Gross margin
52.9% Fiscal year 2025
Rank 57 of 100: higher than 57% of 153 peers (All). medium.
Rank 98 of 100: higher than 98% of 22 peers (Sector). strong.
Median Industrials: 35.4%
Share of revenue left after the direct cost of the products sold.
About the company
Illinois Tool Works is a diversified US industrial company. Its products include fasteners and components for cars, welding equipment, commercial kitchen equipment, food and packaging machinery, construction products and specialty chemicals. As of Oct 11, 2026
Fact sheet (from the annual report) Industrial machinery (general) · Glenview, USA
Illinois Tool Works makes a wide range of industrial products and equipment. The automotive segment supplies plastic and metal components and fasteners, mainly to carmakers and their suppliers. The Food Equipment segment offers warewashing, cooking and refrigeration equipment along with service, mainly for food service and food retail. The Test & Measurement and Electronics segment supplies materials testing equipment and equipment for electronics manufacturing. The Welding segment makes arc welding equipment and consumables for industrial and commercial customers. Other segments are Polymers & Fluids, Construction Products and Specialty Products; sales run mainly directly to industrial manufacturers and through independent distributors.
Automatically summarized from SEC annual report (10-K, filed Feb 13, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 14, 2026
Price performance at a glance
Last 30 trading days
- Today −0.1%
- 7 days +0.4%
- 30 days +0.6%
- 1 year +11.4%
Day range (last trading day)
−2.9%Price at 64% of the range+1.6%
52-week range
−13.4%Price at 58% of the range+9.9%
- Distance from the all-time high
- −9.0%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Gap with volume · Analysis method
This method currently detects no pattern for ITW. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? After strong news, usually earnings, the price opened above the previous day’s high and closed much higher on heavy volume. Such moves often continue for a few more days.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginIllinois Tool Works · Sector Industrials · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 13, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet
7 of 8 criteria met
Growth
Revenue and earnings per share
3 of 7 criteria met
Dividend
Level, consistency, coverage
7 of 7 criteria met
Financial strength
Piotroski, debt, liquidity
4 of 6 criteria met
Quality 7 of 8 met
- met: Gross margin above 40% 52.9%
- met: Operating margin above 15% 26.3%
- met: Net margin above 10% 19.1%
- met: Return on equity above 15% 95.0%
- met: Free cash flow margin above 10% 16.9%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- not met: Equity ratio above 30% 20.0%
Operating margin
26.3% Fiscal year 2025
Rank 71 of 100: higher than 71% of 192 peers (All). strong.
Rank 91 of 100: higher than 91% of 28 peers (Sector). strong.
Median Industrials: 10.4%
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
19.1% Fiscal year 2025
Rank 66 of 100: higher than 66% of 237 peers (All). medium.
Rank 84 of 100: higher than 84% of 34 peers (Sector). strong.
Median Industrials: 12.9%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
95.0% Fiscal year 2025
Rank 97 of 100: higher than 97% of 218 peers (All). strong.
Rank 98 of 100: higher than 98% of 32 peers (Sector). strong.
Median Industrials: 26.3%
Net income divided by equity at fiscal year end.
Return on assets
19.0% Fiscal year 2025 (total assets at year end)
Rank 91 of 100: higher than 91% of 238 peers (All). strong.
Rank 93 of 100: higher than 93% of 34 peers (Sector). strong.
Median Industrials: 7.5%
Net income divided by total assets at fiscal year end.
Equity ratio
20.0% Fiscal year 2025
Rank 24 of 100: higher than 24% of 239 peers (All). weak.
Rank 25 of 100: higher than 25% of 34 peers (Sector). weak.
Median Industrials: 33.2%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
16.9% Fiscal year 2025
Rank 58 of 100: higher than 58% of 213 peers (All). medium.
Rank 80 of 100: higher than 80% of 32 peers (Sector). strong.
Median Industrials: 10.5%
Free cash flow divided by revenue.
