Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Eaton Corp. plc, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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 valuation ratios between March 2022 and March 2026 exhibit a consistent and comprehensive upward trend across all measured metrics. This indicates a systematic expansion of the market valuation premium relative to the company's earnings, operating profits, revenue, and book value over the analyzed period.
- Price to Earnings (P/E)
- The P/E ratio increased from 26.37 in March 2022 to 39.99 by March 2026. While the ratio experienced intermittent fluctuations—notably a peak of 32.23 in June 2023 followed by a correction—a sustained upward trajectory was established from December 2023 onwards, reflecting a higher willingness by investors to pay for current earnings.
- Price to Operating Profit (P/OP)
- A similar expansion is observed in the P/OP ratio, which rose from 18.52 in March 2022 to 30.80 in March 2026. The ratio showed significant growth through early 2024, peaking at 31.13 in March 2024, and remained elevated throughout the subsequent two years, signaling a higher valuation of the company's core operational profitability.
- Price to Sales (P/S)
- The P/S ratio demonstrated a strong increase, moving from 2.96 in March 2022 to 5.59 by March 2026. A period of accelerated growth occurred between September 2023 and March 2024, where the ratio jumped from 3.67 to 5.38. This trend suggests an increasing market premium assigned to the company's top-line revenue generation.
- Price to Book Value (P/BV)
- The P/BV ratio experienced the most pronounced growth of all valuation metrics, more than doubling from 3.52 in March 2022 to 8.09 in March 2026. The ratio maintained a steady climb with a notable acceleration beginning in December 2023, indicating a substantial increase in the premium paid over the company's accounting net asset value.
Overall, the synchronized increase in all four valuation multiples suggests a fundamental shift in market sentiment or an anticipation of significantly higher future growth rates, as the stock price has grown at a faster pace than the underlying financial fundamentals during this window.
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Price to Earnings (P/E)
Eaton Corp. plc, historical P/E calculation (quarterly data)
| Mar 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 388,300,000 | 387,900,000 | 388,400,000 | 389,300,000 | 391,300,000 | 392,000,000 | 395,200,000 | 398,100,000 | 399,800,000 | 399,500,000 | 399,300,000 | 399,000,000 | 398,600,000 | 398,000,000 | 397,700,000 | 398,300,000 | 399,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income attributable to Eaton ordinary shareholders (in millions) | 866) | 1,131) | 1,010) | 982) | 964) | 971) | 1,009) | 993) | 821) | 945) | 891) | 744) | 638) | 722) | 607) | 601) | 532) | ||||||
| Earnings per share (EPS)2 | 10.27 | 10.54 | 10.11 | 10.08 | 10.06 | 9.68 | 9.53 | 9.17 | 8.51 | 8.06 | 7.50 | 6.79 | 6.44 | 6.19 | 5.76 | 5.81 | 5.56 | ||||||
| Share price1, 3 | 410.86 | 374.59 | 377.72 | 356.45 | 299.71 | 290.38 | 331.58 | 297.88 | 318.26 | 289.00 | 207.91 | 219.00 | 173.25 | 172.78 | 151.64 | 146.39 | 146.58 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 39.99 | 35.55 | 37.36 | 35.35 | 29.79 | 30.00 | 34.78 | 32.49 | 37.41 | 35.88 | 27.72 | 32.23 | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 45.28 | 40.55 | 28.80 | 21.23 | 15.18 | 15.65 | 18.85 | 14.35 | 14.40 | 15.55 | 12.95 | 17.55 | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | ||||||
| GE Aerospace | 34.66 | 36.01 | 40.12 | 35.93 | 28.84 | 33.42 | 30.60 | 40.07 | 52.90 | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | ||||||
| Honeywell International Inc. | 33.12 | 32.62 | 22.86 | 24.93 | 23.88 | 23.10 | 23.93 | 22.74 | 21.95 | 22.73 | 21.44 | 23.92 | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | ||||||
| Lockheed Martin Corp. | 25.49 | 28.55 | 26.97 | 22.81 | 19.67 | 20.18 | 20.49 | 17.74 | 16.29 | 15.35 | 15.71 | 16.11 | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | ||||||
| RTX Corp. | 34.74 | 39.61 | 35.20 | 32.49 | 33.04 | 36.25 | 35.41 | 66.73 | 38.75 | 38.31 | 35.32 | 22.79 | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income attributable to Eaton ordinary shareholdersQ1 2026
+ Net income attributable to Eaton ordinary shareholdersQ4 2025
+ Net income attributable to Eaton ordinary shareholdersQ3 2025
+ Net income attributable to Eaton ordinary shareholdersQ2 2025)
÷ No. shares of common stock outstanding
= (866,000,000 + 1,131,000,000 + 1,010,000,000 + 982,000,000)
÷ 388,300,000 = 10.27
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 410.86 ÷ 10.27 = 39.99
5 Click competitor name to see calculations.
A comprehensive upward trend is observed across share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio from March 31, 2022, through March 31, 2026. The overall trajectory indicates a period of simultaneous fundamental growth and valuation expansion.
