Electromagnetic relays and solenoid actuators are commercial devices that generally exhibit bistable behavior. In fact, this is the reason why they are extensively used to switch between two possible configurations in electrical, pneumatic, or hydraulic circuits, among others. Although the state of the art is extensive on modeling, estimation, and control of these electromechanical systems, there are very few works that focus on analysis aspects. In this paper, we present an equilibrium and stability analysis whose main goal is to provide insight into such bistable behavior. The study is based on a hybrid dynamical model of the system also presented in the paper. This model is used to obtain analytic expressions that relate the physical parameters to the switching conditions. The results are extensively discussed and possible practical applications are also proposed.