EATON CORPORATION plc (ETN): what the price assumes
In the published model solve dated 2026-Q2, anchored at $403.50, EATON CORPORATION plc (ETN) is priced for today's economics sustained for ~9.4 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-26.
Generated: 2026-08-30 · Source: https://boothcheck.com/report/ETN
Headline
| Field | Value |
|---|---|
| Ticker | ETN |
| Company | EATON CORPORATION plc |
| Sector / Industry | Industrials |
| Current price | $403.50/sh |
| Composition | Electrical Americas - Products 12% / Electrical Americas - Systems 37% / Electrical Global - Products 14% / Electrical Global - Systems 11% / Aerospace - Original Equipment Manufacturers 6% / Aerospace - Aftermarket 6% / Aerospace - Industrial and Other 4% / Vehicle - Commercial 5% / Vehicle - Passenger and Light Duty 4% / eMobility 2% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Must persist for | 9.4y |
| Multiple paid | 48x operating income |
Solve inputs: computed at a 9.2% cost of capital; growth searched up to the 25% self-funding ceiling.
How unusual the bet is: elevated (limited comparison data)
| Reference | Value |
|---|---|
| vs own history | +1.10σ |
| cohort percentile (of 225 peers) | 94 |
Valuation X-Ray
Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 3.24x | 4 | expensive |
| Earnings | 7.23x | 3 | expensive |
| Relative | — | 0 | — |
| Growth | 1.01x | 3 | expensive |
Families that justify the price: Growth Families that call it expensive: Asset, Earnings
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.2%); the inversion above states its own rate.
Per-Model Detail (n=10)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $300.73 | 1.34x | yes | FCF base $4.2B, growth 15% (input: historical growth), terminal g 4.0%, WACC 8.2%, 6yr projection |
| DCF Exit Multiple | Growth | $492.92 | 0.82x | yes | Exit EV/EBITDA: 165.7x / 167.7x / 169.7x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | — | — | no | P/E 24.88x (blended: static sector reference 18x + trailing (TTM) 41x), scenarios: 20.4x / 24.9x / 29.4x (bear / base = reference held flat / bull), EV/EBITDA 26.4x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $106.55 | 3.79x | yes | BV/sh $52.15, ROE (TTM) 18.9%, ke 9.3% |
| Two-Stage Excess Return | Asset | $150.50 | 2.68x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $401.23 | 1.01x | yes | Rev $30.0B, growth 15% (input: historical growth; tapered), Terminal P/S: 4.3x / 5.2x / 6.2x (bear / base = today's held flat / bull, cap 12x) |
| Growth-Adjusted P/E | Relative | — | — | no | — |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | — | — | no | — |
| Residual Income | Asset | $147.83 | 2.73x | yes | BV $52.15 + 5yr PV of (ROE (TTM) 18.9% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $107.34 | 3.76x | yes | √(22.5 × EPS $9.82 × BVPS $52.15) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $1.06B × sector EV/EBITDA 12.0x |
| FCF Yield | Earnings | $55.84 | 7.23x | yes | FCF $3934.0M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $51.09 | 7.90x | yes | EPS $9.82 × (8.5 + 2×-1.1%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | — | — | no | — |
| P/Sales Sector | Relative | — | — | no | Revenue $30.02B × sector P/S 2.5x |
| PEG Fair Value | Relative | — | — | no | — |
| Earnings Yield | Earnings | $106.16 | 3.80x | yes | EPS $9.82 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Electrical Americas | operating | enterprise | $13.3b | — | withheld | unresolved no unit value |
| Electrical Global | operating | enterprise | $6.8b | — | withheld | unresolved no unit value |
| Aerospace | operating | enterprise | $4.2b | — | withheld | unresolved no unit value |
| Vehicle | operating | enterprise | $2.5b | — | withheld | unresolved no unit value |
| eMobility | operating | enterprise | $604.0m | — | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Share count CAGR (buyback) | -0.7% |
| Burning cash | no |
Operating profit is negative or near zero and the company has no demonstrated through-cycle (mid-cycle) operating margin to normalize against, so years-to-repay cannot be computed honestly.
Operating profit is negative or near zero and there is no demonstrated through-cycle (mid-cycle) operating margin to normalize against, so interest coverage cannot be computed honestly.
Bullet Takeaways
- Eaton's biggest revenue line is Electrical Americas systems at roughly 37% of the total, and its twelve-month rolling order rate in that segment ran 42% higher organically in the first quarter of 2026, driven by data centre demand.
- The specific risk is showing already: Electrical Americas sales rose 20% in the quarter while that segment's operating profits rose 2%, and company-wide segment margins of 22.7% were 120 basis points below the first quarter of 2025.
- Two dated events reshape the company: $11 billion of acquisitions closed inside the first quarter of 2026, and a tax-free spin-off of the Mobility business, announced January 26, 2026, is targeted for completion by the end of the first quarter of 2027.
Bull Case
Look at what the balance sheet just absorbed. In the three months to March 31, 2026 Eaton paid $11.079 billion in cash for businesses, funded with $9.871 billion of new borrowings and a further $2.507 billion of short-term debt, and in the same quarter still repurchased $615 million of its own shares and paid $415 million of dividends. Total borrowings went from roughly ten billion dollars at the end of December to $21.15 billion at the end of March. Shareholders' equity barely moved, at $19.77 billion. A company that can rearrange itself on that scale in ninety days without a rights issue is telling you something about its access to capital.
It can also carry it. Interest expense, net of interest income, was $106 million for the quarter against income before income taxes of $1,107 million. For the full year 2025 the same line was $241 million against $4,932 million. The debt is real and it is new, but the cushion between what the company earns and what it owes the lenders remains wide by any industrial standard.
What was bought matters more than what was paid. Boyd Thermal closed on March 12, 2026 into the Electrical Global segment, described in the filings as a global leader in thermal components, systems and ruggedized solutions for data centre, aerospace and other end markets. Ultra PCS Limited closed on January 23, 2026 into Aerospace, making electronic controls, sensing, stores ejection and data processing equipment. Read together, Eaton bought the heat problem and the flight-control problem. Both are inside the two segments already growing fastest.
The order book supports the spending. The twelve-month rolling average of orders in Electrical Americas ran 42% higher organically in the first quarter, with Electrical Global and Aerospace both up 13%. Backlog at the end of March was 44% higher than a year earlier in Electrical Americas, 73% higher in Electrical Global and 28% higher in Aerospace, and the rolling book-to-bill ratio for the Electrical businesses reached 1.2. Book-to-bill above one means the queue is getting longer, not shorter. Total committed backlog at December 31, 2025 stood near $19.8 billion, of which roughly 69% was targeted for delivery to customers within the following year.
Against the electrical cohort, Eaton's segment economics are simply better. HUBB converts 20.6% of revenue into operating profit on trailing figures, NVT 15.8%, POWL 19.8% and AYI 14.5%. Eaton's Electrical Americas segment ran a 25.6% operating margin in the first quarter and its Aerospace segment 26.7%, a record and 360 basis points above the prior year, which puts it beside HWM at 26.7% and above HEI at 23.5%. And a further simplification is coming: on January 26, 2026 the company announced its intention to separate the Mobility business, the slowest-growing thing it owns, into an independent public company by the end of the first quarter of 2027.
Bear Case
Strip the price down to the single assumption holding it up and you get this: data centres keep ordering electrical equipment at an accelerating rate, and Eaton keeps converting those orders into profit at the margins it has been earning. The first half of that sentence is currently true. The second half already stopped being true last quarter, and that is the fragility worth naming.
Electrical Americas is the segment carrying the story. Its sales rose 20% in the first quarter of 2026 to a record $3.6 billion. Its operating profits rose 2%, to $922 million. Company-wide segment margins came in at 22.7%, which was above guidance and also 120 basis points below the first quarter of 2025. Growth of that shape, where the top line runs twenty points ahead of the profit line, is what capacity expansion, acquisition mix and competitive pricing look like when they arrive together. One quarter proves nothing. It does show which direction the pressure comes from.
The purchase accounting is the second dependency. The $11 billion spent in the quarter added roughly $5.6 billion of goodwill and $6.2 billion of other intangible assets to a balance sheet whose total equity is $19.77 billion. Intangible amortisation already cost $0.29 a share in the quarter. It shows up in the guidance gap: management expects full-year earnings per share of $10.88 to $11.33, roughly 6% above 2025 at the midpoint, while guiding organic growth of 9% to 11%. The difference between those two numbers is the price of the deals, paid in reported earnings for years.
The third dependency is the rate on the money. Interest expense net tripled year over year, from $33 million in the first quarter of 2025 to $106 million in the first quarter of 2026, and that reflects only nineteen days of the largest acquisition. Net borrowings of $20.4 billion now sit against income before income taxes that was $4,932 million for the whole of 2025, a ratio a little over four times. Against a balance sheet that carried roughly ten billion dollars of borrowings three months earlier, the fixed charge is now a permanent feature of the earnings bridge rather than a rounding error.
Then there is what the price itself requires. The enterprise is valued near 36 times that pre-tax income figure, a multiple sitting at the very top of the peer distribution and well beyond its upper quartile, and one that implies company-wide profit growth held at the self-funding ceiling for about 8 years. Of companies that have grown at comparable rates, only about 20% sustained the pace for even seven and a half years. Notice the shape of the demand: the rate is within what Eaton has recently delivered. The stretch is entirely in how long it must persist.
A final item, small but genuinely unpredictable. On February 20, 2026 the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act, and the Court of International Trade ordered a refund process to be developed. Eaton states it is evaluating the impact and cannot reasonably estimate it. A manufacturer of this global reach has both a receivable and an exposure buried in that ruling, and neither is currently sized.
Valuation
Eaton's income statement carries no operating profit subtotal. It runs from net sales straight through cost of products sold, selling and administrative expense, research and development and interest to income before income taxes, which was $4,932 million for 2025. That is the base the market is capitalising, and against an enterprise value near $178.3 billion it works out at roughly 36 times. It is a very full price for an industrial, on whichever line you choose to measure it.
What that price assumes is not extraordinary growth. It is extraordinary persistence. The embedded requirement is company-wide profit growth held at the rate the business can fund from its own cash flow for about 8 years. The near-term pace is well within what Eaton has recently delivered, so nothing about the first year or two strains credibility. The strain is in year six, seven and eight. Of companies that have grown at comparable rates, only about 20% kept it going for even seven and a half years, and the multiple itself sits at the very top of the peer distribution rather than merely above its midpoint.
The methods split cleanly and in one direction. Only the forward cash-flow approaches reach this price. Book-value-and-returns approaches, earnings-power approaches and peer-multiple approaches all land far below it, the peer-multiple group at roughly a third of where the shares trade. When only the frame that projects durable compounding can justify the price, the price is a bet on durability that the static frames cannot encode by construction. That is not a criticism of the price. It is a precise description of what a buyer is underwriting, and it means the whole position rests on how long the current run lasts rather than on whether it is real.
Cohort position tells you why the market is willing. Among the electrical peers, HUBB converts 20.6% of revenue into operating profit, POWL 19.8%, NVT 15.8% and AYI 14.5%. Eaton's own segments run ahead of that group: 25.6% in Electrical Americas in the first quarter and 26.7% in Aerospace, the latter a record. But note that HUBB, at a comparable margin, does not carry anything like the same multiple. The difference is order growth, and order growth is the thing that can stop.
Solvency reframes rather than resolves the question. Total borrowings of $21.15 billion sit against $751 million of liquid assets, so net borrowings of $20.4 billion now run a little over four times the pre-tax income figure above. Interest cost was $241 million for the whole of 2025 and $106 million in the first quarter of 2026 alone, which is the trajectory to watch rather than the level. The share count has drifted down about 0.8% a year over four years and dividends declared reached $4.16 a share in 2025. None of that is fragile. What is fragile is the assumption that a segment growing sales 20% will get back to growing profits at the same pace.
Catalysts
Eaton reported first quarter results on May 5, 2026. Sales were a record $7.5 billion, up 17% year over year, of which 10% was organic, 4% came from acquisitions and 3% from currency, ahead of the 5% to 7% organic guidance range. Reported earnings per share were $2.22, against $2.45 a year earlier, with charges of $0.29 for intangible amortisation, $0.22 for acquisitions and divestitures and $0.08 for a multi-year restructuring programme. Segment margins were 22.7%, above guidance and 120 basis points below the prior-year quarter.
Guidance moved up on the strength of the order book. Full-year organic growth guidance was raised to 9% to 11%, from 8% at the previous midpoint, with segment margins of 24.1% to 24.5% and earnings per share of $10.88 to $11.33. For the second quarter, the company guided organic growth of 9% to 11%, segment margins of 22.6% to 23.0%, and earnings per share of $2.29 to $2.39. The supporting metrics were the order rates: twelve-month rolling organic order growth of 42% in Electrical Americas and 13% in both Electrical Global and Aerospace, with the Electrical book-to-bill ratio at 1.2.
