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, 2025 = ÷
Dec 31, 2024 = ÷
Dec 31, 2023 = ÷
Dec 31, 2022 = ÷
Dec 31, 2021 = ÷
Dec 31, 2020 = ÷
Dec 31, 2019 = ÷
Dec 31, 2018 = ÷
Dec 31, 2017 = ÷
Dec 31, 2016 = ÷
Dec 31, 2015 = ÷
Dec 31, 2014 = ÷
Dec 31, 2013 = ÷
Dec 31, 2012 = ÷
Dec 31, 2011 = ÷
Dec 31, 2010 = ÷
Dec 31, 2009 = ÷
Dec 31, 2008 = ÷
Dec 31, 2007 = ÷
Dec 31, 2006 = ÷
Dec 31, 2005 = ÷

Based on: 10-K (reporting date: 2025-12-31), 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

The debt-to-equity ratio for the period between 2005 and 2025 exhibits fluctuations, though generally remains within a relatively constrained range. Initial values indicate a ratio around 0.65 in 2005, followed by a period of relative stability, fluctuating between approximately 0.47 and 0.68 from 2006 through 2009. A significant increase is then observed in 2012, peaking at 0.72, before declining again.

Initial Period (2005-2009)
From 2005 to 2009, the debt-to-equity ratio demonstrates modest variability. It begins at 0.65, decreases slightly to 0.63, rises to 0.66, then increases to 0.68 in 2008, before decreasing to 0.51 in 2009. This suggests a generally balanced approach to financing during this timeframe, with debt and equity contributing similarly to the company’s capital structure.
Significant Increase and Subsequent Adjustment (2010-2013)
The period from 2010 to 2013 is characterized by a notable shift. The ratio declines to 0.47 in 2010, remaining at 0.51 in 2011, then experiences a substantial increase to 0.72 in 2012. This is followed by a decrease to 0.57 in 2013, indicating a potential period of increased borrowing followed by a recalibration of the capital structure. The large increase in 2012 is particularly noteworthy.
Stabilization and Recent Trends (2014-2025)
From 2014 onwards, the debt-to-equity ratio demonstrates a greater degree of stability, fluctuating between approximately 0.45 and 0.52 for the majority of the period. A slight upward trend is observed from 2019 through 2022, peaking at 0.51, before stabilizing again in 2023 and 2024. The most recent value, 0.51 in 2025, is consistent with the levels observed in the latter half of the analyzed period. This suggests a more consistent and controlled approach to debt financing in recent years.

Overall, the company’s debt-to-equity ratio has shown periods of both increase and decrease, but has largely remained within a manageable range throughout the analyzed timeframe. The significant increase in 2012 warrants further investigation to understand the underlying factors driving this change, but the subsequent stabilization suggests effective management of the capital structure.

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, 2025
Dec 31, 2024
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Based on: 10-K (reporting date: 2025-12-31), 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, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
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Dec 31, 2018
Dec 31, 2017
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Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 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, 2025
Dec 31, 2024
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Based on: 10-K (reporting date: 2025-12-31), 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).