- Share Price Performance
- The share price exhibited significant appreciation, rising from 146.58 US$ in March 2022 to a peak of 410.86 US$ by March 2026. The growth was marked by a period of accelerated increase starting in mid-2023, where the price surged from 219.00 US$ in June 2023 to over 300.00 US$ by early 2024.
- Earnings per Share (EPS) Growth
- EPS demonstrated a consistent and linear upward trajectory, increasing from 5.56 US$ in March 2022 to 10.27 US$ in March 2026. This steady growth suggests a robust improvement in underlying profitability and operational efficiency over the analyzed timeframe.
- Price-to-Earnings (P/E) Ratio Expansion
- The P/E ratio experienced a notable expansion, shifting from a relatively stable range of 25.21 to 27.93 throughout 2022 to a higher valuation bracket between 29.79 and 39.99 from 2023 onward. The ratio reached its maximum value of 39.99 in March 2026, indicating that the market became willing to pay a significantly higher premium for each dollar of earnings over time.
- Valuation Dynamics
- The divergence between the steady growth of EPS and the more aggressive acceleration of the share price resulted in the expansion of the P/E multiple. This pattern indicates that the increase in market value was driven by both actual earnings growth and an increase in investor confidence or growth expectations, leading to a rerating of the stock's valuation.
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Price to Operating Profit (P/OP)
Eaton Corp. plc, historical P/OP calculation (quarterly data)
| Mar 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 388,300,000 | 387,900,000 | 388,400,000 | 389,300,000 | 391,300,000 | 392,000,000 | 395,200,000 | 398,100,000 | 399,800,000 | 399,500,000 | 399,300,000 | 399,000,000 | 398,600,000 | 398,000,000 | 397,700,000 | 398,300,000 | 399,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | 1,172) | 1,385) | 1,367) | 1,256) | 1,201) | 1,224) | 1,211) | 1,193) | 1,004) | 1,078) | 1,060) | 946) | 801) | 875) | 790) | 711) | 643) | ||||||
| Operating profit per share2 | 13.34 | 13.43 | 13.00 | 12.57 | 12.34 | 11.82 | 11.35 | 10.89 | 10.23 | 9.72 | 9.22 | 8.55 | 7.97 | 7.59 | 7.05 | 8.11 | 7.91 | ||||||
| Share price1, 3 | 410.86 | 374.59 | 377.72 | 356.45 | 299.71 | 290.38 | 331.58 | 297.88 | 318.26 | 289.00 | 207.91 | 219.00 | 173.25 | 172.78 | 151.64 | 146.39 | 146.58 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 30.80 | 27.89 | 29.06 | 28.37 | 24.29 | 24.57 | 29.21 | 27.36 | 31.13 | 29.72 | 22.55 | 25.61 | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 36.63 | 32.30 | 23.39 | 17.41 | 12.44 | 12.92 | 15.15 | 11.63 | 11.78 | 12.40 | 10.25 | 13.99 | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | ||||||
| GE Aerospace | 26.58 | 28.45 | 30.56 | 28.71 | 21.98 | 26.78 | 25.88 | 26.34 | 28.91 | 27.11 | 22.82 | 26.69 | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | ||||||
| Honeywell International Inc. | 25.50 | 27.68 | 19.10 | 19.16 | 18.61 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | ||||||
| Lockheed Martin Corp. | 16.46 | 18.53 | 18.58 | 16.10 | 14.72 | 15.35 | 15.88 | 14.04 | 12.99 | 12.49 | 12.87 | 13.18 | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | ||||||
| RTX Corp. | 25.67 | 28.67 | 26.32 | 24.00 | 22.67 | 26.47 | 26.63 | 52.96 | 35.67 | 34.37 | 35.06 | 20.81 | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= (1,172,000,000 + 1,385,000,000 + 1,367,000,000 + 1,256,000,000)
÷ 388,300,000 = 13.34
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 410.86 ÷ 13.34 = 30.80
5 Click competitor name to see calculations.
An analysis of the financial metrics from March 2022 through March 2026 reveals a sustained upward trajectory in both market valuation and operational performance. The share price and operating profit per share have both experienced significant growth, although the acceleration of the share price has outpaced the growth in operating earnings, resulting in a general expansion of the valuation multiple.
- Share Price Trends
- The share price exhibited a strong bullish trend, increasing from 146.58 in March 2022 to 410.86 by March 2026. Significant gains were observed between December 2023 and March 2024, where the price climbed from 289.00 to 318.26, and again throughout 2025, peaking at 377.72 in June 2025 before continuing its ascent.
