olivLaw · US equity research
Eaton Corporation plc ETN
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
Eaton Corporation plc is an intelligent power management company with revenues of 27.4 billion USD in fiscal 2025. In the second quarter of 2026 sales reached a record 8.5 billion USD, up 21%. The company is separating its Mobility business through a Reverse Morris Trust with Dana, expected to close in the first quarter of 2027.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Eaton Corporation plc (ETN) stock was 366.07 USD (−1.05% on the day), with market capitalisation 142.2 bn USD, P/E 37.3 on diluted EPS of 9.82 USD over the last 12 months, dividend yield 1.17%, beta 1.58, 52-week range 315.82–459.96 USD. Latest reported quarter (Q2 2026): revenue of 8.5 bn USD (+21.4% YoY), net income of 821.0 m USD (−16.4% YoY), diluted EPS 2.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.0
- weak (30–45)
- Bollinger (20, 2)
- 349.79 – 447.15
- in the lower half of the band · %B 0.17 · band width 24.4%
- SMA 50 / 200
- 410.07 / 397.10
- mixed trend
- MACD (12, 26, 9)
- -12.75 / -10.65
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.1% | −2.3% | −13.7 pp | — |
| 3 months | −16.5% | −0.8% | −15.7 pp | — |
| 6 months | −13.3% | +4.7% | −18.1 pp | — |
| Year to date | +14.9% | +10.2% | +4.8 pp | — |
| 1 year | −4.1% | +10.3% | −14.3 pp | −52.0% |
| 3 years | +70.4% | +73.0% | −2.6 pp | −15.6% |
| 5 years | +116.0% | +61.8% | +54.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.3 bn | 6.2 bn | 6.4 bn | 7.0 bn | 7.0 bn | 7.1 bn | 7.5 bn | 8.5 bn |
| Cost of revenue | 3.9 bn | 3.8 bn | 3.9 bn | 4.4 bn | 4.3 bn | 4.5 bn | 4.8 bn | 5.7 bn |
| Research & development | 207.0 m | 201.0 m | 198.0 m | 192.0 m | 203.0 m | 203.0 m | 211.0 m | 227.0 m |
| SG&A | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.0 bn | 1.3 bn | 1.2 bn |
| Depreciation & amortisation | 235.0 m ≈ | 234.0 m | 232.0 m | 261.0 m ≈ | 258.0 m ≈ | 255.0 m | 272.0 m | 399.0 m ≈ |
| Interest expense | 29.0 m | 42.0 m | 33.0 m | 71.0 m | 67.0 m | 70.0 m | 106.0 m | 201.0 m |
| Pre-tax income | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.1 bn | 1.1 bn |
| Income tax | 193.0 m | 195.0 m | 212.0 m | 203.0 m | 264.0 m | 161.0 m | 240.0 m | 321.0 m |
| Net income | 1.0 bn | 971.0 m | 964.0 m | 982.0 m | 1.0 bn | 1.1 bn | 866.0 m | 821.0 m |
| Diluted EPS | 2.53 | 2.45 ≈ | 2.45 | 2.51 | 2.59 | 2.90 ≈ | 2.22 | 2.11 |
| Operating cash flow | 1.3 bn ≈ | 1.6 bn | 238.0 m | 918.0 m ≈ | 1.4 bn ≈ | 2.0 bn | 507.0 m | 1.1 bn ≈ |
| Capex | 183.0 m ≈ | 255.0 m | 147.0 m | 202.0 m ≈ | 178.0 m ≈ | 392.0 m | 193.0 m | 253.0 m ≈ |
| Dividends paid | 374.0 m ≈ | 370.0 m | 397.0 m | 421.0 m ≈ | 404.0 m ≈ | 404.0 m | 415.0 m | 443.0 m ≈ |
| Share repurchases | 877.0 m ≈ | 877.0 m | 615.0 m | 692.0 m ≈ | 362.0 m ≈ | 193.0 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 93 percentile of its own 43-quarter history (min 10.6, median 25.5, max 43.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.6 bn | 21.4 bn | 17.9 bn | 19.6 bn | 20.8 bn | 23.2 bn | 24.9 bn | 27.4 bn |
| Revenue YoY | +5.9% | −1.0% | −16.5% | +9.9% | +5.7% | +11.8% | +7.3% | +10.3% |
| Net income | 2.1 bn | 2.2 bn | 1.4 bn | 2.1 bn | 2.5 bn | 3.2 bn | 3.8 bn | 4.1 bn |
| Net income YoY | −28.2% | +3.1% | −36.2% | +52.1% | +14.8% | +30.7% | +17.9% | +7.7% |
| Diluted EPS | 4.91 | 5.25 | 3.49 | 5.34 | 6.14 | 8.02 | 9.50 | 10.45 |
| Diluted EPS YoY | −26.5% | +6.9% | −33.5% | +53.0% | +15.0% | +30.6% | +18.5% | +10.0% |
| net % | 9.9% | 10.3% | 7.9% | 10.9% | 11.9% | 13.9% | 15.3% | 14.9% |
| Free cash flow | 2.1 bn | 2.9 bn | 2.6 bn | 1.6 bn | 1.9 bn | 2.9 bn | 3.5 bn | 3.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 622.0 m USD
- Financial debt
- 9.9 bn USD
- Net debt
- 9.3 bn USD
- Equity
- 19.5 bn USD
- Total assets
- 41.3 bn USD
- Debt / equity
- 0.51x
- Current ratio
- 1.32x
- ROE
- 21.5%
- ROA
- 10.3%
- FCF margin
