Eaton Corp plc ETN
Eaton Corporation plc (Eaton or the Company) is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are capitalizing on the megatrends of the electrification, digitalization, and the reindustrialization of and growth of megaprojects in North America and increased global infrastructure spending, all of which are expanding our end markets and positioning Eaton for growth for years to come. We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets. We are guided by our commitment to operate sustainably and with the highest ethical standards. Our work is helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and for future generations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.45B | $24.88B | $23.20B | $20.75B | $19.63B | $17.86B | $21.39B | $21.61B | $20.40B | $19.75B |
| Cost of revenue | $17.13B | $15.38B | $14.76B | $13.87B | $13.29B | $12.41B | $14.34B | $14.51B | $13.76B | $13.40B |
| Gross profit | $10.32B | $9.50B | $8.43B | $6.89B | $6.33B | $5.45B | $7.05B | $7.10B | $6.65B | $6.35B |
| R&D | $797.0M | $794.0M | $754.0M | $665.0M | $616.0M | $551.0M | $606.0M | $584.0M | $584.0M | $587.0M |
| SG&A | $4.31B | $4.08B | $3.79B | $3.23B | $3.26B | $3.08B | $3.58B | $3.55B | $3.53B | $3.46B |
| Operating income | — | — | — | — | — | — | $3.67B | $3.63B | $3.21B | $2.96B |
| Interest expense | $241.0M | $130.0M | $151.0M | $144.0M | $144.0M | $149.0M | $199.0M | $258.0M | $246.0M | $233.0M |
| Pre-tax income | $4.93B | $4.57B | $3.83B | $2.91B | $2.90B | $1.75B | $2.59B | $2.42B | $3.37B | $2.12B |
| Income tax | $841.0M | $768.0M | $604.0M | $445.0M | $750.0M | $331.0M | $378.0M | $278.0M | $382.0M | $199.0M |
| Net income | $4.09B | $3.79B | $3.22B | $2.46B | $2.14B | $1.41B | $2.21B | $2.15B | $2.99B | $1.92B |
| EPS, basic | 10.48 | 9.54 | 8.06 | 6.17 | 5.38 | 3.51 | 5.28 | 4.93 | 6.71 | 4.21 |
| EPS, diluted | 10.45 | 9.50 | 8.02 | 6.14 | 5.34 | 3.49 | 5.25 | 4.91 | 6.68 | 4.20 |
| Shares, diluted (wtd. avg.) | $391.2M | $399.4M | $401.1M | $400.8M | $401.6M | $404.0M | $420.8M | $436.9M | $447.0M | $456.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $622.0M | $555.0M | $488.0M | $294.0M | $297.0M | $438.0M | $370.0M | $283.0M | $561.0M | $543.0M |
| Short-term investments | $181.0M | $1.52B | $2.12B | $261.0M | $271.0M | $664.0M | $221.0M | $157.0M | $534.0M | $203.0M |
| Receivables | $5.39B | $4.62B | $4.47B | $4.08B | $3.30B | $2.90B | $3.44B | $3.86B | $3.94B | $3.56B |
| Inventory | $4.72B | $4.23B | $3.74B | $3.43B | $2.97B | $2.11B | $2.81B | $2.79B | $2.62B | $2.35B |
| Total current assets | $12.36B | $11.80B | $11.68B | $8.75B | $7.51B | $9.18B | $8.73B | $7.59B | $8.34B | $7.03B |
| Property, plant and equipment | $4.32B | $3.73B | $3.53B | $3.15B | $3.06B | $2.96B | $3.50B | $3.47B | $3.50B | $3.44B |
| Goodwill | $15.77B | $14.71B | $14.98B | $14.80B | $14.75B | $12.90B | $13.46B | $13.33B | $13.57B | $13.20B |
| Other intangibles | $5.05B | $4.66B | $5.09B | $5.49B | $5.86B | $4.17B | $4.64B | $4.85B | $5.26B | $5.51B |
| Total assets | $41.25B | $38.38B | $38.43B | $35.01B | $34.03B | $31.82B | $32.80B | $31.09B | $32.62B | $30.48B |
| Accounts payable | $4.17B | $3.68B | $3.37B | $3.07B | $2.80B | $1.99B | $2.11B | $2.13B | $2.17B | $1.72B |
| Short-term debt | $1.0M | $0 | $8.0M | $324.0M | $13.0M | $1.0M | $255.0M | $414.0M | $6.0M | $14.0M |
| Total current liabilities | $9.37B | $7.86B | $7.75B | $6.36B | $7.21B | $5.88B | $5.13B | $5.15B | $5.08B | $5.49B |
| Long-term debt | $9.89B | $9.15B | $9.26B | $8.33B | $8.57B | $8.06B | $8.07B | $7.11B | $7.75B | $8.26B |
| Retained earnings | $10.70B | $10.10B | $10.30B | $8.47B | $7.59B | $6.79B | $8.17B | $8.16B | $8.67B | $7.55B |
| Total equity | $19.43B | $18.49B | $19.07B | $17.07B | $16.45B | $14.97B | $16.13B | $16.14B | $17.29B | $15.00B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.47B | $4.33B | $3.62B | $2.53B | $2.16B | $2.94B | $3.45B | $2.66B | $2.67B | $2.57B |
| Depreciation and amortisation | $1.01B | $921.0M | $926.0M | $954.0M | $922.0M | $811.0M | $884.0M | $903.0M | $914.0M | $929.0M |
| Capital expenditure | $919.0M | $808.0M | $757.0M | $598.0M | $575.0M | $389.0M | $587.0M | $565.0M | $520.0M | $497.0M |
| Investing cash flow | -$1.10B | -$271.0M | -$2.58B | -$1.20B | -$1.76B | $397.0M | -$1.87B | -$398.0M | -$217.0M | -$529.0M |
| Financing cash flow | -$3.17B | -$3.94B | -$871.0M | -$1.34B | -$535.0M | -$3.26B | -$1.49B | -$2.58B | -$2.44B | -$1.74B |
| Dividends paid | $1.63B | $1.50B | $1.38B | $1.30B | $1.22B | $1.18B | $1.20B | $1.15B | $1.07B | $1.04B |
| Buybacks | $1.86B | $2.49B | $0 | $286.0M | $122.0M | $1.61B | $1.03B | $1.27B | $850.0M | $730.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001551182-26-000007.
Others in SIC 3590
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CW | CURTISS WRIGHT CORP | $20.93B | 44.0x | 12.1% |
| MOG-A | MOOG INC. | $11.77B | 50.7x | 7.0% |
| EPAC | ENERPAC TOOL GROUP CORP | $1.91B | 22.0x | 4.6% |
| VHUB | VenHub Global, Inc. | $75.7M | — | — |
| LIQT | LIQTECH INTERNATIONAL INC | $18.6M | — | 13.0% |
| RAIN | Rain Enhancement Technologies Holdco, Inc. | — | — | — |
| HTOO | Fusion Fuel Green PLC | — | — | — |
| SMX | SMX (Security Matters) Public Ltd Co | — | — | — |