Eaton Corp PLC
ETN—
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Eaton Corp PLC AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 19% vs industry median 6.7% - 2.8x advantage drives 3.9B net income on 26.6B revenue[Operating Margin]
- Goodwill 15.8B is 84% of equity (18.8B) - tangible book value negative at -2.1B, material impairment risk[Goodwill]
- FCF TTM 3.3B (12.5% of revenue) with capex only 782M - capital-light model funds 1.6B dividends[Free Cash Flow]
Watch Triggers
- Operating Margin: Falls below 15% — Margin compression would signal pricing power erosion and invalidate premium valuation thesis
- Goodwill: Impairment charge announced — With 84% of equity in goodwill, any write-down materially impacts book value and signals overpayment
- Free Cash Flow: FCF conversion below 80% of net income — Current 85% conversion (3.3B FCF/3.9B NI) supports dividend - deterioration signals quality issues
Bull Case
Premium profitability (19% op margin, 13.3% ROIC) with 3.3B FCF enables dividend growth and bolt-on M&A without leverage strain at 0.6x debt/equity
Operating MarginROICFree Cash FlowDebt to Equity
Electrification/grid modernization secular demand supports pricing power - EPS 9.99 TTM on diversified industrial portfolio
EPSNet IncomeR&D Expense
Bear Case
P/E 35.4x vs industry median 24.3x (46% premium) and P/S 5.2x vs 2.2x median prices in perfection - limited margin of safety
P/E RatioP/S Ratio
Goodwill 84% of equity with negative tangible book (-2.1B) - acquisition-heavy strategy creates impairment risk in downturn
GoodwillTangible Book ValueCommon Stockholders Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Electrification tailwinds should sustain above-industry margins through 1-3y cycle
1-3ymed
- 19% operating margin vs 6.7% industry median
- R&D spend 795M TTM (3% of revenue) in growth segments
- ROIC 13.3% vs industry median 4.8% - 2.8x capital efficiency
ROE TTM 20.7% vs industry 7.4%Net margin 14.7% vs industry 4.4%Asset turnover 0.67x near industry median
Valuation Context
Caveats
Public Strategies Rankings
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ETN Fundamentals
Manufacturing → Machinery Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$139.38B | — | ||
$149.29B | — | ||
34 | — | ||
$27.45B | +10.3% | — | |
$10.45 | +10.0% | — | |
19.0% | +0.4% | — | |
14.9% | -0.4% | — | |
$3.55B | +1.0% | — | |
21.6% | +1.3% | — | |
Beta 5Y (Monthly) | unknown | — |
ETN Dividend History
105 dividends
2026
$1.100003/10/26$1.1000
2025
$4.160011/06/25$1.0400
08/07/25$1.0400
05/05/25$1.0400
03/10/25$1.0400
2024
$3.760011/04/24$0.9400
08/05/24$0.9400
05/03/24$0.9400
03/08/24$0.9400
2023
$3.440011/03/23$0.8600
08/04/23$0.8600
05/05/23$0.8600
03/03/23$0.8600
2022
$3.240011/09/22$0.8100
08/11/22$0.8100
05/12/22$0.8100
03/10/22$0.8100
2021
$3.040011/10/21$0.7600
08/12/21$0.7600
05/13/21$0.7600
03/15/21$0.7600
2020
$2.920011/05/20$0.7300
08/13/20$0.7300
05/13/20$0.7300
03/12/20$0.7300
2019
$2.840010/31/19$0.7100
08/01/19$0.7100
05/02/19$0.7100
03/07/19$0.7100
2018
$2.640011/01/18$0.6600
08/02/18$0.6600
05/03/18$0.6600
03/09/18$0.6600
2017
$2.400011/02/17$0.6000
08/02/17$0.6000
05/03/17$0.6000
03/02/17$0.6000
2016
$2.280011/03/16$0.5700
08/03/16$0.5700
05/04/16$0.5700
03/03/16$0.5700
2015
$2.200011/05/15$0.5500
07/30/15$0.5500
04/30/15$0.5500
03/05/15$0.5500
2014
$1.960011/12/14$0.4900
07/31/14$0.4900
05/01/14$0.4900
03/06/14$0.4900
2013
$1.680010/31/13$0.4200
08/01/13$0.4200
05/02/13$0.4200
03/07/13$0.4200
2012
$1.520010/04/12$0.3800
08/02/12$0.3800
05/03/12$0.3800
02/02/12$0.3800
2011
$1.360011/03/11$0.3400
08/04/11$0.3400
05/05/11$0.3400
02/03/11$0.3400
2010
$1.080011/04/10$0.2900
08/05/10$0.2900
05/06/10$0.2500
02/04/10$0.2500
2009
$1.000011/05/09$0.2500
07/30/09$0.2500
04/30/09$0.2500
02/05/09$0.2500
2008
$1.000010/30/08$0.2500
07/31/08$0.2500
05/01/08$0.2500
01/31/08$0.2500
2007
$0.860011/01/07$0.2150
08/02/07$0.2150
05/03/07$0.2150
02/01/07$0.2150
2006
$0.740011/02/06$0.1950
08/03/06$0.1950
05/04/06$0.1750
02/02/06$0.1750
2005
$0.620011/03/05$0.1550
08/04/05$0.1550
05/05/05$0.1550
02/03/05$0.1550
2004
$0.540011/04/04$0.1350
08/05/04$0.1350
05/06/04$0.1350
02/05/04$0.1350
2003
$0.460010/30/03$0.1200
07/31/03$0.1200
05/01/03$0.1100
01/30/03$0.1100
2002
$0.440010/31/02$0.1100
08/01/02$0.1100
05/02/02$0.1100
01/31/02$0.1100
2001
$0.440011/01/01$0.1100
08/02/01$0.1100
05/03/01$0.1100
02/01/01$0.1100
2000
$0.440011/02/00$0.1100
08/03/00$0.1100
05/04/00$0.1100
02/03/00$0.1100
ETN Stock Splits
2 stock splits
03/01/110.5:1 split
02/24/040.5:1 split
ETN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
10/29/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
08/01/17 | 06/30/17 | 10-Q | |
05/02/17 | 03/31/17 | 10-Q | |
02/22/17 | 12/31/16 | 10-K | |
11/01/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
04/29/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/05/14 | 03/31/14 | 10-Q | |
02/26/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
07/24/12 | 06/30/12 | 10-Q | |
04/24/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
07/29/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
10/26/11 | 09/30/10 | 10-Q | |
07/30/10 | 06/30/10 | 10-Q | |
04/28/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 10-Q | |
10/29/10 | 09/30/09 | 10-Q | |
08/04/09 | 06/30/09 | 10-Q | |
04/30/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
09/30/08 | 09/30/08 | Unknown | -- |
06/30/08 | 06/30/08 | Unknown | -- |
03/31/08 | 03/30/08 | Unknown | -- |
12/31/07 | 12/31/07 | Unknown | -- |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | Unknown | -- |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | Unknown | -- |
09/30/05 | 09/30/05 | Unknown | -- |
06/30/05 | 06/30/05 | Unknown | -- |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | Unknown | -- |
09/30/04 | 09/30/04 | Unknown | -- |
06/30/04 | 06/30/04 | Unknown | -- |
03/31/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | Unknown | -- |
09/30/03 | 09/30/03 | Unknown | -- |
06/30/03 | 06/30/03 | Unknown | -- |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | Unknown | -- |
09/30/02 | 09/30/02 | Unknown | -- |
06/30/02 | 06/30/02 | Unknown | -- |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | Unknown | -- |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |