Eaton Corporation management check
ETN · Industrials · Electrical Components & Equipment · CEO Mr. Ruiz
Filings as of
4 good · 1 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $288, against $175 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.26 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$14.0m of reported pay in fiscal 2025, against $4.1bn of net income.
- n/a
Do they own the stock?
No recent CEO filingBoth: 1 buyer ($482k) and 5 sellers ($17.1m) in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.2% a year over the last three fiscal years.
- Flag
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Arnold, Mr. Ruiz. 14 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 55 | |
| Pay for performance | 63 | 86 | |
| CEO cost | 89 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 66 | 62 | |
| Stable leadership | 15 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Electrical Components & Equipment, by management score. Eaton Corporation is 27th of 81 in its sector.
- 108BEBloom Energy76
- 135VRTVertiv73
- 152ETNEaton Corporation72
- 198EMREmerson Electric69
- 208AMEAmetek68
- 283ROKRockwell Automation62
Pay versus performance
From the proxy statement filed March 13, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Ruiz, Mr. Arnold | $14.0m | $5.9m | $4.7m | $288 | $175 | $4.1bn |
| 2024 | Mr. Arnold | $22.6m | $46.8m | $5.4m | $389 | $176 | $3.8bn |
| 2023 | Mr. Arnold | $20.5m | $72.7m | $4.3m | $279 | $150 | $3.2bn |
| 2022 | Mr. Arnold | $14.3m | $10.4m | $3.9m | $178 | $127 | $2.5bn |
| 2021 | Mr. Arnold | $19.5m | $48.6m | $5.7m | $192 | $135 | $2.1bn |
The board says pay is tied most to Adjusted EPS. Its other key measures: Adjusted OCF, Total Shareholder Return.
Insiders and the CEO's stake
Both: 1 buyer ($482k) and 5 sellers ($17.1m) in six months.
- BoughtGerald JohnsonDirector$482kAug 13, 2026
- SoldHeath B. MonesmithSee Remarks below.$15.8mAug 11, 2026
- SoldPeter DenkSee Remarks below.$836kMay 6, 2026
- SoldAdam A WadeckiSee Remarks below.$231kAug 4, 2026
Leadership and governance on file
- Oct 5, 2026Leadership change8-K 5.02
- Mar 2, 2026Leadership change8-K 5.02
- Mar 2, 2026Leadership change8-K 5.02
- Dec 16, 2025Leadership change8-K/A 5.02
- Nov 20, 2025Leadership change8-K 5.02
- Jul 23, 2025Leadership change8-K 5.02
- Jul 21, 2025Leadership change8-K 5.02
- Feb 27, 2025Leadership change8-K 5.02
- Oct 22, 2024Leadership change8-K 5.02
- Aug 12, 2024Leadership change8-K 5.02
- Jul 29, 2024Leadership change8-K 5.02
- Apr 22, 2024Leadership change8-K 5.02
Latest shareholder vote results: Apr 23, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $11.8bn returned to owners in buybacks and dividends, 75% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $19.6bn | $20.8bn | $23.2bn | $24.9bn | $27.4bn |
| Net income | $2.1bn | $2.5bn | $3.2bn | $3.8bn | $4.1bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | $122.0m | $286.0m | $0 | $2.5bn | $1.9bn |
| Dividends | $1.2bn | $1.3bn | $1.4bn | $1.5bn | $1.6bn |
| Diluted shares | 402m | 401m | 401m | 399m | 391m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.