Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

Eaton Corp. plc, profit margin by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 26.49% 22.51% 20.64% 20.24% 18.95%
Electrical Global 19.33% 19.39% 18.75% 15.95% 17.34%
Hydraulics 13.62% 10.10% 8.76%
Aerospace 22.85% 23.20% 21.90% 18.62% 23.99%
Vehicle 16.26% 16.01% 17.41% 11.47% 15.14%
eMobility -3.30% -1.67% -8.45% -2.74% 5.30%

Based on: 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).

Segment profitability ratio Reportable segment The company
Segment profit margin Electrical Americas Electrical Americas segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Electrical Global Electrical Global segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Hydraulics
Aerospace Aerospace segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Vehicle Vehicle segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
eMobility eMobility segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Profit Margin: Electrical Americas

Eaton Corp. plc; Electrical Americas; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 2,675 1,913 1,495 1,352 1,549
Net sales 10,098 8,497 7,242 6,680 8,175
Segment Profitability Ratio
Segment profit margin1 26.49% 22.51% 20.64% 20.24% 18.95%

Based on: 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).

1 2023 Calculation
Segment profit margin = 100 × Segment operating profit (loss) ÷ Net sales
= 100 × 2,675 ÷ 10,098 = 26.49%

Segment profitability ratio Reportable segment The company
Segment profit margin Electrical Americas Electrical Americas segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: Electrical Global

Eaton Corp. plc; Electrical Global; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 1,176 1,134 1,034 750 897
Net sales 6,084 5,848 5,516 4,703 5,172
Segment Profitability Ratio
Segment profit margin1 19.33% 19.39% 18.75% 15.95% 17.34%

Based on: 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).

1 2023 Calculation
Segment profit margin = 100 × Segment operating profit (loss) ÷ Net sales
= 100 × 1,176 ÷ 6,084 = 19.33%

Segment profitability ratio Reportable segment The company
Segment profit margin Electrical Global Electrical Global segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Profit Margin: Hydraulics

Eaton Corp. plc; Hydraulics; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 177 186 193
Net sales 1,300 1,842 2,204
Segment Profitability Ratio
Segment profit margin1 13.62% 10.10% 8.76%

Based on: 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).

1 2023 Calculation
Segment profit margin = 100 × Segment operating profit (loss) ÷ Net sales
= 100 × 0 ÷ 0 =

Segment profitability ratio Reportable segment The company
Segment profit margin Hydraulics

Segment Profit Margin: Aerospace

Eaton Corp. plc; Aerospace; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 780 705 580 414 595
Net sales 3,413 3,039 2,648 2,223 2,480
Segment Profitability Ratio
Segment profit margin1 22.85% 23.20% 21.90% 18.62% 23.99%

Based on: 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).

1 2023 Calculation
Segment profit margin = 100 × Segment operating profit (loss) ÷ Net sales
= 100 × 780 ÷ 3,413 = 22.85%

Segment profitability ratio Reportable segment The company
Segment profit margin Aerospace Aerospace segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Profit Margin: Vehicle

Eaton Corp. plc; Vehicle; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 482 453 449 243 460
Net sales 2,965 2,830 2,579 2,118 3,038
Segment Profitability Ratio
Segment profit margin1 16.26% 16.01% 17.41% 11.47% 15.14%

Based on: 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).

1 2023 Calculation
Segment profit margin = 100 × Segment operating profit (loss) ÷ Net sales
= 100 × 482 ÷ 2,965 = 16.26%

Segment profitability ratio Reportable segment The company
Segment profit margin Vehicle Vehicle segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Segment Profit Margin: eMobility

Eaton Corp. plc; eMobility; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) (21) (9) (29) (8) 17
Net sales 636 538 343 292 321
Segment Profitability Ratio
Segment profit margin1 -3.30% -1.67% -8.45% -2.74% 5.30%

Based on: 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).

1 2023 Calculation
Segment profit margin = 100 × Segment operating profit (loss) ÷ Net sales
= 100 × -21 ÷ 636 = -3.30%

Segment profitability ratio Reportable segment The company
Segment profit margin eMobility eMobility segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Return on Assets (Segment ROA)

Eaton Corp. plc, ROA by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 64.26% 52.34% 49.80% 57.95% 65.64%
Electrical Global 41.00% 42.66% 40.09% 32.13% 38.68%
Hydraulics 14.93%
Aerospace 34.27% 37.92% 33.55% 30.37% 38.09%
Vehicle 21.41% 20.31% 22.62% 12.46% 21.45%
eMobility -3.73% -2.24% -13.18% -4.44% 12.06%

Based on: 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).

