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Side-by-side financial comparison of Eaton Corporation (ETN) and Vistra Corp. (VST). Click either name above to swap in a different company.
Eaton Corporation is the larger business by last-quarter revenue ($7.1B vs $4.8B, roughly 1.5× Vistra Corp.). Eaton Corporation runs the higher net margin — 16.0% vs 4.8%, a 11.2% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 13.1%). Eaton Corporation produced more free cash flow last quarter ($1.6B vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 9.0%).
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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
ETN vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1B | $4.8B |
| Net Profit | $1.1B | $233.0M |
| Gross Margin | 36.8% | — |
| Operating Margin | 18.3% | 9.9% |
| Net Margin | 16.0% | 4.8% |
| Revenue YoY | 13.1% | 31.2% |
| Net Profit YoY | 16.5% | -47.2% |
| EPS (diluted) | $2.90 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $7.0B | $4.8B | ||
| Q2 25 | $7.0B | $3.8B | ||
| Q1 25 | $6.4B | $4.3B | ||
| Q4 24 | $6.2B | $3.7B | ||
| Q3 24 | $6.3B | $4.3B | ||
| Q2 24 | $6.3B | $3.6B | ||
| Q1 24 | $5.9B | $3.2B |
| Q4 25 | $1.1B | $233.0M | ||
| Q3 25 | $1.0B | $652.0M | ||
| Q2 25 | $982.0M | $327.0M | ||
| Q1 25 | $964.0M | $-268.0M | ||
| Q4 24 | $971.0M | $441.0M | ||
| Q3 24 | $1.0B | $1.9B | ||
| Q2 24 | $993.0M | $365.0M | ||
| Q1 24 | $821.0M | $-35.0M |
| Q4 25 | 36.8% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 37.0% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 38.9% | — | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 38.0% | — | ||
| Q1 24 | 37.3% | — |
| Q4 25 | 18.3% | 9.9% | ||
| Q3 25 | 18.2% | 21.7% | ||
| Q2 25 | 16.9% | 13.7% | ||
| Q1 25 | 18.5% | -2.8% | ||
| Q4 24 | 18.7% | 16.4% | ||
| Q3 24 | 19.0% | 59.6% | ||
| Q2 24 | 18.8% | 22.5% | ||
| Q1 24 | 16.8% | 2.7% |
| Q4 25 | 16.0% | 4.8% | ||
| Q3 25 | 14.5% | 13.6% | ||
| Q2 25 | 14.0% | 8.7% | ||
| Q1 25 | 15.1% | -6.3% | ||
| Q4 24 | 15.6% | 12.0% | ||
| Q3 24 | 15.9% | 43.5% | ||
| Q2 24 | 15.6% | 10.1% | ||
| Q1 24 | 13.8% | -1.1% |
| Q4 25 | $2.90 | $0.55 | ||
| Q3 25 | $2.59 | $1.75 | ||
| Q2 25 | $2.51 | $0.81 | ||
| Q1 25 | $2.45 | $-0.93 | ||
| Q4 24 | $2.45 | $1.09 | ||
| Q3 24 | $2.53 | $5.25 | ||
| Q2 24 | $2.48 | $0.90 | ||
| Q1 24 | $2.04 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | $8.8B | $15.8B |
| Stockholders' EquityBook value | $19.4B | $5.1B |
| Total Assets | $41.3B | $41.5B |
| Debt / EquityLower = less leverage | 0.45× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $803.0M | $785.0M | ||
| Q3 25 | $565.0M | $602.0M | ||
| Q2 25 | $584.0M | $458.0M | ||
| Q1 25 | $1.9B | $561.0M | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $2.0B | $905.0M | ||
| Q2 24 | $2.8B | $1.6B | ||
| Q1 24 | $2.4B | $1.1B |
| Q4 25 | $8.8B | $15.8B | ||
| Q3 25 | $8.8B | $15.8B | ||
| Q2 25 | $8.8B | $15.5B | ||
| Q1 25 | $7.6B | $15.4B | ||
| Q4 24 | $8.5B | $15.4B | ||
| Q3 24 | $8.7B | $13.9B | ||
| Q2 24 | $8.6B | $13.9B | ||
| Q1 24 | $8.2B | $14.7B |
| Q4 25 | $19.4B | $5.1B | ||
| Q3 25 | $18.8B | $5.2B | ||
| Q2 25 | $18.6B | $4.8B | ||
| Q1 25 | $18.5B | $4.8B | ||
| Q4 24 | $18.5B | $5.6B | ||
| Q3 24 | $19.1B | $5.4B | ||
| Q2 24 | $19.2B | $5.6B | ||
| Q1 24 | $19.3B | $5.7B |
| Q4 25 | $41.3B | $41.5B | ||
| Q3 25 | $40.6B | $38.0B | ||
| Q2 25 | $40.5B | $38.1B | ||
| Q1 25 | $39.2B | $38.2B | ||
| Q4 24 | $38.4B | $37.8B | ||
| Q3 24 | $39.2B | $37.9B | ||
| Q2 24 | $39.4B | $39.1B | ||
| Q1 24 | $38.5B | $38.2B |
| Q4 25 | 0.45× | 3.11× | ||
| Q3 25 | 0.46× | 3.02× | ||
| Q2 25 | 0.47× | 3.22× | ||
| Q1 25 | 0.41× | 3.20× | ||
| Q4 24 | 0.46× | 2.77× | ||
| Q3 24 | 0.45× | 2.56× | ||
| Q2 24 | 0.45× | 2.49× | ||
| Q1 24 | 0.42× | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $1.6B | $596.0M |
| FCF MarginFCF / Revenue | 22.3% | 12.4% |
| Capex IntensityCapex / Revenue | 5.6% | 17.4% |
| Cash ConversionOCF / Net Profit | 1.74× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $3.6B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.4B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $918.0M | $572.0M | ||
| Q1 25 | $238.0M | $599.0M | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $946.0M | $1.2B | ||
| Q1 24 | $475.0M | $312.0M |
| Q4 25 | $1.6B | $596.0M | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $716.0M | $-118.0M | ||
| Q1 25 | $91.0M | $-169.0M | ||
| Q4 24 | $1.3B | $923.0M | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $759.0M | $698.0M | ||
| Q1 24 | $292.0M | $-153.0M |
| Q4 25 | 22.3% | 12.4% | ||
| Q3 25 | 16.8% | 21.1% | ||
| Q2 25 | 10.2% | -3.1% | ||
| Q1 25 | 1.4% | -4.0% | ||
| Q4 24 | 21.5% | 25.2% | ||
| Q3 24 | 17.7% | 23.4% | ||
| Q2 24 | 12.0% | 19.4% | ||
| Q1 24 | 4.9% | -4.8% |
| Q4 25 | 5.6% | 17.4% | ||
| Q3 25 | 2.5% | 9.6% | ||
| Q2 25 | 2.9% | 18.4% | ||
| Q1 25 | 2.3% | 18.1% | ||
| Q4 24 | 4.1% | 11.7% | ||
| Q3 24 | 2.9% | 15.8% | ||
| Q2 24 | 2.9% | 13.8% | ||
| Q1 24 | 3.1% | 14.7% |
| Q4 25 | 1.74× | 6.15× | ||
| Q3 25 | 1.34× | 2.25× | ||
| Q2 25 | 0.93× | 1.75× | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 1.64× | 3.07× | ||
| Q3 24 | 1.30× | 0.90× | ||
| Q2 24 | 0.95× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
