ModelVersion 0.1Compiling data
Book-to-Bill League Table
Quarterly orders, backlog and book-to-bill for every listed electrical, power and cooling OEM, from filings only, with the read-across for buyers: which classes are getting longer and which are clearing.
3.0 xPowell Industries book-to-bill, quarter ended June 30 2026: $934M of orders on $312M of revenue. Public headline as of August 3, 2026.
- 3.0x
- Powell Industries, orders $934M on revenue $312M, backlog $2.4B (+69% YoY), 8-K Ex. 99.1, August 3 2026
- $72.1B
- Caterpillar company backlog at June 30 2026, +92% YoY, $29.2B beyond twelve months, 10-Q
- 1.48
- Siemens Energy Grid Technologies, Q3 FY2026, backlog EUR 51bn, transformers the largest contributor
- 18
- OEMs tracked each quarter; 8 disclose enough to compute a ratio, 9 disclose backlog in dollars
What it covers
Eighteen listed OEMs each calendar quarter: Eaton, Vertiv, Schneider Electric, ABB, Siemens Energy, GE Vernova, Hitachi Energy, Powell, Generac, Caterpillar, Cummins, Trane Technologies, Carrier, Johnson Controls, nVent, Modine, Hubbell and Atkore. Orders, revenue, backlog, book-to-bill with its basis (reported or derived, quarter or rolling), backlog change, and the datacenter commentary, each row linked to the 8-K, 10-Q or earnings release it came from.
- Cadence
- Quarterly, within two weeks of the last filing in the set
- Compiled from
- 8-K earnings exhibits, 10-Q and 10-K filings on sec.gov; Siemens Energy, ABB, Schneider Electric and Hitachi earnings releases and analyst presentations; FRED DEXUSEU for euro conversion; XBRL companyfacts for deferred revenue
- Delivered as
- Excel workbook, Web dashboard
- Updates
- Quarterly updates, one year included
- Onboarding
- Onboarding call
- Support
- Ad hoc analyst calls
- Tier
- Headline free; table Pro
Who uses it and what it decides
- Buyers planning capital projectsWhether lead times in a class will lengthen or shorten next quarter, before the OEM tells them.
- Estimators and sourcing managersWhich OEM has room in its book this quarter and which is turning work away.
- Equity and credit analystsOne table instead of eighteen investor decks, with the basis of every ratio spelled out.
Methodology
What the headline is
3.0x is Powell Industries’ reported book-to-bill for the quarter ended June 30 2026: orders of $934 million against revenue of $311.7 million, backlog $2.4 billion, up 69% on a year earlier, in the Q3 FY2026 earnings release filed 3 August 2026. The 10-Q says $1.3 billion of that backlog ships within twelve months. The next seven: Hitachi Energy 2.09 (derived, yen), GE Vernova Electrification 1.75, Siemens Energy Grid Technologies 1.48, Caterpillar about 1.46 (implied from the backlog change), ABB Electrification 1.39, Trane 1.23, Eaton Electrical 1.2 (rolling twelve months). The rows are in book-to-bill-q2-2026.csv.
The headline is the highest ratio in the quarter with its basis stated. A derived ratio can lead only if the orders and revenue figures are both reported.
What it is compiled from
Version 0.1 is filings only. Nothing is asked of any company.
- Reported ratios: Powell (quarter), Siemens Energy (quarter), Trane (quarter, “123%”), Eaton (rolling twelve months).
- Derived ratios: orders divided by revenue where both are reported: GE Vernova ($6,347M / $3,637M), ABB ($7,231M / $5,200M), Hitachi (1,906.3 / 911.9 billion yen).
- Implied ratio: Caterpillar, from the change in company backlog plus sales over sales, labelled implied.
- Backlog in dollars: Caterpillar $72.1B, Hitachi Energy $63.6B (10.3 trillion yen at Hitachi’s translation), Siemens Energy GT $58.2B (EUR 51bn at 1.1417 DEXUSEU, June 30 2026), GE Vernova Electrification $40.6B, Johnson Controls $21.0B, ABB Electrification $13.7B, Trane $12.1B, Powell $2.4B, Generac about $1.6B (data center products only).
- Not disclosed, and said so: Vertiv (deferred revenue $3,633.7M is tracked instead, from XBRL companyfacts), Schneider Electric (“record backlog”, no figure), Carrier (orders growth only), Cummins, nVent (Q1 only), Modine, Hubbell, Atkore.
What is free and what is paid
- Free: the headline ratio, this page, and the ranked chart in Book-to-Bill League Table, Q2 2026.
- Pro: the eighteen-row table each quarter with orders, revenue, backlog, basis, backlog change and datacenter commentary, plus the quarter-by-quarter series back to Q3 2025.
- Institutional: the workbook with every filing linked, the dashboard, the API, quarterly updates for a year, an onboarding call and ad hoc calls.
Articles built on it
Book-to-Bill League Table, Q2 2026: Every Electrical OEM, Vertiv Stopped Reporting Its Backlog. Here Is Our Estimate, Cummins and Caterpillar Are Sold Out Through 2028 and The $60 Million Deposit. The disclosure behaviour of the same eighteen companies is scored on the OEM Disclosure Scorecard.
Version history
- 0.1 (September 2026). Eighteen OEMs, calendar quarters Q4 2025 to Q2 2026. Euro and yen conversions at quarter-end FRED rates or the company’s own translation, stated per row.
What version 1 adds
Private OEMs from interviews (with the count printed only when true), segment-level ratios where an OEM reports them on the call but not in the release, and a lead-time read-across column that maps each OEM’s backlog months to the classes in the Lead-Time Monitor.
Known gaps
Johnson Controls reports orders as growth only, so no ratio is derivable. Eaton’s ratio is not comparable to the quarterly ones and is ranked separately. Generac’s backlog is data center products only and excludes its second hyperscaler agreement. Hitachi’s yen backlog is translated at Hitachi’s own rate.
Questions
Why does Eaton show 1.2 and Powell 3.0 when both are booking record orders?
Different bases. Eaton reports a rolling twelve-month ratio for its Electrical businesses; Powell reports the quarter. The table prints the basis beside every number and never mixes them in a ranking without saying so.
Where is Vertiv?
In the table with 'not disclosed' in the orders and backlog cells since the Q1 2026 release. Its last disclosed backlog was $15.0B at December 31 2025. Our estimate from deferred revenue is a separate piece, Vertiv Stopped Reporting Its Backlog.
Do you include private OEMs?
Not in version 0.1. Filings only. Private OEMs (Virginia Transformer, SPX, Rehlko, Munters' US unit) come with interviews in a later version.
Articles built on this model
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