Powell Industries booked $934 million of switchgear orders in the quarter to June 30 2026 and shipped $312 million, a book-to-bill of 3.0. That is the top of the table. The bottom of the table is Eaton at 1.2, and Eaton is the only one of eight ratio-reporting OEMs that measures it over twelve months rather than one quarter. Every electrical, power and cooling OEM that tells you its orders is booking more than it ships, and ten of the eighteen we track print no ratio at all. This debrief builds the first Open Factory Book-to-Bill League Table, version 0.1, from 10-Qs, 10-Ks and earnings releases only, and covers the eight ratios, the $300 billion backlog stack, the quarter book-to-bill peaked, what Vertiv’s deposits say now that its backlog is gone, and behind the wall the read-across for buyers, OEM by OEM.
Source: Open Factory Book-to-Bill League Table (compiled from 10-Q/10-K and earnings releases of 18 OEMs; as of August 2026)
Eight ratios, all above 1.0: Powell 3.0, Hitachi Energy 2.1, GE Vernova Electrification 1.75, Siemens Energy Grid Technologies 1.48, Caterpillar 1.46 implied at company level, ABB Electrification 1.39, Trane 1.23 and Eaton 1.2.
The League Table
The table is the model. Each row is one filing or release for the calendar quarter ended June 30 2026, with fiscal quarters mapped (Siemens Energy Q3 FY2026, Hitachi Q1 FY2026, Powell and Johnson Controls Q3 FY2026, Modine Q1 FY2027). Where a document carries no figure the cell says n/d, because a blank cell would let the reader assume we forgot to look. Of eighteen OEMs, eight print a book-to-bill or a dollar backlog for the quarter, one prints percentages only, one prints a data center backlog only, and eight print nothing. The full rows, with a source URL on every line, are in the CSV under the table and in the Book-to-Bill League Table model page.
Source: Open Factory Book-to-Bill League Table
| OEM | Segment | Orders Q2 | Revenue Q2 | Backlog Jun 30 | Book-to-bill | Backlog YoY |
|---|---|---|---|---|---|---|
| Powell Industries | Company | $934M | $312M | $2.4B | 3.0 | +69% |
| Hitachi Energy | Energy segment | ¥1,906bn | ¥912bn | ¥10.3tn ($63.6B) | 2.1 | +12% vs Mar |
| GE Vernova | Electrification | $6.35B | $3.64B | $40.6B | 1.7 | +69% |
| Siemens Energy | Grid Technologies | €5.37bn | €3.62bn | €51bn | 1.48 | +34% |
| ABB | Electrification | $7.23B | $5.20B | $13.7B | 1.39 | +59% |
| Trane Technologies | Enterprise | $7.82B | $6.35B | $12.1B | 1.23 | +70% |
| Eaton | Electrical | n/d (+41% R12) | $3.95B (Americas) | n/d | 1.2 (R12) | +43% |
| Caterpillar | Company / Power & Energy | n/d | $8.24B (P&E) | $72.1B | ~1.5 implied | +92% |
| Johnson Controls | Solutions and Services | n/d (+27% org.) | $6.6B | $21.0B | n/d | +32% |
| Vertiv | Company | n/d (Q4: +252%) | $3.27B | n/d (Q4: $15.0B) | n/d (Q4: 2.9) | n/d (Q4: +109%) |
| Carrier | Company | n/d (~+40%) | $6.35B | n/d | n/d | n/d |
| nVent | Company | n/d | $1.5B | n/d (Q1: $2.6B) | n/d | n/d |
| Generac | C&I | n/d | $556M (C&I) | ~$1.6B (data center) | n/d | n/d |
| Schneider Electric | Group | n/d | €11.46bn | “record”, no figure | n/d | n/d |
| Cummins | Power Systems | n/d | $2.3B | n/d | n/d | n/d |
| Modine | Data Centers | n/d | $349M (DC) | n/d | n/d | n/d |
| Hubbell | Company | n/d | $1.71B | n/d | n/d | n/d |
| Atkore | Company | n/d | $795M | n/d | n/d | n/d |
Data: data/book-to-bill-q2-2026.csv (50 rows, Q4 2025 to Q2 2026, source URL per row) and data/05-league-table.csv.
Reading the ratios in order. Powell’s 3.0 is $934 million of orders against $311.7 million of revenue, with one behind-the-meter data center order above $400 million inside it, which is a sixth of the $2.4 billion backlog on its own. Hitachi Energy’s 2.1 is ¥1,906 billion of orders against ¥912 billion of revenue, orders up 87% on several large HVDC awards in Europe. GE Vernova’s Electrification segment booked $6,347 million against $3,637 million of revenue, a ratio the release rounds to 1.7. Siemens Energy Grid Technologies printed 1.48 on €5,367 million of orders and named transformers, including data center projects, as the largest contributor. ABB Electrification took $7,231 million of orders on $5,200 million of revenue, its first quarter above $7 billion, with Americas orders up 114%.
Trane’s 1.23 comes from $7,818 million of bookings on $6,353.5 million of revenue, with Americas Commercial HVAC bookings up 50% and applied equipment bookings up 130%. Eaton’s 1.2 is the rolling twelve-month ratio for its Electrical businesses; the in-quarter Americas figure of 1.3 was given on the call, as reported by Yahoo Finance, not in the release. Caterpillar prints no orders, but its 10-Q says backlog rose $9.4 billion in the quarter on $20.5 billion of sales, which implies orders of roughly $29.9 billion and a company-wide ratio near 1.46, with the largest increase in Power & Energy. The Lead-Time Monitor uses these same backlog rows as its filings input, so a buyer checking a quoted transformer or switchgear delivery against the published schedule is looking at the same numbers.
Who Prints a Number and Who Does Not
The disclosure gap is the second finding, and for a buyer it matters as much as the ratios. Eight of the eighteen largest listed suppliers of electrical, power and cooling equipment tell the market nothing about orders or backlog in dollars. Schneider Electric reported Q2 revenue of €11,459 million, up 16.5% organic, and “a record backlog” with no number attached. Carrier reported total orders up about 40%, Commercial HVAC up about 65% and data center orders up more than 300%, all percentages on an undisclosed base. Cummins’ Power Systems segment grew 19% to $2.3 billion on data center standby demand and its 10-Q carries no backlog figure at all.
The percentages are not useless, they are just not comparable. Carrier’s April release said its backlog “fully covers expected 2026 data center sales” after data center orders rose more than 500% in the March quarter, which tells a buyer that a 2026 Carrier chiller slot is gone without telling them what a 2027 one costs in weeks. Johnson Controls prints the dollars but restated its backlog this year to include equipment-only sales for longer-cycle projects, so its $21.0 billion is not the same series as the $18.2 billion it printed in February without the footnote. The table keeps each OEM’s own definition and says so in the basis column of the CSV; a league table that silently normalized them would be worse than one that shows the seams.
Two OEMs went quiet this year. Vertiv’s February release printed a book-to-bill of about 2.9x and a backlog of $15.0 billion, up 109%; its April and July releases contain the words “orders” and “backlog” only in the forward-looking-statements boilerplate. nVent’s May release said orders were a record and backlog had increased to $2.6 billion; its July release reports sales up 47% organic and no backlog. Modine, Hubbell and Atkore have never printed one; Modine’s Data Centers segment grew 90% to $348.6 million while its release says supply chain constraints limited production. The OEM Disclosure Scorecard scores exactly this, backlog in dollars being one of its five observable facts, and the eight n/d rows above are the eight zeros in that column.
The Backlog Stack Is About $300 Billion
Add up every backlog that is disclosed and the eleven figures come to about $303 billion of equipment sold and not yet shipped. Caterpillar alone is $72.1 billion, of which $29.2 billion is not expected to ship within twelve months. Hitachi Energy is ¥10.3 trillion, which Hitachi itself translates to $63.6 billion. Siemens Energy Grid Technologies is €51 billion, or $58.2 billion at the June 30 2026 rate of 1.1417. GE Vernova’s Electrification equipment backlog is $40.6 billion, up $16.6 billion in a year including $5 billion from consolidating Prolec GE.
Source: Open Factory Book-to-Bill League Table
The three grid-equipment makers at the top, Caterpillar excepted, hold $162 billion between them, and the seven below them hold $68 billion. The three at the top are also the three that make large power transformers, which is why the transformer lead time sits at 128 to 160 weeks and why the Monitor’s transformer row has not moved down in two years. The composition matters as much as the total: Caterpillar says $29.2 billion of its $72.1 billion, 40%, will not ship within twelve months; Powell’s 10-Q counts about $800 million of data center awards in nine months, a third of its $2.4 billion; Eaton’s Electrical Global backlog is up 103% largely because Boyd Thermal, acquired in March for $9.55 billion, now sits inside it.
Every OEM that prints a backlog grew it between 32% and 109% in twelve months, and none grew it less than the rate at which it grew revenue. Caterpillar’s backlog is up 92% from $37.5 billion at June 30 2025. Trane’s is $12.1 billion, up 70%, with Americas Commercial HVAC up 90%. Powell’s is up 69% from $1.4 billion. ABB Electrification’s is up 59% on a comparable basis from $8,685 million. Eaton’s total Electrical backlog is up 43%, Siemens Grid Technologies from €38 billion to €51 billion, up 34%, and Johnson Controls from a restated base to $21.0 billion, up 32% organic.
Source: Open Factory Book-to-Bill League Table
Nine OEMs, nine positive bars, from Johnson Controls at +32% to Vertiv’s final disclosure at +109%.
Book-to-Bill Peaked in the First Quarter
The ratios are high, and at the two largest grid-equipment makers they are already coming down. GE Vernova Electrification booked $7,112 million on $2,959 million of revenue in Q1 2026, a ratio near 2.4, then $6,347 million on $3,637 million in Q2, near 1.75. Siemens Energy Grid Technologies went 1.95 in the December quarter, 2.28 in the March quarter, 1.48 in the June quarter. In both cases orders fell sequentially while revenue rose; Siemens says its revenue growth “was supported by expanded production capacities”. A falling book-to-bill on rising backlog is the signature of a factory that has started to catch up, not of demand rolling over, and it is the first such signature in this cycle.
