— Know what they know.
/
Not Investment Advice

ITW

NYSE · USD
Illinois Tool Works Inc.
Industrials · Industrial - Machinery
CEO Christopher A. O'Herlihy Employees 43,000 R&D / revenue 0.0%
Last price
$272.28+0.40%last session
Market cap
$77.5B
P/E (TTM)
24.6x
From 52w high
−10.2%
From 52w low
+14.0%
1-year return
+10.3%
RSI 14 · vs SMA200
56.1 · +1.1%
IS score
59.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ITW   SPY   XLI (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111ITW 110

Score DNA

Each bar is a 0-100 score within the scored universe
84
Profitability
50
Growth
46
Value
63
Momentum
100
Risk (safety)
59
Quality
43
Balance sheet
71
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for ITW (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Cost AdvantagePiotroski 6 / 9Altman Z 8.0Beta 1.004 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.20M bought
Form 144 notices (12m): 6, $65.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+30
151 new holders, 96 closed
1,982 filers hold 85.7% · 692 added, 765 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+128
1,134 funds adding shares
1,006 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
73.3%
20-day avg 61.0%, 50-day avg 61.3%
Latest 12.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$16.0B
Revenue growth YoY+0.9%
Gross margin44.1%
Operating income$4.2B
Operating margin26.3%
Net income$3.1B
Net margin19.1%
EPS (diluted)$10.49
Cash flow
Operating cash flow$3.1B
Capital expenditure$419.0M
Free cash flow$2.7B
FCF conversion (FCF / OCF)86.6%
Stock-based compensation$0
FCF less SBC$2.7B
Buybacks$1.5B
Dividends$1.8B
Balance sheet & returns
Cash & short-term investments$851.0M
Total debt$9.0B
Net debt$8.1B
Shareholders' equity$3.2B
Goodwill & intangibles$5.7B
Debt / equity3.35
ROE (TTM)101.7%
ROIC (TTM)24.7%
Operating margin by fiscal year
24.1%FY202123.8%FY202225.1%FY202326.8%FY202426.3%FY2025
Revenue $14.5B (FY2021) to $16.0B (FY2025), a 2.6% CAGR.

Valuation

P/E (TTM)24.6x
EV / EBITDA17.9x
Price / sales4.71x
Price / FCF26.5x
FCF yield3.77%
Buyback yield1.93%
SBC / revenue0.4%
Price / book26.95x
Forward P/E FY202623.8x
Forward P/E FY202722.2x
Forward P/E FY202820.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $292.75 across 4 analysts last quarter is theirs, not ours.

ITW vs industry median

328 companies in Industrial - Machinery
Gross margin 44.2% 31.0% Operating margin 26.5% 8.4% Net margin 19.4% 6.0% ROIC 24.7% 8.7%
ITW (TTM)Industry median Asset turnover 1.00 vs industry 0.76 · financial leverage 5.70

Earnings delivery

Next report 2026-10-27 · consensus EPS $2.97
100%
beat rate, 12 of 12 quarters
+2.3%
median EPS surprise
12
longest beat streak
+4+4+0+3+2+5+2+2+1+2+1+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-01 to 2026-04-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ITW Illinois Tool Works Inc. $77.5B24.6x101.7%19.4%+0.9% +10.3%
CMI Cummins Inc. $73.1B27.0x22.0%9.9%+2.9% +26.2%
EMR Emerson Electric Co. $90.1B35.2x12.8%14.7%+4.8% +25.8%
TT Trane Technologies plc $101.0B34.5x35.8%14.6%+7.0% +11.4%
PCAR PACCAR Inc $58.3B23.3x12.8%10.0%−12.3% +19.3%
PH Parker-Hannifin Corporation $121.5B33.3x25.1%19.0%+8.3% —
ROK Rockwell Automation, Inc. $47.4B39.9x34.5%17.6%+11.3% —
CARR Carrier Global Corporation $45.3B37.8x8.8%7.9%−1.6% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-13Other Events; Exhibits
2026-07-28Earnings Release; Exhibits
2026-05-22Officer/Director Change
2026-05-12Shareholder Vote
2026-04-30Earnings Release; Exhibits
2026-02-23Entry into Material Definitive Agreement; Termination of Material Definitive Agreement; Creation of Direct Financial Obligation; Financial Statements and Exhibits

