ATMU vs ETN: How Atmus Filtration Technologies and Eaton Compare (2026)
Last updated August 2026
Short answer
ATMU and ETN are similarly sized, but ATMU trades noticeably cheaper on forward earnings (16.66x vs 26.24x): the market is paying up for ETN's profile and pricing ATMU more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
ATMU vs ETN: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | ATMU | ETN | What it tells you |
|---|---|---|---|
| Forward P/E | 16.66 | 26.24 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 21.24 | 40.67 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.19 | 1.18 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 58% of range | 83% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 10.96 | 8.18 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: ATMU is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how ATMU and ETN affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ATMU and ETN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ATMU and ETN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Atmus Filtration Technologies (ATMU) do?
Atmus Filtration Technologies designs and manufactures filtration products, principally under the Fleetguard and Nelson brands, for commercial trucks, construction and agricultural equipment, power generation and marine engines. The core products are unglamorous and consumable: fuel filters, lube filters, air filters, crankcase ventilation systems, coolant chemicals and exhaust components that wear out on a schedule and get replaced by a fleet mechanic, a dealer or an independent shop. Cummins carried the business for decades before spinning it out through a May 2023 IPO at $19.50 a share, then disposing of its remaining stake in March 2024. What is left is a roughly $1.8 billion revenue company with about 4,500 employees, a global distribution network reaching hundreds of thousands of service points, and specification positions on engine platforms that were locked in years ago.
What does Eaton (ETN) do?
Eaton (ETN) is a diversified power-management company that makes electrical equipment and systems used to distribute, control, and protect electrical power. Its largest business is electrical products and systems: circuit breakers, switchgear, transformers, power-distribution equipment, and the gear that buildings, factories, utilities, and data centers rely on to run safely. Eaton also serves aerospace (hydraulics, fuel, and power systems for aircraft), vehicles and eMobility (drivetrain and electrification components), and industrial controls. The company has reoriented itself around long-term electrification and grid-modernization trends, positioning its electrical segments as the core growth engine. Once an Ohio-based industrial conglomerate, Eaton is now incorporated in Ireland and trades on the NYSE. It is a mature, profitable industrial with a long dividend history, and it is widely viewed as a way to invest in the buildout of electrical infrastructure for data centers, renewable energy, and broad electrification.
ATMU vs ETN: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- ATMU drivers: Aftermarket filtration demand; The Koch Filter industrial pivot.
- ETN drivers: Electrification and grid modernization; Data-center demand.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most obvious exposure is cyclical: first-fit volumes track new truck and off-highway equipment builds, and those have been pressured by tariffs, freight softness and uncertainty around 2027 model-year emissions rules. For ETN, eaton is still an industrial business and is exposed to economic cycles; a slowdown in construction, capital spending, or manufacturing can pressure orders.
ATMU or ETN: which should you pick?
ATMU vs ETN: the full fundamentals
ATMU. First quarter 2026 sales rose 14.6% to $477.5 million with adjusted EPS of $0.69, and full-year guidance calls for $1.945 billion to $2.015 billion of revenue, a 19.5% to 20.5% adjusted EBITDA margin and adjusted EPS of $2.75 to $3.00. At roughly 21 times trailing earnings the stock trades at a modest premium to the broader industrial group, which reflects the recurring aftermarket mix rather than the growth rate. Net debt sits near $789 million, or a little over two times adjusted EBITDA, following the Koch Filter purchase.
ETN. Eaton trades at a premium multiple for an industrial, reflecting investor confidence in its electrification and data-center exposure and its improving margins. The valuation embeds continued strong electrical demand; multiple compression risk rises if data-center or capital-spending growth slows. The dividend yield is modest but backed by a long, reliable payout history. Figures are approximate and move with the share price; verify current numbers before relying on them.
Headline figures (approximate, August 2026): ATMU shows revenue (ttm) ~$1.83B, net income (ttm) ~$211M, eps (ttm) ~$2.55, market cap ~$4.4B; ETN shows revenue (ttm) ~$25 billion, segment operating margin ~20% and rising in electrical, largest segment Electrical (products + systems), p/e (ttm) ~30x.
The bottom line: ATMU vs ETN
ATMU and ETN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ATMU and ETN exposure against your real portfolio. It is not an investment adviser.
Wondering how ATMU or ETN fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Atmus Filtration Technologies with AI
Connect the broker you already use and ask Walnut's AI how ATMU fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between ATMU and ETN?
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Atmus Filtration Technologies designs and manufactures filtration products, principally under the Fleetguard and Nelson brands, for commercial trucks, construction and agricultural equipment, power generation and marine engines. Eaton (ETN) is a diversified power-management company that makes electrical equipment and systems used to distribute, control, and protect electrical power. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is ATMU or ETN the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, ATMU or ETN?
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On forward P/E (as of August 2026), ATMU trades at 16.66x and ETN at 26.24x, so ATMU is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both ATMU and ETN?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of ATMU vs ETN?
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ATMU: The most obvious exposure is cyclical: first-fit volumes track new truck and off-highway equipment builds, and those have been pressured by tariffs, freight softness and uncertainty around 2027 model-year emissions rules. Tariffs cut two ways for Atmus, raising input costs on cross-border content while also lifting the price of the vehicles its filters go into. The balance sheet is now materially more levered after Koch, with about $998 million of total debt against roughly $210 million of cash and only about $404 million of book equity, which narrows the margin for error if end markets deteriorate. Competition is intense and consolidating fast, with Parker Hannifin agreeing to buy Filtration Group for roughly $9.25 billion and Donaldson adding Facet, meaning Atmus is one of the smaller players in a market of much larger diversified industrials. The long-horizon risk is powertrain mix: a genuine shift away from diesel would shrink the installed base that generates replacement demand, though the timeline for heavy-duty trucking is measured in decades rather than years. Finally, integration risk on Koch is real, since building industrial air filtration into a durable second leg requires capabilities the legacy business did not have. ETN: Eaton is still an industrial business and is exposed to economic cycles; a slowdown in construction, capital spending, or manufacturing can pressure orders. Its aerospace and vehicle segments add their own cyclicality. Supply-chain constraints and input-cost inflation can squeeze margins. Much of the bull case rests on continued heavy data-center and electrification spending, which could moderate if AI capital expenditure slows. The stock has rerated to a higher multiple as investors priced in these tailwinds, which raises the risk of multiple compression if growth disappoints. Currency and global-demand swings also affect results.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell ATMU or ETN; figures are approximate and dated (as of August 2026). Verify current data before investing.