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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 metrics for the period between March 2022 and September 2026 demonstrate a consistent and significant expansion in valuation multiples across all measured categories. There is a clear upward trajectory in how the market prices the entity relative to its earnings, operating profit, revenue, and book value, suggesting a substantial increase in investor confidence or a shift in market positioning over the analyzed timeframe.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a general upward trend, beginning at 26.37 in March 2022 and reaching a peak of 42.13 by June 2026. While the ratio remained relatively stable between 25 and 28 throughout 2022, a notable shift occurred in mid-2023, with values frequently exceeding 30. The latter half of the period is characterized by higher volatility but a significantly higher baseline, ending at 39.06 in September 2026.
- Price to Operating Profit (P/OP) Ratio
- Similar to the earnings multiple, the P/OP ratio increased from 18.52 in March 2022 to a high of 30.80 in March 2026. The growth was most pronounced between December 2022 (22.78) and December 2023 (29.72). Following this surge, the ratio fluctuated primarily between 24 and 31, indicating that the market's valuation of operating profitability expanded in tandem with net earnings.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a marked escalation, moving from 2.96 in March 2022 to a peak of 5.59 in March 2026. A critical inflection point is observed in late 2023, where the ratio climbed from 3.67 in September to 4.98 in December. This indicates a fundamental shift in valuation, as the market began paying a significantly higher premium per unit of revenue generated.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio experienced the most aggressive growth of all analyzed metrics. Starting at 3.52 in March 2022, the ratio more than doubled to reach 8.09 by March 2026. The expansion occurred in distinct steps: moving from the 3.5-4.0 range in 2022, to the 4.5-6.0 range in 2023, and finally exceeding 7.0 from June 2025 onwards. This trend suggests a significant increase in the premium attributed to the entity's intangible assets or future growth prospects relative to its hard assets.
In summary, the concurrent rise in all four valuation ratios indicates a broad multiple expansion. The most substantial growth is evident in the Price to Book Value and Price to Sales ratios, reflecting a market valuation that has decoupled from historical asset-based and revenue-based benchmarks in favor of higher growth expectations.
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Price to Earnings (P/E)
Eaton Corp. plc, historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 388,500,000 | 388,400,000 | 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) | 1,078) | 821) | 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 | 10.03 | 9.86 | 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 | 391.70 | 415.20 | 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 | 39.06 | 42.13 | 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. | 18.23 | 83.79 | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 36.92 | 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 | 34.04 | 39.98 | 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. | 9.82 | 9.50 | 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. | 20.92 | 20.87 | 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. | 31.05 | 36.43 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
EPS
= (Net income attributable to Eaton ordinary shareholdersQ3 2026
+ Net income attributable to Eaton ordinary shareholdersQ2 2026
+ Net income attributable to Eaton ordinary shareholdersQ1 2026
+ Net income attributable to Eaton ordinary shareholdersQ4 2025)
÷ No. shares of common stock outstanding
= (1,078,000,000 + 821,000,000 + 866,000,000 + 1,131,000,000)
÷ 388,500,000 = 10.03
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 391.70 ÷ 10.03 = 39.06
5 Click competitor name to see calculations.
The valuation metrics indicate a period of significant expansion in both absolute share price and the market's valuation multiple. From March 2022 through September 2026, there is a clear upward trajectory in the equity's market value that outpaces the growth of underlying earnings, resulting in a higher Price to Earnings (P/E) ratio over the observed period.
- Share Price Appreciation
- A sustained increase in share price is observed, rising from 146.58 US$ in March 2022 to a peak of 415.20 US$ in June 2026. The growth was characterized by a significant acceleration between December 2023 and March 2024, where the price moved from 289.00 US$ to 318.26 US$. Despite a minor correction toward the end of the period to 391.70 US$, the overall price movement represents a substantial increase in market capitalization.