- 12.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.9 bn | 19.6 bn | 20.8 bn | 23.2 bn | 24.9 bn | 27.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 12.4 bn | 13.3 bn | 13.9 bn | 14.8 bn | 15.4 bn | 17.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 5.5 bn ≈ | 6.3 bn ≈ | 6.9 bn ≈ | 8.4 bn ≈ | 9.5 bn ≈ | 10.3 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 551.0 m | 616.0 m | 665.0 m | 754.0 m | 794.0 m | 797.0 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 3.1 bn | 3.3 bn | 3.2 bn | 3.8 bn | 4.1 bn | 4.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 811.0 m | 922.0 m | 954.0 m | 926.0 m | 921.0 m | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 149.0 m | 144.0 m | — | 151.0 m | 130.0 m | 241.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 1.7 bn | 2.9 bn | 2.9 bn | 3.8 bn | 4.6 bn | 4.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 331.0 m | 750.0 m | 445.0 m | 604.0 m | 768.0 m | 841.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 1.4 bn | 2.1 bn | 2.5 bn | 3.2 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 3.49 | 5.34 | 6.14 | 8.02 | 9.50 | 10.45 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 404.0 m | 401.6 m | 400.8 m | 401.1 m | 399.4 m | 391.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 2.92 | 3.04 | 3.24 | 3.44 | 3.76 | 4.16 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 438.0 m | 297.0 m | 294.0 m | 488.0 m | 555.0 m | 622.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 2.1 bn | 3.0 bn | 3.4 bn | 3.7 bn | 4.2 bn | 4.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 9.2 bn | 7.5 bn | 8.7 bn | 11.7 bn | 11.8 bn | 12.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 3.0 bn | 3.1 bn | 3.1 bn | 3.5 bn | 3.7 bn | 4.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 12.9 bn | 14.8 bn | 14.8 bn | 15.0 bn | 14.7 bn | 15.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 4.2 bn | 5.9 bn | 5.5 bn | 5.1 bn | 4.7 bn | 5.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 31.8 bn | 34.0 bn | 35.0 bn | 38.4 bn | 38.4 bn | 41.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 2.0 bn | 2.8 bn | 3.1 bn | 3.4 bn | 3.7 bn | 4.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 1.0 m | 13.0 m | 324.0 m | 8.0 m | 0 | 1.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 8.1 bn | 8.6 bn | 8.3 bn | 9.3 bn | 9.2 bn | 9.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 5.9 bn | 7.2 bn | 6.4 bn | 7.7 bn | 7.9 bn | 9.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 15.0 bn | 16.5 bn | 17.1 bn | 19.1 bn | 18.5 bn | 19.5 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.9 bn | 2.2 bn | 2.5 bn | 3.6 bn | 4.3 bn | 4.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 389.0 m | 575.0 m | 598.0 m | 757.0 m | 808.0 m | 919.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 2.6 bn ≈ | 1.6 bn ≈ | 1.9 bn ≈ | 2.9 bn ≈ | 3.5 bn ≈ | 3.6 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 397.0 m | -1.8 bn | -1.2 bn | -2.6 bn | -271.0 m | -1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -3.3 bn | -535.0 m | -1.3 bn | -871.0 m | -3.9 bn | -3.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 1.6 bn | 122.0 m | 286.0 m | 0 | 2.5 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 142.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality88
- Growth91
- Valuation15
- Balance sheet37
- Returns53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 54.67 – 312.72 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)123.11 – 225.73 (Mid 162.13)WACC 8.7% · starting FCFF 4.3 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E273.10 – 312.72 (Mid 298.02)3 companies used · median multiple 30.3x · quartiles 27.8x – 31.8xCW, EPAC, MOG-A
- Dividend discount (DDM)54.67 – 73.52 (Mid 62.71)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.8% | 75 (vs peers) | 10% |
| FCF conversion · Quality | 102.7% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 9.8% | 81 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 19.4% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 37.3x | 0 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.6% | 22 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 42.3% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial37/100 · 1/3 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation15/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EATON CORPORATION plc (ETN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 27.4 bn USD in 2025; YoY growth 10.3%; net margin 12.8%; ROE 19.7%.
