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Eaton

ETN NYSE Electrical Components & Equipment Financials FY2016–FY2025

Eaton's revenue rose 10.3% to $27.4 billion in fiscal 2025. Its net margin was 14.9%, down from 15.2% a year earlier. Free cash flow was $3.6 billion, up 1.0%. It paid out $3.5 billion in dividends and buybacks, 98% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$366.11

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$27.4B
10.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$4.1B
7.7%
Free cash flow Cash from operations minus capital spending.
$3.6B
1.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.8%
0.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$142.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.2x
On $9.83 EPS (TTM)

What Eaton does

Eaton is a power management company. It makes electrical equipment and systems for data centers, utilities, industrial and commercial buildings, machine builders, homes, aircraft and vehicles. Founded in 1911, it serves customers in 180 countries and had revenues of $27.4 billion in 2025.

Its business has several segments. Electrical Americas and Electrical Global help customers manage power from the grid to homes, buildings, data centers and industrial sites. Aerospace supplies technology for aircraft. Vehicle and eMobility supply the transport market, and in early 2026 Eaton combined them into one segment called Mobility. In 2025, 22% of the Electrical segments' sales went to six large customers.

Eaton has grown by buying companies. In 2025 it bought Fibrebond and Resilient Power Systems, and it agreed to buy Boyd Thermal. In January 2026 it completed the purchase of Ultra PCS. Sales in its electrical segments are usually lower in the first quarter and higher in the third and fourth quarters. Eaton competes on product performance, technology, service and price.

Legal name
EATON CORPORATION plc
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001551182-26-000007
0001551182

Revenue and margins

Eaton had $27.4B of revenue in fiscal 2025, up 10.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.6B in fiscal 2025, 12.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Eaton returned $3.5B to shareholders in fiscal 2025, 98% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Eaton yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.1B and divides by 391.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.2x · peers 37.6x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Eaton can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $568M$555M$2.6B$2.1B$803M
Debt incl. finance leases $8.6B$8.7B$9.3B$9.2B$9.9B
Net debt / EBITDA 2.0x2.0x1.4x1.3x1.5x
Debt / equity 0.5x0.5x0.5x0.5x0.5x
Interest coverage 21.1x12.6x26.3x36.1x21.5x
Current ratio 1.0x1.4x1.5x1.5x1.3x
Quick ratio 0.6x0.8x1.0x1.0x0.8x
Total assets $34.0B$35.0B$38.4B$38.4B$41.3B
Total liabilities $17.6B$17.9B$19.4B$19.9B$21.8B
Shareholders' equity $16.4B$17.0B$19.0B$18.5B$19.4B
Net debt (− = net cash) $8.0B$8.1B$6.7B$7.1B$9.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.5M

