ETN vs ITW: Eaton Corporation and Illinois Tool Works compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Eaton Corporation is the larger company, worth $152.5B, about 2.0 times Illinois Tool Works.
- Eaton Corporation grew revenue faster over the last year (+21.4% vs +6.1%).
- On earnings, Illinois Tool Works is the cheaper stock (24.3x vs 38.4x).
- Eaton Corporation's price assumes faster free cash flow growth: about 15% a year, against 9% for Illinois Tool Works (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ETN | ITW |
|---|---|---|
| Market cap | $152.5B | $75.2B |
| Share price | $429.65 | $264.13 |
| Revenue (last fiscal year) | $27.4B | $16.0B |
| Free cash flow (last fiscal year) | $3.6B | $2.7B |
| Revenue growth, last year | +21.4% | +6.1% |
| Revenue growth per year, last 5 fiscal years | +8.7% | +2.6% |
| Operating margin | — | 26.5% |
| Net margin | 12.8% | 19.4% |
| Return on equity | 18.9% | 110.3% |
| P/E (trailing) | 38.4x | 24.3x |
| Price / free cash flow | 34.1x | 27.8x |
| EV / EBITDA | 28.3x | 16.8x |
| FCF growth the price implies | 15.0% | 9.3% |
| Dividend yield | 1.1% | 2.4% |
| Debt / equity | 1.77x | 4.70x |
| Fundamental grade | D | C |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 0 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Eaton Corporation
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.6B | $1.6B | — |
| 2022 | $20.8B | $1.9B | — |
| 2023 | $23.2B | $2.9B | — |
| 2024 | $24.9B | $3.5B | — |
| 2025 | $27.4B | $3.6B | — |
Illinois Tool Works
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.5B | $2.3B | 24.1% |
| 2022 | $15.9B | $1.9B | 23.8% |
| 2023 | $16.1B | $3.1B | 25.1% |
| 2024 | $15.9B | $2.8B | 26.8% |
| 2025 | $16.0B | $2.7B | 26.3% |
Where the revenue comes from
Eaton Corporation · by segments, 2025
Electrical Americas$13.3B48%
Electrical Global$6.8B25%
Aerospace$4.2B15%
Vehicle$2.5B9%
eMobility$604M2%
Illinois Tool Works · by segments, 2025
Automotive OEM$3.3B20%
Test & Measurement and Electronics$2.8B18%
Food Equipment$2.7B17%
Welding$1.9B12%
Construction Products$1.8B11%
Specialty Products$1.8B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ETN in InvestinglyQuestions
Which is bigger, Eaton Corporation or Illinois Tool Works?
Eaton Corporation (ETN), at $152.5B against $75.2B.
Is ETN or ITW cheaper?
By trailing P/E, Illinois Tool Works (24.3x) is cheaper than Eaton Corporation (38.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ETN or ITW?
Eaton Corporation: revenue grew +21.4% over the last year, against +6.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.