SECTOR SYSTEM / 11 COVERED ISSUERS

Industrials

Equipment manufacturers, transport operators and industrial service providers face differing order and asset cycles.

Key questions

Backlog conversion, utilization, deliveries, working capital and service revenue.

Risks & uncertainties

Order cancellations, supply constraints, execution risk, labor costs and capital-cycle sensitivity.

Valuation context

Sector medians are descriptive, not fair-value estimates. Dated company ratios use annual denominators and differ in fiscal year end. Historical-multiple series are unavailable. Sources and exclusions are visible on company profiles.

Company coverage / 11

Earnings themes & sector evidence

Research archive

HR-0021BACompany Research

BA: reading the FY2025 financial structure ↗

BOEING CO

Research abstract

Annual revenue of USD 89.463 billion and net income of USD 2.235 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26
HR-0032CATEarnings Review

CAT: the annual earnings and cash-flow comparison ↗

CATERPILLAR INC

Research abstract

A two-period review of CAT revenue, profitability and cash conversion; reported revenue growth was 4.29%.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26
HR-0033CATCompany Research

CAT: reading the FY2025 financial structure ↗

CATERPILLAR INC

Research abstract

Annual revenue of USD 67.589 billion and net income of USD 8.882 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26
HR-0050DEEarnings Review

DE: the annual earnings and cash-flow comparison ↗

DEERE & CO

Research abstract

A two-period review of DE revenue, profitability and cash conversion; reported revenue growth was -11.66%.

DATA THROUGH2025-11-022 MIN READPUBLISHED 2026-09-26
HR-0051DECompany Research

DE: reading the FY2025 financial structure ↗

DEERE & CO

Research abstract

Annual revenue of USD 45.684 billion and net income of USD 5.027 billion for the period ended 2025-11-02.

DATA THROUGH2025-11-022 MIN READPUBLISHED 2026-09-26
HR-0061ETNCompany Research

ETN: reading the FY2025 financial structure ↗

Eaton Corp plc

Research abstract

Annual revenue of USD 27.448 billion and net income of USD 4.087 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Filing notes & sources

CATCATERPILLAR INC10-K2026-02-13SEC SOURCE ↗
GEGENERAL ELECTRIC CO10-K2026-01-29SEC SOURCE ↗
RTXRTX Corp10-K2026-02-06SEC SOURCE ↗
DEDEERE & CO10-K2025-12-18SEC SOURCE ↗
UNPUNION PACIFIC CORP10-K2026-02-06SEC SOURCE ↗
ETNEaton Corp plc10-K2026-02-26SEC SOURCE ↗
BABOEING CO10-K2026-01-30SEC SOURCE ↗
LMTLOCKHEED MARTIN CORP10-K2026-01-29SEC SOURCE ↗