Context

Shares outstanding284,800,000
Free float90.5%
Institutional ownership85.7%
Beta1.00
Dividend yield2.41%
Last dividend$1.72 on 2026-09-30
50 / 200-day average$274.49 / $269.34
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ITW sits among 62 scored companies in Industrial - Machinery (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureITWIndustry medianIndustry percentileSector median
P/E (TTM) 24.3x 29.1x
33rd		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 8.21 1.59
86th		 1.42
Price / sales 4.7x 2.4x
85th		 2.0x
Price / book 26.8x 3.7x
98th		 2.9x
Price / tangible book —
Price / free cash flow 26.5x 22.0x
66th		 20.8x
Price / operating cash flow 23.3x 17.8x
76th		 14.5x
Enterprise value $86.4B $7.5B
93rd		 $4.8B
EV / sales 5.2x 2.5x
87th		 2.4x
EV / EBITDA 18.2x 16.3x
62nd		 13.6x
EV / EBIT 19.5x 21.3x
33rd		 19.9x
EV / free cash flow 29.6x 26.6x
64th		 24.3x
Earnings yield 4.1% 3.2%
70th		 3.3%
FCF yield 3.8% 4.2%
39th		 3.8%
Operating cash flow yield 4.3% 5.4%
28th		 6.2%
Graham number (per share) $50.25 $37.80
57th		 $38.21

Profitability (TTM)

MeasureITWIndustry medianIndustry percentileSector median
Gross margin 44.2% 35.6%
84th		 30.5%
EBITDA margin 28.8% 18.4%
97th		 14.3%
Operating margin 26.5% 13.7%
97th		 9.8%
EBIT margin 26.9% 12.6%
98th		 9.9%
Net margin 19.4% 8.6%
97th		 6.0%
NOPAT margin 20.5% 10.7%
97th		 7.8%
FCF margin 17.7% 11.2%
85th		 7.0%
Operating cash flow margin 20.2% 14.1%
87th		 11.2%
R&D / revenue 4.1% 0.0%
92nd		 0.0%
SG&A / revenue 17.2% 18.6%
44th		 14.1%
Stock comp / revenue 0.4% 0.6%
28th		 0.6%
Effective tax rate 22.5% 21.2%
60th		 21.0%

Returns on capital

MeasureITWIndustry medianIndustry percentileSector median
ROE (on average equity) 104.7% 12.8%
100th		 11.9%
ROA 19.6% 6.1%
100th		 4.8%
ROIC 28.8% 10.9%
95th		 8.7%
ROCE 41.9% 10.9%
98th		 9.4%
Return on tangible assets 27.2% 9.0%
100th		 7.9%
Cash ROIC (OCF / invested capital) 28.3% 12.9%
88th		 12.8%
Gross profitability (GP / assets) 44.1% 24.7%
97th		 19.2%
ROIC, 3-yr average 25.4% 8.6%
95th		 7.8%
ROIC, 5-yr average 29.5% 11.3%
100th		 8.6%
ROE, 5-yr average 99.5% 14.1%
100th		 12.5%
Incremental ROIC 175.6% 21.5%
90th		 20.5%

