Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Eaton Corp. plc, long-term (investment) activity ratios (quarterly data)
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).
The analysis of investment activity ratios reveals a period of relative stability in fixed asset utilization coupled with a pronounced and consistent improvement in equity efficiency. While overall asset productivity showed a general upward trajectory for the majority of the period, a notable volatility occurred in early 2026 across most asset-based metrics.
- Net Fixed Asset Turnover
- Fixed asset utilization remained stable, with the standard net fixed asset turnover ratio fluctuating within a narrow band between 6.24 and 6.80. When accounting for right-of-use assets via operating leases, the ratio shifted lower, ranging from 5.26 to 5.74. Both iterations of this metric exhibited a similar pattern, peaking in late 2022 and 2023, experiencing a trough in March 2026, and recovering by September 2026.
- Total Asset Turnover
- A steady improvement in total asset efficiency was observed from March 2022, where the ratio stood at 0.56, climbing to a peak of 0.67 by December 2025. This trend suggests a period of increasing effectiveness in utilizing the entire asset base to generate revenue. However, a sharp decline to 0.52 was recorded in March 2026, followed by a gradual recovery to 0.56 by the end of the period.
- Equity Turnover
- Equity turnover demonstrates a strong and sustained upward trend, marking the most consistent growth among the analyzed ratios. The ratio increased from 1.19 in March 2022 to 1.52 by September 2026. This persistent climb indicates a significant increase in revenue generation efficiency relative to the company's equity base, suggesting a lean approach to equity financing or a rapid scaling of operations relative to equity growth.
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Net Fixed Asset Turnover
Eaton Corp. plc, net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 8,947) | 8,531) | 7,451) | 7,055) | 6,988) | 7,028) | 6,377) | 6,240) | 6,345) | 6,350) | 5,943) | 5,967) | 5,880) | 5,866) | 5,483) | 5,384) | 5,313) | 5,212) | 4,843) | ||||||
| Net property, plant and equipment | 4,815) | 4,702) | 4,574) | 4,316) | 4,068) | 4,032) | 3,765) | 3,729) | 3,711) | 3,604) | 3,558) | 3,530) | 3,341) | 3,267) | 3,206) | 3,147) | 2,967) | 3,043) | 3,098) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 6.64 | 6.39 | 6.24 | 6.36 | 6.55 | 6.45 | 6.72 | 6.67 | 6.63 | 6.70 | 6.65 | 6.57 | 6.77 | 6.75 | 6.67 | 6.59 | 6.80 | 6.50 | 6.38 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 5.69 | 5.76 | 5.85 | 5.82 | 6.69 | 6.46 | 6.06 | 5.83 | 6.52 | 6.70 | 7.15 | 7.30 | 7.23 | 7.04 | 6.72 | 6.31 | 5.85 | 5.72 | 5.68 | ||||||
| Caterpillar Inc. | — | 4.54 | 4.40 | 4.23 | 4.27 | 4.29 | 4.45 | 4.59 | 4.85 | 5.01 | 5.08 | 5.04 | 5.17 | 5.10 | 4.91 | 4.70 | 4.62 | 4.36 | 4.18 | ||||||
| GE Aerospace | 5.93 | 5.83 | 5.64 | 5.30 | 5.30 | 5.05 | 4.85 | 4.83 | 6.03 | 7.23 | 4.77 | 5.17 | 5.50 | 5.58 | 5.84 | 5.08 | 5.04 | 4.83 | 4.73 | ||||||
| Honeywell International Inc. | 12.42 | 8.28 | 8.07 | 8.09 | 5.65 | 5.94 | 6.17 | 6.22 | 6.50 | 6.49 | 6.48 | 6.48 | 6.64 | 6.59 | 6.57 | 6.48 | 6.54 | 6.45 | 6.27 | ||||||
| Lockheed Martin Corp. | 6.87 | 6.76 | 6.66 | 8.46 | 8.41 | 8.29 | 8.24 | 8.14 | 8.43 | 8.47 | 8.34 | 8.07 | 8.41 | 8.46 | 8.33 | 8.27 | 8.48 | 8.48 | 8.70 | ||||||
| RTX Corp. | 5.57 | 5.51 | 5.37 | 5.25 | 5.27 | 5.16 | 5.07 | 5.02 | 4.98 | 4.61 | 4.54 | 4.38 | 4.37 | 4.61 | 4.53 | 4.42 | 4.50 | 4.43 | 4.37 | ||||||
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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Net property, plant and equipment
= (8,947 + 8,531 + 7,451 + 7,055)
÷ 4,815 = 6.64
2 Click competitor name to see calculations.
Analysis of the period from March 2022 through September 2026 reveals a sustained growth trajectory in both revenue generation and capital investment. Net sales increased from 4,843 million US$ to 8,947 million US$, while net property, plant, and equipment grew from 3,098 million US$ to 4,815 million US$. This indicates a strategic expansion of the company's industrial capacity to support rising demand.