Segment profitability ratio Reportable segment The company
Segment ROA Electrical Americas Electrical Americas segment ROA improved from 2021 to 2022 and from 2022 to 2023.
Electrical Global Electrical Global segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Hydraulics
Aerospace Aerospace segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Vehicle Vehicle segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
eMobility eMobility segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment ROA: Electrical Americas

Eaton Corp. plc; Electrical Americas; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 2,675 1,913 1,495 1,352 1,549
Identifiable assets 4,163 3,655 3,002 2,333 2,360
Segment Profitability Ratio
Segment ROA1 64.26% 52.34% 49.80% 57.95% 65.64%

Based on: 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).

1 2023 Calculation
Segment ROA = 100 × Segment operating profit (loss) ÷ Identifiable assets
= 100 × 2,675 ÷ 4,163 = 64.26%

Segment profitability ratio Reportable segment The company
Segment ROA Electrical Americas Electrical Americas segment ROA improved from 2021 to 2022 and from 2022 to 2023.

Segment ROA: Electrical Global

Eaton Corp. plc; Electrical Global; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 1,176 1,134 1,034 750 897
Identifiable assets 2,868 2,658 2,579 2,334 2,319
Segment Profitability Ratio
Segment ROA1 41.00% 42.66% 40.09% 32.13% 38.68%

Based on: 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).

1 2023 Calculation
Segment ROA = 100 × Segment operating profit (loss) ÷ Identifiable assets
= 100 × 1,176 ÷ 2,868 = 41.00%

Segment profitability ratio Reportable segment The company
Segment ROA Electrical Global Electrical Global segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Segment ROA: Hydraulics

Eaton Corp. plc; Hydraulics; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 177 186 193
Identifiable assets 1,293
Segment Profitability Ratio
Segment ROA1 14.93%

Based on: 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).

1 2023 Calculation
Segment ROA = 100 × Segment operating profit (loss) ÷ Identifiable assets
= 100 × 0 ÷ 0 =

Segment profitability ratio Reportable segment The company
Segment ROA Hydraulics

Segment ROA: Aerospace

Eaton Corp. plc; Aerospace; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 780 705 580 414 595
Identifiable assets 2,276 1,859 1,729 1,363 1,562
Segment Profitability Ratio
Segment ROA1 34.27% 37.92% 33.55% 30.37% 38.09%

Based on: 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).

1 2023 Calculation
Segment ROA = 100 × Segment operating profit (loss) ÷ Identifiable assets
= 100 × 780 ÷ 2,276 = 34.27%

Segment profitability ratio Reportable segment The company
Segment ROA Aerospace Aerospace segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Segment ROA: Vehicle

Eaton Corp. plc; Vehicle; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) 482 453 449 243 460
Identifiable assets 2,251 2,230 1,985 1,950 2,145
Segment Profitability Ratio
Segment ROA1 21.41% 20.31% 22.62% 12.46% 21.45%

Based on: 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).

1 2023 Calculation
Segment ROA = 100 × Segment operating profit (loss) ÷ Identifiable assets
= 100 × 482 ÷ 2,251 = 21.41%

Segment profitability ratio Reportable segment The company
Segment ROA Vehicle Vehicle segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Segment ROA: eMobility

Eaton Corp. plc; eMobility; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment operating profit (loss) (21) (9) (29) (8) 17
Identifiable assets 563 402 220 180 141
Segment Profitability Ratio
Segment ROA1 -3.73% -2.24% -13.18% -4.44% 12.06%

Based on: 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).

1 2023 Calculation
Segment ROA = 100 × Segment operating profit (loss) ÷ Identifiable assets
= 100 × -21 ÷ 563 = -3.73%

Segment profitability ratio Reportable segment The company
Segment ROA eMobility eMobility segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Asset Turnover

Eaton Corp. plc, asset turnover by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 2.43 2.32 2.41 2.86 3.46
Electrical Global 2.12 2.20 2.14 2.01 2.23
Hydraulics 1.70
Aerospace 1.50 1.63 1.53 1.63 1.59
Vehicle 1.32 1.27 1.30 1.09 1.42
eMobility 1.13 1.34 1.56 1.62 2.28

Based on: 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).