Free cash flow
2.7B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 3 of 7 met
- not met: Over 3 years, revenue grew by more than 5% per year +0.2%
- not met: Over 5 years, revenue grew by more than 5% per year +5.0%
- not met: Over 10 years, revenue grew by more than 5% per year +1.8%
- not met: Over 3 years, EPS grew by more than 5% per year +2.4%
- met: Over 5 years, EPS grew by more than 5% per year +9.6%
- met: Revenue rose in at least 4 of the last 5 fiscal years 4 of 5
- met: Revenue rose in the last fiscal year +0.9%
Revenue growth 3 years
+0.2% per year
Rank 18 of 100: higher than 18% of 230 peers (All). weak.
Rank 27 of 100: higher than 27% of 32 peers (Sector). weak.
Median Industrials: +8.5%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+5.0% per year
Rank 20 of 100: higher than 20% of 217 peers (All). weak.
Rank 25 of 100: higher than 25% of 30 peers (Sector). weak.
Median Industrials: +9.2%
Average growth per year over 5 fiscal years.
Revenue growth 10 years
+1.8% per year
Rank 16 of 100: higher than 16% of 157 peers (All). weak.
Rank 36 of 100: higher than 36% of 21 peers (Sector). medium.
Median Industrials: +4.5%
Average growth per year over 10 fiscal years.
EPS growth 3 years
+2.4% per year
Rank 28 of 100: higher than 28% of 157 peers (All). weak.
Rank 33 of 100: higher than 33% of 23 peers (Sector). medium.
Median Industrials: +10.7%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+9.6% per year
Rank 39 of 100: higher than 39% of 146 peers (All). medium.
Rank 31 of 100: higher than 31% of 21 peers (Sector). weak.
Median Industrials: +13.7%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
+7.4% per year
Rank 37 of 100: higher than 37% of 140 peers (All). medium.
Rank 40 of 100: higher than 40% of 21 peers (Sector). medium.
Median Industrials: +8.1%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 7 of 7 met
- met: Pays a dividend 6.22 USD
- met: Payout ratio at most 60% of earnings 59%
- met: Dividend paid in each of the last 5 fiscal years 5 of 5
- met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. never
- met: Dividend per share higher than 5 years ago +7.1%
- met: Free cash flow per share covers the dividend 1.5x
- met: Dividends paid over the last 5 years covered by free cash flow 63% of free cash flow
Payout ratio
59% Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+7.1% per year
Rank 36 of 100: higher than 36% of 118 peers (All). medium.
Rank 28 of 100: higher than 28% of 20 peers (Sector). weak.
Median Industrials: +7.7%
Growth of the dividend per share per year.
Free cash flow coverage
1.5x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 4 of 6 met
- not met: Piotroski F-Score at least 7 of 9 6 of 9
- not met: Long-term debt no higher than equity 2.38
- met: Current assets cover current liabilities 1.21
- met: Positive equity 3.2B USD
- met: In 5 years, share count up by at most 5% −8.2%
- met: Free cash flow positive in the last fiscal year 2.7B USD
Piotroski F-Score
6 of 9 Fiscal year 2025
Rank 45 of 100: higher than 45% of 134 peers (All). medium.
Rank 45 of 100: higher than 45% of 20 peers (Sector). medium.
Median Industrials: 6.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
2.38 at fiscal year end
Rank 7 of 100: lower than 7% of 199 peers (All). weak.
Rank 14 of 100: lower than 14% of 32 peers (Sector). weak.
Median Industrials: 0.62
Long-term financial debt divided by equity.
Liquidity (current ratio)
1.21 at fiscal year end
Rank 40 of 100: higher than 40% of 215 peers (All). medium.
Rank 47 of 100: higher than 47% of 33 peers (Sector). medium.
Median Industrials: 1.22
Current assets divided by current liabilities.
Change in share count
−8.2% in 5 years
Rank 76 of 100: lower than 76% of 199 peers (All). strong.
Rank 78 of 100: lower than 78% of 29 peers (Sector). strong.
Median Industrials: −5.4%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- not met: Return on assets higher than the prior year
- met: Operating cash flow higher than net income
- not met: Long-term debt relative to total assets fell
- not met: Liquidity (current assets / current liabilities) rose
- met: No additional shares (diluted share count did not rise)
- met: Gross margin higher than the prior year
- met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light yellow: Revenue grew over 5 years (+5.0% per year), more slowly than the sector median.
