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Eaton Corporation plc

ETN 7

Specialty Industrial Machinery · 167.5B market cap · site

Price and target zones价格与目标区间

$431.32
$325–350 entry买入$548+ full value估值上限 · 34× fwd52wk52周 $312–$478-10% off the high距高点

What the company does公司做什么

Eaton makes the gear that moves and controls electric power safely. It takes electricity from the power grid and sends it, at the right voltage, to the machines, lights, and computers inside a building, factory, data center, plane, or truck. The company also makes mechanical parts that move power and fluid inside vehicles and aircraft. Its customers include construction firms, data-center builders, plane makers, and truck makers worldwide.Eaton生产用来安全地输送和控制电力的设备。它把电网里的电,按合适的电压送到建筑、工厂、数据中心、飞机或卡车里的机器、灯和电脑。公司还生产在车辆和飞机内部传递动力和液体的机械零件。它的客户包括建筑公司、数据中心建造商、飞机制造商和卡车制造商,遍布全球。

Earns from营收来源 Eaton sells electrical and mechanical equipment, plus the spare parts and service contracts that keep that equipment running for decades.Eaton出售电气和机械设备,还有那些能让设备运转几十年的备件和服务合同。

Read the full description查看完整介绍

Eaton Corporation plc operates as a power management company in the United States, Canada, Latin America, Europe, and the Asia Pacific. It operates through Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility segments. The company offers electrical and industrial components, power distribution and assemblies, residential products, single- and three-phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, and power reliability equipment; and hazardous duty electrical equipment, emergency lighting, fire detection, intrinsically safe explosion-proof instrumentation, and structural support systems. It also provides pumps, motors, hydraulic power units, hoses and fittings, and electro-hydraulic pumps; valves, cylinders, electronic controls, electromechanical actuators, sensors, aircraft flap and slat systems, and nose wheel steering systems; hose and thermoplastic tubing products, fittings, adapters, couplings, and sealing and ducting products; air-to-air refueling systems, fuel pumps, fuel inerting products, sensors, and adapters and regulators; oxygen generation systems, payload carriages, and thermal management products; wiring connectors and cables; and hydraulic and bag filters, strainers and cartridges, and golf grips for manufacturers of commercial and military aircraft, related aftermarket customers, and industrial applications. In addition, the company offers transmissions, clutches, hybrid power systems, superchargers, engine valves and valve actuation systems, locking and limited slip differentials, transmission controls, and fuel vapor components for the vehicle industry; and voltage inverters, converters, fuses, circuit protection units, vehicle controls, power distribution systems, fuel tank isolation valves, and commercial vehicle hybrid systems. The company was formerly known as Abeiron Limited. The company was founded in 1911 and is based in Dublin, Ireland.

Revenue breakdown营收构成 share of revenue营收占比

48%Electrical Americas美洲电气
25%Electrical Global全球电气
16%Aerospace航空航天
9%Vehicle车辆
2%eMobility电动出行(eMobility)
Pick a slice for detail点击某一部分查看详情
Electrical Americas美洲电气48% · ~$13.2B

Eaton's largest segment. It builds and sells circuit breakers, switchgear, and other power-distribution equipment to construction firms and data-center operators across North and South America. The AI boom has data-center builders racing to add electric capacity, which pushed this segment's unfilled orders to a record high in 2025.伊顿最大的业务部门。它向北美洲和南美洲的建筑公司及数据中心运营商制造并销售断路器、配电柜等输配电设备。AI热潮促使数据中心建设方争相增加电力容量,推动该部门的未完成订单在2025年达到历史新高。

  • Circuit breaker断路器 — a switch that cuts the power the moment current gets dangerously high, to stop a fire or damaged equipment.一个开关,在电流升到危险高度的一瞬间切断电源,以防止起火或设备损坏。
  • Switchgear开关柜 — a large cabinet of switches and breakers that splits incoming grid power into separate, safe circuits for a building or data center.一个装满开关和断路器的大柜子,把进来的电网电力分成一条条独立、安全的电路,供一栋建筑或数据中心使用。
Electrical Global全球电气25% · ~$6.9B

This segment sells the same kind of power-distribution equipment as its Americas counterpart, but to customers in Europe, the Middle East, Africa, and Asia. It gives Eaton a foothold in electrification and grid-modernization spending outside the Americas, spreading the company's reliance on a single region's construction cycle.该部门销售与美洲部门相同类型的配电设备,但客户遍及欧洲、中东、非洲和亚洲。这让伊顿在美洲以外的电气化和电网现代化支出中占有一席之地,分散了公司对单一区域建筑周期的依赖。

  • Low- and medium-voltage switchgear低压和中压开关柜 — cabinets that safely split and control power at the voltage levels used inside buildings and local power networks.在建筑内部和本地电网所用的电压等级下,安全地分配和控制电力的柜子。
  • Wiring device布线器件 — a switch, outlet, or socket that connects a building's power to its lights, machines, and computers.一个开关、插座或插口,把建筑的电力连接到它的灯、机器和电脑上。
Aerospace航空航天16% · ~$4.4B

