Industrials · Electrical Components & Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$391.25
52-week range
$309.33 – $478.00
Market cap
$152.4B
P/E (trailing)
39.9×
EV / EBITDA
26.7×
Free-cash-flow yield
2.6%
Dividend yield
1.1%
Revenue (last 12 months)
$30.0B
Revenue growth (3y a year)
9.8%
Operating margin
17.5%
Return on invested capital
10.4%
Net debt / EBITDA
3.1×
Fair value
Blended fair value$231.91 range $224 – $240
Versus priceOvervalued−41% to fair value
Peer multiples
$258.05
Fundamentals-adjusted multiple
$282.93
10-year DCF (market-scaled)
$154.74
Earnings power value (floor, not blended)
$52.95
Model uncertainty
Medium
X-Ray Score
38/ 100 · High confidence · ahead of 12% of sector peers
Valuation16
Growth78
Profitability34
Financial health32
Dividends37
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Eaton is a power management company, incorporated in Ireland, that makes electrical, aerospace and vehicle products. Its electrical lines include switchgear, circuit protection, power distribution and backup power systems for utilities, data centres, buildings and industry. It also makes hydraulics and fuel systems for aircraft and components for trucks and cars. Customers are utilities, builders, data centre operators, aircraft makers and vehicle manufacturers.
Eaton earns revenue from supplying these products and related services to industrial, commercial and utility customers. It totals $30.0 billion over the last twelve months, growing at 9.8% a year across three years. The operating margin is 17.5%, and the business earns a profit of 10% on the capital invested in it. The company has net debt of 3.1 times EBITDA, and the dividend yield is 1.1%.
StocksXray gives Eaton Corp plc an X-Ray Score of 38 out of 100 (high confidence), ahead of 12% of the S&P 500 stocks in its sector. Its strongest lens is growth (78) and its weakest is valuation (16).
Our fair value blend is $231.91 (range $223.56 to $240.34). At $391.25 the stock trades 69% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Eaton Corp plc (ETN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$160.63
$149.09
$232.92
$324.95
$315.87
$391.25
Market cap
$64.5B
$59.8B
$93.4B
$129.8B
$123.6B
$152.4B
P/E
30.1×
24.3×
29.0×
34.2×
30.2×
39.9×
EV / revenue
3.7×
3.3×
4.3×
5.5×
4.8×
5.7×
EV / EBITDA
18.3×
17.6×
20.4×
24.4×
21.5×
26.7×
Price / free cash flow
40.6×
30.9×
32.6×
36.9×
34.8×
38.7×
Free-cash-flow yield
2.5%
3.2%
3.1%
2.7%
2.9%
2.6%
Price / book
3.9×
3.5×
4.9×
7.0×
6.4×
7.5×
Dividend yield
1.89%
2.17%
1.48%
1.16%
1.32%
1.11%
Fundamentals checklist ● 4 Good · ● 4 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.0%Bad
Free-cash-flow yield2.6%Bad
Risk models
Altman Z score2.2×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)19.4%Good
Free-cash-flow growth (3y)22.5%Good
Revenue growth (3y)9.8%Good
Growth consistency100%Good
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA3.1×Bad
Interest cover11.9×Average
Valuation
Fair value vs price0.6×Bad
EBIT / EV yield3.1%Bad
Profitability
Return on invested capital10.4%Bad
Operating margin17.5%Average
Gross profitability19.2%Bad
XStocksXray
Eaton Corp plc (ETN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
19,628
20,752
23,196
24,878
27,448
30,025
Gross profit
6,335
6,887
8,434
9,503
10,317
10,780
Operating income
3,040
2,911
3,978
4,696
5,173
5,265
Net income
2,144
2,462
3,218
3,794
4,087
3,829
Diluted EPS ($)
5.34
6.14
8.02
9.50
10.45
9.82
Free cash flow
1,588
1,935
2,867
3,519
3,553
3,934
Gross margin
32.3%
33.2%
36.4%
38.2%
37.6%
35.9%
Operating margin
15.5%
14.0%
17.1%
18.9%
18.8%
17.5%
Net margin
10.9%
11.9%
13.9%
15.3%
14.9%
12.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
34,027
35,014
38,432
38,381
41,251
56,181
Cash
297
294
488
555
622
483
Total debt
8,579
8,655
9,269
9,152
9,895
20,611
Equity
16,413
17,038
19,036
18,488
19,425
20,254
Dividend per share ($)
3.04
3.24
3.44
3.76
4.16
4.28
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.