- Light yellow: Net income (total) grew over 5 years (+7.8% per year), more slowly than the sector median; per share +9.6% per year.
- Light green: Net margin 19.1%, above the sector median (11.1%).
- Light red: Debt much higher than usual in the sector.
- Light green: Profit in each of the last 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 13.6B USD · Net income 2.0B USD · Net margin 15.0%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 14.3B USD · Net income 1.7B USD · Net margin 11.8%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 14.8B USD · Net income 2.6B USD · Net margin 17.4%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 14.1B USD · Net income 2.5B USD · Net margin 17.9%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 12.6B USD · Net income 2.1B USD · Net margin 16.8%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 14.5B USD · Net income 2.7B USD · Net margin 18.6%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 15.9B USD · Net income 3.0B USD · Net margin 19.0%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 16.1B USD · Net income 3.0B USD · Net margin 18.4%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 15.9B USD · Net income 3.5B USD · Net margin 21.9%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 16.0B USD · Net income 3.1B USD · Net margin 19.1%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Revenue 4.0B USD · Net income 772.0M USD · Net margin 19.2%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 4.0B USD · Net income 717.0M USD · Net margin 18.0% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 4.0B USD · Net income 819.0M USD · Net margin 20.6%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 4.0B USD · Net income 759.0M USD · Net margin 18.8%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 4.0B USD · Net income 1.2B USD · Net margin 29.2%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 3.9B USD · Net income 750.0M USD · Net margin 19.1% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 3.8B USD · Net income 700.0M USD · Net margin 18.2%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 4.1B USD · Net income 755.0M USD · Net margin 18.6%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 4.1B USD · Net income 821.0M USD · Net margin 20.2%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 4.1B USD · Net income 790.0M USD · Net margin 19.3% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 4.0B USD · Net income 768.0M USD · Net margin 19.1%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 4.3B USD · Net income 815.0M USD · Net margin 18.9%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 5.70 USD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 4.86 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 7.60 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 7.74 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 6.63 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 8.51 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 9.77 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 9.74 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 11.71 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 10.49 USD
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Earnings per share 2.55 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 2.73 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 2.54 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 3.91 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 2.38 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 2.58 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 2.81 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 2.66 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 2.84 USD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 2.40 USD · Payout ratio 42.1%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 2.86 USD · Payout ratio 58.8%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 3.56 USD · Payout ratio 46.8%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 4.14 USD · Payout ratio 53.5%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 4.42 USD · Payout ratio 66.7%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 4.72 USD · Payout ratio 55.5%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 5.06 USD · Payout ratio 51.8%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 5.42 USD · Payout ratio 55.6%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 5.80 USD · Payout ratio 49.5%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 6.22 USD · Payout ratio 59.3%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Dividend per share 1.40 USD · Payout ratio 54.9%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 1.40 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 1.40 USD · Payout ratio 51.3%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 1.40 USD · Payout ratio 55.1%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 1.50 USD · Payout ratio 38.4%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 1.50 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 1.50 USD · Payout ratio 63.0%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 1.50 USD · Payout ratio 58.1%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 1.61 USD · Payout ratio 57.3%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 1.61 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 1.61 USD · Payout ratio 60.5%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 1.61 USD · Payout ratio 56.7%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 16.0B USD · Net income 3.1B USD · Net margin 19.1%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 52.9 USD gross profit, 26.3 USD operating income and 19.1 USD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 16.0B USD | 100.0% |
| Gross profit | 8.5B USD | 52.9% |
| Cost of revenue | 7.6B USD | 47.1% |
| Operating income | 4.2B USD | 26.3% |
| Research & development | 302.0M USD | 1.9% |
| Other operating expenses | 4.0B USD | 24.7% |
| Net income | 3.1B USD | 19.1% |
| Interest expense | 292.0M USD | 1.8% |
| Taxes & other (net) | 858.0M USD | 5.3% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin rose in 5 years from 22.9% to 26.3%.