Two structural changes carry dates. Boyd Thermal closed into Electrical Global on March 12, 2026 and Ultra PCS Limited into Aerospace on January 23, 2026, together accounting for the $11 billion of acquisitions in the quarter. And on January 26, 2026 Eaton announced its intention to spin off the Mobility business, which posted first quarter sales of $766 million and an 11.7% operating margin, into an independent publicly traded company, expected to complete by the end of the first quarter of 2027 and structured to be tax-free to shareholders for U.S. federal income tax purposes.
Peer Cohorts (Per Segment, With Filing Citations)
Electrical Americas (reported)
- HUBB (HUBBELL INC)
- FY2025 10-K: 2; • Ohio Brass® • Meramec® • Reliaguard® • Greenjacket® • Armorcast® • Beckwith Electric™ • Continental® • R.W. Lyall™ • Gas Breaker® • AEC™ • Ripley® • Electro Industries / Gauge Tech™ • Balestro™ • Systems Control™ • Nicor™ • DMC Power® 4 HUBBELL INCORPORATED - Form 10-K Electrical Solutions Segment Hubbell…
- FY2025 10-K: Reel® • ACME Electric® • Kellems® • TayMac® • Hipotronics® • Powerohm® • EC&M Design® • Bryant® • Wiegmann® • AccelTex Solutions™ • iDevices® • Austdac™ • Burndy® • Killark® • GAI-Tronics® • Connector Products™ • Chalmit™ • CMC® • Hawke™ • PCX™ • Ventev® HUBBELL INCORPORATED - Form 10-K 5 Information Applicable to Our…
- NVT (nVent Electric plc)
- FY2025 10-K: …and partnering with a strong channel and distribution network. Seasonality We generally experience increased demand for Electrical Connections products during the spring and summer months in the Northern Hemisphere. 2 Backlog of Orders by Segment December 31 In millions 2025 2024 $ change % change Systems Protection…
- FY2025 10-K: …and distribution properties: Number of Facilities Manufacturing Plant Locations Manufacturing Plants Distribution Facilities Systems Protection U.S. and 10 other countries 34 16 Electrical Connections U.S. and 4 other countries 15 7 We believe that our production facilities are suitable for their purpose and are…
- POWL (Powell Industries, Inc.)
- FY2025 10-K: …support increased schedule flexibility and multiple ship lanes for the varied needs and project timelines of our customers. The incremental capacity is initially expected to support the Company's oil and gas customers but can be utilized to support each of our market sectors. Construction is expected to begin during…
- FY2025 10-K: …in the market. In the commercial and other industrial markets, our customers operate in commercial construction, data centers, metals and mining, pulp and paper, as well as other industrial applications. Beyond these major markets, we also provide products and services to the light rail traction power market and…
- AYI (ACUITY INC.)
- FY2025 10-K: …manufacture, and bring to market products and services that make a valuable difference in people's lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video, and control platform. We focus on…
- FY2025 10-K: …or acquisitions, over us by providing broader offerings that utilize a combination of products and/or services, and small startup companies may offer more localized product sales and support services within individual regions. We may be unable to sustain significant customer and/or channel partner relationships.…
- ATKR (Atkore Inc.)
- FY2025 10-K: …of Electrical products primarily for the non-residential construction and renovation markets and Safety & Infrastructure for the construction and industrial markets. The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable and installation…
- FY2025 10-K: …Standards. Distribution Atkore adds value to the customer experience with a comprehensive portfolio of electrical products and strategically located regional service centers. Additionally, we drive value for our customers through a single order across our broad product portfolio coupled with services like our…
- GNRC (GENERAC HOLDINGS INC.)
- FY2025 10-K: …and an aging and under-invested electrical grid infrastructure remains highly vulnerable to potentially more severe and volatile weather. Additionally, growth in renewable power sources (such as solar and wind) is resulting in increased intermittency of supply as traditional thermal generation assets are retired,…
- FY2025 10-K: President - Products and Vice President of Power Plant Products and Solutions from 2013 to 2018. Mr. Taffe also worked in various engineering and marketing management capacities at Cypress Semiconductor from 1989 to 2012, including Executive Vice President - Consumer & Computation Devices from 2005 to 2012. Mr. Taffe…
- AZZ (AZZ INC.)
- FY2025 10-K: …segment is a leading provider of metal coating solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective…
- FY2025 10-K: …improvements to our manufacturing process, supply chain management, and through increases in prices to match inflationary increases where competitively feasible. We have indirect exposure to copper, aluminum, steel and nickel-based alloys in the AZZ Infrastructure Solutions segment through our 40% investment in the…
Electrical Global (reported)
- HUBB (HUBBELL INC)
- FY2025 10-K: …Form 10-K. This section of this Form 10-K generally discusses 2025, 2024 and 2023 items and year-to-year comparisons between 2025 and 2024 and between 2024 and 2023. Executive Overview of the Business Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer…
- FY2025 10-K: 2; • Ohio Brass® • Meramec® • Reliaguard® • Greenjacket® • Armorcast® • Beckwith Electric™ • Continental® • R.W. Lyall™ • Gas Breaker® • AEC™ • Ripley® • Electro Industries / Gauge Tech™ • Balestro™ • Systems Control™ • Nicor™ • DMC Power® 4 HUBBELL INCORPORATED - Form 10-K Electrical Solutions Segment Hubbell…
- NVT (nVent Electric plc)
- FY2025 10-K: Mr. van der Kolk was the President of Electrical Connections from 2018 - 2025. Mr. van der Kolk was the Vice President of Pentair's Engineered & Fastening Solutions Strategic Business Unit of the Electrical segment and served in that role from 2015 - 2017. Mr. van der Kolk previously served as the Executive Vice…
- FY2025 10-K: …of funds managed by Brookfield Asset Management, for $1.6 billion in net cash proceeds, subject to certain customary purchase price adjustments. The results of the Thermal Management business have been presented as discontinued operations in our Consolidated Financial Statements for all periods presented. The assets…
- POWL (Powell Industries, Inc.)
- FY2025 10-K: …in the market. In the commercial and other industrial markets, our customers operate in commercial construction, data centers, metals and mining, pulp and paper, as well as other industrial applications. Beyond these major markets, we also provide products and services to the light rail traction power market and…
- FY2025 10-K: …support increased schedule flexibility and multiple ship lanes for the varied needs and project timelines of our customers. The incremental capacity is initially expected to support the Company's oil and gas customers but can be utilized to support each of our market sectors. Construction is expected to begin during…
- AYI (ACUITY INC.)
- FY2025 10-K: …manufacture, and bring to market products and services that make a valuable difference in people's lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video, and control platform. We focus on…
- FY2025 10-K: …initiatives and regulations could affect our international operations. As customers become increasingly concerned about the environmental impact of their purchases, if we fail to keep up with changing regulations or innovate or operate in ways that minimize the energy use of our products or operations, customers may…
- ATKR (Atkore Inc.)
- FY2025 10-K: …of Electrical products primarily for the non-residential construction and renovation markets and Safety & Infrastructure for the construction and industrial markets. The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable and installation…
- FY2025 10-K: …Standards. Distribution Atkore adds value to the customer experience with a comprehensive portfolio of electrical products and strategically located regional service centers. Additionally, we drive value for our customers through a single order across our broad product portfolio coupled with services like our…
- AZZ (AZZ INC.)
- FY2025 10-K: …income. Resources Paint and customer-owned substrate availability are important for our toll-coating process. Although paint prices have risen in recent years, we carry limited risk associated with paint cost, as it is a pass-through to our customer base. There are currently no concerns regarding the availability of…
- FY2025 10-K: …improvements to our manufacturing process, supply chain management, and through increases in prices to match inflationary increases where competitively feasible. We have indirect exposure to copper, aluminum, steel and nickel-based alloys in the AZZ Infrastructure Solutions segment through our 40% investment in the…
Aerospace (reported)
- HEI (HEICO CORPORATION)
- FY2025 10-K: …and business aircraft, aircraft engines and related components and equipment. Due in large part to our established industry presence, we enjoy strong customer relations, name recognition and repeat business. We sell our products to a broad customer base consisting of domestic and foreign commercial and cargo…
- FY2025 10-K: …missile hardware and components, as well as machining, brazing, fabricating and welding services. (4) Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products,…
- TDG (TransDigm Group Incorporated)
- FY2025 10-K: …following table sets forth, for the periods indicated, certain financial information by reportable segment, which includes a reconciliation of EBITDA As Defined to consolidated income from continuing operations before income taxes (in millions): Fiscal Year Ended September 30, 2025 Power & Control Airframe…
- FY2025 10-K: ; (5) defense OEMs; (6) system suppliers; and (7) various other industrial customers. Our top ten customers for fiscal year 2025 accounted for approximately 40% of our net sales. Products supplied to many of our customers are used on multiple platforms. None of our customers individually accounted for greater than 10%…
- HWM (HOWMET AEROSPACE INC.)
