
Performance Over six months the shares fell 14.9%, against -26.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 13 in its peer set.
Growth Revenue grew 20.1% over the last twelve months (peer median +11.7%); the operating margin is 19.0% (peer median 10.0%).
Valuation It trades at 21.4× forward earnings against a peer median of 22.3× (5th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.8 points above its cost of capital (9.9% WACC).
Credit Eaton has 15 bonds outstanding ($14.0B), rated A- by the agencies and trading like A+ at a weighted spread of 59 bp.
Short interest Short interest is 1.9% of the free float (15 Oct 2026).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $32.0B | $27.4B | $24.9B | $23.2B | $20.8B |
| Revenue growth | — | +10% | +7% | +12% | — |
| Gross profit | $11.2B | $10.3B | $9.50B | $8.43B | $6.91B |
| EBITDA | $7.46B | $6.53B | $5.79B | $4.92B | $4.20B |
| Net income | $3.90B | $4.09B | $3.79B | $3.22B | $2.46B |
| Free cash flow | $3.79B | $3.55B | $3.52B | $2.87B | $1.94B |
| Capital expenditure | $1.11B | $919M | $808M | $757M | $598M |
| Total debt | $20.9B | $10.7B | $9.98B | $9.94B | $9.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Eaton ETN | $133B | -15% | +20% | 19% | 21.4× | 19.1% |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
| Hubbell HUBB | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% |
| NVT NVT | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ETN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.5% | -14.3% | 3rd lowest of 13 |
| 6-month return | -14.9% | -26.1% | 2nd highest of 13 |
| Distance from 52-week high | -28.5% | -34.0% | 6th highest of 13 |
| Revenue growth (TTM) | +20.1% | +11.7% | 3rd highest of 13 |
| Operating margin | 19.0% | 10.0% | 2nd highest of 13 |
| Forward P/E | 21.4× | 22.3× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 19.1% | 15.3% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +9.0% | +8.6% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | +10.2 pp | +7.1 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | +1.8 pp | +3.6 pp | 4th lowest of 12 |
| EV / EBITDA | 20.5× | 16.6× | 4th most expensive of 10 |
| Net debt / EBITDA | 2.7× | 0.3× | most indebted of 10 |
| Bond spread | 59 bp | 74 bp | 2nd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eaton ETN | United States | $133B | -15% | +20% | 19% | 21.4× | 19.1% | +9.0% |
| ABB ABBN.SW | Switzerland | $147B | -17% | +1% | 18% | 24.5× | 4.3% | +2.3% |
| Schneider Electric SU.PA | France | $151B | -16% | +7% | 18% | 22.2× | 18.0% | +9.8% |
| Siemens Energy ENR.DE | Germany | $111B | -33% | +9% | 9% | 26.4× | 17.3% | +7.3% |
| Contemporary Amperex Technology 300750.SZ | China | $179B | -42% | +51% | 14% | 13.0× | 1.6% | +53.1% |
| BYD 002594.SZ | China | $96.6B | -17% | -4% | 4% | 21.2× | n/a | n/a |
| GE Vernova GEV | United States | $205B | -26% | +17% | 7% | 32.2× | 24.9% | +16.8% |
| Mitsubishi Heavy Industries 7011.T | Japan | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% | +6.1% |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| LG Energy Solution 373220.KS | South Korea | $58.2B | -27% | +25% | 1% | n/a | n/a | n/a |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
Eaton has 15 bonds outstanding with $14.0B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.36%, a spread of 59 bp over government bonds.