MEDIUMOutside partyCustomer
37%
four vehicle OEMs (Vehicle segment)
“10-K Item 1: 'In 2025, 37% of this segment's sales were made to four large original equipment manufacturers of vehicles and related components.'”
ETN · Concentration risk · 10-K extracted
Eaton Corporation (ETN) concentration risks
Updated
The most significant concentration Eaton Corporation discloses is four vehicle OEMs (Vehicle segment) at 37%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Eaton Corporation’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM1
LOW3
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyCustomer
22%
six large customers (Electrical segments)
“10-K Item 1: 'In 2025, 22% of these segments' sales were made to six large customers of electrical products and electrical systems and services.'”
LOWOutside partyCustomer
20%
three aircraft OEMs (Aerospace segment)
“10-K Item 1: 'In 2025, 20% of this segment's sales were made to three large original equipment manufacturers of aircraft.'”
LOWOutside partyCustomer
18%
one OEM (eMobility segment)
“10-K Item 1: 'In 2025, 18% of this segment's sales were made to one large original equipment manufacturer of vehicles and related components.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-05Eaton's customer concentration is segment-specific rather than company-wide, and it varies in size across the portfolio. The Vehicle segment shows the largest exposure: four large vehicle OEMs accounted for approximately 37% of that segment's 2025 sales. The Electrical segments show a lower share, with six large customers representing about 22% of those segments' sales, while the Aerospace segment's three OEM customers made up roughly 20%, and the eMobility segment's single largest OEM customer represented about 18%. All four are dependency exposures — reliance on a defined set of large original-equipment customers within each segment — rather than structural, industry-wide features. Because each concentration is confined to its own segment, none by itself dominates Eaton's consolidated revenue base; a disruption at one OEM relationship would likely be contained to that segment rather than propagate across the whole company. Of the four, the Vehicle segment's exposure is the largest in share and therefore the one most capable of moving segment-level results if a relationship among those four OEMs were to change, while the Electrical, Aerospace, and eMobility concentrations are comparatively smaller dependencies layered across a diversified industrial business.
For the engine’s reasoning on ETN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Specialty Industrial Machinery
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CMI | Cummins Inc. | 2 | 1 | 0 | 3 |
| AOS | A.O. Smith Corporation | 1 | 1 | 1 | 3 |
| ETN● | Eaton Corporation, PLC | 0 | 1 | 3 | 4 |
| CR | Crane Company | 0 | 1 | 0 | 1 |
| AME | AMETEK, Inc. | 0 | 0 | 1 | 1 |
| BW | Babcock & Wilcox Enterprises, I | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.