Growth

MeasureITWIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.3% 7.3%
35th		 8.6%
Revenue growth (QoQ) 7.1% 9.4%
39th		 9.9%
Revenue CAGR, 3 yr 0.8% 3.7%
22nd		 5.0%
Revenue CAGR, 5 yr 3.3% 6.2%
19th		 8.3%
Gross profit CAGR, 3 yr 3.4% 6.5%
31st		 6.5%
Operating income CAGR, 3 yr 3.4% 6.8%
31st		 6.4%
Net income growth (TTM YoY) -5.1% -2.3%
43rd		 11.3%
Net income CAGR, 3 yr 1.0% 3.5%
39th		 6.6%
EPS growth (TTM YoY) -3.1% -1.2%
47th		 13.3%
EPS CAGR, 3 yr 3.0% 3.8%
47th		 5.6%
EPS CAGR, 5 yr 5.7% 7.1%
41st		 8.3%
FCF growth (TTM YoY) 7.2% 9.0%
40th		 14.7%
FCF CAGR, 3 yr 4.1% 14.6%
21st		 12.2%
Operating cash flow CAGR, 3 yr 3.1% 13.1%
21st		 8.8%
Book value CAGR, 3 yr -0.3% 8.7%
9th		 7.3%
Dividend CAGR, 3 yr 3.8% 2.3%
70th		 2.7%
Sustainable growth rate 44.6% 9.5%
96th		 11.0%

Margin history & stability

MeasureITWIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 43.5% 35.7%
82nd		 30.6%
Operating margin, 3-yr average 26.3% 13.7%
98th		 10.0%
Net margin, 3-yr average 20.0% 10.2%
97th		 6.2%
FCF margin, 3-yr average 17.6% 10.7%
93rd		 7.1%
Revenue stability (0-1) 0.73 0.78
40th		 0.81
Earnings stability (0-1) 0.77 0.40
78th		 0.47
Margin stability (0-1) 0.97 0.94
78th		 0.90

Liquidity (latest quarter)

MeasureITWIndustry medianIndustry percentileSector median
Cash & short-term investments $839.0M $240.9M
84th		 $249.6M
Net cash (− = net debt) −$8.9B −$710.5M
3rd		 −$666.5M
Working capital $647.0M $596.2M
61st		 $376.4M
Current ratio 1.11 2.06
10th		 1.79
Quick ratio 0.81 1.20
20th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.14 0.30
20th		 0.32
Defensive interval (days) 552 days 495 days
64th		 614 days

Leverage & solvency (latest quarter)

MeasureITWIndustry medianIndustry percentileSector median
Total debt $9.7B $1.2B
95th		 $919.8M
Debt / equity 3.35 0.55
97th		 0.65
Net debt / equity 3.06 0.43
98th		 0.46
Debt / assets 58.8% 26.8%
97th		 29.3%
Debt / capital 77.0% 35.6%
97th		 39.5%
Debt / EBITDA 2.05 2.00
54th		 2.44
Net debt / EBITDA 1.87 1.61
62nd		 1.86
Interest coverage (EBIT / interest) 14.6x 7.0x
77th		 5.0x
Cash interest coverage 11.0x 7.9x
68th		 6.1x
Debt payback (years of OCF) 2.9 yrs 2.6 yrs
57th		 3.2 yrs
Liabilities / assets 82.4% 50.7%
93rd		 56.7%
IS credit model rating AA- — —
Implied credit spread (bps) 100 125
21st		 200

Efficiency

MeasureITWIndustry medianIndustry percentileSector median
Asset turnover 1.01 0.78
79th		 0.75
Fixed asset turnover 7.37 5.95
70th		 5.14
Inventory turnover 5.3 3.7
87th		 5.0
Receivables turnover 4.8 5.9
16th		 6.7
Days sales outstanding 76 days 61 days
84th		 54 days
Days inventory outstanding 69 days 99 days
13th		 72 days
Days payables outstanding 25 days 53 days
2nd		 41 days
Cash conversion cycle (days) 120 days 107 days
61st		 63 days
Capex / revenue 2.5% 2.1%
55th		 3.0%
Capex / depreciation 1.29 0.65
85th		 0.76
Operating expense ratio 17.5% 21.2%
33rd		 17.7%

Cash flow & earnings quality

MeasureITWIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.04 1.42
13th		 1.50
FCF / net income 0.91 1.22
18th		 1.15
FCF / operating cash flow 87.7% 83.2%
67th		 74.0%
Capex / operating cash flow 12.3% 16.8%
33rd		 26.1%
Accruals ratio -0.8% -3.4%
87th		 -4.0%
Sloan accruals ratio -12.1% -1.5%
2nd		 -2.4%
Earnings quality score (0-1) 1.00 1.00
25th		 1.00

