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Side-by-side financial comparison of Eaton Corporation (ETN) and Fresenius Medical Care AG (FMS). Click either name above to swap in a different company.
Eaton Corporation is the larger business by last-quarter revenue ($7.1B vs $5.5B, roughly 1.3× Fresenius Medical Care AG). Eaton Corporation runs the higher net margin — 16.0% vs 7.9%, a 8.1% gap on every dollar of revenue. On growth, Eaton Corporation posted the faster year-over-year revenue change (13.1% vs -0.3%).
Eaton Corporation plc is an Irish multinational power management company, with a primary administrative center in Beachwood, Ohio. Eaton has more than 85,000 employees and sells products to customers in more than 175 countries.
Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.
ETN vs FMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1B | $5.5B |
| Net Profit | $1.1B | $434.2M |
| Gross Margin | 36.8% | 27.4% |
| Operating Margin | 18.3% | 11.7% |
| Net Margin | 16.0% | 7.9% |
| Revenue YoY | 13.1% | -0.3% |
| Net Profit YoY | 16.5% | 240.4% |
| EPS (diluted) | $2.90 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $7.1B | $5.5B | ||
| Q3 25 | $7.0B | — | ||
| Q2 25 | $7.0B | — | ||
| Q1 25 | $6.4B | — | ||
| Q4 24 | $6.2B | $5.5B | ||
| Q3 24 | $6.3B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $5.9B | — |
| Q4 25 | $1.1B | $434.2M | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $982.0M | — | ||
| Q1 25 | $964.0M | — | ||
| Q4 24 | $971.0M | $127.6M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $993.0M | — | ||
| Q1 24 | $821.0M | — |
| Q4 25 | 36.8% | 27.4% | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 37.0% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 38.9% | 25.0% | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 38.0% | — | ||
| Q1 24 | 37.3% | — |
| Q4 25 | 18.3% | 11.7% | ||
| Q3 25 | 18.2% | — | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | 18.5% | — | ||
| Q4 24 | 18.7% | 5.1% | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 18.8% | — | ||
| Q1 24 | 16.8% | — |
| Q4 25 | 16.0% | 7.9% | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 14.0% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 15.6% | 2.3% | ||
| Q3 24 | 15.9% | — | ||
| Q2 24 | 15.6% | — | ||
| Q1 24 | 13.8% | — |
| Q4 25 | $2.90 | — | ||
| Q3 25 | $2.59 | — | ||
| Q2 25 | $2.51 | — | ||
| Q1 25 | $2.45 | — | ||
| Q4 24 | $2.45 | — | ||
| Q3 24 | $2.53 | — | ||
| Q2 24 | $2.48 | — | ||
| Q1 24 | $2.04 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $803.0M | $1.7B |
| Total DebtLower is stronger | $8.8B | — |
| Stockholders' EquityBook value | $19.4B | $15.4B |
| Total Assets | $41.3B | $33.5B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $803.0M | $1.7B | ||
| Q3 25 | $565.0M | — | ||
| Q2 25 | $584.0M | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.4B | — |
| Q4 25 | $8.8B | — | ||
| Q3 25 | $8.8B | — | ||
| Q2 25 | $8.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $8.7B | — | ||
| Q2 24 | $8.6B | — | ||
| Q1 24 | $8.2B | — |
| Q4 25 | $19.4B | $15.4B | ||
| Q3 25 | $18.8B | — | ||
| Q2 25 | $18.6B | — | ||
| Q1 25 | $18.5B | — | ||
| Q4 24 | $18.5B | $17.0B | ||
| Q3 24 | $19.1B | — | ||
| Q2 24 | $19.2B | — | ||
| Q1 24 | $19.3B | — |
| Q4 25 | $41.3B | $33.5B | ||
| Q3 25 | $40.6B | — | ||
| Q2 25 | $40.5B | — | ||
| Q1 25 | $39.2B | — | ||
| Q4 24 | $38.4B | $36.3B | ||
| Q3 24 | $39.2B | — | ||
| Q2 24 | $39.4B | — | ||
| Q1 24 | $38.5B | — |
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.46× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.42× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.0B | $2.9B |
| Free Cash FlowOCF − Capex | $1.6B | — |
| FCF MarginFCF / Revenue | 22.3% | — |
| Capex IntensityCapex / Revenue | 5.6% | — |
| Cash ConversionOCF / Net Profit | 1.74× | 6.67× |
| TTM Free Cash FlowTrailing 4 quarters | $3.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $2.9B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $918.0M | — | ||
| Q1 25 | $238.0M | — | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $946.0M | — | ||
| Q1 24 | $475.0M | — |
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $716.0M | — | ||
| Q1 25 | $91.0M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $759.0M | — | ||
| Q1 24 | $292.0M | — |
| Q4 25 | 22.3% | — | ||
| Q3 25 | 16.8% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 17.7% | — | ||
| Q2 24 | 12.0% | — | ||
| Q1 24 | 4.9% | — |
| Q4 25 | 5.6% | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | 1.74× | 6.67× | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 1.64× | 20.20× | ||
| Q3 24 | 1.30× | — | ||
| Q2 24 | 0.95× | — | ||
| Q1 24 | 0.58× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ETN
| Other | $1.8B | 26% |
| Electrical Global Segment | $1.7B | 24% |
| Aerospace Segment | $1.1B | 16% |
| Vehicle Segment | $586.0M | 8% |
| Original Equipment Manufacturers | $438.0M | 6% |
| Aftermarket Distribution And End User | $403.0M | 6% |
| Commercial | $341.0M | 5% |
| Industrialand Other | $269.0M | 4% |
| Passenger And Light Duty | $244.0M | 3% |
| E Mobility Segment | $124.0M | 2% |
FMS
Segment breakdown not available.
