Ametek vs Eaton
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The short version
- Eaton is the larger business, with $27.4B of revenue in fiscal 2025 against $7.4B for Ametek, about 3.7 times as much.
- Eaton grew revenue faster (10.3%, against 6.6%).
- Ametek turned more of its sales into free cash flow (22.6% FCF margin, against 12.9%).
- Eaton earned a higher return on the capital invested in it (15.8%, against 13.2%).
- Investors pay more for each dollar of Eaton’s earnings: a P/E of 37.2x against 35.1x for Ametek.
| Latest fiscal year | AME · FY25 | ETN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.2B | $142.6B |
| Revenue | $7.4B | $27.4B |
| Free cash flow | $1.7B | $3.6B |
| Net income | $1.5B | $4.1B |
| Growth | ||
| Revenue growth | 6.6% | 10.3% |
| 5-year growth | 10.3% | 9.0% |
| Share count change | −0.4% | −2.1% |
| Profitability | ||
| Gross margin | 36.0% | 37.6% |
| Operating margin | 25.8% | — |
| Net margin | 20.0% | 14.9% |
| FCF margin | 22.6% | 12.9% |
| Return on capital | 13.2% | 15.8% |
| Return on equity | 14.6% | 21.6% |
| Balance sheet | ||
| Net debt | $1.8B | $9.1B |
| Net debt / EBITDA | 0.8x | 1.5x |
| Dividends and buybacks | $719M | $3.5B |
| Valuation & quality | ||
| P/E | 35.1x | 37.2x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
AME $3.8B
ETN $0.0M
FY17
AME $4.3B
ETN $20.4B
FY18
AME $4.8B
ETN $21.6B
FY19
AME $5.2B
ETN $21.4B
FY20
AME $4.5B
ETN $17.9B
FY21
AME $5.5B
ETN $19.6B
FY22
AME $6.2B
ETN $20.8B
FY23
AME $6.6B
ETN $23.2B
FY24
AME $6.9B
ETN $24.9B
FY25
AME $7.4B
ETN $27.4B
AME
ETN
Operating margin
FY16
AME 20.6%
ETN —
FY17
AME 21.0%
ETN 15.8%
FY18
AME 22.2%
ETN 16.8%
FY19
AME 22.8%
ETN 17.2%
FY20
AME 22.6%
ETN —
FY21
AME 23.6%
ETN —
FY22
AME 24.4%
ETN —
FY23
AME 25.9%
ETN —
FY24
AME 25.6%
ETN —
FY25
AME 25.8%
ETN —
AME
ETN
Free cash flow
FY16
AME $694M
ETN $2.1B
FY17
AME $758M
ETN $2.1B
FY18
AME $843M
ETN $2.1B
FY19
AME $1.0B
ETN $2.9B
FY20
AME $1.2B
ETN $2.6B
FY21
AME $1.0B
ETN $1.6B
FY22
AME $1.0B
ETN $1.9B
FY23
AME $1.6B
ETN $2.9B
FY24
AME $1.7B
ETN $3.5B
FY25
AME $1.7B
ETN $3.6B
AME
ETN
Return on capital
FY16
AME 12.1%
ETN 11.7%
FY17
AME 14.8%
ETN 12.3%
FY18
AME 14.0%
ETN 13.6%
FY19
AME 13.5%
ETN 13.3%
FY20
AME 11.3%
ETN 6.7%
FY21
AME 13.1%
ETN 9.7%
FY22
AME 13.1%
ETN 10.8%
FY23
AME 13.2%
ETN 13.2%
FY24
AME 12.8%
ETN 15.2%
FY25
AME 13.2%
ETN 15.8%
AME
ETN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.