Segment activity ratio Reportable segment The company
Segment asset turnover Electrical Americas Electrical Americas segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Electrical Global Electrical Global segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Hydraulics
Aerospace Aerospace segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Vehicle Vehicle segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
eMobility eMobility segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Electrical Americas

Eaton Corp. plc; Electrical Americas; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 10,098 8,497 7,242 6,680 8,175
Identifiable assets 4,163 3,655 3,002 2,333 2,360
Segment Activity Ratio
Segment asset turnover1 2.43 2.32 2.41 2.86 3.46

Based on: 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).

1 2023 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= 10,098 ÷ 4,163 = 2.43

Segment activity ratio Reportable segment The company
Segment asset turnover Electrical Americas Electrical Americas segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Asset Turnover: Electrical Global

Eaton Corp. plc; Electrical Global; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 6,084 5,848 5,516 4,703 5,172
Identifiable assets 2,868 2,658 2,579 2,334 2,319
Segment Activity Ratio
Segment asset turnover1 2.12 2.20 2.14 2.01 2.23

Based on: 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).

1 2023 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= 6,084 ÷ 2,868 = 2.12

Segment activity ratio Reportable segment The company
Segment asset turnover Electrical Global Electrical Global segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Segment Asset Turnover: Hydraulics

Eaton Corp. plc; Hydraulics; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 1,300 1,842 2,204
Identifiable assets 1,293
Segment Activity Ratio
Segment asset turnover1 1.70

Based on: 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).

1 2023 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= 0 ÷ 0 =

Segment activity ratio Reportable segment The company
Segment asset turnover Hydraulics

Segment Asset Turnover: Aerospace

Eaton Corp. plc; Aerospace; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 3,413 3,039 2,648 2,223 2,480
Identifiable assets 2,276 1,859 1,729 1,363 1,562
Segment Activity Ratio
Segment asset turnover1 1.50 1.63 1.53 1.63 1.59

Based on: 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).

1 2023 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= 3,413 ÷ 2,276 = 1.50

Segment activity ratio Reportable segment The company
Segment asset turnover Aerospace Aerospace segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Segment Asset Turnover: Vehicle

Eaton Corp. plc; Vehicle; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 2,965 2,830 2,579 2,118 3,038
Identifiable assets 2,251 2,230 1,985 1,950 2,145
Segment Activity Ratio
Segment asset turnover1 1.32 1.27 1.30 1.09 1.42

Based on: 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).

1 2023 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= 2,965 ÷ 2,251 = 1.32

Segment activity ratio Reportable segment The company
Segment asset turnover Vehicle Vehicle segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Asset Turnover: eMobility

Eaton Corp. plc; eMobility; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net sales 636 538 343 292 321
Identifiable assets 563 402 220 180 141
Segment Activity Ratio
Segment asset turnover1 1.13 1.34 1.56 1.62 2.28

Based on: 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).

1 2023 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= 636 ÷ 563 = 1.13

Segment activity ratio Reportable segment The company
Segment asset turnover eMobility eMobility segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation

Eaton Corp. plc, capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 2.86 1.79 1.71 0.94 1.36
Electrical Global 1.48 1.61 1.24 0.76 1.14
Hydraulics 1.38
Aerospace 1.41 1.44 1.13 1.11 1.65
Vehicle 1.04 1.07 1.18 0.79 1.25
eMobility 3.62 3.25 3.38 4.00 1.60

Based on: 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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Electrical Americas Electrical Americas segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.
Electrical Global Electrical Global segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Hydraulics
Aerospace Aerospace segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Vehicle Vehicle segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
eMobility eMobility segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Capital Expenditures to Depreciation: Electrical Americas

Eaton Corp. plc; Electrical Americas; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures for property, plant and equipment 309 181 180 95 160
Depreciation of property, plant and equipment 108 101 105 101 118
Segment Financial Ratio
Segment capital expenditures to depreciation1 2.86 1.79 1.71 0.94 1.36

Based on: 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).