Gross marginOperating marginNet margin- Fiscal year 2016: Gross margin 41.9% · Operating margin 22.5% · Net margin 15.0%
- Fiscal year 2017: Gross margin 42.0% · Operating margin 24.4% · Net margin 11.8%
- Fiscal year 2018: Gross margin 41.7% · Operating margin 24.3% · Net margin 17.4%
- Fiscal year 2019: Gross margin 42.0% · Operating margin 24.1% · Net margin 17.9%
- Fiscal year 2020: Gross margin 41.3% · Operating margin 22.9% · Net margin 16.8%
- Fiscal year 2021: Gross margin 41.3% · Operating margin 24.1% · Net margin 18.6%
- Fiscal year 2022: Gross margin 48.9% · Operating margin 23.8% · Net margin 19.0%
- Fiscal year 2023: Gross margin 50.7% · Operating margin 25.1% · Net margin 18.4%
- Fiscal year 2024: Gross margin 52.2% · Operating margin 26.8% · Net margin 21.9%
- Fiscal year 2025: Gross margin 52.9% · Operating margin 26.3% · Net margin 19.1%
Returns
Return on equity rose in 5 years from 66.3% to 95.0%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 47.8% · Return on assets 13.4%
- Fiscal year 2017: Return on equity 36.8% · Return on assets 10.1%
- Fiscal year 2018: Return on equity 78.7% · Return on assets 17.2%
- Fiscal year 2019: Return on equity 83.2% · Return on assets 16.7%
- Fiscal year 2020: Return on equity 66.3% · Return on assets 13.5%
- Fiscal year 2021: Return on equity 74.3% · Return on assets 16.8%
- Fiscal year 2022: Return on equity 98.2% · Return on assets 19.7%
- Fiscal year 2023: Return on equity 98.1% · Return on assets 19.1%
- Fiscal year 2024: Return on equity 105.2% · Return on assets 23.1%
- Fiscal year 2025: Return on equity 95.0% · Return on assets 19.0%
Equity and long-term debt
The equity ratio stayed roughly the same in 5 years (20.0%).
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 4.3B USD · Long-term debt 7.8B USD
- Fiscal year 2017: Equity 4.6B USD · Long-term debt 7.5B USD
- Fiscal year 2018: Equity 3.3B USD · Long-term debt 7.4B USD
- Fiscal year 2019: Equity 3.0B USD · Long-term debt 7.8B USD
- Fiscal year 2020: Equity 3.2B USD · Long-term debt 8.1B USD
- Fiscal year 2021: Equity 3.6B USD · Long-term debt 7.5B USD
- Fiscal year 2022: Equity 3.1B USD · Long-term debt 6.7B USD
- Fiscal year 2023: Equity 3.0B USD · Long-term debt 7.7B USD
- Fiscal year 2024: Equity 3.3B USD · Long-term debt 7.1B USD
- Fiscal year 2025: Equity 3.2B USD · Long-term debt 7.7B USD
Liquidity (current ratio)
The current ratio fell in 5 years from 2.52 to 1.21.
Current ratio- Fiscal year 2016: Current ratio 2.22
- Fiscal year 2017: Current ratio 2.38
- Fiscal year 2018: Current ratio 1.63
- Fiscal year 2019: Current ratio 2.90
- Fiscal year 2020: Current ratio 2.52
- Fiscal year 2021: Current ratio 1.84
- Fiscal year 2022: Current ratio 1.41
- Fiscal year 2023: Current ratio 1.33
- Fiscal year 2024: Current ratio 1.36
- Fiscal year 2025: Current ratio 1.21
Cash flow
Free cash flow rose in 5 years from 2.6B USD to 2.7B USD.
Operating cash flowCapital expenditureFree cash flow in USD- Fiscal year 2016: Operating cash flow 2.3B USD · Capital expenditure 273.0M USD · Free cash flow 2.0B USD
- Fiscal year 2017: Operating cash flow 2.4B USD · Capital expenditure 297.0M USD · Free cash flow 2.1B USD
- Fiscal year 2018: Operating cash flow 2.8B USD · Capital expenditure 364.0M USD · Free cash flow 2.4B USD
- Fiscal year 2019: Operating cash flow 3.0B USD · Capital expenditure 326.0M USD · Free cash flow 2.7B USD
- Fiscal year 2020: Operating cash flow 2.8B USD · Capital expenditure 236.0M USD · Free cash flow 2.6B USD
- Fiscal year 2021: Operating cash flow 2.6B USD · Capital expenditure 296.0M USD · Free cash flow 2.3B USD
- Fiscal year 2022: Operating cash flow 2.3B USD · Capital expenditure 412.0M USD · Free cash flow 1.9B USD
- Fiscal year 2023: Operating cash flow 3.5B USD · Capital expenditure 455.0M USD · Free cash flow 3.1B USD
- Fiscal year 2024: Operating cash flow 3.3B USD · Capital expenditure 437.0M USD · Free cash flow 2.8B USD
- Fiscal year 2025: Operating cash flow 3.1B USD · Capital expenditure 419.0M USD · Free cash flow 2.7B USD
Share count
The share count fell in 5 years by 8.2% (mostly through share repurchases).
Diluted share count- Fiscal year 2016: Diluted share count 357.1M
- Fiscal year 2017: Diluted share count 346.8M
- Fiscal year 2018: Diluted share count 337.1M
- Fiscal year 2019: Diluted share count 325.6M
- Fiscal year 2020: Diluted share count 318.3M
- Fiscal year 2021: Diluted share count 316.4M
- Fiscal year 2022: Diluted share count 310.7M
- Fiscal year 2023: Diluted share count 303.6M
- Fiscal year 2024: Diluted share count 297.8M
- Fiscal year 2025: Diluted share count 292.3M
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 6.22 USD · Fiscal year 2025
- Dividend growth per year
- 3 y +7.1%5 y +7.1%10 y –
- Years without a cut
- at least 10 as far as the data goes
- Payout ratio
- of earnings 59% of free cash flow 66%
- To shareholders (5 years)
- 15.4B USD 47% through repurchases
- Share count over 5 years
- −8.2% fewer shares – each share is a larger stake
Dividend per share
The dividend per share rose in 5 years from 4.42 USD to 6.22 USD.
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share 2.40 USD
- Fiscal year 2017: Dividend per share 2.86 USD
- Fiscal year 2018: Dividend per share 3.56 USD
- Fiscal year 2019: Dividend per share 4.14 USD
- Fiscal year 2020: Dividend per share 4.42 USD
- Fiscal year 2021: Dividend per share 4.72 USD
- Fiscal year 2022: Dividend per share 5.06 USD
- Fiscal year 2023: Dividend per share 5.42 USD
- Fiscal year 2024: Dividend per share 5.80 USD
- Fiscal year 2025: Dividend per share 6.22 USD
Payout ratios
The payout ratio fell in 5 years from 66.7% to 59.3%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) 42.1% · Payout ratio (free cash flow) 40.5%
- Fiscal year 2017: Payout ratio (earnings) 58.8% · Payout ratio (free cash flow) 44.7%
- Fiscal year 2018: Payout ratio (earnings) 46.8% · Payout ratio (free cash flow) 45.9%
- Fiscal year 2019: Payout ratio (earnings) 53.5% · Payout ratio (free cash flow) 49.5%
- Fiscal year 2020: Payout ratio (earnings) 66.7% · Payout ratio (free cash flow) 53.6%
- Fiscal year 2021: Payout ratio (earnings) 55.5% · Payout ratio (free cash flow) 64.7%
- Fiscal year 2022: Payout ratio (earnings) 51.8% · Payout ratio (free cash flow) 79.6%
- Fiscal year 2023: Payout ratio (earnings) 55.6% · Payout ratio (free cash flow) 52.4%
- Fiscal year 2024: Payout ratio (earnings) 49.5% · Payout ratio (free cash flow) 59.6%
- Fiscal year 2025: Payout ratio (earnings) 59.3% · Payout ratio (free cash flow) 65.9%
What goes back to shareholders
Over 5 years, 15.4B USD went back to shareholders, 47% of it through share repurchases. That is 120% of the free cash flow of those years. This was offset by new shares issued for 249.0M USD (including employee plans).
