NYSE · Datacenter power & UPS · power management
Eaton
A power-management major. AI datacenters need 5-10x the electrical density of traditional ones, making Eaton’s UPS, distribution and power management a multi-year supercycle. Datacenters are 25-30% of the electrical business ($4-6B/yr). Microsoft, Google, Amazon and Meta are core customers. Q2 revenue $7B (record).
ETN Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Eaton is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 18 companies within two hops; the links are backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q2 revenue $7B (electrical backlog +18%)
- Customer concentration · Datacenter 25-30% of electrical.
- Segments · Datacenter power/UPS · Electrical distribution · Aerospace
Revenue from
- Meta Platforms Medium confidence
Supplies UPS, distribution and power management to meta datacenters. - Amazon Medium confidence
Supplies UPS, distribution and power management to amazon datacenters. - Industrial · colocation · utilities (power) Medium confidence
Colo, industrial and utility power management. - Microsoft Medium confidence
Supplies UPS, distribution and power management to microsoft datacenters. - Alphabet (Google) Medium confidence
Supplies UPS, distribution and power management to alphabet datacenters.
Pays to
- R&D & engineering (undisclosed) Low confidence
Power-management/UPS R&D. - power components & materials (undisclosed) Low confidence
Power-electronics and distribution parts.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -9 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Eaton | node | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
A power-management major whose UPS, distribution and power-management demand has entered a multi-year supercycle as AI data centers require 5-10x the electrical density of traditional ones. Data centers are 25-30% of the electrical business ($4-6B/yr) with hyperscalers Microsoft, Google, Amazon and Meta as core customers, and Q2 revenue of $7B (a record) with electrical backlog +18% points to the early innings of the cycle. Risks are that results track the hyperscaler capex cycle and power-electronics component sourcing, with colocation, industrial, utility and aerospace diversifying demand. Downstream on the graph are hyperscaler data centers, and rising AI power density pushes demand into this node.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $465 · Price $407.28 (07-10) · Upside +14%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| JPMorgan | Overweight | $445 | May 6, 2026 | Report ↗ |
| Citigroup | Buy | $471 | May 6, 2026 | Report ↗ |
| KeyBanc Capital Markets | Overweight | $480 | May 6, 2026 | Report ↗ |
After strong Q1 2026 results and data-center electrical demand, JPMorgan, Citi and KeyBanc all raised targets; consensus is strongly buy-tilted (22 buy / 6 hold / 1 sell).