ETN·Electrical Components & Equipment / Power Management (with Aerospace and Vehicle/eMobility powertrain segments)

Eaton Corporation

ConvictionStrong

Diversified industrial OEM. Designs and manufactures electrical power-distribution, grid and data-center electrification hardware (Electrical Americas + Electrical Global, ~70% of sales), aerospace systems, and vehicle/eMobility powertrain; sold via distributors and direct to utilities, hyperscalers, OEMs and contractors. Revenue mixes large-project orders, catalog product and aftermarket, and is increasingly backlog-driven (~$19.6B total backlog, Q4 FY25).

Revenue

$27.4B FY25 / $28.5B TTMfact, FY25 10-K & TTM

Rev growth

+10% FY25+17% YoY in Q1 FY26 (fact; Q1 FY26 = 10% organic + 4% M&A + 3% FX

Gross margin

~38%estimate, derived; co. reports segment margin 23.4% FY25, not GAAP gross margin

Op margin

~22-23% segment operating marginfact; Q1 FY26 segment margin 22.7%, FY25 ~23.4%; GAAP op margin ~17%

Capex intensity

~3-4% of revenuefact/estimate; FY25 capex ~$0.9B, rising on US capacity expansion

Market cap

~$157-163Bfact, ~Jun 2026; ~388M sh x ~$420

Price · 1-year trend

real · weekly

$407+14% 1yUSD

52-week range

$314 – $436

52w lowas of 2026-07-10 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI Compute Value-Chain

Full context

position · longWeak

AI Compute Value-Chain

Full context

book · long

AI Compute Value-Chain

Full context

opportunityStrong

AI datacenter power & cooling

Full context

position · longStrong

AI datacenter power & cooling

Full context

book · long

AI datacenter power & cooling

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’21

$19.6B

FY’22

$20.8B+6%

FY’23

$23.2B+12%

FY’24

$24.9B+7%

FY’25

$27.4B+10%

Margins & balance sheet — FY’25

Net margin14.9%

Net debt$18.1B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Eaton Corporation

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence