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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the financial ratios over the reported periods reveals several distinct trends in valuation multiples.
- Price to Earnings (P/E) Ratio
- Starting from March 31, 2020, there is no data available until March 31, 2021. From this date onwards, the P/E ratio generally exhibits a declining trend from 37.46 to a low of 25.21 by September 30, 2022, signaling a reduction in market valuation relative to earnings. However, fluctuations are observed afterwards, with values rising again to a peak of 37.41 at June 30, 2024, before declining towards 29.79 by the last period in March 31, 2025. This suggests some volatility in investors' earnings expectations or changes in earnings performance.
- Price to Operating Profit (P/OP) Ratio
- Starting at 25.83 in March 31, 2021, the P/OP ratio initially increases to a peak of 30.03 by June 30, 2021. Thereafter, it trends downward to a trough at 18.06 in September 30, 2022. From this low, the ratio climbs steadily again, reaching a high of 31.13 in June 30, 2024. The ratio then decreases to 24.29 by the final reported period. This pattern indicates cyclical valuation relative to operating profit, with periods of increasing and decreasing investor confidence or operating profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio remained between roughly 2.95 and 3.51 up to December 31, 2021, indicating stable valuation relative to sales. Starting in 2022, it demonstrates a gradual upward trend, peaking at 5.38 on June 30, 2024, representing a significant re-rating. This increase points to higher market expectations of revenue growth or improved sales quality relative to price. A slight pullback is noted at the end of the series to 4.63 by March 31, 2025.
- Price to Book Value (P/BV) Ratio
- From 2.34 at March 31, 2020, the P/BV ratio consistently increases over time, reaching 4.28 by September 30, 2021. After a minor dip at December 31, 2021, it resumes upward movement to peak at 6.85 by December 31, 2024. This rise represents an increasing premium over book value, possibly reflecting improved asset quality, growth prospects, or market sentiment. The latest period shows a slight decrease to 6.34 at March 31, 2025, indicating some moderation in valuation.
In summary, all valuation multiples illustrate varying degrees of volatility but generally show upward trends in price to sales and price to book value ratios over the examined period. Price to earnings and price to operating profit ratios reveal more pronounced cyclical behavior, with phases of decline and recovery. The overall patterns likely reflect adjustments in market expectations, operational performance, and investor sentiment toward the company during the covered time frame.
Price to Earnings (P/E)
Eaton Corp. plc, historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 398,800,000 | 398,600,000 | 398,600,000 | 398,500,000 | 398,100,000 | 398,600,000 | 400,100,000 | 400,000,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to Eaton ordinary shareholders (in millions) | 964) | 971) | 1,009) | 993) | 821) | 945) | 891) | 744) | 638) | 722) | 607) | 601) | 532) | 551) | 629) | 506) | 458) | 475) | 446) | 51) | 438) | |||||||
| Earnings per share (EPS)2 | 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 | 5.38 | 5.19 | 4.73 | 3.59 | 3.54 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 149.31 | 171.63 | 162.81 | 144.67 | 132.68 | 111.25 | 96.89 | 83.50 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 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 | 27.77 | 33.08 | 34.43 | 40.32 | 37.46 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Caterpillar Inc. | 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 | 16.82 | 21.38 | 25.50 | 37.92 | 36.80 | — | — | — | |||||||
| GE Aerospace | 28.84 | 33.42 | 30.60 | 40.07 | 52.90 | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | — | — | — | — | 19.67 | — | — | — | |||||||
| Honeywell International Inc. | 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 | 23.14 | 27.35 | 31.83 | 33.71 | 29.63 | — | — | — | |||||||
| Lockheed Martin Corp. | 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 | 16.70 | 15.11 | 14.27 | 15.48 | 13.44 | — | — | — | |||||||
| RTX Corp. | 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 | 36.79 | 40.28 | 60.91 | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to Eaton ordinary shareholdersQ1 2025
+ Net income attributable to Eaton ordinary shareholdersQ4 2024
+ Net income attributable to Eaton ordinary shareholdersQ3 2024
+ Net income attributable to Eaton ordinary shareholdersQ2 2024)
÷ No. shares of common stock outstanding
= (964,000,000 + 971,000,000 + 1,009,000,000 + 993,000,000)
÷ 391,300,000 = 10.06
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 299.71 ÷ 10.06 = 29.79
5 Click competitor name to see calculations.
The financial data reveals several notable trends in key performance indicators over the analyzed periods.
- Share Price
- The share price shows an overall upward trend from March 31, 2020, through March 31, 2025. Starting at $83.5, the price experiences significant growth, peaking multiple times. Notably, after consistent increases through 2021 reaching a high of $171.63 in September, it slightly declines to $149.31 by December 2021, then stabilizes around the mid-$140s during the first half of 2022. From late 2022 onward, the share price exhibits a pronounced bullish trend accelerating sharply in 2023, reaching $289 by December 2023 and reaching a peak of $331.58 in September 2024. Toward the end of the analyzed period, it witnesses some volatility but remains elevated, closing near $299.71 by March 31, 2025.
- Earnings per Share (EPS)
- The Earnings per Share data is available beginning from March 31, 2021, and demonstrates a consistent and steady upward trajectory. Starting at $3.54, EPS grows quarter-over-quarter, reaching approximately $5.76 by December 2022. The growth momentum continues through 2023 and into early 2025, with EPS climbing from $6.19 in March 2023 to $10.06 by March 31, 2025. This progressive increase in EPS is indicative of improving profitability and operational efficiency over time.
- Price to Earnings Ratio (P/E)
- The P/E ratio fluctuates throughout the periods but generally ranges between the mid-20s and high-30s. Early in the coverage, during 2021, the ratio hovers around the mid-30s, decreasing gradually to a low of about 25.21 in September 2022, suggesting that market valuations were becoming more conservative relative to earnings. Following this low point, the P/E experiences more volatility, reaching highs above 35 several times, particularly in 2023 and early 2024, and eventually settling near 29.79 by March 2025. These fluctuations suggest changing market sentiment and varying expectations about future earnings growth relative to the share price.
Overall, the data reflects a company exhibiting strong and steadily improving earnings capacity, paralleled by pronounced share price appreciation over the period. Despite some volatility in valuation multiples, the upward EPS trend supports the sustained increase in share price, signifying positive investor confidence and financial performance.
Price to Operating Profit (P/OP)
Eaton Corp. plc, historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 398,800,000 | 398,600,000 | 398,600,000 | 398,500,000 | 398,100,000 | 398,600,000 | 400,100,000 | 400,000,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 1,201) | 1,224) | 1,211) | 1,193) | 1,004) | 1,078) | 1,060) | 946) | 801) | 875) | 790) | 711) | 643) | 659) | 1,216) | 640) | 565) | 604) | 589) | 162) | 690) | |||||||
| Operating profit per share2 | 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 | 7.72 | 7.59 | 6.02 | 4.82 | 5.14 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 149.31 | 171.63 | 162.81 | 144.67 | 132.68 | 111.25 | 96.89 | 83.50 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 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 | 19.33 | 22.62 | 27.06 | 30.03 | 25.83 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Caterpillar Inc. | 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 | 15.87 | 16.57 | 18.76 | 26.25 | 24.23 | — | — | — | |||||||
| GE Aerospace | 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 | 17.46 | 20.90 | 23.40 | 35.58 | 25.64 | — | — | — | |||||||
| Honeywell International Inc. | 18.00 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | 20.68 | 23.54 | 25.98 | 28.28 | 24.86 | — | — | — | |||||||
| Lockheed Martin Corp. | 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 | 11.56 | 10.22 | 11.57 | 12.37 | 10.63 | — | — | — | |||||||
| RTX Corp. | 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 | 28.68 | 35.30 | 46.33 | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= (1,201,000,000 + 1,224,000,000 + 1,211,000,000 + 1,193,000,000)
÷ 391,300,000 = 12.34
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 299.71 ÷ 12.34 = 24.29
5 Click competitor name to see calculations.
The share price demonstrates an overall upward trajectory from March 2020 through March 2025, starting at $83.50 and rising to $299.71. Notable increases occur around mid-2023 and late 2023, where the share price jumps from $173.25 in March 2023 to $289 in December 2023. However, there are periods of volatility, such as the decline from $171.63 at September 2021 to $149.31 at December 2021, and again towards the end of 2024 when the price drops from $331.58 in September to $290.38 in December 2024.
Operating profit per share (OPPS) data begins from March 2021, showing a consistent increasing trend over the analyzed period. Starting at $5.14 in March 2021, it steadily grows to $12.34 by March 2025. This indicates a solid improvement in the company's operating profitability on a per-share basis throughout the periods.
The Price to Operating Profit (P/OP) ratio fluctuates comparably across the timeline. Initially, the ratio is quite high at 30.03 in June 2021, then it generally decreases momentum to a low of 18.06 in September 2022. Post this point, the ratio sees increased volatility, rising to a peak of 31.13 in June 2024 before tapering off to approximately 24.29 by March 2025. The fluctuations suggest varying investor sentiment in relation to the operating profitability of the company, sometimes indicating potential overvaluation or undervaluation at different points.
In summary, the company shows robust growth in operating profit per share, which is positively correlated with the long-term appreciation in share price. The P/OP ratio's volatility reflects fluctuating market perceptions with occasional spikes indicating periods where the share price outpaces the earnings growth or vice versa. Overall, the financial data reveals strengthening financial performance with intermittent valuation adjustments over the analyzed period.
Price to Sales (P/S)
Eaton Corp. plc, historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 398,800,000 | 398,600,000 | 398,600,000 | 398,500,000 | 398,100,000 | 398,600,000 | 400,100,000 | 400,000,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in millions) | 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) | 4,798) | 4,923) | 5,215) | 4,692) | 4,687) | 4,526) | 3,856) | 4,789) | |||||||
| Sales per share2 | 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 | 49.22 | 48.96 | 47.97 | 44.57 | 44.86 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 149.31 | 171.63 | 162.81 | 144.67 | 132.68 | 111.25 | 96.89 | 83.50 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 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 | 3.03 | 3.51 | 3.39 | 3.25 | 2.96 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | 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 | 1.87 | 1.93 | 2.20 | 2.44 | 1.96 | — | — | — | |||||||
| Caterpillar Inc. | 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 | 2.26 | 2.41 | 2.59 | 3.23 | 2.83 | — | — | — | |||||||
| GE Aerospace | 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 | 1.50 | 1.64 | 1.60 | 1.68 | 1.41 | — | — | — | |||||||
| Honeywell International Inc. | 3.47 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | 3.73 | 4.32 | 4.66 | 4.78 | 4.34 | — | — | — | |||||||
| Lockheed Martin Corp. | 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 | 1.57 | 1.38 | 1.53 | 1.63 | 1.40 | — | — | — | |||||||
| RTX Corp. | 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 | 2.21 | 2.09 | 2.14 | 2.07 | 1.95 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ No. shares of common stock outstanding
= (6,377,000,000 + 6,240,000,000 + 6,345,000,000 + 6,350,000,000)
÷ 391,300,000 = 64.69
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 299.71 ÷ 64.69 = 4.63
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits a general upward trend over the analyzed period from March 2020 to March 2025. An initial increase is noted, starting at 83.5 US$ in March 2020 and rising steadily through 2021, peaking at 171.63 US$ in September 2021. A slight decline occurs towards the end of 2021 but is followed by a recovery and significant growth in 2023 and 2024, with a peak value of 331.58 US$ in September 2024. The share price then shows a minor decline bringing it to 299.71 US$ in March 2025.
- Sales Per Share
- Sales per share data begins in March 2021 with a value of 44.86 US$. From this point forward, sales per share gradually increase each quarter, rising from 44.86 US$ to 64.69 US$ by March 2025. This steady upward movement indicates consistent growth in revenue generation on a per-share basis over the four-year span.
- Price-to-Sales (P/S) Ratio
- The P/S ratio reveals variability with an initial range between 2.96 and 3.51 from March 2021 until December 2021, indicating moderate valuation relative to sales. The ratio dips slightly in early 2022 but then experiences a marked increase from late 2022 through 2024, reaching a high of 5.38 in June 2024. This suggests that the market valuation per unit of sales increased substantially during this period. Towards the end of the dataset, the ratio decreases modestly to 4.63 by March 2025, still maintaining elevated levels compared to the earlier years.
- Overall Insights
- The overall financial indicators reflect strong performance and positive investor sentiment. The sustained increase in sales per share supports growth in underlying business performance. The rising share price aligns with this growth, though it exhibits some fluctuations that may relate to external market factors or company-specific events. The increasing P/S ratio in later years suggests that investors have assigned a higher premium to each dollar of sales, potentially reflecting expectations of future growth or improved profitability. Nonetheless, the slight corrections in share price and P/S ratio towards the end of the period indicate some moderation in market optimism or valuation recalibration.
Price to Book Value (P/BV)
Eaton Corp. plc, historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 398,800,000 | 398,600,000 | 398,600,000 | 398,500,000 | 398,100,000 | 398,600,000 | 400,100,000 | 400,000,000 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Eaton shareholders’ equity (in millions) | 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) | 16,413) | 15,971) | 15,408) | 14,995) | 14,930) | 14,476) | 14,188) | 14,245) | |||||||
| Book value per share (BVPS)2 | 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 | 41.16 | 40.07 | 38.66 | 37.63 | 37.50 | 36.32 | 35.46 | 35.61 | |||||||
| Share price1, 3 | 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 | 149.31 | 171.63 | 162.81 | 144.67 | 132.68 | 111.25 | 96.89 | 83.50 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 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 | 3.63 | 4.28 | 4.21 | 3.84 | 3.54 | 3.06 | 2.73 | 2.34 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Caterpillar Inc. | 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 | 6.62 | 6.61 | 6.65 | 7.86 | 7.20 | 5.64 | 5.32 | 4.11 | |||||||
| GE Aerospace | 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 | 2.64 | 3.15 | 3.43 | 3.53 | 2.89 | 1.95 | 1.71 | 1.63 | |||||||
| Honeywell International Inc. | 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 | 6.91 | 8.39 | 8.83 | 8.67 | 8.07 | 6.40 | 5.78 | 5.46 | |||||||
| Lockheed Martin Corp. | 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 | 9.62 | 9.50 | 15.63 | 17.05 | 15.27 | 20.84 | 27.96 | 30.96 | |||||||
| RTX Corp. | 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 | 1.95 | 1.87 | 1.87 | 1.75 | 1.53 | 1.26 | 1.35 | 1.25 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Eaton shareholders’ equity ÷ No. shares of common stock outstanding
= 18,506,000,000 ÷ 391,300,000 = 47.29
3 Closing price as at the filing date of Eaton Corp. plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 299.71 ÷ 47.29 = 6.34
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trajectory from March 2020 to December 2024, increasing from $83.5 to a peak of $331.58 in September 2024. This marks a significant appreciation in value over the period. Notably, the share price experienced periods of volatility, such as a decline between December 2021 and March 2022 and another between September 2024 and March 2025, where it decreased from $331.58 to $299.71. Despite these fluctuations, the long-term trend indicates strong growth.
- Book Value Per Share (BVPS) Trend
- BVPS showed a consistent, moderate upward trend, rising from $35.61 in March 2020 to $47.29 in March 2025. Growth in book value per share was steady with no abrupt changes, reflecting gradual increases in the company's net assets on a per-share basis. This steady growth suggests ongoing accumulation of shareholder equity over the analyzed periods.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio demonstrated increasing valuation multiples over time, starting at 2.34 in March 2020 and rising to 6.34 by March 2025. The ratio reflects the market's increasing willingness to pay a premium over book value for the shares. Periods of particularly strong P/BV expansion occurred between December 2022 and December 2024, where it rose sharply from 4.04 to levels exceeding 6. This indicates growing investor confidence or expectations for future growth beyond the company's current book value. However, some short-term declines in the ratio are visible, often aligning with share price drops, suggesting sensitivity to market conditions.
- Relationship Between Share Price and BVPS
- While the share price showed significant appreciation, the more modest rise in BVPS means that the increase in share price largely drove the expansion in the P/BV ratio. This divergence indicates that market valuations outpaced underlying net asset growth, possibly reflecting improved profitability expectations, investor sentiment, or external market factors influencing the stock price more than fundamental book value changes.
- Summary of Financial Position
- Overall, the data demonstrates sustained growth in book value and substantial appreciation in share price, resulting in higher market valuation multiples. The trends suggest that the company has strengthened its equity base steadily and has become more highly valued relative to its net assets. Investors appear to attribute greater growth potential or improved financial prospects, as encapsulated in the rising P/BV ratios over the analyzed timeframe.