1 insider

Sold, 12 months

$22.6M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 13, 2026 Gerald JohnsonDirector Bought 130 $455.90 $0.1M Form 4
Aug 12, 2026 Gerald JohnsonDirector Bought 70 $469.93 $0.0M Form 4
Aug 11, 2026 Heath B. MonesmithSee Remarks below. Sold 18,036 $458.04 $8.3M Form 4
Aug 4, 2026 Adam A WadeckiSee Remarks below. Sold 525 $440.54 $0.2M Form 4
May 22, 2026 Dorothy C ThompsonDirector Sold 167 $385.00 $0.1M Form 4
May 13, 2026 Antonio GalvaoSee Remarks below. Sold 494 $405.86 $0.2M Form 4
May 11, 2026 Gerald JohnsonDirector Bought 215 $419.02 $0.1M Form 4
May 8, 2026 Gerald JohnsonDirector Bought 746 $402.29 $0.3M Form 4
May 6, 2026 Heath B. MonesmithSee Remarks below. Sold 18,367 $409.11 $7.5M Form 4
May 6, 2026 Peter DenkSee Remarks below. Sold 2,000 $417.94 $0.8M Form 4
Mar 2, 2026 Michael YeltonSee Remarks below. Sold 3,494 $374.15 $1.3M Form 4
Feb 12, 2026 Sternadt Paulo RuizSee Remarks below., Director Sold 10,707 $390.26 $4.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 97 / 96 / 9
Accruals ratio −1.1%−1.4%−1.0%
Altman Z'' 3.273.333.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Eaton ETN $142.6B 10.3% — 12.9% 15.8% 37.2x 6
Emerson Electric EMR $90.7B 3.0% — 14.8% 7.6% 35.4x 6 Compare →
Vertiv VRT $76.3B 27.7% 17.9% 18.5% 30.2% 44.0x 6 Compare →
Rockwell Automation ROK $47.6B 0.9% 20.4% 16.3% 20.9% 39.9x 8 Compare →
Ametek AME $55.2B 6.6% 25.8% 22.6% 13.2% 35.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.0M $20.4B $21.6B $21.4B $17.9B $19.6B $20.8B $23.2B $24.9B $27.4B
Gross profit −$13.4B $6.6B $7.1B $7.1B $5.5B $6.3B $6.9B $8.4B $9.5B $10.3B
Research and development $587M $584M $584M $606M $551M $616M $665M $754M $794M $797M
Operating income $3.0B $3.2B $3.6B $3.7B — — — — — —
Interest expense $266M $293M $313M $199M $149M $144M $250M $151M $130M $241M
Pretax income $2.1B $3.4B $2.4B $2.6B $1.7B $2.9B $2.9B $3.8B $4.6B $4.9B
Income tax $199M $382M $278M $378M $331M $750M $445M $604M $768M $841M
Net income $1.9B $3.0B $2.1B $2.2B $1.4B $2.1B $2.5B $3.2B $3.8B $4.1B
Diluted EPS $4.20 $6.68 $4.91 $5.25 $3.49 $5.34 $6.14 $8.02 $9.50 $10.45
Diluted shares 0.46B 0.45B 0.44B 0.42B 0.40B 0.40B 0.40B 0.40B 0.40B 0.39B
Cash flow
Cash from operations $2.6B $2.7B $2.7B $3.5B $2.9B $2.2B $2.5B $3.6B $4.3B $4.5B
Capital expenditure $497M $520M $565M $587M $389M $575M $598M $757M $808M $919M
Free cash flow $2.1B $2.1B $2.1B $2.9B $2.6B $1.6B $1.9B $2.9B $3.5B $3.6B
Depreciation and amortization $929M $914M $903M $884M $811M $922M $954M $926M $921M $1.0B
Stock-based compensation $14.0M $11.0M $11.0M $9.0M — — — — — —
Acquisitions $1.0M $0.0M $0.0M $1.2B $200M $4.5B $610M $0.0M $50.0M $1.5B
Share buybacks $730M $850M $1.3B $1.0B $1.6B $122M $286M $0.0M $2.5B $1.9B
Dividends paid $1.0B $1.1B $1.1B $1.2B $1.2B $1.2B $1.3B $1.4B $1.5B $1.6B
