# Eaton Corporation plc (ETN)

> Source: Nexqual · https://nexqual.com/ETN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Eaton Corporation plc (ETN), nexqual.com/ETN" · informational, not investment advice.

**Price:** USD 368.99 (-6.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 393.94 · day 362.57–380.65 · 52w 311.92–478 · market cap $143B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $30.0B, net income $3.83B (12.8% margin), free cash flow $3.93B (SEC filings).
- Valuation: P/E 37.4x (avg 31.8x at the last 3 fiscal year-ends), net debt $19.9B.
- 1 of 80 tracked superinvestors hold ETN (13F, Q3 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $17.1M; 6 not under a Rule 10b5-1 plan ($17.1M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $482K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.07 on a 1–5 scale) (28 analysts), mean target USD 485.47 (range 333–534).
- Total return with dividends: 1Y +0.2% vs S&P 500 +14.9%; 5Y +145.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 3.55, revenue estimate $8.52B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.6B | $20.8B | $23.2B | $24.9B | $27.4B | $30.0B |
| Gross profit | $6.33B | $6.89B | $8.43B | $9.50B | $10.3B | — |
| Net income | $2.14B | $2.46B | $3.22B | $3.79B | $4.09B | $3.83B |
| EPS (diluted) | $5.34 | $6.14 | $8.02 | $9.50 | $10.45 | — |
| Free cash flow | $1.59B | $1.94B | $2.87B | $3.52B | $3.55B | $3.93B |
| Gross margin | 32.3% | 33.2% | 36.4% | 38.2% | 37.6% | — |
| Net margin | 10.9% | 11.9% | 13.9% | 15.3% | 14.9% | 12.8% |
| Revenue growth | +9.9% | +5.7% | +11.8% | +7.3% | +10.3% | — |
| Cash + short-term investments | $568M | $555M | $2.61B | $2.08B | $803M | — |
| Total debt | $8.58B | $8.65B | $9.27B | $9.15B | $9.89B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 37.4x · P/S 4.8x · EV/Sales 5.4x · P/FCF 36.4x · P/B 7.1x · FCF yield 2.74% · Earnings yield 2.67% · Dividend yield (paid, TTM) 1.16% · Buyback yield (TTM) 0.39% · Net debt $19.9B · EV $163B
P/E at fiscal year-ends: Dec 2025 30.5x, Dec 2024 34.9x, Dec 2023 30.0x.

## Superinvestors (SEC 13F-HR, Q3 2026)
1 of 80 tracked investors hold ETN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 0.03% | $327K | Reduced -11.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Monesmith Heath B. | See Remarks below. | 18,036 | $8.3M | 24.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Wadecki Adam A | See Remarks below. | 525 | $231K | 33.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Thompson Dorothy C | Director | 167 | $64K | 4.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-13 | Galvao Antonio | See Remarks below. | 494 | $200K | 5.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Monesmith Heath B. | See Remarks below. | 18,367 | $7.5M | 25.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Denk Peter | See Remarks below. | 2,000 | $836K | 22% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $482K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12…2026-08-13 | Johnson Gerald | Director | 200 | $92K | 460.81 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08…2026-05-11 | Johnson Gerald | Director | 961 | $390K | 406.03 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 28 analysts; mean target USD 485.47 (low 333, high 534).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | RBC Capital | Target raised | Outperform | $512 → $526 |
| 2026-10-12 | Citigroup | Target raised | Buy | $485 → $498 |
| 2026-09-25 | Wells Fargo | Initiated | Overweight | $503 |
| 2026-09-08 | UBS | Upgrade | Neutral → Buy | $450 → $515 |
| 2026-08-28 | Morgan Stanley | Target raised | Overweight | $500 → $520 |
| 2026-08-11 | Evercore ISI Group | Target raised | Outperform | $502 → $515 |
| 2026-08-03 | Citigroup | Target raised | Buy | $471 → $485 |
| 2026-08-03 | RBC Capital | Target raised | Outperform | $484 → $512 |
| 2026-08-03 | BMO Capital | Target raised | Outperform | $477 → $487 |
| 2026-08-03 | Evercore ISI Group | Upgrade | In-Line → Outperform | $453 → $502 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.2% | +145.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.2% | +19.6% |
| Volatility (annualized) | 40.4% | 28.6% |
| Max drawdown | -19.8% (Aug 2026→Oct 2026) | -34.4% (Nov 2024→Mar 2025) |

## Peers (Specialty Industrial Machinery)
PH (Parker-Hannifin Corporation) USD 893.21 -6.78% · GEV (GE Vernova Inc.) USD 827.42 -10.64% · EMR (Emerson Electric Company) USD 160.29 -1.73% · ITW (Illinois Tool Works Inc.) USD 279.24 +0.88% · CMI (Cummins Inc.) USD 519.53 -4.18% · AME (AMETEK, Inc.) USD 238.82 -4.58%

## More
Full page: https://nexqual.com/ETN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ETN in their own reports (relationship from ETN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ChargePoint Holdings, Inc. (CHPT) | 10-K 2026-04-02 | "ChargePoint's partnership with Eaton Corporation ("Eaton") is intended to create value by addressing the most significant barriers to large‑scale EV charging adoption: high deployment costs, infrastru…" |
| customer | EMBRAER S.A. (EMBJ) | 20-F 2026-03-30 | "Garmin, the avionics systems supplier; and Eaton Corporation, the hydraulic systems supplier." |
| partner | CUMMINS INC (CMI) | 10-K 2026-02-10 | "The Eaton Cummins Automated Transmission Technologies (ECJV) joint venture is a consolidated 50/50 joint venture between Cummins Inc. and Eaton Corporation plc. and serves markets in North America and…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Electrical Americas | $3.95B | 46.3% | +17.9% | $1.09B | 27.5% |
| Electrical Global | $2.52B | 29.5% | +43.6% | $499.0M | 19.8% |
| Aerospace | $1.22B | 14.3% | +13.1% | $278.0M | 22.7% |
| Mobility | $841.0M | 9.9% | -0.5% | $109.0M | 13.0% |
| Total revenue | $8.53B | 100% | — | $1.97B | 23.1% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Systems | $2.81B | 32.9% | +10.8% |
| Product | $1.14B | 13.4% | +40.0% |
| Vehicle | $684.0M | 8.0% | +3.2% |
| E Mobility | $157.0M | 1.8% | -13.7% |
| Total revenue | $8.53B | 100% | — |
The lines above cover 56.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $17.12B | 62.4% | +13.0% |
| Europe | $5.08B | 18.5% | +12.1% |
| Asia Pacific | $2.70B | 9.9% | +10.0% |
| Latin America | $1.46B | 5.3% | -13.0% |
| Canada | $1.08B | 3.9% | +2.4% |
| Total revenue | $27.45B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.55 | $3.51 | +1.1% | $8.52B | 24 |
| Next quarter (ends 2026-12-31) | $4.09 | $3.96 | +3.4% | $8.49B | 19 |
| Current fiscal year (ends 2026-12-31) | $13.60 | $13.35 | +1.9% | $32.90B | 26 |
| Next fiscal year (ends 2027-12-31) | $16.30 | $15.78 | +3.3% | $36.94B | 24 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±9.7%; earnings reaction alone ±5.5%; last 8 reports averaged ±3.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 50.4% | ±6.1% |
| 2026-11-06 | 14 | 59.5% | ±9.7% |
| 2026-11-13 | 21 | 52.7% | ±10.3% |
| 2026-11-20 | 28 | 51.9% | ±11.7% |
| 2026-11-27 | 35 | 48.7% | ±12.1% |
| 2026-12-04 | 42 | 47.4% | ±12.9% |
| 2026-12-18 | 56 | 45.2% | ±14.0% |
| 2027-01-15 | 84 | 43.2% | ±16.4% |