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Eaton Corp. plc (NYSE:ETN)

Common-Size Balance Sheet: Assets
Quarterly Data

Eaton Corp. plc, common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash 0.92 0.86 1.03 1.51 0.81 0.98 4.53 1.45 1.21 1.37 1.23 1.27 0.93 0.96 0.66 0.84 0.67 1.04 0.67 0.87 0.79 0.76 1.04
Short-term investments 0.50 0.38 0.34 0.44 0.58 0.46 0.41 3.97 3.88 5.69 5.11 5.52 4.18 2.66 0.81 0.75 0.84 0.74 0.76 0.80 1.14 0.71 2.77
Accounts receivable, net 12.45 11.88 11.56 13.06 13.67 13.54 12.99 12.03 12.45 12.34 12.13 11.64 11.96 11.96 11.94 11.64 11.10 10.92 10.42 9.69 9.94 9.08 8.99
Inventory 10.34 9.64 9.34 11.44 11.35 11.31 11.20 11.01 10.65 10.06 10.04 9.73 9.96 9.98 10.15 9.80 9.98 9.80 9.42 8.73 8.21 7.25 7.04
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.08 7.44
Prepaid expenses and other current assets 3.69 3.54 3.16 3.50 3.44 3.08 2.57 2.28 2.79 2.66 2.26 2.22 2.42 2.46 2.17 1.96 2.26 2.22 2.00 1.99 1.85 1.73 1.78
Current assets 27.90% 26.29% 25.42% 29.95% 29.84% 29.37% 31.71% 30.75% 30.97% 32.13% 30.76% 30.38% 29.45% 28.02% 25.73% 24.98% 24.85% 24.71% 23.27% 22.07% 21.94% 26.60% 29.06%
Land and buildings 4.45 4.50 4.42 5.72 5.73 5.68 5.55 5.83 5.81 5.57 5.75 5.83 5.83 5.98 6.12 6.08 5.96 6.13 6.38 6.54 6.59 6.14 6.40
Machinery and equipment 14.21 14.26 14.31 18.59 18.19 18.09 17.81 17.78 17.40 16.91 17.07 16.91 16.70 16.69 16.95 16.81 16.36 16.08 16.15 16.43 16.30 15.10 15.74
Gross property, plant and equipment 18.66% 18.76% 18.73% 24.31% 23.92% 23.77% 23.36% 23.61% 23.21% 22.48% 22.82% 22.74% 22.53% 22.67% 23.07% 22.89% 22.32% 22.22% 22.52% 22.98% 22.89% 21.24% 22.14%
Accumulated depreciation -10.28 -10.39 -10.43 -13.85 -13.91 -13.81 -13.76 -13.89 -13.75 -13.33 -13.58 -13.55 -13.58 -13.79 -14.05 -13.90 -13.69 -13.56 -13.72 -13.97 -14.02 -12.93 -13.56
Net property, plant and equipment 8.38% 8.37% 8.30% 10.46% 10.01% 9.95% 9.60% 9.72% 9.46% 9.15% 9.23% 9.19% 8.96% 8.88% 9.03% 8.99% 8.63% 8.66% 8.80% 9.00% 8.86% 8.31% 8.57%
Goodwill 35.33 36.01 38.85 38.23 38.88 38.98 37.88 38.33 38.34 37.71 38.61 38.97 39.64 40.56 41.93 42.26 42.13 42.12 42.48 43.35 43.27 40.43 40.37
Other intangible assets 21.35 22.45 20.44 12.25 12.63 12.90 11.70 12.14 12.26 12.40 12.91 13.25 13.83 14.37 15.16 15.67 15.98 16.18 17.08 17.21 17.70 16.83 13.86
Operating lease assets 1.64 1.52 1.53 1.86 1.71 1.75 2.07 2.10 2.08 1.99 1.87 1.69 1.61 1.62 1.63 1.63 1.62 1.40 1.28 1.30 1.31 1.28 1.26
Deferred income taxes 0.99 1.05 1.06 1.71 1.40 1.53 1.55 1.59 1.40 1.27 1.25 1.19 0.94 0.96 0.96 0.94 1.12 1.15 1.10 1.15 1.24 1.21 1.28
Other assets 4.40 4.31 4.39 5.53 5.53 5.51 5.48 5.38 5.49 5.36 5.37 5.34 5.57 5.59 5.56 5.54 5.66 5.78 6.00 5.91 5.68 5.34 5.60
Other noncurrent assets 63.72% 65.34% 66.27% 59.59% 60.15% 60.68% 58.68% 59.54% 59.57% 58.72% 60.01% 60.44% 61.59% 63.10% 65.24% 66.03% 66.51% 66.63% 67.93% 68.92% 69.20% 65.09% 62.36%
Noncurrent assets 72.10% 73.71% 74.58% 70.05% 70.16% 70.63% 68.29% 69.25% 69.03% 67.87% 69.24% 69.62% 70.55% 71.98% 74.27% 75.02% 75.15% 75.29% 76.73% 77.93% 78.06% 73.40% 70.94%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

An analysis of the common-size balance sheet reveals a gradual shift in asset composition, characterized by an increase in current asset weighting and a corresponding reduction in the dominance of noncurrent assets over the analyzed period.

Current Asset Dynamics
The total percentage of current assets exhibited an upward trajectory, moving from 29.06% in March 2021 to a peak of 32.13% in June 2024, before stabilizing between 25% and 30% through 2026. This trend is primarily driven by steady growth in accounts receivable, net, which rose from 8.99% to a high of 13.67% in September 2025. Similarly, inventory increased from 7.04% in early 2021 to approximately 11.44% by December 2025, suggesting a higher proportion of capital tied up in working capital.
Liquidity and Cash Management
Cash and short-term investments displayed significant volatility. Cash levels remained generally low, typically under 1.5%, with a notable spike to 4.53% in March 2025. Short-term investments saw a substantial increase starting in June 2023 (2.66%), peaking at 5.69% in June 2024, before sharply declining to below 0.60% for the remainder of the period. This pattern indicates active treasury management or strategic reallocation of liquid assets.
Intangible Assets and Goodwill
Goodwill constituted the largest single asset component for most of the period, peaking at 43.35% in December 2021 and gradually declining to 35.33% by September 2026. Other intangible assets followed a fluctuating path; after a steady decline from 17.70% in 2021 to 12.25% in December 2025, there was a sharp increase to a peak of 22.45% in June 2026, suggesting potential acquisitions or reclassifications of intangible assets.
Fixed Asset Analysis
Net property, plant, and equipment (PPE) remained relatively stable as a percentage of total assets, oscillating between 8.30% and 10.46%. While gross PPE saw a moderate increase reaching 24.31% in December 2025, a significant decrease occurred in early 2026, with gross PPE dropping to approximately 18.7%. This was mirrored by a reduction in accumulated depreciation, which moved from approximately -13.8% to -10.3%, keeping the net PPE ratio consistent.
Noncurrent Asset Trends
Noncurrent assets as a whole trended downward from 70.94% in March 2021 to a low of 68.29% in March 2025. However, a rebound occurred in 2026, with the ratio increasing to 74.58% in March 2026, largely driven by the aforementioned surge in other intangible assets.

Overall, the asset structure demonstrates a transition toward higher operational asset intensity, with increased weight in receivables and inventory, balanced by a gradual reduction in the relative proportion of goodwill.

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