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid 821.0M USD · Share repurchases 2.0B USD · New shares issued (including employee plans) 84.0M USD · Free cash flow 2.0B USD
- Fiscal year 2017: Dividends paid 941.0M USD · Share repurchases 1.0B USD · New shares issued (including employee plans) 84.0M USD · Free cash flow 2.1B USD
- Fiscal year 2018: Dividends paid 1.1B USD · Share repurchases 2.0B USD · New shares issued (including employee plans) 22.0M USD · Free cash flow 2.4B USD
- Fiscal year 2019: Dividends paid 1.3B USD · Share repurchases 1.5B USD · New shares issued (including employee plans) 85.0M USD · Free cash flow 2.7B USD
- Fiscal year 2020: Dividends paid 1.4B USD · Share repurchases 706.0M USD · New shares issued (including employee plans) 66.0M USD · Free cash flow 2.6B USD
- Fiscal year 2021: Dividends paid 1.5B USD · Share repurchases 1.0B USD · New shares issued (including employee plans) 50.0M USD · Free cash flow 2.3B USD
- Fiscal year 2022: Dividends paid 1.5B USD · Share repurchases 1.8B USD · New shares issued (including employee plans) 29.0M USD · Free cash flow 1.9B USD
- Fiscal year 2023: Dividends paid 1.6B USD · Share repurchases 1.5B USD · New shares issued (including employee plans) 53.0M USD · Free cash flow 3.1B USD
- Fiscal year 2024: Dividends paid 1.7B USD · Share repurchases 1.5B USD · New shares issued (including employee plans) 52.0M USD · Free cash flow 2.8B USD
- Fiscal year 2025: Dividends paid 1.8B USD · Share repurchases 1.5B USD · New shares issued (including employee plans) 65.0M USD · Free cash flow 2.7B USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
Illinois Tool Works next to 8 stocks of the sector Industrials we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| UNP Union Pacific Corporation | 24.5B USD | +4.6% | – | 40.2% | 29.1% | 38.7% | 26.5% | 22.4% | – |
| JCI Johnson Controls | 23.6B USD | +1.1% | 36.4% | – | 13.9% | 25.5% | 34.1% | 9.0% | 6/9 |
| ADP Automatic Data Processing | 21.9B USD | +7.9% | 46.4% | – | 20.1% | 73.2% | 9.5% | 23.9% | 8/9 |
| PH Parker Hannifin | 21.5B USD | +8.4% | 37.7% | 23.6% | 17.0% | 23.7% | 49.9% | 18.2% | 9/9 |
| TT Trane Technologies | 21.3B USD | +11.4% | – | 18.6% | 13.7% | 34.0% | 40.1% | 13.2% | – |
| EMR Emerson Electric | 18.0B USD | +1.4% | 52.8% | – | 12.7% | 11.3% | 48.3% | 14.8% | 6/9 |
| ITW Illinois Tool Works this stock | 16.0B USD | +5.0% | 52.9% | 26.3% | 19.1% | 95.0% | 20.0% | 16.9% | 6/9 |
| CSX CSX Corporation | 14.1B USD | +5.9% | – | 32.1% | 20.5% | 22.0% | 30.1% | 12.1% | – |
| CTAS Cintas | 11.3B USD | +9.6% | 50.7% | 23.1% | 17.8% | 38.9% | 48.8% | 16.7% | 8/9 |
| Median of the sector 34 symbols | 24.1B USD | +9.2% | 35.4% | 10.4% | 12.9% | 26.3% | 33.2% | 9.7% | 6/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 90 symbols in the Industrials sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+5.0% per year, last 5 years
Sector Industrials: median +8.0% (82 symbols)
What does this mean? Revenue: over 5 years it grew by 5.0% per year on average, but more slowly than the median company in the sector (+8.0%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+7.8% per year, last 5 years
Sector Industrials: median +10.0% (66 symbols)
per share: +9.6% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 7.8% per year on average, but more slowly than the median company in the sector (+10.0%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin19.1% last fiscal year
Sector Industrials: median 11.1% (88 symbols)
