Eaton Corporation plcETN
NYSE•Industrials•Specialty Industrial Machinery
Eaton Corporation plc operates as a power management company in the United States, Canada, Latin America, Europe, and the Asia Pacific. The company operates through Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility segments. It offers electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, and power reliability equipment; and hazardous duty electrical equipment, emergency lighting, fire detection, intrinsically safe explosion-proof instrumentation, and structural support systems. It also provides pumps, motors, hydraulic power units, hoses and fittings, and electro-hydraulic pumps; valves, cylinders, electronic controls, electromechanical actuators, sensors, aircraft flap and slat systems, and nose wheel steering systems; hose, thermoplastic tubing products, fittings, adapters, couplings, and sealing and ducting products; air-to-air refueling systems, fuel pumps, fuel inerting products, sensors, and adapters and regulators; oxygen generation system, payload carriages, and thermal management products; wiring connectors and cables; hydraulic and bag filters, strainers and cartridges, and golf grips for manufacturers of commercial and military aircraft, and related after-market customers, as well as industrial applications. In addition, the company offers transmissions, clutches, hybrid power systems, superchargers, engine valves and valve actuation systems, locking and limited slip differentials, transmission controls, and fuel vapor components for the vehicle industry; voltage inverters, converters, fuses, circuit protection units, vehicle controls, power distribution systems, fuel tank isolation valves, and commercial vehicle hybrid systems. The company formerly known as Abeiron Limited. The company was founded in 1911 and is based in Dublin, Ireland.
Eaton Corporation, PLC (ETN) reported trailing twelve months revenue of $28.52B as of March 2026, a 12.7% increase year-over-year. Quarterly revenue reached $7.45B, reflecting continued top-line momentum.
Eaton Corporation, PLC generated $3.99B in TTM net income, with quarterly EBITDA of $1.17B. The operating margin contracted from 18.8% to 15.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (15.7%) and net margin (11.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 15.1% a year ago, reflecting increased costs or interest expense.
ETN trades at a P/E of 33.4x (a premium multiple) and a P/S of 4.7x. The price-to-book ratio of 6.8x indicates a significant premium over book value.
The company generated $314.00M in free cash flow over the trailing twelve months, a 245.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $55.09B in total assets with $18.62B in long-term debt against $19.72B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~18.3% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 20.5% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~18.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 9.7% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 88.4% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation