ETNNYSEMisc Industrial & Commercial Machinery & EquipmentFiscal year ends December 31
Eaton Corp plc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$391.50+0.25 (+0.06%)
Close on Oct 19, 2026
- Market cap
- $152.49B
- P/E (TTM)
- 39.9
- Dividend yield
- 1.06%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
37.6%+7.1 pts over 5 years
Operating margin
–
Net margin
14.9%+7.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.3% | +9.8% | +9.0% | +2.8% | |
| Gross profit | +8.6% | +14.4% | +13.6% | +4.6% | |
| Net income | +7.7% | +18.4% | +23.7% | – | |
| EPS, diluted | +10.0% | +19.4% | +24.5% | +9.5% | |
| Free cash flow | +1.0% | +22.5% | +6.8% | +6.4% | |
| Dividend per share | +10.6% | +8.7% | +7.3% | +6.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 9.1% | 21.6% | |
| Return on assets | – | 4.4% | 10.3% | |
| Current ratio | 1.28 | 1.56 | 1.32 | |
| Debt to equity | 0.55 | 0.54 | 0.51 | |
| Net debt to EBITDA | 1.99× | – | – | |
| Inventory turnover | 5.7× | 5.1× | 3.8× | |
| Capex to revenue | 2.5% | 2.2% | 3.3% | |
| Diluted shares | 457M | 404M | 391M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Eaton generated $17.12B from operations and spent $15.44B on capital expenditure, dividends and share buybacks. 24% of that went back into the business.
Generated
$17.12B
Used
$15.44B
Capital expenditure$3.66B24%Dividends$7.02B45%Share buybacks$4.76B31%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.9%
×Asset turnover0.69×
×Equity multiplier2.10×
=Return on equity, FY202521.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.9% | 0.69× | 2.10× | 21.6% |
| FY2024 | 15.3% | 0.65× | 2.05× | 20.2% |
| FY2023 | 13.9% | 0.63× | 2.04× | 17.8% |
| FY2022 | 11.9% | 0.60× | 2.06× | 14.7% |
| FY2021 | 10.9% | 0.60× | 2.10× | 13.7% |
| FY2020 | 7.9% | 0.55× | 2.08× | 9.1% |
| FY2019 | 10.3% | 0.67× | 1.99× | 13.7% |
| FY2018 | 9.9% | 0.68× | 1.91× | 12.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$4.09B
- Cash generatingOperating cash flow above zero$4.47B
- Return on assets improvedROA up on the prior year9.9% → 10.6%
- Earnings backed by cashOperating cash flow above net income$4.47B vs $4.09B
- Less leverageLong-term debt to assets fell22.1% → 21.2%
- Better liquidityCurrent ratio rose1.50 → 1.32
- No dilutionShare count did not rise399M → 391M
- Gross margin improvedGross margin up on the prior year38.20% → 37.59%
- More efficientAsset turnover rose0.65 → 0.72