Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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Profitability Ratios (Summary)
Eaton Corp. plc, profitability ratios (quarterly data)
Based on: 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 profitability metrics demonstrate a consistent upward trend over the observed period, spanning from March 2022 to December 2025. All five ratios – gross profit margin, operating profit margin, net profit margin, return on equity (ROE), and return on assets (ROA) – generally increased, indicating improving financial performance. The rate of increase varied across the ratios, with ROE and ROA exhibiting more substantial gains than the margin-based metrics.
- Gross Profit Margin
- The gross profit margin experienced a steady increase from 32.36% in March 2022 to 38.45% in March 2025, before slightly declining to 37.59% by December 2025. This suggests improving efficiency in production and cost of goods sold management. The growth rate appears to decelerate towards the end of the period.
- Operating Profit Margin
- Similar to the gross profit margin, the operating profit margin showed a consistent upward trajectory, rising from 15.97% in March 2022 to 19.08% in March 2025. A slight decrease to 18.98% was observed in December 2025. This indicates effective control of operating expenses alongside revenue growth.
- Net Profit Margin
- The net profit margin followed the same positive trend, increasing from 11.21% in March 2022 to 15.55% in March 2025, and then decreasing slightly to 14.89% in December 2025. This suggests that improvements in profitability are translating into higher net income.
- Return on Equity (ROE)
- ROE demonstrated the most significant increase among the analyzed ratios, growing from 13.35% in March 2022 to 21.27% in March 2025, before settling at 21.04% in December 2025. This indicates a substantial improvement in the company’s ability to generate profits from shareholder investments.
- Return on Assets (ROA)
- ROA also exhibited a strong upward trend, increasing from 6.30% in March 2022 to 10.04% in March 2025, and then decreasing slightly to 9.91% in December 2025. This suggests improved efficiency in utilizing assets to generate earnings. The gains in ROA mirrored the gains in ROE, though at a lower magnitude.
The slight declines observed in all ratios during the final quarter (December 2025) warrant further investigation, though the overall trend remains positive. The consistent increases in profitability ratios throughout the majority of the period suggest strong financial health and effective management strategies.
Return on Sales
Return on Investment
Gross Profit Margin
Eaton Corp. plc, gross profit margin calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Gross profit | |||||||||||||||||||||
| Net sales | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin demonstrates a consistent upward trend over the analyzed period, spanning from March 31, 2022, to December 31, 2025. This indicates an increasing efficiency in converting net sales into gross profit. The rate of increase appears to accelerate through 2023 and into early 2024, before stabilizing and experiencing a slight decline in the final quarter of 2025.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin began at 32.36% and steadily increased to 33.19% over this period. This represents a modest, but consistent, improvement in profitability from core operations.
- Acceleration (Mar 31, 2023 – Jun 30, 2024)
- A more pronounced increase is observed from March 31, 2023, to June 30, 2024, with the margin rising from 33.64% to 37.53%. This suggests potential benefits from factors such as improved pricing strategies, reduced cost of goods sold, or a shift in product mix towards higher-margin items. The peak margin of 38.20% was reached in December 2024.
- Recent Period (Sep 30, 2024 – Dec 31, 2025)
- Following the peak, the gross profit margin experienced a slight decrease, concluding at 37.59% in December 2025. While still representing a substantial improvement over the initial period, this warrants further investigation to determine the underlying causes, such as increased input costs, promotional activities, or changes in sales composition. The margin fluctuated between 38.16% and 38.10% in the intervening quarters.
- Overall Trend
- Throughout the entire period, the gross profit margin increased from 32.36% to 37.59%, representing a total increase of 5.23 percentage points. This positive trajectory suggests effective management of production costs and/or pricing strategies.
The consistent growth in gross profit margin is a positive indicator of the company’s operational performance. However, the recent stabilization and slight decline necessitate continued monitoring to ensure sustained profitability.
Operating Profit Margin
Eaton Corp. plc, operating profit margin calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Operating income | |||||||||||||||||||||
| Net sales | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally positive trend over the observed period, with some quarterly fluctuations. Initial values ranged from approximately 16.0% to 13.9% in the first four quarters of 2022. Subsequent quarters demonstrated a consistent upward trajectory, culminating in values around 19.0% by early 2025.