- Operating Profit per Share Performance
- Operating profit per share demonstrated consistent and linear growth over the analyzed period. Starting at 7.91 in March 2022, the figure rose steadily to 13.34 by March 2026. This persistent increase indicates a stable improvement in the core operational efficiency and profitability of the entity.
- Price to Operating Profit (P/OP) Dynamics
- The P/OP ratio underwent a notable expansion, signaling that the market attributed a higher premium to operating earnings over time. The ratio began at 18.52 in March 2022, reached a low of 18.06 in June 2022, and subsequently climbed to a peak of 31.13 in March 2024. While there was a temporary contraction to 24.29 by March 2025, the ratio recovered to end the period at 30.80. This volatility suggests periods of rapid market re-rating followed by phases of consolidation.
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Price to Sales (P/S)
Eaton Corp. plc, historical P/S calculation (quarterly data)
| Mar 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 388,300,000 | 387,900,000 | 388,400,000 | 389,300,000 | 391,300,000 | 392,000,000 | 395,200,000 | 398,100,000 | 399,800,000 | 399,500,000 | 399,300,000 | 399,000,000 | 398,600,000 | 398,000,000 | 397,700,000 | 398,300,000 | 399,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in millions) | 7,451) | 7,055) | 6,988) | 7,028) | 6,377) | 6,240) | 6,345) | 6,350) | 5,943) | 5,967) | 5,880) | 5,866) | 5,483) | 5,384) | 5,313) | 5,212) | 4,843) | ||||||
| Sales per share2 | 73.45 | 70.76 | 68.57 | 66.76 | 64.69 | 63.46 | 62.26 | 60.64 | 59.17 | 58.06 | 56.63 | 55.25 | 53.67 | 52.14 | 50.71 | 49.65 | 49.57 | ||||||
| Share price1, 3 | 410.86 | 374.59 | 377.72 | 356.45 | 299.71 | 290.38 | 331.58 | 297.88 | 318.26 | 289.00 | 207.91 | 219.00 | 173.25 | 172.78 | 151.64 | 146.39 | 146.58 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 5.59 | 5.29 | 5.51 | 5.34 | 4.63 | 4.58 | 5.33 | 4.91 | 5.38 | 4.98 | 3.67 | 3.96 | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 1.98 | 2.05 | 2.01 | 2.27 | 1.87 | 1.98 | 1.32 | 1.60 | 1.32 | 1.66 | 1.42 | 1.91 | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | ||||||
| Caterpillar Inc. | 6.37 | 5.63 | 4.37 | 3.36 | 2.52 | 2.75 | 3.23 | 2.51 | 2.54 | 2.52 | 1.86 | 2.37 | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | ||||||
| GE Aerospace | 6.66 | 7.41 | 8.02 | 7.34 | 5.60 | 6.24 | 4.37 | 3.63 | 3.02 | 2.30 | 1.84 | 1.85 | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | ||||||
| Honeywell International Inc. | 3.61 | 4.12 | 3.52 | 3.65 | 3.55 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | ||||||
| Lockheed Martin Corp. | 1.63 | 1.91 | 1.54 | 1.33 | 1.51 | 1.52 | 1.92 | 1.68 | 1.59 | 1.57 | 1.62 | 1.69 | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | ||||||
| RTX Corp. | 2.79 | 3.01 | 2.70 | 2.39 | 1.86 | 2.14 | 2.11 | 2.08 | 1.90 | 1.78 | 1.68 | 1.80 | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= (7,451,000,000 + 7,055,000,000 + 6,988,000,000 + 7,028,000,000)
÷ 388,300,000 = 73.45
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 410.86 ÷ 73.45 = 5.59
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through March 2026 reveals a significant expansion in the market valuation relative to revenue. While both share price and sales per share exhibited consistent growth, the share price appreciated at a substantially faster rate, leading to a marked increase in the price-to-sales (P/S) ratio.
- Sales per Share Performance
- A steady and linear upward trend is observed in sales per share, which rose from 49.57 US$ in March 2022 to 73.45 US$ by March 2026. This consistent growth indicates a stable increase in the company's ability to generate revenue on a per-share basis over the four-year period.
- Share Price Appreciation
- The share price experienced substantial growth, increasing from 146.58 US$ in March 2022 to 410.86 US$ in March 2026. The most aggressive acceleration occurred between December 2023 and June 2025, where the price rose from 289.00 US$ to 356.45 US$, reflecting strong market demand and positive investor sentiment.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio transitioned through three distinct phases. From March 2022 to September 2022, the ratio remained stable, hovering around 2.96. A period of rapid valuation expansion began in 2023, with the ratio climbing from 3.23 in March to 4.98 by December. Between 2024 and March 2026, the ratio stabilized at a higher plateau, fluctuating between 4.58 and 5.59.