- FY2025 10-K: …2025-12-31 0000004281 hwm:AerospaceCommercialAndDefenseMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-12-31 0000004281 hwm:AerospaceCommercialAndDefenseMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-01-01 2024-12-31 0000004281…
- FY2025 10-K: …aerospace and defense applications and is vertically integrated to produce titanium forgings, titanium extrusions, and machining services for airframe, wing, aero-engine, and landing gear components. Engineered Structures also produces aluminum forgings, nickel forgings, and aluminum machined components, and…
- MOG-A (MOOG Inc.)
- FY2025 10-K: …in aerospace and defense and industrial markets. We have four operating segments: Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Additional information describing the business and comparative segment revenues, operating profits and related financial information for 2025, 2024 and 2023 are…
- FY2025 10-K: …and existing fleets. Commercial Aircraft. We design, manufacture and integrate primary and secondary flight-critical control systems and products for various commercial aircraft including widebody, narrowbody, business jets and regional jets for both OEM and aftermarket customers. Our large commercial production…
- CW (CURTISS-WRIGHT CORPORATION)
- FY2025 10-K: …90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus. We have significant content on the majority of the commercial aircraft programs, where our business is more leveraged to narrowbody (~60%) than widebody (~40%) commercial aircraft. We…
- FY2025 10-K: …passenger growth. While we closely monitor these industry metrics, our success and future growth in the commercial aerospace market is primarily tied to the anticipated growth in aircraft production rates (e.g., Boeing 737 and 787, Airbus A320 and A350), the timing of our order placement, continued partnering with…
- WWD (WOODWARD, INC.)
- FY2025 10-K: …to new product concepts. We believe this collaboration allows us to develop technology, new systems, and products that are aligned with our customers' needs and future performance, which increases the likelihood that our systems and components will be selected for inclusion in the platforms developed by our…
- FY2025 10-K: …technology and design, product performance, and conformity with customer specifications. Additional factors are customer service and support, including on-time delivery and customer partnering, product quality, price, reputation, and local presence. Both of our segments operate in uniquely competitive environments.…
- CR (CRANE COMPANY)
- FY2025 10-K: …as well as in Part II, Item 8 under Note 4, "Segment Information," in the Notes to Consolidated Financial Statements for sales, operating profit and assets employed by each segment. Aerospace & Advanced Technologies The Aerospace & Advanced Technologies segment supplies critical components and systems, including…
- FY2025 10-K: …sales growth and a slight foreign exchange benefit. We expect an improvement in operating profit driven primarily by productivity benefits and operating leverage on higher volumes, lower transaction related expenses, higher pricing net of inflation and contributions from the Druck, Panametrics, Reuter-Stokes, and…
Vehicle (reported)
- BWA (BORGWARNER INC)
- FY2025 10-K: …of related automotive components and systems. • Turbos & Thermal Technologies. This segment's products include turbochargers, eBoosters, eTurbos, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, cabin heaters, battery heaters and battery cooling systems. •…
- FY2025 10-K: Ltd. Turbo Energy Private Limited Turbochargers 1987 32.6% India Sundaram Finance Limited; Brakes India Limited Fast Warner Intelligent Control Systems (Xi'an) Co., Ltd. Inverters 2024 49% China Shaanxi Fast Auto Drive Group Consolidated: BuradaWarner LLC Valvetrain and fuel injection equipment 1977 70% Korea BU RA DA…
- DAN (DAN)
- FY2025 10-K: $ 7,734 $ 7,613 Refer to Segment Results of Operations in Item 7 and Note 20 to our consolidated financial statements in Item 8 for further financial information about our operating segments. Our business is diversified across end-markets, products and customers. The following table summarizes the markets, products…
- FY2025 10-K: …that are not permitted to be reflected as part of discontinued operations, have been recast and are included within the "corporate expense and other items, net" line of the reconciliation of segment EBITDA to loss from continuing operations before income taxes. Segment EBITDA may not be comparable to similarly titled…
- ALSN (ALLISON TRANSMISSION HOLDINGS, INC.)