The estimated value range is 123.11–225.73 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 162.13 USD, the price of 366.07 USD leaves a potential of -55.7% (value / price − 1) and a margin of safety of -125.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.8%
- FCF conversion: 102.7%
- Revenue CAGR 3Y: 9.8%
- EPS CAGR 3Y: 19.4%
- Payout ratio (FCF): 42.3%
What contradicts it
- P/E (TTM): 37.3x
- Shareholder yield (distributions): 1.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · same industry (4-digit SIC) · compared with 10 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 142.2 bn | 37.3 | 19.7% | 12.8% | +10.3% | −4% / +70% |
| CWCurtiss-Wright Corporation | 17.9 bn | 33.3 | 19.7% | 14.8% | +12.1% | −14% / +126% |
| EPACEnerpac Tool Group Corp. | 2.2 bn | 25.3 | 20.2% | 13.8% | +5.7% | +15% / +59% |
| ZOOZZOOZ Strategy Ltd. | 891.0 m | — | -88.3% | -22,505.7% | −76.3% | −53% / unavailable |
| VHUBVenhub Global, Inc. | 20.8 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 10.5 m | — | -48.9% | -63.2% | +13.0% | −83% / −90% |
| SMXSMX (Security Matters) Public Limited Company | 3.1 m | — | -2,287.2% | — | unavailable | −100% / −100% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −46% / unavailable |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −90% / unavailable |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −52% / −97% |
| MOG-AMOOG Inc. | — | 30.3 | 18.2% | 8.7% | +7.0% | +55% / +155% |
1- and 3-year price returns: for ETN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 228.62 Total return -37% · Per year -37% | 403.21 Total return 11% · Per year 11% | 606.02 Total return 67% · Per year 67% |
| 3 years | 246.01 Total return -30% · Per year -11% | 485.85 Total return 37% · Per year 11% | 798.26 Total return 123% · Per year 31% |
| 5 years | 264.72 Total return -22% · Per year -5% | 585.42 Total return 68% · Per year 11% | 1,051.48 Total return 198% · Per year 24% |
- Exit P/E± 121.46
- Net margin± 85.02
- Annual revenue growth± 66.44
- Annual dilution± 7.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
Eaton Corporation plc is an intelligent power management company with revenues of 27.4 billion USD in fiscal 2025 1. In the second quarter of 2026 sales reached a record 8.5 billion USD, up 21% 3. The company is separating its Mobility business through a Reverse Morris Trust with Dana, expected to close in the first quarter of 2027 23.
SWOT
Strengths
- The company holds a strong competitive position and is considered a leader for many products in its electrical and aerospace segments 1. Its portfolio is aligned with long-term megatrends 1.
- Strong organic growth and an expanding backlog point to sustained demand across several divisions 3. The company reported record quarterly sales and operating profit 3.
- Acquisitions have extended its presence in data centers and integrated new offerings into the portfolio 12.
Weaknesses
Opportunities
- Demand from data centers and utilities could continue to support growth in the electrical divisions 13.
- If the Mobility separation completes, the company could become more focused on higher-margin businesses 23.