Dividends & buybacks

MeasureITWIndustry medianIndustry percentileSector median
Dividend yield 2.4% 0.9%
90th		 0.6%
Dividend per share (TTM) $6.55 $0.97
97th		 $0.44
Payout ratio (dividends / net income) 57.4% 29.1%
89th		 22.5%
Dividends / FCF 62.8% 24.6%
95th		 19.6%
Dividend growth (YoY) 7.6% 5.8%
59th		 5.6%
Buyback yield 2.4% 0.7%
80th		 0.5%
Shareholder yield (dividends + buybacks) 4.8% 2.2%
85th		 2.0%
Share count change (YoY) -2.0% -0.1%
22nd		 0.0%
Buybacks, last 5 years $7.9B $147.1M
97th		 $76.0M

Scores & forensic checks

MeasureITWIndustry medianIndustry percentileSector median
IS score 60 58
56th		 53
IS profitability 84 45
98th		 37
IS growth 50 48
58th		 54
IS value 46 48
38th		 47
IS momentum 63 73
27th		 76
IS risk (safety) 100 100
48th		 80
IS quality 59 71
18th		 67
IS balance sheet 43 63
15th		 56
IS earnings quality 71 72
38th		 70
IS cash flow 60 60
52nd		 54
Piotroski F-score (0-9) 6 6
36th		 6
Altman Z-score 8.0 4.4
93rd		 3.3
Beneish M-score −2.46 −2.55
68th		 −2.52
Ohlson O-score −6.81 −8.00
80th		 −7.49
IS credit score 81 76
57th		 65

Per share

MeasureITWIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.13 $2.85
90th		 $2.21
Book value per share $10.08 $26.75
18th		 $18.38
Tangible book per share −$9.54 $2.15
20th		 $4.39
Revenue per share $57.38 $46.23
61st		 $36.64
FCF per share $10.18 $4.10
82nd		 $2.70
Operating cash flow per share $11.60 $4.77
82nd		 $4.28
Cash per share $2.92 $3.39
38th		 $3.02

Size (TTM)

MeasureITWIndustry medianIndustry percentileSector median
Market cap $77.5B $6.0B
93rd		 $3.9B
Revenue $16.5B $2.7B
89th		 $2.7B
EBITDA $4.7B $370.8M
93rd		 $394.8M
Net income $3.2B $165.9M
97th		 $136.3M
Free cash flow $2.9B $324.5M
90th		 $162.9M
Total assets $16.5B $3.6B
85th		 $3.5B
Shareholders' equity $2.9B $1.6B
69th		 $1.4B
Employees 43,000 6,800
89th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-19Santi Ernest Scott
Director
 Option exercise 41,431$187.86$7.8M307,719
2026-08-19Santi Ernest Scott
Director
 Open-market sale 22,471$286.37$6.4M285,248
2026-08-19Santi Ernest Scott
Director
 Open-market sale 8,142$287.35$2.3M277,106
2026-08-19Santi Ernest Scott
Director
 Open-market sale 8,928$288.22$2.6M268,178
2026-08-19Santi Ernest Scott
Director
 Open-market sale 1,890$289.19$546,569266,288
2026-08-19Santi Ernest Scott
Director
 Option exercise 41,431$187.86$7.8M124,295
2026-08-13Pigozzo Matteo C.
VP & Chief Accounting Officer
 Open-market sale 277$289.22$80,1143,394
2026-08-07Scanlon Jennifer F.
Director
 Award / grant 118$296.66$35,0001,776
2026-08-07Smith David Byron Jr
Director
 Award / grant 130$296.66$38,56630,372
2026-08-07Santi Ernest Scott
Director
 Award / grant 118$296.66$35,000266,288
2026-08-07Crown Susan
Director
 Award / grant 58$296.66$17,20659,219
2026-07-01Pigozzo Matteo C.
VP & Chief Accounting Officer
 — 556$255.75$142,2790