1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures for property, plant and equipment ÷ Depreciation of property, plant and equipment
= 309 ÷ 108 = 2.86

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Electrical Americas Electrical Americas segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Electrical Global

Eaton Corp. plc; Electrical Global; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures for property, plant and equipment 142 151 120 71 106
Depreciation of property, plant and equipment 96 94 97 94 93
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.48 1.61 1.24 0.76 1.14

Based on: 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).

1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures for property, plant and equipment ÷ Depreciation of property, plant and equipment
= 142 ÷ 96 = 1.48

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Electrical Global Electrical Global segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Hydraulics

Eaton Corp. plc; Hydraulics; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures for property, plant and equipment 34 41 80
Depreciation of property, plant and equipment 58
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.38

Based on: 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).

1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures for property, plant and equipment ÷ Depreciation of property, plant and equipment
= 0 ÷ 0 =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Hydraulics

Segment Capital Expenditures to Depreciation: Aerospace

Eaton Corp. plc; Aerospace; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures for property, plant and equipment 97 92 78 59 61
Depreciation of property, plant and equipment 69 64 69 53 37
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.41 1.44 1.13 1.11 1.65

Based on: 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).

1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures for property, plant and equipment ÷ Depreciation of property, plant and equipment
= 97 ÷ 69 = 1.41

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Aerospace Aerospace segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Vehicle

Eaton Corp. plc; Vehicle; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures for property, plant and equipment 96 95 112 77 127
Depreciation of property, plant and equipment 92 89 95 98 102
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.04 1.07 1.18 0.79 1.25

Based on: 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).

1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures for property, plant and equipment ÷ Depreciation of property, plant and equipment
= 96 ÷ 92 = 1.04

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Vehicle Vehicle segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: eMobility

Eaton Corp. plc; eMobility; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Capital expenditures for property, plant and equipment 76 52 27 24 8
Depreciation of property, plant and equipment 21 16 8 6 5
Segment Financial Ratio
Segment capital expenditures to depreciation1 3.62 3.25 3.38 4.00 1.60

Based on: 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).

1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures for property, plant and equipment ÷ Depreciation of property, plant and equipment
= 76 ÷ 21 = 3.62

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation eMobility eMobility segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Net sales

Eaton Corp. plc, net sales by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 10,098 8,497 7,242 6,680 8,175
Electrical Global 6,084 5,848 5,516 4,703 5,172
Hydraulics 1,300 1,842 2,204
Aerospace 3,413 3,039 2,648 2,223 2,480
Vehicle 2,965 2,830 2,579 2,118 3,038
eMobility 636 538 343 292 321
Total 23,196 20,752 19,628 17,858 21,390

Based on: 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).


Segment operating profit (loss)

Eaton Corp. plc, segment operating profit (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 2,675 1,913 1,495 1,352 1,549
Electrical Global 1,176 1,134 1,034 750 897
Hydraulics 177 186 193
Aerospace 780 705 580 414 595
Vehicle 482 453 449 243 460
eMobility (21) (9) (29) (8) 17
Total 5,092 4,196 3,706 2,937 3,711

Based on: 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).


Identifiable assets

Eaton Corp. plc, identifiable assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 4,163 3,655 3,002 2,333 2,360
Electrical Global 2,868 2,658 2,579 2,334 2,319
Hydraulics 1,293
Aerospace 2,276 1,859 1,729 1,363 1,562
Vehicle 2,251 2,230 1,985 1,950 2,145
eMobility 563 402 220 180 141
Total 12,121 10,804 9,515 8,160 9,820

Based on: 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).


Capital expenditures for property, plant and equipment

Eaton Corp. plc, capital expenditures for property, plant and equipment by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 309 181 180 95 160
Electrical Global 142 151 120 71 106
Hydraulics 34 41 80
Aerospace 97 92 78 59 61
Vehicle 96 95 112 77 127
eMobility 76 52 27 24 8
Total 720 571 551 367 542

Based on: 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).


Depreciation of property, plant and equipment

Eaton Corp. plc, depreciation of property, plant and equipment by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Electrical Americas 108 101 105 101 118
Electrical Global 96 94 97 94 93
Hydraulics 58
Aerospace 69 64 69 53 37
Vehicle 92 89 95 98 102
eMobility 21 16 8 6 5
Total 386 364 374 352 413

Based on: 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).