# Eaton Corporation Plc (ETN)

> Makes electrical power equipment and systems, aerospace components, and products for vehicle markets.

- Exchange: NYSE · Sector: Industrials · Industry: Specialty Industrial Machinery
- Headquarters: Dublin, Ireland
- Founded: 1911
- Employees: 97,303 (December 31, 2025)
- SEC CIK: 0001551182 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001551182))
- Full page: https://inspectstocks.com/stocks/etn
- Data as of: price 2026-09-28; newest filing used 2026-07-31; latest fiscal period ended 2026-06-30

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $30B | $22B |
| Revenue growing recently | passed | $30B | $27.4B |
| Free cash flow positive | passed | $3.9B |  |
| Free cash flow growing overall | passed | $3.9B | $2.7B |
| Free cash flow growing recently | passed | $3.9B | $3.6B |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 12.8% |  |
| Healthy profit margin | passed | 12.8% |  |
| Strong operating margin | failed | 12.2% |  |
| Good return on equity | passed | 19.7% |  |
| Debt under control | passed | 0.55 |  |
| Turns sales into cash | passed | 13.1% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $30B |
| Net income, trailing twelve months | $3.8B |
| Free cash flow, trailing twelve months | $3.9B |
| Net margin | 12.8% |
| Return on equity | 19.7% |
| Debt to equity | 0.55 |
| Diluted EPS, trailing twelve months | $9.83 |
| Share price | $431.25 |
| Market value | $167.5B |
| Price / earnings | 43.9x |
| Price / sales | 5.6x |

## What the business does

Eaton makes equipment that helps move, control, protect, and cool electrical power, from utility systems to data centers, factories, buildings, and homes. It also makes products for aircraft and vehicles. Customers use its products in new construction and infrastructure projects, and as parts or replacement equipment.

### How it makes money

- **Electrical Americas** (47.3% of revenue (six months ended June 30, 2026)) — Earns revenue mainly by selling electrical equipment and systems to customers in the Americas. Reported segment backlog was $15.175 billion (June 30, 2026, high); book-to-bill was 1.3 (Q2 2026, high).
- **Electrical Global** (27.9% of revenue (six months ended June 30, 2026)) — Earns revenue mainly from electrical equipment and systems sold outside the Americas. Reported segment backlog was $3.602 billion (June 30, 2026, high); book-to-bill was 1.1 (Q2 2026, high).
- **Aerospace** (14.8% of revenue (six months ended June 30, 2026)) — Earns revenue by selling aerospace products to aircraft and other aerospace customers. Reported segment backlog was $5.164 billion (June 30, 2026, high); book-to-bill was 1.2 (Q2 2026, high).
- **Mobility** (10.1% of revenue (six months ended June 30, 2026)) — Earns revenue from products for vehicle markets. The filing reports this as a combined Mobility segment after the Vehicle and eMobility businesses were brought together.

### Products

- **Electrical power equipment** — Equipment for distributing and controlling electricity, including switchgear, circuit breakers, transformers, and uninterruptible power supplies.
- **Modular power enclosures** — Pre-integrated enclosures that bring power equipment together for data centers, industrial sites, utilities, and communications customers.
- **Solid-state transformers** — Power-conversion equipment being developed for uses including data centers and energy storage.
- **Liquid-cooling equipment** — Data-center cooling products including cold plates and coolant distribution units.
- **Aerospace electronic and sensing products** — Aircraft and aerospace products including electronic controls, sensing equipment, stores ejection systems, and data processing equipment.

### Customers

- Data-center operators, including hyperscale and colocation providers, buy power equipment, enclosures, and cooling products for data-center projects.
- Utilities buy equipment used in electrical power systems.
- Industrial companies, commercial building customers, and machine builders buy electrical equipment for facilities and machinery.
- Aircraft manufacturers and other aerospace customers buy components and systems for commercial, military, and space uses.
- Vehicle manufacturers and related companies buy products for vehicle production; aftermarket customers also buy replacement products.
- Six large electrical-products customers together accounted for 22% of Electrical segment sales (2025, high); three large aircraft manufacturers together accounted for 20% of Aerospace sales (2025, high).

### Competitors

- Schneider Electric (SBGSY) — Electrical distribution, power equipment, and data-center power systems.
- ABB (ABB) — Electrical equipment, power distribution, and automation products.
- Siemens (SIEGY) — Electrical equipment, power systems, and automation products.
- Vertiv (VRT) — Data-center power and cooling equipment.
- Parker-Hannifin (PH) — Aerospace systems and components.
- RTX (RTX) — Its Collins Aerospace division competes in aircraft systems and components.

### What it depends on

- Manufacturing relies on suppliers for metals, electronic components, plastics, and other materials and parts.
- In 2025, six large electrical-products customers accounted for 22% of Electrical segment sales (2025, high), and three large aircraft manufacturers accounted for 20% of Aerospace sales (2025, high).
- The business depends on production facilities in multiple countries, which can be disrupted by events such as natural disasters, conflict, or labor stoppages.
- The proposed separation of Mobility and combination with Dana had not closed by June 30, 2026; until it closes, Mobility remains part of Eaton.

### What could go wrong

- Higher prices or shortages of raw materials, components, energy, or labor can raise manufacturing costs or make it harder to supply customers.
- Disruptions at Eaton's production facilities around the world can interrupt output and deliveries to customers.
- Acquisitions require Eaton to integrate new businesses, while the planned Mobility transaction may not be completed or may involve unexpected costs and disruption.

## More on this company

- [Overview](https://inspectstocks.com/stocks/etn)
- [Financial statements](https://inspectstocks.com/stocks/etn/financials)
- [Competitors](https://inspectstocks.com/stocks/etn/peers)
- [Earnings](https://inspectstocks.com/stocks/etn/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.