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MayJunJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1510,258$2.6M
Award / grantDisposed1765$194,891
Open-market buyAcquired1806$199,880
Open-market saleDisposed541,708$12.0M
Option exerciseAcquired141,431$7.8M
Option exerciseDisposed141,431$7.8M
—Disposed61,653$447,519
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 232,076 shares · $65.7M
FiledFilerShares proposedEst. proceeds
2026-08-19Santi Ernest Scott41,431$11.9M
2026-08-13Pigozzo Matteo C.277$80,113
2026-02-06Lawler Mary Katherine17,279$5.0M
2026-02-05Beck Axel4,223$1.2M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 22 trades (5 purchases) · Senate 2 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-09Kevin HernHouseSale$15,001 - $50,0002026-09-28
2026-09-09Kevin HernHouseSale$15,001 - $50,0002026-09-25
2026-09-09Kevin HernHouseSale (Full)$15,001 - $50,0002026-09-25
2026-02-24Shelley Moore CapitoSenateSale$1,001 - $15,0002026-03-04
2026-02-24Shelley Moore CapitoSenateSale$1,001 - $15,0002026-03-04
2025-01-17Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002025-02-13
2025-01-17Shelley Moore CapitoSenateSale (Partial)$1,001 - $15,0002025-02-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.23,279,289$6.3B8.17%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO21,029,900$5.7B7.38%
VANGUARD CAPITAL MANAGEMENT LLC17,483,266$4.7B6.14%
STATE STREET CORP12,788,570$3.5B4.49%
NORTHERN TRUST CORP10,067,259$2.7B3.53%
GEODE CAPITAL MANAGEMENT, LLC7,084,318$1.9B2.49%
VANGUARD PORTFOLIO MANAGEMENT LLC6,943,927$1.9B2.44%
Capital Research Global Investors4,879,245$1.3B1.71%
MORGAN STANLEY4,630,352$1.3B1.63%
WELLS FARGO & COMPANY/MN4,367,704$1.2B1.53%
GOLDMAN SACHS GROUP INC3,998,938$1.1B1.40%
Fisher Asset Management, LLC3,829,798$1.0B1.34%
AMERIPRISE FINANCIAL INC3,606,085$975.5M1.27%
NORGES BANK3,220,679$871.1M1.13%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/2,578,238$698.1M0.91%

Institutional ownership by quarter

2023-092026-0685.7%
% of shares held by 13F filers
2023-092026-061,982
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,98285.7%15169276596
2026-03-311,95284.3%187655720102
2025-12-311,90185.2%214564768125
2025-09-301,84783.4%126629685101
2025-06-301,85684.5%133627703109
2025-03-311,85785.3%144634709106
2024-12-311,84785.2%22462963198
2024-09-301,75484.3%14258167599
2024-06-301,73585.0%99633635138
2024-03-311,79884.6%15162763789
2023-12-311,75884.8%23951167084
2023-09-301,63085.6%10356259393

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.0%20,177,404
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-13SCHEDULE 13GBriar Hall Management LLC8.9%25,850,978
2025-02-12SCHEDULE 13G/ABriar Hall Management LLC8.8%25,858,170
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.2B
VTSAX0.09%$2.2B
VTI0.09%$2.2B
VSMPX0.09%$2.2B
VFINX0.10%$1.8B
VFIAX0.10%$1.8B

