Company File
Switchgear, UPS, data-center electrical distribution; the quiet compounder of electrification.
Plate I — Pillar-Purity Score
DC electrical share growing fast but broader industrial mix.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Eaton sells the switchgear, UPS, and electrical distribution gear inside every data center. DC orders are now the company's fastest-growing segment. Less pure than Vertiv but more diversified — a defensive compounder.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds ETN
Top of chain within our coverage.
Downstream — where ETN feeds into
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01Industrial capex cycle turn
- Risk 02DC share commoditizes
Plate V — Also on the Power plate
Siblings by pillar.
- TLNScore 10Owns the Susquehanna nuclear and Cumulus data-center campus feeding AWS; post-bankruptcy compound.
- CEGScore 9Largest US nuclear fleet; Three Mile Island restart for Microsoft — the purest nuclear-for-AI trade.
- VSTScore 8Texas nuclear + gas generation signing hyperscaler PPAs; recent top-performing S&P utility.
- OKLOScore 8Small modular reactor pre-revenue moonshot; Sam Altman-chaired — speculative but on-thesis.
- GEVScore 7Gas turbines, grid equipment, offshore wind; multi-year backlog constraints are the bull case.
Close
Next earnings: 2026-05-01.
The Sunday brief decodes earnings that matter. Five minutes. Free.
Research only. Not investment advice. Do your own diligence.