The divergence between the growth rates of sales per share and the share price suggests a valuation rerating. The increase in the P/S ratio from 2.96 to 5.59 indicates that the market began assigning a higher premium to each dollar of revenue generated, likely reflecting expectations of improved profit margins, higher future growth rates, or a decreased risk profile.
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Price to Book Value (P/BV)
Eaton Corp. plc, historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 388,300,000 | 387,900,000 | 388,400,000 | 389,300,000 | 391,300,000 | 392,000,000 | 395,200,000 | 398,100,000 | 399,800,000 | 399,500,000 | 399,300,000 | 399,000,000 | 398,600,000 | 398,000,000 | 397,700,000 | 398,300,000 | 399,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Eaton shareholders’ equity (in millions) | 19,721) | 19,425) | 18,843) | 18,606) | 18,506) | 18,488) | 19,117) | 19,219) | 19,292) | 19,036) | 18,383) | 17,953) | 17,449) | 17,038) | 16,068) | 16,380) | 16,620) | ||||||
| Book value per share (BVPS)2 | 50.79 | 50.08 | 48.51 | 47.79 | 47.29 | 47.16 | 48.37 | 48.28 | 48.25 | 47.65 | 46.04 | 44.99 | 43.78 | 42.81 | 40.40 | 41.12 | 41.65 | ||||||
| Share price1, 3 | 410.86 | 374.59 | 377.72 | 356.45 | 299.71 | 290.38 | 331.58 | 297.88 | 318.26 | 289.00 | 207.91 | 219.00 | 173.25 | 172.78 | 151.64 | 146.39 | 146.58 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 8.09 | 7.48 | 7.79 | 7.46 | 6.34 | 6.16 | 6.85 | 6.17 | 6.60 | 6.07 | 4.52 | 4.87 | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 22.88 | 16.90 | 12.93 | 10.74 | 8.35 | 8.66 | 10.38 | 9.22 | 9.18 | 8.25 | 5.76 | 8.05 | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | ||||||
| GE Aerospace | 16.57 | 16.78 | 17.19 | 14.57 | 10.48 | 11.33 | 10.13 | 10.03 | 5.96 | 5.43 | 4.31 | 4.09 | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | ||||||
| Honeywell International Inc. | 9.99 | 11.09 | 8.35 | 8.86 | 7.78 | 7.08 | 7.81 | 7.76 | 7.64 | 8.11 | 6.74 | 7.54 | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | ||||||
| Lockheed Martin Corp. | 16.31 | 21.31 | 18.33 | 17.98 | 16.20 | 17.00 | 19.00 | 19.35 | 16.60 | 15.54 | 11.80 | 12.31 | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | ||||||
| RTX Corp. | 3.80 | 4.09 | 3.60 | 3.20 | 2.47 | 2.88 | 2.73 | 2.56 | 2.23 | 2.05 | 1.62 | 1.75 | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Total Eaton shareholders’ equity ÷ No. shares of common stock outstanding
= 19,721,000,000 ÷ 388,300,000 = 50.79
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 410.86 ÷ 50.79 = 8.09
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio demonstrates a significant and consistent upward trajectory from March 2022 through March 2026. While both the market price per share and the book value per share (BVPS) increased over the period, the rate of appreciation in the share price far exceeded the growth of the underlying book value, leading to a substantial expansion of the valuation multiple.
- Share Price Performance
- The share price experienced robust growth, rising from 146.58 US$ in March 2022 to 410.86 US$ by March 2026. Notable acceleration occurred between December 2023 and March 2024, where the price moved from 289.00 US$ to 318.26 US$, and again throughout 2025, peaking in the final quarter of the analyzed period.
- Book Value per Share (BVPS) Trends
- The book value per share remained relatively stable with a modest long-term increase. Starting at 41.65 US$ in March 2022, the BVPS fluctuated slightly before ending at 50.79 US$ in March 2026. This represents a steady but slow accumulation of equity relative to the volatility and growth seen in the market price.
- P/BV Ratio Expansion
- The P/BV ratio more than doubled during the period, increasing from 3.52 in March 2022 to 8.09 in March 2026. The expansion can be categorized into three phases: a period of gradual increase from 3.52 to 4.04 in 2022, a period of rapid escalation throughout 2023 reaching 6.07, and a sustained high-valuation phase from 2024 onwards, where the ratio consistently remained above 6.00.
- Valuation Insight
- The widening gap between the market price and the book value suggests an increasing market premium. The shift from a P/BV of 3.52 to 8.09 indicates that investors are attributing significantly more value to the company's future earnings potential, intangible assets, or strategic positioning than to its historical cost-based accounting value.
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