- Overall Trend
- A clear upward trend in operating profit margin is evident throughout the period. The margin increased from approximately 16.0% in March 2022 to nearly 19.0% in March 2025. This suggests improving operational efficiency or pricing power.
- 2022 Performance
- The operating profit margin in 2022 experienced some volatility. It began at 15.97% in March, peaked at 16.33% in June, decreased to 13.90% in September, and recovered to 14.55% by December. This suggests potential seasonal effects or temporary operational challenges during the third quarter.
- 2023 Progression
- 2023 showed a consistent increase in the operating profit margin. Starting at 14.85% in March, it rose steadily through the year, reaching 16.75% in December. This indicates a sustained improvement in profitability throughout the year.
- 2024 and Early 2025
- The upward trend continued into 2024, with the operating profit margin reaching 17.28% in March and peaking at 18.62% in December. The first quarter of 2025 saw a further increase to 19.08%, followed by a slight decrease to 18.82% in June, and then stabilization around 18.9% to 18.98% in the subsequent quarters. This suggests the company may be approaching a plateau in margin expansion.
- Relationship to Sales
- While operating income and net sales both generally increased over the period, the operating profit margin’s increase suggests that operating income grew at a faster rate than net sales. This indicates improved cost control or increased pricing effectiveness.
In summary, the operating profit margin demonstrated a strong positive trend, indicating improved profitability. While some quarterly fluctuations were observed, the overall trajectory suggests effective operational management and a strengthening financial position.
Net Profit Margin
Eaton Corp. plc, net profit margin calculation (quarterly data)
| 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 income attributable to Eaton ordinary shareholders | |||||||||||||||||||||
| Net sales | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Net profit margin = 100
× (Net income attributable to Eaton ordinary shareholdersQ4 2025
+ Net income attributable to Eaton ordinary shareholdersQ3 2025
+ Net income attributable to Eaton ordinary shareholdersQ2 2025
+ Net income attributable to Eaton ordinary shareholdersQ1 2025)
÷ (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited a consistent upward trend over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a margin fluctuating between 11.21% and 11.86% in the first four quarters of 2022. This was followed by a period of more pronounced growth in 2023, culminating in a margin of 13.87% by the end of the year.
The rate of increase slowed somewhat in 2024, though the margin continued to reach new highs, peaking at 15.31% in June. The final quarter of 2024 saw a slight decrease to 15.25%. The first half of 2025 continued to show strong performance, with a peak of 15.55% in March, followed by a slight decline to 14.89% by the end of the year.
- Overall Trend
- The overall trend is definitively positive, demonstrating an improvement in profitability as a percentage of sales. The net profit margin increased from approximately 11.21% to 14.89% over the analyzed timeframe.
- Year-over-Year Changes
- Comparing full-year performance, 2023 showed a significant increase in net profit margin compared to 2022. While 2024 continued this positive trajectory, the rate of improvement was less dramatic. 2025 shows a slight decrease from the peak in 2024, but remains significantly higher than the margins observed in 2022.
- Quarterly Volatility
- While the overall trend is upward, there is some quarterly volatility. The margin fluctuates within each year, suggesting that profitability is influenced by seasonal factors or short-term business conditions. The largest quarterly change occurred between September and December 2023.
- Recent Performance
- The most recent quarter, ending December 31, 2025, shows a net profit margin of 14.89%. This represents a slight decrease from the high of 15.55% observed earlier in the year, but remains a strong indicator of profitability.
In summary, the company demonstrated improving profitability throughout the period, as evidenced by the consistent increase in net profit margin. While some quarterly fluctuations are present, the overall trend is positive and suggests effective cost management and/or pricing strategies.
