ETN vs. LMT: Eaton vs. Lockheed Martin Stock Comparison

November 11, 2026

How do Eaton (ETN) and Lockheed Martin (LMT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Eaton (ETN) and Lockheed Martin (LMT) both fall under the Capital Goods industry group, but ETN is classified in Electrical Equipment while LMT is classified in Aerospace & Defense.

Company profile comparison for Eaton (ETN) and Lockheed Martin (LMT)
Profile Item	ETN	LMT
Name	Eaton Corporation plc	Lockheed Martin Corporation
Country/Region	Ireland	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Electrical Equipment	Aerospace & Defense
GICS Sub-Industry	Electrical Components & Equipment	Aerospace & Defense
Market Capitalization	132.76 billion USD	131.00 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	June 1, 1972	January 2, 1962
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ETN

LMT

GSPC

Eaton (ETN) vs. Lockheed Martin (LMT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Eaton (ETN) and Lockheed Martin (LMT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Eaton (ETN) and Lockheed Martin (LMT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
Total Return (1Y)	-2.33%	31.17%
Total Return (3Y, Annualized)	19.68%	12.79%
Total Return (5Y, Annualized)	17.50%	14.65%

Risk Profile

Drawdown History

ETN

LMT

GSPC

Eaton (ETN) vs. Lockheed Martin (LMT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Eaton (ETN) and Lockheed Martin (LMT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
Volatility (1Y, Annualized)	43.57%	31.09%
Beta (5Y)	1.14	0.10
Max Drawdown (5Y)	-34.46%	-31.79%
Avg. Volume (3M)	2.32M	1.29M

Risk-Adjusted Performance

Risk-Return Positioning

ETN and LMT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
Sharpe Ratio (1Y)	-0.15	0.86
Sortino Ratio (1Y)	-0.21	1.38

Profitability

ROE (TTM)

Both companies show strong equity returns, but Lockheed Martin (LMT) at 80.19% is the standout with ROE above its industry range; Eaton (ETN) at 19.55% also sits in the top quartile.

ETN

Capital Goods industry group

19.55%

Max: 40.55%
ETN: 19.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

LMT

Capital Goods industry group

80.19%

LMT: 80.19%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

Eaton (ETN) at 12.18% retains a top-quartile share of revenue as profit, ahead of Lockheed Martin (LMT) at 8.23%, which keeps about the industry-typical share.

ETN

Capital Goods industry group

12.18%

Max: 27.47%
ETN: 12.18%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

LMT

Capital Goods industry group

8.23%

Max: 27.47%
Q3: 12.10%
LMT: 8.23%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Both Eaton (ETN) at 17.85% and Lockheed Martin (LMT) at 11.41% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

ETN

Capital Goods industry group

17.85%

Max: 36.60%
Q3: 18.33%
ETN: 17.85%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

LMT

Capital Goods industry group

11.41%

Max: 36.60%
Q3: 18.33%
LMT: 11.41%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
ROE (TTM)	19.55%	80.19%
ROA (TTM)	7.22%	8.58%
Net Margin (TTM)	12.18%	8.23%
Operating Margin (TTM)	17.85%	11.41%
Gross Margin (TTM)	35.16%	11.73%

Growth

Revenue Growth

Both Eaton (ETN) at 10.33% and Lockheed Martin (LMT) at 5.64% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Eaton (ETN) at 10.00% and Lockheed Martin (LMT) at -3.68% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
Revenue Growth (YoY)	10.33%	5.64%
Revenue Growth (3Y CAGR)	9.77%	4.38%
EPS Growth (YoY)	10.00%	-3.68%
EPS Growth (3Y CAGR)	19.39%	-0.26%

Financial Strength

Current Ratio (MRQ)

Both Eaton (ETN) at 1.23 and Lockheed Martin (LMT) at 1.26 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

ETN

Capital Goods industry group

1.23

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
ETN: 1.23
Min: 0.36

LMT

Capital Goods industry group

1.26

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
LMT: 1.26
Min: 0.36

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Eaton (ETN) at 1.00 carries an industry-typical debt-to-equity mix, while Lockheed Martin (LMT) at 2.04 uses more debt funding than most peers.

ETN

Capital Goods industry group

1.00

Max: 2.33
Q3: 1.12
ETN: 1.00
Median: 0.60
Q1: 0.29
Min: 0.00

LMT

Capital Goods industry group

2.04

Max: 2.33
LMT: 2.04
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their debt-to-equity ratio against the Capital Goods industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
Current Ratio (MRQ)	1.23	1.26
Debt / Equity (MRQ)	1.00	2.04
Net Debt / EBITDA	2.85	1.47

Dividends

Dividend Yield (TTM)

Both Eaton (ETN) at 1.33% and Lockheed Martin (LMT) at 2.40% offer top-quartile dividend income relative to share price within their industries.

ETN

Capital Goods industry group

1.33%

Max: 2.66%
ETN: 1.33%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

LMT

Capital Goods industry group

2.40%

Max: 2.66%
LMT: 2.40%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Both Eaton (ETN) at 43.36% and Lockheed Martin (LMT) at 49.01% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

ETN

Capital Goods industry group

43.36%

Max: 67.39%
ETN: 43.36%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

LMT

Capital Goods industry group

49.01%

Max: 67.39%
LMT: 49.01%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
Dividend Yield (TTM)	1.33%	2.40%
Dividend Payout Ratio (TTM)	43.36%	49.01%

Valuation

P/E Ratio (TTM)

Both Eaton (ETN) at 34.14 and Lockheed Martin (LMT) at 20.14 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

ETN

Capital Goods industry group

34.14

Max: 59.38
Q3: 35.92
ETN: 34.14
Median: 25.41
Q1: 19.47
Min: 3.03

LMT

Capital Goods industry group

20.14

Max: 59.38
Q3: 35.92
Median: 25.41
LMT: 20.14
Q1: 19.47
Min: 3.03

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

Lockheed Martin (LMT) at 1.66 is priced about in line with its industry on P/S ratio, while Eaton (ETN) at 4.15 sits in the pricier quartile — ETN costs more per dollar of sales.

ETN

Capital Goods industry group

4.15

Max: 7.54
ETN: 4.15
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

LMT

Capital Goods industry group

1.66

Max: 7.54
Q3: 3.76
Median: 2.15
LMT: 1.66
Q1: 1.03
Min: 0.03

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

Both look rich against book: Eaton (ETN) at 6.33 sits in the upper P/B ratio quartile, and Lockheed Martin (LMT) at 12.96 prices even higher, above its industry range.

ETN

Capital Goods industry group

6.33

Max: 9.66
ETN: 6.33
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

LMT

Capital Goods industry group

12.96

LMT: 12.96
Max: 9.66
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

Eaton (ETN) vs. Lockheed Martin (LMT): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Eaton (ETN) and Lockheed Martin (LMT)
Metric	ETN	LMT
P/E Ratio (TTM)	34.14	20.14
P/S Ratio (TTM)	4.15	1.66
P/B Ratio (MRQ)	6.33	12.96
Free Cash Flow Yield (TTM)	2.29%	4.31%