Dividends and buybacks $1.8B $1.9B $2.4B $2.2B $2.8B $1.3B $1.6B $1.4B $4.0B $3.5B
Balance sheet
Cash and short-term investments $746M $1.1B $440M $591M $1.1B $568M $555M $2.6B $2.1B $803M
Total debt $8.3B $7.8B $7.5B $8.3B $8.1B $8.6B $8.7B $9.3B $9.2B $9.9B
Finance lease liabilities $0.0M $0.0M $0.0M $27.0M $38.0M $38.0M $28.0M $35.0M $28.0M $25.0M
Current assets $7.0B $8.3B $7.6B $8.7B $9.2B $7.5B $8.7B $11.7B $11.8B $12.4B
Current liabilities $5.5B $5.1B $5.2B $5.1B $5.9B $7.2B $6.4B $7.7B $7.9B $9.4B
Inventory $2.3B $2.6B $2.8B $2.8B $2.1B $3.0B $3.4B $3.7B $4.2B $4.7B
Property and equipment, net $3.4B $3.5B $3.5B $3.5B $3.0B $3.1B $3.1B $3.5B $3.7B $4.3B
Total assets $30.5B $32.6B $31.1B $32.8B $31.8B $34.0B $35.0B $38.4B $38.4B $41.3B
Total liabilities $15.5B $15.3B $15.0B $16.7B $16.9B $17.6B $17.9B $19.4B $19.9B $21.8B
Shareholders' equity $15.0B $17.3B $16.1B $16.1B $14.9B $16.4B $17.0B $19.0B $18.5B $19.4B
Margins
Gross margin — 32.6% 32.9% 33.0% 30.5% 32.3% 33.2% 36.4% 38.2% 37.6%
Operating margin — 15.8% 16.8% 17.2% — — — — — —
EBITDA margin — 20.2% 21.0% 21.3% 15.2% 20.2% 19.8% 21.1% 22.6% 22.5%
Net margin — 14.6% 9.9% 10.3% 7.9% 10.9% 11.9% 13.9% 15.3% 14.9%
FCF margin — 10.5% 9.7% 13.4% 14.3% 8.1% 9.3% 12.4% 14.2% 12.9%
Returns
Return on capital 11.7% 12.3% 13.6% 13.3% 6.7% 9.7% 10.8% 13.2% 15.2% 15.8%
Return on capital employed 11.5% 12.2% 13.6% 13.7% 7.1% 11.5% 11.4% 13.4% 15.3% 16.6%
Return on equity 12.7% 18.5% 12.9% 13.7% 9.1% 13.7% 14.7% 17.8% 20.2% 21.6%
Return on assets 6.2% 9.5% 6.7% 6.9% 4.4% 6.5% 7.1% 8.8% 9.9% 10.3%
Growth
Revenue growth — — 5.9% −1.0% −16.5% 9.9% 5.7% 11.8% 7.3% 10.3%
Net income growth −2.8% 55.6% −28.2% 3.1% −36.2% 52.1% 14.8% 30.7% 17.9% 7.7%
EPS growth −0.5% 59.1% −26.5% 6.9% −33.5% 53.0% 15.0% 30.6% 18.5% 10.0%
FCF growth 8.9% 3.5% −2.5% 36.8% −10.8% −37.9% 21.9% 48.2% 22.7% 1.0%
Share count change −2.3% −2.1% −2.3% −3.7% −4.0% −0.6% −0.2% 0.1% −0.4% −2.1%
Financial health
Net debt / EBITDA 1.9x 1.6x 1.6x 1.7x 2.6x 2.0x 2.0x 1.4x 1.3x 1.5x
Debt / equity 0.6x 0.5x 0.5x 0.5x 0.5x 0.5x 0.5x 0.5x 0.5x 0.5x
Interest coverage 11.1x 11.0x 11.6x 18.5x 12.7x 21.1x 12.6x 26.3x 36.1x 21.5x
Current ratio 1.3x 1.6x 1.5x 1.7x 1.6x 1.0x 1.4x 1.5x 1.5x 1.3x
Quick ratio 0.9x 1.1x 0.9x 1.2x 1.2x 0.6x 0.8x 1.0x 1.0x 0.8x
Capital allocation
Capex / revenue — 2.6% 2.6% 2.7% 2.2% 2.9% 2.9% 3.3% 3.3% 3.4%
Stock comp / revenue — 0.1% 0.1% 0.0% — — — — — —
Payouts / FCF 85.2% 89.4% 115.6% 77.9% 108.9% 84.5% 81.9% 48.1% 113.4% 98.2%
Quality scores
Piotroski F-score 5.0 7.0 6.0 8.0 5.0 7.0 8.0 7.0 7.0 6.0
Altman Z'' 2.8 3.4 3.3 3.3 2.7 2.4 2.8 3.3 3.3 3.1
Accruals ratio −2.1% 1.0% −1.6% −3.9% −4.8% −0.1% −0.2% −1.1% −1.4% −1.0%

Source: SEC EDGAR XBRL filings (CIK 0001551182). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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