- Net Fixed Asset Turnover Trends
- The net fixed asset turnover ratio exhibited a pattern of relative stability, fluctuating within a narrow band between 6.24 and 6.80. An initial peak of 6.80 was recorded in September 2022, followed by a period of consistent performance averaging approximately 6.6 throughout 2023 and 2024, suggesting a balanced relationship between asset acquisition and revenue output.
- Capital Investment and Efficiency Correlation
- A discernible decline in asset turnover occurred between June 2025 and March 2026, with the ratio reaching a period low of 6.24. This downward movement coincided with a steady increase in net property, plant, and equipment, which rose from 4,032 million US$ in June 2025 to 4,574 million US$ by March 2026. This suggests a phase of capacity expansion where the investment in fixed assets temporarily outpaced the growth in sales.
- Operational Recovery and Scaling
- A significant recovery in efficiency is observed in the final two quarters of the analyzed timeframe. Net sales experienced a sharp increase, rising to 8,531 million US$ in June 2026 and 8,947 million US$ in September 2026. This surge in revenue effectively utilized the expanded asset base, driving the net fixed asset turnover ratio back up to 6.64, thereby restoring the efficiency levels seen in previous years.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Eaton Corp. plc, net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 8,947) | 8,531) | 7,451) | 7,055) | 6,988) | 7,028) | 6,377) | 6,240) | 6,345) | 6,350) | 5,943) | 5,967) | 5,880) | 5,866) | 5,483) | 5,384) | 5,313) | 5,212) | 4,843) | ||||||
| Net property, plant and equipment | 4,815) | 4,702) | 4,574) | 4,316) | 4,068) | 4,032) | 3,765) | 3,729) | 3,711) | 3,604) | 3,558) | 3,530) | 3,341) | 3,267) | 3,206) | 3,147) | 2,967) | 3,043) | 3,098) | ||||||
| Operating lease assets | 943) | 855) | 844) | 768) | 694) | 709) | 813) | 806) | 817) | 785) | 722) | 648) | 600) | 594) | 579) | 570) | 555) | 493) | 449) | ||||||
| Net property, plant and equipment (including operating lease, right-of-use asset) | 5,758) | 5,557) | 5,418) | 5,084) | 4,762) | 4,741) | 4,578) | 4,535) | 4,528) | 4,389) | 4,280) | 4,178) | 3,941) | 3,861) | 3,785) | 3,717) | 3,522) | 3,536) | 3,547) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 5.55 | 5.40 | 5.26 | 5.40 | 5.59 | 5.48 | 5.53 | 5.49 | 5.43 | 5.50 | 5.53 | 5.55 | 5.74 | 5.71 | 5.65 | 5.58 | 5.73 | 5.59 | 5.58 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| RTX Corp. | 5.05 | 5.00 | 4.85 | 4.72 | 4.72 | 4.63 | 4.53 | 4.50 | 4.46 | 4.17 | 4.11 | 3.96 | 3.92 | 4.13 | 4.04 | 3.95 | 4.01 | 3.93 | 3.87 | ||||||
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).
1 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Net property, plant and equipment (including operating lease, right-of-use asset)
= (8,947 + 8,531 + 7,451 + 7,055)
÷ 5,758 = 5.55
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a period of sustained growth in both revenue generation and asset accumulation. Net sales increased from 4,843 million USD in March 2022 to 8,947 million USD by September 2026, representing a substantial expansion in top-line performance. Concurrently, net property, plant, and equipment, including right-of-use assets, grew from 3,547 million USD to 5,758 million USD over the same period, indicating a steady and strategic investment in the company's operational infrastructure.
- Net Fixed Asset Turnover Stability
- The turnover ratio remained remarkably stable throughout the analyzed period, fluctuating within a tight range between a high of 5.74 in September 2023 and a low of 5.26 in March 2026. This stability suggests that the organization has effectively scaled its asset base in near-proportion to its sales growth, maintaining a consistent level of operational efficiency despite significant scaling.
