Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Eaton Corp. plc, current enterprise value calculation

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Current share price (P) $390.01
No. shares of common stock outstanding 391,300,000
US$ in millions
Common equity (market value)1 152,611
Add: Noncontrolling interests (per books) 43
Total equity 152,654
Add: Short-term debt (per books)
Add: Current portion of long-term debt (per books) 674
Add: Long-term debt, excluding current portion (per books) 8,478
Total equity and debt 161,806
Less: Cash 555
Less: Short-term investments 1,525
Enterprise value (EV) 159,726

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 390.01 × 391,300,000


Historical Enterprise Value (EV)

Eaton Corp. plc, EV calculation

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2 $290.38 $289.00 $172.78 $149.31 $132.68
No. shares of common stock outstanding1 392,000,000 399,500,000 398,000,000 398,800,000 398,100,000
US$ in millions
Common equity (market value)3 113,829 115,456 68,766 59,545 52,820
Add: Noncontrolling interests (book value) 43 33 37 38 43
Total equity 113,872 115,489 68,803 59,583 52,863
Add: Short-term debt (book value) 8 324 13 1
Add: Current portion of long-term debt (book value) 674 1,017 10 1,735 1,047
Add: Long-term debt, excluding current portion (book value) 8,478 8,244 8,321 6,831 7,010
Total equity and debt 123,024 124,758 77,458 68,162 60,921
Less: Cash 555 488 294 297 438
Less: Short-term investments 1,525 2,121 261 271 664
Enterprise value (EV) 120,944 122,149 76,903 67,594 59,819

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Eaton Corp. plc Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 290.38 × 392,000,000


The financial data over the five-year period indicates a general upward trend followed by a slight decline in the latest year across several key metrics related to equity and overall company valuation.

Common equity (market value)
The market value of common equity increased steadily from US$52,820 million in 2020 to US$115,456 million in 2023, representing substantial growth over four years. However, in 2024, there is a small decline to US$113,829 million, signaling a slight pullback after the peak.
Total equity
Total equity values closely mirror the common equity trend, rising from US$52,863 million in 2020 to US$115,489 million in 2023 before decreasing marginally to US$113,872 million in 2024. This parallel movement suggests consistency between market valuation and book equity.
Total equity and debt
This broader metric also shows a rising trajectory from US$60,921 million in 2020 to US$124,758 million in 2023. Similar to equity figures, it declines slightly in 2024 to US$123,024 million, indicating that combined financing through equity and debt peaked in 2023 before a modest reduction.
Enterprise value (EV)
Enterprise value, reflecting the total company valuation including debt and excluding cash, demonstrates a comparable pattern: growth from US$59,819 million in 2020 to US$122,149 million in 2023, followed by a minor decrease to US$120,944 million in 2024. This trend aligns with other measures, indicating a peak corporate valuation in 2023 with slight softening in the subsequent year.

Overall, the data reveals strong growth in the company's financial valuation and equity base over the period from 2020 through 2023. The slight declines observed in 2024 across all metrics may suggest market or operational challenges impacting value temporarily after a period of expansion. The consistency in the movement across equity, total financing, and enterprise value measures points to coherent financial developments rather than isolated fluctuations.