- Earnings per Share (EPS) Growth
- Earnings per share demonstrated a consistent positive trend for the majority of the period. EPS grew from 5.56 US$ in March 2022 to a peak of 10.54 US$ in December 2025. A slight contraction in earnings is noted during the first half of 2026, with a dip to 9.86 US$ in June 2026, before stabilizing at 10.03 US$ by September 2026. This indicates that while the company successfully increased its profitability, the growth rate decelerated in the final year of the period.
- Price to Earnings (P/E) Ratio Expansion
- The P/E ratio reflects a marked shift in market sentiment and valuation. Between March 2022 and December 2022, the ratio remained relatively stable, fluctuating between 25.21 and 27.93. A transition to a higher valuation regime began in 2023, with the ratio exceeding 30.00 for the first time in June 2023. The valuation peaked in June 2026 at 42.13, suggesting that investors were willing to pay a significantly higher premium for each dollar of earnings compared to the 2022 baseline.
The divergence between the growth of the share price and the growth of EPS is the primary driver of the P/E expansion. While EPS nearly doubled over the period, the share price increased by approximately 167%. The peak valuation in mid-2026 occurred simultaneously with a dip in earnings, which mathematically amplified the P/E ratio, indicating that the price remained resilient even as earnings experienced a temporary decline.
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Price to Operating Profit (P/OP)
Eaton Corp. plc, historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 388,500,000 | 388,400,000 | 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) | 1,589) | 1,392) | 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 | 14.25 | 13.69 | 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 | 391.70 | 415.20 | 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 | 27.48 | 30.34 | 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. | 13.69 | 38.07 | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 30.58 | 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 | 25.30 | 31.04 | 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. | 15.48 | 14.95 | 25.50 | 27.68 | 20.62 | 19.89 | 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. | 14.63 | 14.34 | 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. | 23.09 | 26.89 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (1,589,000,000 + 1,392,000,000 + 1,172,000,000 + 1,385,000,000)
÷ 388,500,000 = 14.25
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 391.70 ÷ 14.25 = 27.48
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by simultaneous growth in market valuation and operational profitability, although the rate of share price appreciation frequently outpaced the growth in operating profit per share.
- Share Price Performance
- A sustained upward trajectory is evident, with the share price increasing from 146.58 in March 2022 to a peak of 415.20 in June 2026. Notable acceleration occurred during 2023 and early 2024, reflecting a significant expansion in market capitalization over the analyzed period.
- Operating Profit per Share Growth
- Operating profit per share demonstrated consistent, incremental growth throughout the period. Starting at 7.91 in March 2022, the figure rose steadily to 14.25 by September 2026. This linear progression indicates a stable improvement in underlying operational earnings capacity.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio experienced an overall expansion, moving from a baseline of 18.52 in March 2022 to a higher valuation regime. The ratio peaked at 31.13 in March 2024, signaling a period of maximum market optimism relative to operational earnings. While volatility is observed—including a contraction to 24.29 by March 2025—the ratio generally remained above 24.00 from December 2023 onward. This shift suggests a fundamental re-rating of the stock, with the market assigning a higher premium to the company's operating profits in the latter half of the period compared to the beginning.
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Price to Sales (P/S)
Eaton Corp. plc, historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 388,500,000 | 388,400,000 | 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) | 8,947) | 8,531) | 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 | 82.33 | 77.30 | 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 | 391.70 | 415.20 | 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 | 4.76 | 5.37 | 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. | 1.40 | 1.86 | 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. | — | 5.64 | 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 | 6.27 | 7.56 | 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. | 2.06 | 2.05 | 3.61 | 4.12 | 3.71 | 3.74 | 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. | 1.72 | 1.70 | 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. | 2.72 | 3.01 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Sales per share
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ No. shares of common stock outstanding
= (8,947,000,000 + 8,531,000,000 + 7,451,000,000 + 7,055,000,000)
÷ 388,500,000 = 82.33
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 391.70 ÷ 82.33 = 4.76
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a significant expansion in the Price to Sales (P/S) ratio over the analyzed period, transitioning from a stable baseline to a higher valuation multiple. While both share price and sales per share increased, the share price grew at a substantially faster rate, leading to the observed appreciation in the P/S ratio.