- Correlation Between Asset Investment and Revenue
- A pattern of continuous asset expansion is observed, particularly from December 2024 through September 2026, where net fixed assets increased by approximately 1,223 million USD. Although the turnover ratio experienced a temporary dip to 5.26 in March 2026, the subsequent recovery to 5.55 by September 2026 indicates that the recent capital expenditures are beginning to yield corresponding revenue gains, confirming a positive correlation between investment and sales growth.
- Operational Efficiency Insights
- The consistency of the ratio, which largely hovered between 5.4 and 5.7 for the majority of the timeline, implies a disciplined approach to capital expenditure. The absence of significant volatility suggests that the company avoids over-leveraging its fixed asset base, ensuring that each unit of investment in property, plant, and equipment continues to generate a predictable volume of sales.
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Total Asset Turnover
Eaton Corp. plc, total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 8,947) | 8,531) | 7,451) | 7,055) | 6,988) | 7,028) | 6,377) | 6,240) | 6,345) | 6,350) | 5,943) | 5,967) | 5,880) | 5,866) | 5,483) | 5,384) | 5,313) | 5,212) | 4,843) | ||||||
| Total assets | 57,452) | 56,181) | 55,085) | 41,251) | 40,650) | 40,507) | 39,206) | 38,381) | 39,236) | 39,381) | 38,535) | 38,432) | 37,289) | 36,772) | 35,517) | 35,014) | 34,364) | 35,153) | 35,208) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.56 | 0.53 | 0.52 | 0.67 | 0.66 | 0.64 | 0.65 | 0.65 | 0.63 | 0.61 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 | 0.59 | 0.59 | 0.56 | 0.56 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.56 | 0.57 | 0.56 | 0.53 | 0.54 | 0.49 | 0.44 | 0.43 | 0.53 | 0.52 | 0.57 | 0.57 | 0.56 | 0.55 | 0.52 | 0.49 | 0.45 | 0.45 | 0.45 | ||||||
| Caterpillar Inc. | — | 0.69 | 0.70 | 0.65 | 0.65 | 0.66 | 0.70 | 0.70 | 0.72 | 0.76 | 0.76 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.66 | 0.63 | 0.61 | ||||||
| GE Aerospace | 0.39 | 0.37 | 0.35 | 0.33 | 0.31 | 0.30 | 0.29 | 0.29 | 0.35 | 0.42 | 0.36 | 0.40 | 0.43 | 0.42 | 0.43 | 0.39 | 0.40 | 0.39 | 0.37 | ||||||
| Honeywell International Inc. | 0.63 | 0.49 | 0.51 | 0.51 | 0.47 | 0.49 | 0.51 | 0.51 | 0.52 | 0.54 | 0.56 | 0.60 | 0.59 | 0.58 | 0.60 | 0.57 | 0.58 | 0.55 | 0.54 | ||||||
| Lockheed Martin Corp. | 1.23 | 1.23 | 1.27 | 1.25 | 1.22 | 1.22 | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.29 | 1.19 | 1.18 | 1.21 | 1.25 | 1.24 | 1.24 | 1.28 | ||||||
| RTX Corp. | 0.54 | 0.54 | 0.53 | 0.52 | 0.51 | 0.50 | 0.50 | 0.50 | 0.48 | 0.45 | 0.44 | 0.43 | 0.41 | 0.44 | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | ||||||
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).
1 Q3 2026 Calculation
Total asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total assets
= (8,947 + 8,531 + 7,451 + 7,055)
÷ 57,452 = 0.56
2 Click competitor name to see calculations.
The financial performance from March 2022 through September 2026 is characterized by a sustained increase in revenue and a strategic expansion of the asset base. For the majority of the observed period, there was a consistent improvement in the ability to generate sales from assets. However, a significant structural change occurred in early 2026, leading to a temporary decline in asset utilization efficiency.
- Revenue Trajectory
- Net sales exhibited a strong and consistent upward trend, growing from 4,843 million US dollars in March 2022 to 8,947 million US dollars by September 2026. A period of accelerated growth is observed between March 2026 and June 2026, during which sales increased from 7,451 million to 8,531 million US dollars.
- Asset Base Evolution
- Total assets grew moderately from 35,208 million US dollars in March 2022 to 41,251 million US dollars by December 2025. A substantial increase occurred in the first quarter of 2026, with assets rising sharply to 55,085 million US dollars. This suggests a significant capital expenditure or acquisition event that expanded the company's balance sheet by approximately 33% in a single quarter.