Share structure

Shares outstanding284,800,000
Float257,732,608
Free float90.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$14.5B$15.9B$16.1B$15.9B$16.0B
Cost of revenue$8.6B$9.6B$9.4B$9.0B$9.0B
Gross profit$5.8B$6.4B$6.7B$6.9B$7.1B
R&D$239.0M$269.0M$284.0M$292.0M$0
SG&A$2.1B$2.3B$2.4B$2.4B$2.8B
Operating income$3.5B$3.8B$4.0B$4.3B$4.2B
EBITDA$3.9B$4.5B$4.5B$5.1B$4.6B
Pretax income$3.3B$3.8B$3.8B$4.4B$4.0B
Income tax$632.0M$808.0M$866.0M$934.0M$900.0M
Net income$2.7B$3.0B$3.0B$3.5B$3.1B
EPS, diluted$8.51$9.77$9.74$11.71$10.49
Diluted shares316.4M310.7M303.6M297.8M292.3M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$708.0M$1.1B$948.0M$851.0M
Receivables$2.9B$3.3B$3.3B$3.1B$3.2B
Inventory$1.7B$2.1B$1.7B$1.6B$1.7B
Total current assets$6.4B$6.3B$6.2B$5.9B$6.2B
PP&E, net$1.8B$1.8B$2.2B$2.3B$2.2B
Goodwill & intangibles$5.9B$5.6B$5.6B$5.4B$5.7B
Total assets$16.1B$15.4B$15.5B$15.1B$16.1B
Accounts payable$585.0M$594.0M$581.0M$519.0M$522.0M
Total current liabilities$3.5B$4.5B$4.7B$4.3B$5.1B
Long-term debt$6.9B$6.2B$6.3B$6.3B$6.7B
Total liabilities$12.5B$12.3B$12.5B$11.8B$12.9B
Shareholders' equity$3.6B$3.1B$3.0B$3.3B$3.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.7B$3.0B$3.0B$3.5B$3.1B
Depreciation & amortization$410.0M$410.0M$395.0M$402.0M$397.0M
Stock-based compensation$53.0M$63.0M$69.0M$61.0M$0
Change in working capital−$438.0M−$816.0M$210.0M−$18.0M−$406.0M
Operating cash flow$2.6B$2.3B$3.5B$3.3B$3.1B
Capital expenditure−$296.0M−$412.0M−$455.0M−$437.0M−$419.0M
Free cash flow$2.3B$1.9B$3.1B$2.8B$2.7B
Investing cash flow−$984.0M−$110.0M−$403.0M−$144.0M−$521.0M
Net debt issued / repaid−$141.0M$276.0M$294.0M−$8.0M$508.0M
Buybacks−$1.0B−$1.8B−$1.5B−$1.5B−$1.5B
Dividends paid−$1.5B−$1.5B−$1.6B−$1.7B−$1.8B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin40.4%40.0%41.5%43.6%44.0%
Operating margin24.1%23.8%25.1%26.8%26.3%
Net margin18.6%19.0%18.4%21.9%19.1%
FCF margin15.6%12.2%19.1%17.9%16.9%
ROE79.2%90.4%97.0%110.2%93.7%
ROIC28.2%29.0%30.3%32.2%28.7%
ROA17.0%19.3%19.1%22.8%19.6%
Debt / equity2.172.572.782.442.78
Interest coverage17.5x19.9x15.4x16.6x14.6x
Current ratio1.841.411.331.361.21
Revenue growth+15.0%+10.2%+1.1%−1.3%+0.9%
EPS growth+29.0%+15.2%−0.3%+20.1%−10.4%
P/E at year end26.4x21.0x25.6x21.1x23.3x
EV / EBITDA at year end19.7x15.9x18.5x15.8x17.1x
FCF yield at year end3.18%3.04%4.07%3.86%3.79%
Dividend payout54.3%50.8%54.6%48.6%58.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Automotive OEM Segment$2.8B$3.0B$3.2B$3.2B$3.3B
Test and Measurement and Electronics Segment$2.3B$2.8B$2.8B$2.8B$2.8B
Food Equipment Segment$2.1B$2.4B$2.6B$2.6B$2.7B
Construction Products Segment$1.9B$2.1B$2.0B$1.9B$1.8B
Polymers and Fluids Segment$1.8B$1.9B$1.8B$1.8B$1.8B
Welding Segment$1.6B$1.9B$1.9B$1.9B$1.9B
Specialty Products Segment$1.9B$1.8B$1.7B$1.7B$1.8B

