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Held by 2,576 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $432.60 today, the market must believe free cash flow compounds 22.6%/yr for a decade (off $3.31B on the 3-yr avg basis).
The market's 22.6% is more optimistic than its 9-yr track record.
Default is 10.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.39B shares (market data) · net debt $9.27B
mean 9.2% · volatility σ 26% · implied rate exceeded in 3/9 yrs
Central path = implied 22.6%/yr growth; shaded band = ±1σ (26%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 23 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.87T | 44.7× | 34.0× | 11.7× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $442.4B | 33.7× | 28.9× | 7.0× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| LRCX | $434.9B | 60.3× | 50.4× | 18.7× | 26.0% | 50.5% | 31.3% | 58.3% | 44.9% | -0.2× | 3,011 |
| CAT | $388.6B | 45.0× | 30.9× | 5.8× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| DELL | $357.7B | 64.8× | 33.8× | 3.1× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| PANW | $329.9B | — | — | 28.7× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| ANET | $261.5B | 75.4× | 66.1× | 29.0× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| SNDK | $251.8B | 23.3× | 19.7× | 12.4× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| IBM | $209.8B | 19.9× | 20.8× | 3.1× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| STX | $193.1B | 61.1× | 44.6× | 15.8× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| DE | $185.2B | 37.1× | — | 4.0× | -11.7% | — | 11.0% | 19.4% | 12.6% | — | 2,592 |
| ETN | $169.4B | 41.7× | 29.9× | 6.2× | 10.3% | 37.6% | 14.9% | 21.0% | 13.9% | 1.6× | 2,576 |
| WDC | $149.7B | 17.1× | 31.1× | 11.6× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $132.8B | 74.8× | 58.7× | 19.5× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| JCI | $94.6B | 31.1× | — | 4.0× | 2.8% | 36.4% | 13.9% | 25.5% | 14.4% | — | 1,547 |
| HPE | $92.0B | — | 47.2× | 2.7× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| ITW | $74.9B | 25.1× | 18.3× | 4.7× | 0.9% | 52.9% | 19.1% | 95.0% | 25.1% | 1.8× | 1,915 |
| CMI | $72.7B | 25.8× | 13.6× | 2.2× | -1.3% | 25.3% | 8.8% | 23.9% | 23.8% | -0.5× | 2,037 |
| P | $46.7B | 254.8× | 182.2× | 12.8× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| CARR | $45.4B | 32.0× | 16.2× | 2.1× | -3.3% | — | 6.8% | 10.5% | 5.7% | 3.0× | 1,591 |
| NTAP | $44.4B | 35.6× | 24.2× | 7.1× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| IR | $29.5B | 52.5× | 20.0× | 3.9× | 5.7% | 43.6% | 7.6% | 5.8% | 3.9% | 2.1× | 868 |
| HPQ | $29.0B | 12.1× | 8.5× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| SMCI | $28.7B | 13.4× | 8.9× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
Peers = companies sharing ETN's sector (Misc Industrial & Commercial Machinery & Equipment) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 46% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.63B dividends + $1.86B buybacks = $3.49B returned on $3.55B FCF.
9 consecutive years of dividend increases · 7%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 14%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $622.0M is below the $1.14B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~2.4% on $9.89B of debt.
Cash of $622.0M fully covers short-term debt of $1.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.45B 100.0% | $24.88B 100.0% | $23.20B 100.0% | $20.75B 100.0% | $19.63B 100.0% | $17.86B 100.0% | $21.39B 100.0% | $21.61B 100.0% | $20.40B 100.0% | $0 |
| Cost of Revenue | $17.13B 62.4% | $15.38B 61.8% | $14.76B 63.6% | $13.87B 66.8% | $13.29B 67.7% | $12.41B 69.5% | $14.34B 67.0% | $14.51B 67.2% | $13.76B 67.4% | $13.40B |
| Research & Development | $797.0M 2.9% | $794.0M 3.2% | $754.0M 3.3% | $665.0M 3.2% | $616.0M 3.1% | $551.0M 3.1% | $606.0M 2.8% | $584.0M 2.7% | $584.0M 2.9% | $587.0M |
| Selling, General & Admin | $4.31B 15.7% | $4.08B 16.4% | $3.79B 16.4% | $3.23B 15.6% | $3.26B 16.6% | $3.08B 17.2% | $3.58B 16.8% | $3.55B 16.4% | $3.53B 17.3% | $3.46B |
| Operating Income | — | — | — | — | — | — | $3.67B 17.2% | $3.63B 16.8% | $3.21B 15.8% | $2.96B |
| Interest Expense | $241.0M 0.9% | $130.0M 0.5% | $151.0M 0.7% | — | $144.0M 0.7% | $149.0M 0.8% | $199.0M 0.9% | — | — | — |
| Other Income (Expense), net | -$37.0M -0.1% | $64.0M 0.3% | $93.0M 0.4% | $36.0M 0.2% | -$40.0M -0.2% | -$150.0M -0.8% | -$73.0M -0.3% | -$9.0M -0.0% | -$1.0M -0.0% | $51.0M |
| Pretax Income | $4.93B 18.0% | $4.57B 18.4% | $3.83B 16.5% | $2.91B 14.0% | $2.90B 14.8% | $1.75B 9.8% | $2.59B 12.1% | $2.42B 11.2% | $3.37B 16.5% | $2.12B |
| Income Tax Expense | $841.0M 3.1% | $768.0M 3.1% | $604.0M 2.6% | $445.0M 2.1% | $750.0M 3.8% | $331.0M 1.9% | $378.0M 1.8% | $278.0M 1.3% | $382.0M 1.9% | $199.0M |
| Net Income | $4.09B 14.9% | $3.79B 15.3% | $3.22B 13.9% | $2.46B 11.9% | $2.14B 10.9% | $1.41B 7.9% | $2.21B 10.3% | $2.15B 9.9% | $2.99B 14.6% | $1.92B |
| Per Share | ||||||||||
| EPS (Basic) | $10.48 | $9.54 | $8.06 | $6.17 | $5.38 | $3.51 | $5.28 | $4.93 | $6.71 | $4.21 |
| EPS (Diluted) | $10.45 | $9.50 | $8.02 | $6.14 | $5.34 | $3.49 | $5.25 | $4.91 | $6.68 | $4.20 |
| Weighted Avg Shares (Basic) | 389.9M | 397.6M | 399.1M | 398.7M | 398.7M | 402.2M | 419.0M | 434.3M | 444.5M | 455.0M |
| Weighted Avg Shares (Diluted) | 391.2M | 399.4M | 401.1M | 400.8M | 401.6M | 404.0M | 420.8M | 436.9M | 447.0M | 456.5M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Earns 1.33pts above its cost of capital, without much margin of safety.
ROIC ex-goodwill is 28.68% against 11.95% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 21% against ROIC 14% — 7% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 67.2 | 67.0 | 69.5 | 67.7 | 66.8 | 63.6 | 61.8 | 62.4 |
| R&D | 2.7 | 2.8 | 3.1 | 3.1 | 3.2 | 3.3 | 3.2 | 2.9 |
| SG&A | 16.4 | 16.8 | 17.2 | 16.6 | 15.6 | 16.4 | 16.4 | 15.7 |
| Operating Income | 16.8 | 17.2 | — | — | — | — | — | — |
| Income Tax | 1.3 | 1.8 | 1.9 | 3.8 | 2.1 | 2.6 | 3.1 | 3.1 |
| Net Income | 9.9 | 10.3 | 7.9 | 10.9 | 11.9 | 13.9 | 15.3 | 14.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ETN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 32.2% | 15.0% | 9.7% |
| FY2017 | 32.6% | 15.8% | 14.6% |
| FY2018 | 32.8% | 16.8% | 9.9% |
| FY2019 | 33.0% | 17.2% | 10.3% |
| FY2020 | 30.5% | 10.6% | 7.9% |
| FY2021 | 32.3% | 15.0% | 10.9% |
| FY2022 | 33.2% | 13.9% | 11.9% |
| FY2023 | 36.4% | 16.1% | 13.9% |
| FY2024 | 38.2% | 18.1% | 15.3% |
| FY2025 | 37.6% | 18.1% | 14.9% |
Leverage and buybacks account for 7 points of the 21% return on equity in FY2025. The business earns 14% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$20.2B of goodwill — 58% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 12.3% | 10.6% (today's — no rate published for this year) | 1.7pts |
| FY2020 | 6.8% | 10.6% (today's — no rate published for this year) | -3.8pts |
| FY2021 | 9.6% | 7.1% | 2.5pts |
| FY2022 | 9.1% | 10.6% (today's — no rate published for this year) | -1.5pts |
| FY2023 | 10.8% | 8.3% | 2.5pts |
| FY2024 | 13.2% | 10.3% | 2.9pts |
| FY2025 | 13.8% | 10.3% | 3.5pts |
| Now | 13.9% | 10.6% | 3.3pts |
Converts 0.84x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.09B | $4.09B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $385M | $4.47B |
| Operating cash flow | $4.47B | $4.47B |
| Capex | −$919M | $3.55B |
| Free cash flow | $3.55B | $3.55B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -16.5% | not reported | not reported |
| FY2021 | 9.9% | not reported | not reported |
| FY2022 | 5.7% | not reported | not reported |
| FY2023 | 11.8% | not reported | not reported |
| FY2024 | 7.3% | not reported | not reported |
| FY2025 | 10.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.8 percent |
| FY2020 | -4.8 percent |
| FY2021 | -0.1 percent |
| FY2022 | -0.2 percent |
| FY2023 | -1.1 percent |
| FY2024 | -1.4 percent |
| FY2025 | -0.9 percent |
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 14.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 20.62x |
| 5% | 19.59x |
| 10% | 18.56x |
| 15% | 17.53x |
| 20% | 16.49x |
| 25% | 15.46x |
| 30% | 14.43x |
| 35% | 13.40x |
| 40% | 12.37x |
| 45% | 11.34x |
| 50% | 10.31x |
| 55% | 9.28x |
| 60% | 8.25x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $436.11, free cash flow must compound 22.73%/yr for 10 years. It has done 3.66%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −10.8% | 22.7% |
| FY2021 | −37.8% | 22.7% |
| FY2022 | 21.9% | 22.7% |
| FY2023 | 48.2% | 22.7% |
| FY2024 | 22.7% | 22.7% |
| FY2025 | 1.0% | 22.7% |
The implied rate has been matched or beaten in 2 of the last 6 years.