Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

$24.99

Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Eaton Corp. plc, current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in millions
Common equity (market value)1
Add: Noncontrolling interests (per books)
Total equity
Add: Short-term debt (per books)
Add: Current portion of long-term debt (per books)
Add: Long-term debt, excluding current portion (per books)
Total equity and debt
Less: Cash
Less: Short-term investments
Enterprise value (EV)

Based on: 10-K (reporting date: 2025-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Eaton Corp. plc, EV calculation

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Share price1, 2
No. shares of common stock outstanding1
US$ in millions
Common equity (market value)3
Add: Noncontrolling interests (book value)
Total equity
Add: Short-term debt (book value)
Add: Current portion of long-term debt (book value)
Add: Long-term debt, excluding current portion (book value)
Total equity and debt
Less: Cash
Less: Short-term investments
Enterprise value (EV)

Based on: 10-K (reporting date: 2025-12-31), 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).

1 Data adjusted for splits and stock dividends.

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

3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A consistent upward trend is observed across all metrics from 2021 to 2025, indicating overall growth in the company’s valuation and financial structure.

Enterprise Value (EV) Trend
Enterprise value demonstrates a steady increase over the period, rising from US$67,594 million in 2021 to US$154,439 million in 2025. The growth is not strictly linear, with a slight deceleration in the rate of increase between 2023 and 2024, before resuming a higher growth rate into 2025.
Relationship between Equity and EV
The enterprise value consistently exceeds the total equity, as expected. The difference between these values represents the net debt component of the EV calculation. The gap between EV and total equity widens over time, suggesting an increasing reliance on debt financing to support growth, or potentially an increase in non-equity claims against the company.
Total Equity and Debt
Total equity and debt, the sum of the company’s equity and debt, also exhibits a consistent upward trend, moving from US$68,162 million in 2021 to US$155,242 million in 2025. This increase parallels the growth in enterprise value, reinforcing the notion that both equity and debt contributions are driving the overall valuation.
Common Equity Market Value
Common equity market value shows a substantial increase, more than doubling from US$59,545 million in 2021 to US$145,303 million in 2025. This indicates positive investor sentiment and a growing perception of the company’s future prospects. The market value closely tracks the total equity, suggesting that equity investors are largely valuing the company in line with its book value.

In summary, the financial metrics demonstrate a period of sustained growth. The increasing enterprise value, coupled with rising equity and debt levels, suggests a company expanding its operations and potentially leveraging financial resources to capitalize on opportunities. The consistent growth in common equity market value indicates strong investor confidence.