Stock Analysis on Net
Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Eaton Corp. plc, debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Total Eaton shareholders’ equity1
Dec 31, 2024 = ÷
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Dec 31, 2005 = ÷

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

Total Debt
The total debt exhibited a marked increasing trend from 2005 through 2012, escalating from $2,464 million to a peak of $10,833 million. Subsequent years saw a decline and stabilization, with values fluctuating between approximately $7,500 million and $9,300 million until 2024, ending at $9,152 million. This indicates a significant borrowing increase over the initial period followed by a fairly stabilized debt level in later years.
Total Eaton Shareholders’ Equity
Shareholders’ equity showed consistent growth from 2005 to 2011, increasing from $3,778 million to $7,469 million. A sharp rise occurred in 2012, reaching $15,086 million and continuing to increase to a peak of $17,253 million in 2017. After 2017, equity values fluctuated, with a slight decline until 2020, and then a recovery and further growth onward to $18,488 million in 2024, reflecting overall positive equity accumulation with some volatility in the mid to late period.
Debt to Equity Ratio
The debt to equity ratio remained relatively stable, oscillating within a range of 0.45 to 0.72. It reached a maximum of 0.72 in 2012 coinciding with the peak in total debt. Prior to that, the ratio was around 0.65-0.68 and declined to about 0.45 by 2017, reflecting a period where equity growth outpaced debt growth. The ratio slightly increased again in later years but stayed near 0.50, indicating a balanced approach between debt and equity financing in recent periods.
Overall Trends and Insights
The period between 2005 and 2012 was characterized by substantial increases in both debt and equity, with debt rising more sharply, particularly from 2010 to 2012. This likely indicates significant capital acquisition or investment during this timeframe. After 2012, the company appeared to stabilize its debt levels while continuing to grow equity more steadily. The stabilization of the debt to equity ratio around 0.50 in later years suggests prudent financial management aimed at maintaining a moderate leverage. The fluctuations in equity particularly after 2017 may reflect market conditions or operational factors impacting retained earnings and shareholder value. Overall, the financial data indicates balanced growth with controlled leverage and an emphasis on strengthening equity over the long term.

Comparison to Competitors

Eaton Corp. plc, debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Eaton Corp. plc Boeing Co. Caterpillar Inc. GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2024
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Capital Goods)

Eaton Corp. plc, debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Eaton Corp. plc Capital Goods
Dec 31, 2024
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Eaton Corp. plc, debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
Eaton Corp. plc Industrials
Dec 31, 2024
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).