Return on Equity (ROE)
Eaton Corp. plc, ROE calculation (quarterly data)
| 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 income attributable to Eaton ordinary shareholders | |||||||||||||||||||||
| Total Eaton shareholders’ equity | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
ROE = 100
× (Net income attributable to Eaton ordinary shareholdersQ4 2025
+ Net income attributable to Eaton ordinary shareholdersQ3 2025
+ Net income attributable to Eaton ordinary shareholdersQ2 2025
+ Net income attributable to Eaton ordinary shareholdersQ1 2025)
÷ Total Eaton shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
Return on Equity (ROE) demonstrates a consistent upward trend over the analyzed period, spanning from March 31, 2022, to December 31, 2025. The metric experienced fluctuations but generally increased, indicating improving profitability relative to shareholder equity.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- ROE began at 13.35% and steadily increased to 14.45% by the end of 2022. This initial increase suggests a positive trajectory in earnings generation relative to the equity base during this timeframe.
- Continued Growth (Mar 31, 2023 – Dec 31, 2023)
- The upward trend continued into 2023, with ROE rising from 14.72% to 16.90%. The increase in the latter half of the year, particularly from September 30, 2023, to December 31, 2023, was notably strong, indicating a significant improvement in profitability during that period.
- Peak and Stabilization (Mar 31, 2024 – Jun 30, 2025)
- ROE reached its highest point at 21.27% in March 2025. Prior to this, the metric increased from 17.63% to 20.52% and then to 21.10% over the course of 2024 and the first half of 2025. While the rate of increase slowed slightly in the latter half of 2025, the metric remained above 20%, demonstrating sustained high profitability. The final value recorded, 21.04%, suggests a stabilization of ROE at a high level.
- Underlying Drivers
- The consistent increase in ROE is supported by concurrent increases in both net income attributable to ordinary shareholders and total shareholders’ equity. However, the growth in net income appears to be the primary driver, as it consistently outpaced the growth in equity, leading to the observed improvements in ROE.
Overall, the ROE demonstrates a strong and positive trend, indicating increasing efficiency in generating profits from shareholder investments. The metric’s sustained high level towards the end of the analyzed period suggests a robust financial performance.
Return on Assets (ROA)
Eaton Corp. plc, ROA calculation (quarterly data)
| 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 income attributable to Eaton ordinary shareholders | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
ROA = 100
× (Net income attributable to Eaton ordinary shareholdersQ4 2025
+ Net income attributable to Eaton ordinary shareholdersQ3 2025
+ Net income attributable to Eaton ordinary shareholdersQ2 2025
+ Net income attributable to Eaton ordinary shareholdersQ1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
Return on Assets (ROA) demonstrates a consistent upward trend over the analyzed period, spanning from March 31, 2022, to December 31, 2025. The ratio experienced incremental increases throughout 2022 and 2023, with a more pronounced acceleration in growth observed from March 31, 2024, through December 31, 2025. This suggests improving efficiency in utilizing assets to generate profit.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ROA began at 6.30% and steadily increased to 7.03% by the end of 2022. This initial growth indicates a positive relationship between net income and total assets during this timeframe. The increases, while consistent, were relatively modest.
- Continued Growth (Jan 1, 2023 – Dec 31, 2023)
- The upward trajectory continued into 2023, with the ROA reaching 8.37% by year-end. The growth rate appears to have slightly accelerated compared to the previous year, suggesting enhanced asset utilization efficiency. Net income increased significantly during this period, contributing to the ROA improvement.
- Accelerated Expansion (Jan 1, 2024 – Dec 31, 2025)
- From the beginning of 2024, the ROA experienced a more substantial increase, culminating in a value of 9.91% by December 31, 2025. The ratio exceeded 9% for the first time in the observed period during the first half of 2024 and remained above that level throughout the remainder of the analysis. This accelerated growth suggests a significant improvement in profitability relative to the asset base. The highest ROA recorded was 10.04% in March 2025.
- Net Income and Total Assets Relationship
- The consistent increase in ROA is supported by both rising net income attributable to ordinary shareholders and a moderate increase in total assets. While total assets grew over the period, net income growth consistently outpaced asset growth, driving the observed improvements in ROA. This indicates effective management of assets to generate higher profits.
Overall, the ROA demonstrates a strong and positive trend, indicating increasing profitability and efficient asset management. The acceleration in growth observed in the latter part of the period suggests a strengthening financial performance.