ETN
Eaton Corp plc
Industrials • CIK: 0001551182
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Market Cap
$146.48B
P/E (TTM)
37.3x
Rev Growth (TTM)
+8.2%
Net Margin (TTM)
14.7%
FCF Yield (TTM)
2.3%
FCF Margin (TTM)
12.5%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$3.3B
Q3 '25
$1.2B+64%
Q2 '25
$716M+687%
FCF Margin
TTM12.5%
Q3 '2516.8%+65%
Sector: 7.3%Top 25%
OCF Margin15.4%
OCF/NI1.05x
CapEx Coverage5.2x
FCF Yield2.3%
FCF Growth (2Y)+28%
Cash Conversion Cycle
85 days
DSO: 70+DIO: 97−DPO: 82
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.8%
Div Yield1.1%
+Buyback (TTM)1.7%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)1.1%
FCF Payout Ratio47.8%
Free Cash Flow (TTM)$3.3B
Stock Repurchases (TTM)$2.5B
Capital Return / FCF124.6%
Est. Dividends Paid (TTM)$1.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.8%
Stable
+0.1% YoY+1.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
15.5%
8Q: 15.6%
Asset Turnover
0.67x
8Q: 0.65x
Leverage (1+D/E)
1.51x
D/E: 0.51x
DuPont: 15.7% ≈ 15.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.91x
8Q:6.92x
-4.6%
Invested Cap Turn
1.02x
8Q:1.00x
+3.6%
CapEx Intensity
3.0%
8Q:3.0%
CapEx/Depreciation
0.79x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $26.6B | $7.0B↓0.6% | $7.0B↑10.2% | $6.4B↑2.2% | $6.2B↓1.7% | $6.3B↓0.1% | $6.3B↑6.8% | $5.9B↓0.4% | $6.0B |
Operating Income | $5.0B | $1.4B↑8.8% | $1.3B↑4.6% | $1.2B↓2.0% | $1.2B↑1.2% | $1.2B↑1.5% | $1.2B↑18.8% | $1.0B↓6.9% | $1.1B |
Net Income | $3.9B | $1.0B↑2.9% | $982.0M↑1.9% | $964.0M↓0.7% | $971.0M↓3.8% | $1.0B↑1.6% | $993.0M↑21.0% | $821.0M↓13.1% | $945.0M |
Operating Cash Flow | $4.1B | $1.4B↑47.2% | $918.0M↑285.7% | $238.0M↓85.1% | $1.6B↑22.0% | $1.3B↑38.4% | $946.0M↑99.2% | $475.0M↓63.4% | $1.3B |
Free Cash Flow | $3.3B | $1.2B↑63.8% | $716.0M↑686.8% | $91.0M↓93.2% | $1.3B↑19.2% | $1.1B↑48.4% | $759.0M↑159.9% | $292.0M↓72.3% | $1.1B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
37.3x
High PEG ratio (5.8x) suggests expensive for growth
Valuation Lenses
Earnings
37.3x
vs – sector
Cash Flow
40.9x
EV/FCF vs –
Growth-Adj
5.8xPEG
Expensive for growth
Quality-Adj
2.4P/E per %ROIC
ROIC: 15.8%
Shareholder Returns
Dividend
1.1%
Buyback
1.7%
Total Yield
2.8%
Market Cap$146.48B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
95/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
21.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.8%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 15.5%
Asset Turnover: 0.67x
Earnings Quality
Cash Conversion
1.05x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin38.1%
Capital Efficiency
Invested Capital Turnover1.02x
Working Capital
Cash Conversion Cycle85 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
68/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
8.2%
OpInc Growth YoY
12.9%
EPS Growth YoY
6.4%
FCF 3Y CAGR
27.8%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
38.1%
Operating
19.0%
Top 25% in sector
Net
14.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-2.3 pts
FCF: 12.5% | Net: 14.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $8.95B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.51x
Balance sheet risk & solvency analysis