Revenue by region · FY2025

North America$8.5B · 35%
UNITED STATES$7.4B · 30%
Europe$4.2B · 17%
Asia Pacific$3.1B · 13%
Other North America$1.1B · 4%
South America$323.0M · 1%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $2.97 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$16.8B$16.8B – $16.9B$11.43$11.30 – $11.541123.8x
2027$17.4B$17.2B – $17.6B$12.27$11.79 – $12.781122.2x
2028$18.0B$17.5B – $18.4B$13.05$12.42 – $13.711020.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-30$2.57$2.66+3.5%$4.0B$4.0B+0.2%
2026-02-03$2.69$2.72+1.1%$4.1B$4.1B+0.7%
2025-10-24$2.75$2.81+2.2%$4.1B$4.1B−0.5%
2025-07-30$2.56$2.58+0.8%$4.0B$4.1B+0.7%
2025-04-30$2.34$2.38+1.7%$3.8B$3.8B−0.1%
2025-02-05$2.49$2.54+2.0%$4.0B$3.9B−1.3%
2024-10-30$2.52$2.65+5.2%$4.0B$4.0B−1.3%
2024-07-30$2.48$2.54+2.4%$4.1B$4.0B−1.3%
2024-04-30$2.36$2.44+3.4%$4.0B$4.0B−1.4%
2024-02-01$2.41$2.42+0.4%$4.0B$4.0B−0.7%
2023-10-24$2.46$2.55+3.7%$4.1B$4.0B−1.5%
2023-08-01$2.39$2.48+3.8%$4.1B$4.1B−1.4%
2023-05-02$2.23$2.33+4.5%$4.0B$4.0B+0.9%
2023-02-02$2.58$2.95+14.3%$3.9B$4.0B+2.0%
2022-10-25$2.25$2.35+4.4%$3.9B$4.0B+3.1%
2022-08-02$2.20$2.37+7.7%$4.0B$4.0B+1.1%
2022-05-03$2.07$2.11+1.9%$3.8B$3.9B+5.0%
2022-02-03$1.90$1.95+2.6%$3.5B$3.7B+4.2%
2021-10-28$2.01$1.96−2.5%$3.6B$3.6B−2.1%
2021-07-30$2.09$2.10+0.5%$3.7B$3.7B0.0%
2021-04-30$1.90$2.11+11.1%$3.4B$3.5B+3.3%
2021-02-05$1.79$2.02+12.8%$3.3B$3.5B+4.7%
2020-10-23$1.49$1.83+22.8%$2.7B$3.3B+22.8%
2020-07-31$0.70$1.01+44.3%$1.8B$2.6B+44.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.406-290.407-060.607-130.507-200.907-270.408-030.408-100.408-170.308-240.408-31
Week ofNotionalSharesTrades
2026-08-31$417.8M1,540,50362,179
2026-08-24$347.8M1,232,45551,345
2026-08-17$410.4M1,437,36557,064
2026-08-10$389.5M1,332,41057,082
2026-08-03$419.1M1,429,48759,691
2026-07-27$915.1M3,149,00999,041

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1573.3%
DateShort shareShort volumeTotal volume
2026-10-1573.3%513,770701,034
2026-10-1473.0%350,398480,098
2026-10-1337.1%125,989339,693
2026-10-1263.6%178,902281,319
2026-10-0970.5%328,020465,482
2026-10-0850.0%239,151478,106
2026-10-0766.7%249,888374,439
2026-10-0658.1%328,298565,191
2026-10-0551.1%221,745433,754
2026-10-0254.9%188,928344,113
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.5Jan+0.6Feb+0.6Mar+2.2Apr-0.5May-0.6Jun+1.9Jul+0.8Aug+0.3Sep+2.8Oct+3.3Nov+1.6Dec
MonthAvg returnUp yearsYears
Jan+0.5%50%20
Feb+0.6%60%20
Mar+0.6%48%21
Apr+2.2%65%20
May−0.5%50%20
Jun−0.6%45%20
Jul+1.9%65%20
Aug+0.8%50%20
Sep+0.3%65%20
Oct+2.8%60%20
Nov+3.3%80%20
Dec+1.6%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1456.1
MFI55.0
ADX20.8
Stochastic %K / %D77.4 / 68.7
Williams %R-19.0
CCI124
TSI / signal-4.2 / -12.9
Chaikin money flow-0.03
ATR$5.24
Bollinger width6.3%
Volume vs 20-day avg0.72x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$266.66 (+2.1%)
SMA 50$273.69 (−0.5%)
SMA 200$269.20 (+1.1%)
EMA 21$267.72 (+1.7%)
EMA 50$270.32 (+0.7%)
EMA 200$267.52 (+1.8%)
Bollinger upper$275.07 (−1.0%)
Bollinger lower$258.24 (+5.4%)
Parabolic SAR$257.84 (+5.6%)
Open the live chart, 110+ indicators

About Illinois Tool Works Inc.

