Eaton Corp. plc, current enterprise value calculation

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

Eaton Corp. plc, EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 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.

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Eaton Corp. plc (NYSE:ETN)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)