- The aerospace and defense market could offer further growth if the current cycle continues 1.
Risks
- Completing the Mobility separationhigh
The Dana transaction may not close within the anticipated timeframe or at all, and expected benefits could be smaller 12.
- Integrating acquisitionsmedium
Acquired businesses may face difficulties with systems, culture and retention of staff, and contingent liabilities may prove larger than expected 1.
- Cost inflation and supply chainmedium
Rising prices for materials, energy and labor could affect results if they cannot be recovered through pricing 1.
- Cybersecuritymedium
Attacks on IT and OT systems could disrupt operations and impair data confidentiality 1.
- Customer and end-market concentrationlow
Concentration of sales among a few large customers and volatility in end markets could affect revenue in certain segments 1.
Investment thesis
What would need to be true (bull case)
- If demand for data centers and electrical infrastructure continues, strong organic growth and high backlog could sustain the current sales pace 13.
- Elevated adjusted EPS guidance for 2026 suggests margins and profitability could remain solid 3.
- If the Mobility separation completes as planned, the company could become more concentrated on electrical and aerospace businesses 23.
What would break the thesis
- Dependence on data centers could expose the company to a sharp slowdown if the investment cycle cools 3.
- Higher financing costs and acquisition integration could reduce earnings per share in the coming period 13.
- The Mobility transaction carries execution risk, and if it does not complete, the alternative spin-off plan could bring additional costs 2.
What to watch
- Completion of the Mobility transaction with DanaQ1 2027
- Organic growth and margin guidance for the third quarter of 2026Q3 2026
- Integration of the Boyd Thermal and Ultra PCS acquisitions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
Reportable segments are Electrical Americas, Electrical Global, Aerospace and, from the first quarter of 2026, Mobility, which combines the former Vehicle and eMobility segments 12. The electrical segments are considered market leaders for many products and typically generate higher sales in the third and fourth quarters 1. The company has also announced plans to separate Mobility through a transaction with Dana 2.
Market context
Demand is linked to electrification, digitalization, reindustrialization and megaprojects in North America, along with global infrastructure spending 1. The company ties growth to data centers and utilities, and to a growth cycle in commercial aerospace and defense 1. Rising orders and backlog suggest solid demand, although reliance on a few large customers in electrical and vehicle markets remains a point to watch 13.
Eaton cites inflation in raw materials, energy and labor, and supply chain disruption as ongoing pressures 1. If these persist, margins could be affected, particularly where costs cannot be passed on to customers 1.
Trends
- Data center demandtailwind
Data centers remain a major growth driver, and the company has acquired assets for modular solutions and liquid cooling 13. If demand in this segment continues, it could support growth in the Electrical segments 3.
- Electrification and infrastructuretailwind
Electrification megatrends and global infrastructure investment expand Eaton's end markets 1. Rising power demand from utilities and industry supports the portfolio 1.
- Cost pressures and supply chainheadwind
Inflation in materials, energy and labor, together with reliance on single-source suppliers, could affect margins and deliveries 1. The company says it works to recover costs through pricing and product changes, but this is not assured 1.
- Mobility separationmixed
Separating Mobility through the Dana transaction could simplify the portfolio and raise the weight of higher-margin businesses if completed as planned 23. However, delays or shortfalls in expected benefits remain possible 12.
Competitive position
Eaton says electrical segments compete on product performance, technology, customer service and price, and aerospace on total cost of ownership and quality 1. The company considers itself among market leaders for many products 1.
In Mobility, competition centers on product performance, technology, global service and price, and the company is considered among segment leaders 1. The sources do not name competitors explicitly, so the list below reflects only the categories described.
- Electrical equipment and power distribution makers
Direct competition in Electrical Americas and Electrical Global on performance and technology 1.
- Aerospace and defense systems suppliers
Competition in aerospace on total cost of ownership and quality 1.
- Vehicle and mobility component suppliers
Competition in Mobility on performance and global service 1.
- Dana Incorporated
Counterparty in the Reverse Morris Trust transaction to separate Mobility 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report16 Oct 2026Other events · Financial statements and exhibits
- Current report05 Oct 2026Departure or appointment of officers
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report23 Apr 2026Shareholder vote
- Proxy statement13 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Eaton Corporation plc · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Eaton Corporation plc · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Eaton Corporation plc · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.