- FY2025 10-K: …offer an expanded portfolio of drivetrain, motion and propulsion solutions, providing complementary product breadth and an enhanced ability to support customers across multiple end markets. The Acquired Off-Highway Business has historically served end markets with demand characteristics that differ from our…
- FY2025 10-K: …propulsion solutions as a cost-effective alternative for repairs and replacements. We also provide support equipment to our OEMs to assist in installing new Allison solutions into vehicles, and, therefore, sales of support equipment are dependent upon sales of new solutions. The competition for service parts and…
- GTX (Garrett Motion Inc.)
- FY2025 10-K: …in innovative technologies that address the needs of our customers in the ongoing auto industry transformation. This continued investment in differentiated technology, coupled with our relentless focus on customer relationships and our global capabilities, allows us to drive the following business strategies: •…
- FY2025 10-K: …REEV and fuel-cell based vehicles in the medium-term as OEMs seek to reduce emissions from their existing product portfolios. However, demand may shift away from the types of vehicles where our turbochargers generate higher profit margins and towards the types of vehicles where our turbochargers generate smaller…
- APTV (APTIV PLC)
- FY2025 10-K: …for products that address the trends of automation, electrification and digitalization. With our offerings, we believe we are well-positioned to benefit from the growing demand for vehicle content and technology related to safety, electrification, high speed data, connectivity to the global information network and…
- FY2025 10-K: …• Advanced Safety and User Experience -This segment, which includes our Active Safety, User Experience and Smart Vehicle Compute and Software product lines, provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including intelligent sensors, high-performance compute…
- LEA (LEAR CORP)
- FY2025 10-K: …financial statements included in this Report. 49 Table of Contents Purchase obligations We enter into agreements with our customers to produce products at the beginning of a vehicle's life cycle. Although these agreements do not provide for a specified quantity of products, once entered into, we are generally…
- FY2025 10-K: …a description of our outstanding environmental matters and other legal proceedings, see Note 12, "Legal and Other Contingencies," to the consolidated financial statements included in this Report. 19 Table of Contents In addition, our customers are subject to significant environmentally focused state, federal and…
eMobility (reported)
- APTV (APTIV PLC)
- FY2025 10-K: …for products that address the trends of automation, electrification and digitalization. With our offerings, we believe we are well-positioned to benefit from the growing demand for vehicle content and technology related to safety, electrification, high speed data, connectivity to the global information network and…
- FY2025 10-K: …• Advanced Safety and User Experience -This segment, which includes our Active Safety, User Experience and Smart Vehicle Compute and Software product lines, provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including intelligent sensors, high-performance compute…
- BWA (BORGWARNER INC)
- FY2025 10-K: …of related automotive components and systems. • Turbos & Thermal Technologies. This segment's products include turbochargers, eBoosters, eTurbos, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, cabin heaters, battery heaters and battery cooling systems. •…
- FY2025 10-K: …$35 million of volume, mix and net new business driven by higher transfer case volumes in the Americas, partially offset by lower sales in China and downtime at one of the Company's European customers due to a cyber related shutdown. Segment Adjusted Operating margin was 18.4% in the year ended December 31, 2025,…
- GTX (Garrett Motion Inc.)
- FY2025 10-K: …REEV and fuel-cell based vehicles in the medium-term as OEMs seek to reduce emissions from their existing product portfolios. However, demand may shift away from the types of vehicles where our turbochargers generate higher profit margins and towards the types of vehicles where our turbochargers generate smaller…
- FY2025 10-K: …in innovative technologies that address the needs of our customers in the ongoing auto industry transformation. This continued investment in differentiated technology, coupled with our relentless focus on customer relationships and our global capabilities, allows us to drive the following business strategies: •…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …features are evolving with advances in sensors and suppliers must enable the security/safety initiatives of their customers including the development of such new advances. • Advanced driver assistance systems and autonomous driving - The industry continues to advance toward semi-autonomous and autonomous vehicles.…
- FY2025 10-K: …optics, haptic feedback, and light effects. The Company offers a new generation of large, curved, complex multi-display modules with optical performance designed to be competitive with mobile devices. The Company also developed the first bendable glass multi-display cockpit in the automotive industry and is the…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.
Sources
Q1 2026 results release, May 5, 2026 · Q1 2026 Form 10-Q, filed May 5, 2026 · FY2025 Form 10-K