Illinois Tool Works Inc. is a global enterprise specializing in the production and distribution of a wide array of industrial goods and specialized equipment. The company operates through seven distinct divisions: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM division supplies plastic and metal components, various fastening solutions, and integrated assemblies for automobiles, light-duty trucks, and other industrial applications. Its Food Equipment segment delivers commercial kitchen appliances for washing, refrigeration, cooking, and food processing, alongside comprehensive kitchen exhaust, ventilation, and pollution control systems, and offers related maintenance and repair services. The Test & Measurement and Electronics unit manufactures and sells machinery, expendable supplies, and accompanying software designed for assessing materials and structural integrity, in addition to equipment and consumables critical for the creation of electronic subassemblies and microelectronic components. The Welding division focuses on arc welding apparatus, coupled with metal arc welding consumables and associated accessories. The Polymers & Fluids segment produces adhesives, sealing compounds, lubrication and cutting fluids, and various fluids and polymers intended for automotive aftermarket upkeep and cosmetic purposes. The Construction Products segment provides purpose-engineered fastening systems and comprehensive solutions for new housing, renovation projects, and commercial building industries. Lastly, the Specialty Products segment delivers machinery and supplies for beverage packaging, equipment and expendables for product identification and marking, and specialized components and fasteners for appliances. ITW's broad clientele encompasses sectors such as automotive original equipment manufacturers (OEMs) and their suppliers, the commercial food service industry, construction companies, general industrial enterprises, and the automotive aftermarket. The corporation distributes its offerings directly to industrial manufacturers and via an extensive network of independent distributors. Established in 1912, Illinois Tool Works Inc. is headquartered in Glenview, Illinois.

https://www.itw.com

Key executives

NameTitlePayBorn
Christopher A. O'HerlihyPresident, Chief Executive Officer & Director$4.5M1964
Michael LarsenSenior Vice President & Chief Financial Officer$3.2M1969
Mary Katherine LawlerSenior Vice President & Chief Human Resources Officer$1.7M1966
Axel R. J. BeckExecutive Vice President of Food Equipment$1.6M1966
Kenneth T. EscoeExecutive Vice President of Specialty Products$1.5M1976
Christopher RauchSenior Vice President, General Counsel & Secretary—1970
Erin LinnihanVice President of Investor Relations——
Matteo C. PigozzoVice President & Chief Accounting Officer—1971

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Christopher A. O’Herlihy President & Chief Executive Officer2025$1.3M$5.2M$2.7M$15.2M
Michael M. Larsen Senior Vice President and Chief Financial Officer2025$977,860$2.1M$2.0M$7.4M
Mary K. Lawler Senior Vice President and Chief Human Resources Officer2025$671,685$899,771$893,373$3.5M
Axel R.J. Beck Executive Vice President2025$665,769$774,846$924,742$3.2M
T. Kenneth Escoe Executive Vice President2025$567,570$749,810$808,698$3.0M

Employees

48k201845k201943k202045k202146k202245k202344k202443k2025

Dividends

Ex-dateAmountPaid
2026-09-30$1.722026-10-09
2026-06-30$1.612026-07-10
2026-03-31$1.612026-04-09
2025-12-31$1.612026-01-09
2025-09-30$1.612025-10-10
2025-06-30$1.52025-07-11
2025-03-31$1.52025-04-10
2024-12-31$1.52025-01-10

Moat model

Narrow · Cost Advantage · 2026-06-30
Cost advantage83
Intangibles80
Switching costs45
Network effect32
Efficient scale76
Our component scores (0-100) and overall 64.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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