Data-center 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 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Eaton is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 37 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 |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| eBay Inc. | lead2 | +33.8 | -36.5 | +7.7 | +44.8 | +42.7 | +19.8 |
| Colgate-Palmolive Company | lead2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| Cintas Corporation | lead2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Honeywell Technologies | lead2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Booking Holdings Inc. | lead2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -14.7 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -20.3 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -49.9 |
| AppLovin Corporation | lead2 | · | -88.8 | +278.4 | +712.6 | +108.1 | -52.4 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Eaton | node | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Eaton operates across NYSE, Datacenter power & UPS, power management. It is +30.1% in 2026. The stock (+30.1%) and its demand side (avg +4.5%) are moving in step. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Q2 revenue $7B (record).
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $465 · Price $410.85 (09-04) · Upside +13%
| 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).