This segment builds pumps and mechanical parts that keep an aircraft's fuel, hydraulics, and electric power flowing to its engines, wheels, and flight controls. Airlines and plane makers keep buying replacement parts for as long as a jet stays in service — often decades — so the business earns steady income long after the original sale.该部门制造泵与机械零部件,确保飞机的燃油、液压和电力持续供应给发动机、机轮和飞行控制系统。只要飞机仍在服役——往往长达数十年——航空公司和飞机制造商就会持续购买替换零件,因此该业务在原始销售之后仍能获得稳定收入。

  • Fuel and hydraulic pump燃油泵和液压泵 — a machine that pushes fuel to the engine and pushes fluid to the parts that move the wheels, brakes, and flaps.一种把燃油送到发动机、把液压油送到带动机轮、刹车和襟翼的部件的机器。
  • Engine and airframe component发动机和机身部件 — a part fitted to a plane's engine or body; airlines keep buying replacements for decades because planes fly that long.装配在飞机发动机或机身上的零件;因为飞机能飞几十年,航空公司会几十年持续购买替换件。
Vehicle车辆9% · ~$2.5B

This segment makes transmissions, clutches, and superchargers that help trucks and cars shift gears and boost engine power. It ties Eaton's results to the traditional combustion-engine vehicle market, a business that shrinks as automakers shift toward electric drivetrains.该部门制造帮助卡车和汽车换挡并提升发动机动力的变速箱、离合器和机械增压器。这使伊顿的业绩与传统内燃机车辆市场挂钩,而随着汽车制造商转向电动传动系统,这一市场正在萎缩。

  • Transmission and clutch变速箱和离合器 — the parts that let a driver change gears and move engine power to the wheels smoothly.让司机换挡、并把发动机动力平顺地传到车轮的零件。
  • Supercharger机械增压器 — a part that forces extra air into an engine, so the engine makes more power without growing in size.一种把额外空气强行压入发动机的零件,让发动机在体积不变的情况下输出更大动力。
eMobility电动出行(eMobility)2% · ~$0.5B

This segment makes power-distribution and inverter modules that convert a vehicle's battery power into the electricity that drives its motor. It is Eaton's smallest segment today, but it positions the company to grow as vehicle makers keep shifting away from combustion engines.该部门制造配电和逆变器模块,将车辆电池的电力转换为驱动电机所需的电力。这是伊顿目前规模最小的部门,但它让公司能够受益于车辆制造商持续从内燃机转向电动化的趋势。

  • Power distribution and inverter module配电和逆变器模块 — a box that takes power from a vehicle's battery and converts it into the type of electricity that drives the motor.一个把车辆电池的电力取出、并转换成驱动电机所需类型电力的盒子。

Company facts公司资料

Founded成立时间
1911
Employees员工人数
97,303
Industry行业
Specialty Industrial Machinery
Country国家
Ireland

Investment thesis投资逻辑 from the watchlist来自关注列表

📋 Re-analyzed 8/27 — WATCH, conviction 7.5→7.0. Wide-moat "grid-to-chip" power/thermal compounder; US data-center backlog now quantified at 307GW (~15yr of build), two guidance raises (FY26 adj EPS to $13.40-13.60).

Watch

  • But $11B of debt-funded M&A closed (Boyd Thermal liquid-cooling + Ultra PCS), pushing debt/assets 25.5%→39.6% and leverage ~1.5x→~3.1x; GAAP EPS fell YoY on the new interest + purchase accounting. Mobility spin restructured into a Reverse-Morris-Trust with Dana. Vendor "25.95x fwd" was FY2027; true FY26 is 30.8x ([[pitfall-vendor-forward-eps-is-the-wrong-fiscal-year]]). FV $325-405. Entry $325-350. Trim 34x fwd (~$459)

8/27 重新分析——WATCH,信念 7.5→7.0。 宽护城河"电网到芯片"电力/热管理复利机;美国数据中心积压已量化至 307GW(约 15 年建设量),两次上调指引(FY26 调整后 EPS 至 $13.40-13.60)。 ⚠️ 但 $11B 债务融资并购落地(Boyd Thermal 液冷 + Ultra PCS),负债/资产 25.5%→39.6%,杠杆约 1.5x→3.1x;GAAP EPS 因新增利息与购买法会计同比下滑。 Mobility 分拆改为与 Dana 的反向莫里斯信托。 旧"25.95x fwd"实为 FY2027,真实 FY26 为 30.8x。 FV $325-405。 入场 $325-350,减持 34x fwd。

Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动

Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例

Gross profit毛利润
36%
Operating profit营业利润
17%
Net profit净利润
13%

of every $1 of revenue每 $1 营收中的占比

Return on equity净资产收益率
20%
Revenue growth营收增长
+21%
Dividend yield股息率
1.00%

Competitors竞争对手

Schneider ElectricABBSiemensVertiv

Why customers stay客户为什么留下

Eaton's electrical gear carries decades of safety certification and gets designed into a building or plane at the start of construction, so customers rarely rip it out and switch brands later.Eaton的电气设备带有几十年积累的安全认证,并且在建筑或飞机动工之初就被设计进去,所以客户日后很少把它拆掉换成别的品牌。

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