Source: Open Factory Book-to-Bill League Table
GE Vernova fell from 2.5 to 2.4 to 1.75 across three quarters, Siemens rose to 2.28 then dropped to 1.48, Trane went 1.12 to 1.35 to 1.23, and Powell held 1.7 for two quarters before the $400 million order took it to 3.0.
The backlog dollars tell the same story from the other side. Caterpillar’s firm backlog went $51.2 billion at December 31, $62.7 billion at March 31, $72.1 billion at June 30, additions of $11.5 billion and then $9.4 billion. GE Vernova Electrification added $8.1 billion in Q1 and $2.0 billion in Q2. Johnson Controls added $1.8 billion then $1.0 billion. The sequential additions are shrinking everywhere except Powell and Trane, which is what a ratio above 1.0 but falling toward it looks like in dollars.
Source: Open Factory Book-to-Bill League Table
Five OEMs, fifteen quarter-end bars, all rising; Caterpillar from $51.2 billion to $72.1 billion, Powell from $1.6 billion to $2.4 billion.
Where the demand is coming from is not in dispute. GE Vernova’s data center orders passed $5 billion year to date, more than double all of 2025, having been $2.4 billion in Q1. Powell’s 10-Q counts about $800 million of data center awards in nine months, a third of its backlog. Generac’s data center backlog reached about $1.6 billion, after roughly $1 billion of new orders since the prior update, plus nearly $700 million of committed 2027 volume with its first hyperscale customer. The genset allocation problem and the Genset TCO tool start from those rows.
Vertiv’s Deposits Say What Its Backlog Used To
Vertiv stopped printing orders and backlog after February, but a balance sheet cannot go quiet. Current deferred revenue, the line where customer deposits and advance billings sit, was $888.8 million at June 30 2024 and $3,633.7 million at June 30 2026, 4.1 times higher. It rose $1,171.5 million in the June 2026 quarter alone against $148.1 million in the same quarter of 2025, on net sales of $3,274 million. Vertiv’s customers handed it $1.8 billion of new deposits in the first half of 2026, more than ten times the $171.5 million they handed it in the first half of 2025.
Source: Vertiv 10-Q and 10-K balance sheets via Open Factory Book-to-Bill League Table
Nine quarter-ends: $889 million, $1,016 million, $1,063 million, $1,095 million, $1,257 million, $1,132 million, $1,815 million, $2,462 million, $3,634 million.
Our estimate of the undisclosed Vertiv backlog uses this line, the Q4 2025 print, and the 2026 guidance of $14.0 billion of sales to reconstruct a range. For a buyer the deferred revenue line matters for a simpler reason: it is the deposit money. At the deposit rates that now sit in slot reservation agreements, 10 to 30% of contract value at signing, a $1.8 billion half-year increase implies a large multiple of that in new contract value, and every dollar of it is a customer who has already paid to hold a place in Vertiv’s 2027 schedule ahead of you. The Q2 release also says revenue “reflected minor timing shifts, primarily due to temporary supply chain congestion”, the first mention of supply chain congestion in a Vertiv earnings release since at least the February 2026 print, and the sentence the Lead-Time Monitor UPS and CDU rows will be tested against when the Q3 filings land.
What to Do Monday
Three things follow from the table for anyone with a capital equipment PO to place this quarter.
First, treat any OEM with a quarterly book-to-bill above 1.4 as allocating, not selling, and write the RFQ that way: ask for the delivery slot before the price, and put the liquidated damages clause in the first draft, because the vendor’s paper will cap it at the margin. That list today is Powell, Hitachi Energy, GE Vernova and Siemens Energy Grid Technologies. Check the quoted week against the Lead-Time Schedule before you accept it.
Second, treat the falling ratios as the first opening. GE Vernova and Siemens Energy both shipped more than they booked relative to the prior quarter, and both say capacity is expanding. A buyer who lost a 2026 transformer slot should re-quote now, with the Transformer Sizing and Cost tool as the reference for what the unit should cost per kVA, and with the Public Bid-Tab Price Book bands as the check on the number that comes back.
Third, discount the OEMs that will not print a backlog. When Schneider says “record backlog” and Carrier says orders are up 40%, the buyer has no way to know whether the queue in front of them is six months or eighteen. Put the question in the RFQ: current backlog in dollars and in weeks for the product line quoted. A vendor that answers on a call but not in a filing can answer on a bid form; run the quote through Quote Check and the switchgear pricing through the Equipment Price Benchmark to see whether the schedule line and the price line agree with each other.
Behind the paywall: the read-across for buyers OEM by OEM, who will take price this year, who has slots opening, and who is over-earning on a backlog it cannot ship; the Book-to-Bill League Table says that ABB’s Electrification margin reached 24.9% in a quarter in which it says pricing has not yet caught up with input costs, and that is the OEM to watch on price.