- Share Price Performance
- A consistent upward trajectory is observed in the share price, rising from 146.58 US$ in March 2022 to a peak of 415.20 US$ in June 2026. Despite periodic fluctuations, the overall trend reflects strong capital appreciation, with the price more than doubling over the timeframe before experiencing a slight correction to 391.70 US$ by September 2026.
- Sales per Share Growth
- Revenue generation per share demonstrates steady and linear growth. Starting at 49.57 US$ in March 2022, the figure increased consistently each quarter, reaching 82.33 US$ by September 2026. This represents a robust and stable increase in the underlying fundamental performance of the company.
- P/S Ratio Dynamics
- The P/S ratio remained relatively flat around 2.95x to 2.99x during the first three quarters of 2022. A valuation shift began in December 2022, followed by a sharp acceleration in June 2023 (3.96x) and a significant surge by December 2023 (4.98x). The ratio reached its peak of 5.59x in March 2026. This expansion indicates that the market attributed a higher premium to each dollar of sales over time. Toward the end of the period, a contraction occurred, with the ratio falling to 4.76x by September 2026, suggesting a normalization of the valuation multiple.
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Price to Book Value (P/BV)
Eaton Corp. plc, historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 388,500,000 | 388,400,000 | 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) | 20,976) | 20,254) | 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 | 53.99 | 52.15 | 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 | 391.70 | 415.20 | 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 | 7.25 | 7.96 | 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. | 20.36 | 28.71 | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 20.65 | 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 | 17.68 | 20.34 | 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. | 3.09 | 4.21 | 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. | 13.54 | 14.97 | 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. | 3.77 | 4.25 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
BVPS = Total Eaton shareholders’ equity ÷ No. shares of common stock outstanding
= 20,976,000,000 ÷ 388,500,000 = 53.99
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 391.70 ÷ 53.99 = 7.25
5 Click competitor name to see calculations.
An analysis of the valuation metrics between March 2022 and September 2026 reveals a significant expansion in the market valuation relative to the company's book value. The Price to Book Value (P/BV) ratio experienced a sustained upward trajectory, indicating that the market increasingly priced the stock at a premium over its accounting net asset value.
- Share Price Trajectory
- The share price demonstrated substantial growth, increasing from 146.58 US$ in March 2022 to a peak of 415.20 US$ in June 2026. A notable acceleration in valuation occurred throughout 2023, with the price rising from 173.25 US$ in March to 289.00 US$ by December. While a slight contraction is observed in the final quarter of the period, ending at 391.70 US$, the overall movement represents a significant appreciation in market value.
- Book Value Per Share (BVPS) Trends
- The book value per share exhibited a steady, gradual increase throughout the analyzed period. Starting at 41.65 US$ in March 2022, the BVPS rose to 53.99 US$ by September 2026. This growth was characterized by low volatility and a linear progression, contrasting sharply with the more aggressive fluctuations seen in the share price.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio more than doubled over the observed timeframe, moving from 3.52 in March 2022 to a peak of 8.09 in March 2026. The ratio remained relatively stable between 3.52 and 4.04 during 2022, followed by a rapid re-rating in 2023 where the ratio climbed to 6.07. A second phase of expansion occurred between 2025 and early 2026, pushing the ratio toward its peak. The period concluded with a moderate correction to 7.25 in September 2026, though the valuation remains historically high relative to the 2022 baseline.
The divergence between the modest growth in book value and the aggressive rise in share price suggests that the valuation expansion was driven by factors beyond the growth of tangible assets, such as increased earnings expectations, intangible value creation, or broader market sentiment.
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