- Total Asset Turnover Dynamics
- The total asset turnover ratio showed a gradual improvement from 0.56 in March 2022, peaking at 0.67 in December 2025. This indicates increasing operational efficiency in generating revenue per unit of asset. Following the sharp increase in assets in March 2026, the ratio dropped to 0.52, reflecting a lag between the acquisition of new assets and the realization of corresponding sales. By September 2026, the ratio began to recover, rising to 0.56 as sales growth started to align with the expanded asset base.
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Equity Turnover
Eaton Corp. plc, equity turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 8,947) | 8,531) | 7,451) | 7,055) | 6,988) | 7,028) | 6,377) | 6,240) | 6,345) | 6,350) | 5,943) | 5,967) | 5,880) | 5,866) | 5,483) | 5,384) | 5,313) | 5,212) | 4,843) | ||||||
| Total Eaton shareholders’ equity | 20,976) | 20,254) | 19,721) | 19,425) | 18,843) | 18,606) | 18,506) | 18,488) | 19,117) | 19,219) | 19,292) | 19,036) | 18,383) | 17,953) | 17,449) | 17,038) | 16,068) | 16,380) | 16,620) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.52 | 1.48 | 1.45 | 1.41 | 1.41 | 1.40 | 1.37 | 1.35 | 1.29 | 1.26 | 1.23 | 1.22 | 1.23 | 1.23 | 1.23 | 1.22 | 1.26 | 1.21 | 1.19 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 14.50 | 15.41 | 15.40 | 16.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 3.66 | 3.59 | 3.00 | 2.96 | 3.19 | 3.31 | 3.15 | 3.21 | 3.68 | 3.61 | 3.28 | 3.10 | 3.39 | 3.24 | 3.57 | 3.45 | 3.26 | 2.92 | ||||||
| GE Aerospace | 2.82 | 2.69 | 2.49 | 2.27 | 2.14 | 1.98 | 1.87 | 1.82 | 2.32 | 2.76 | 1.97 | 2.36 | 2.34 | 2.21 | 2.24 | 2.02 | 2.29 | 2.06 | 1.82 | ||||||
| Honeywell International Inc. | 1.50 | 2.05 | 2.77 | 2.69 | 2.25 | 2.36 | 2.19 | 2.07 | 2.17 | 2.20 | 2.24 | 2.31 | 2.11 | 2.09 | 2.13 | 2.12 | 1.97 | 1.96 | 1.87 | ||||||
| Lockheed Martin Corp. | 7.86 | 8.78 | 10.03 | 11.17 | 11.87 | 13.47 | 10.75 | 11.22 | 9.90 | 11.51 | 10.47 | 9.89 | 7.30 | 7.29 | 6.86 | 7.12 | 5.41 | 5.61 | 6.57 | ||||||
| RTX Corp. | 1.39 | 1.41 | 1.36 | 1.36 | 1.33 | 1.34 | 1.33 | 1.34 | 1.29 | 1.23 | 1.17 | 1.15 | 0.96 | 0.97 | 0.94 | 0.92 | 0.94 | 0.93 | 0.89 | ||||||
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).
1 Q3 2026 Calculation
Equity turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total Eaton shareholders’ equity
= (8,947 + 8,531 + 7,451 + 7,055)
÷ 20,976 = 1.52
2 Click competitor name to see calculations.
The financial data indicates a sustained upward trajectory in both revenue generation and the efficiency of equity utilization from March 2022 through September 2026. A progressive increase in the equity turnover ratio is observed, driven by net sales growth that consistently outpaced the expansion of shareholders' equity.
- Net Sales Performance
- A strong and consistent growth pattern is evident in net sales, which rose from 4,843 million US$ in March 2022 to 8,947 million US$ by September 2026. While growth was steady during 2022 and 2023, a more pronounced acceleration occurred starting in 2025, with a significant increase observed in the first half of 2026.
- Shareholders' Equity Evolution
- Total shareholders' equity increased from 16,620 million US$ in March 2022 to 20,976 million US$ by September 2026. The growth in equity was more gradual than that of sales, characterized by a period of relative stability between June 2024 and March 2025, where values fluctuated within a narrow range around 18,500 to 19,200 million US$.
- Equity Turnover Analysis
- The equity turnover ratio remained relatively stable between 1.19 and 1.26 during the 2022 and 2023 periods. Starting in 2024, a clear upward trend emerged, with the ratio climbing from 1.23 in March to 1.35 by December. This positive momentum continued through 2025 and 2026, reaching a peak of 1.52 by September 2026. This trend reflects an enhanced capacity to generate sales per unit of equity, indicating improved asset productivity and investment efficiency.
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