What does this mean? Of every 100 USD in revenue, 19.11 USD remained as profit – at least as much as the median company in the sector (11.1%). Five years ago the margin was 16.8%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth2.26 latest balance sheet
Sector Industrials: median 0.58 (77 symbols)
What does this mean? For every 1 USD of equity there is 2.26 USD of financial debt – more than twice as much as the median company in the sector (0.58). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth59% Dividend / earnings per share
Sector Industrials: median 35% (65 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.59 USD went to shareholders as a dividend. The rest stays in the company. Median company in the sector: 35%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 16.0B | 3.1B | 19.1% | 10.49 | 6.22 | 59% |
| 2024 | Dec 31, 2024 | 15.9B | 3.5B | 21.9% | 11.71 | 5.80 | 50% |
| 2023 | Dec 31, 2023 | 16.1B | 3.0B | 18.4% | 9.74 | 5.42 | 56% |
| 2022 | Dec 31, 2022 | 15.9B | 3.0B | 19.0% | 9.77 | 5.06 | 52% |
| 2021 | Dec 31, 2021 | 14.5B | 2.7B | 18.6% | 8.51 | 4.72 | 55% |
| 2020 | Dec 31, 2020 | 12.6B | 2.1B | 16.8% | 6.63 | 4.42 | 67% |
| 2019 | Dec 31, 2019 | 14.1B | 2.5B | 17.9% | 7.74 | 4.14 | 53% |
| 2018 | Dec 31, 2018 | 14.8B | 2.6B | 17.4% | 7.60 | 3.56 | 47% |
| 2017 | Dec 31, 2017 | 14.3B | 1.7B | 11.8% | 4.86 | 2.86 | 59% |
| 2016 | Dec 31, 2016 | 13.6B | 2.0B | 15.0% | 5.70 | 2.40 | 42% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 4.3B | 815.0M | 18.9% | 2.84 | 1.61 | 57% |
| Q1/26 | Mar 31, 2026 | 4.0B | 768.0M | 19.1% | 2.66 | 1.61 | 61% |
| Q4/25* | Dec 31, 2025 | 4.1B | 790.0M | 19.3% | – | 1.61 | – |
| Q3/25 | Sep 30, 2025 | 4.1B | 821.0M | 20.2% | 2.81 | 1.61 | 57% |
| Q2/25 | Jun 30, 2025 | 4.1B | 755.0M | 18.6% | 2.58 | 1.50 | 58% |
| Q1/25 | Mar 31, 2025 | 3.8B | 700.0M | 18.2% | 2.38 | 1.50 | 63% |
| Q4/24* | Dec 31, 2024 | 3.9B | 750.0M | 19.1% | – | 1.50 | – |
| Q3/24 | Sep 30, 2024 | 4.0B | 1.2B | 29.2% | 3.91 | 1.50 | 38% |
| Q2/24 | Jun 30, 2024 | 4.0B | 759.0M | 18.8% | 2.54 | 1.40 | 55% |
| Q1/24 | Mar 31, 2024 | 4.0B | 819.0M | 20.6% | 2.73 | 1.40 | 51% |
| Q4/23* | Dec 31, 2023 | 4.0B | 717.0M | 18.0% | – | 1.40 | – |
| Q3/23 | Sep 30, 2023 | 4.0B | 772.0M | 19.2% | 2.55 | 1.40 | 55% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $12.0M2 people | −$12.0M |
| 6 months | $199.9K1 person | $12.0M2 people | −$11.8M |
| 12 months | $1.9M2 people | $67.3M5 people | −$65.4M |
Latest transactions
- Aug 19, 2026 Santi Ernest Scott Director Open-market sale 1,890 shares · $546.6K · SEC
- Aug 19, 2026 Santi Ernest Scott Director Open-market sale 8,928 shares · $2.6M · SEC
- Aug 19, 2026 Santi Ernest Scott Director Open-market sale 8,142 shares · $2.3M · SEC
- Aug 19, 2026 Santi Ernest Scott Director Open-market sale 22,471 shares · $6.4M · SEC
- Aug 13, 2026 Pigozzo Matteo C. Officer Open-market sale 277 shares · $80.1K · SEC
- Jun 2, 2026 Scanlon Jennifer F. Director Open-market purchase 806 shares · $199.9K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +35
Price vs. EMA 50+15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows+0
Relative strength-15
Volatility and trend strength
ADX 14 (trend strength)15.8
Rel. strength 60 d−5.3%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
More stocks from Industrials
News
Latest news
ITW Schedules Third Quarter 2026 Earnings Webcast Yahoo Finance · Oct 15, 18:20
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What You Need to Know Ahead of Illinois Tool Works’ Earnings Release Yahoo Finance · Oct 6, 15:11
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