Eaton began in 1911 as a maker of truck axles; it now earns 59% of its segment profit in Electrical Americas, which sells switchgear, transformers and power systems to data centres and utilities and whose organic orders grew 41% in the year to June 2026. In 2026 it doubled that bet with borrowed money. In six months it paid $11.1 billion for acquisitions — $9.5 billion of it for Boyd Thermal’s liquid cooling, at 22.5 times Boyd’s estimated 2026 adjusted EBITDA by Eaton’s own figure — took total debt from $9.9 billion to $20.6 billion, stopped buying back shares, and agreed to hand its truck and car businesses to Dana in a deal expected to close in early 2027. This is a full institutional-grade equity research report on Eaton Corporation plc (NYSE: ETN), built from SEC XBRL company facts, both registrants’ annual reports since 1994, the quarterly reports and earnings releases to June 2026, the 2026 Mobility and Dana filings and the proxy statements, into nine chapters, a Thesis, a Valuation and 128 rebuilt charts.
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