NYSE: ITW
Illinois Tool Works
Industrials · General Industrial Machinery & Equipment
52-week range
$238.82$303.16
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$73.1B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $42.4B |
| FY2017, ended Dec 31, 2017 | $57.0B |
| FY2018, ended Dec 31, 2018 | $41.6B |
| FY2019, ended Dec 31, 2019 | $57.3B |
| FY2020, ended Dec 31, 2020 | $64.6B |
| FY2021, ended Dec 31, 2021 | $77.2B |
| FY2022, ended Dec 31, 2022 | $67.2B |
| FY2023, ended Dec 31, 2023 | $78.3B |
| FY2024, ended Dec 31, 2024 | $74.4B |
| FY2025, ended Dec 31, 2025 | $71.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $73.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.6B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.6B |
| FY2017, ended Dec 31, 2017 | $14.3B |
| FY2018, ended Dec 31, 2018 | $14.8B |
| FY2019, ended Dec 31, 2019 | $14.1B |
| FY2020, ended Dec 31, 2020 | $12.6B |
| FY2021, ended Dec 31, 2021 | $14.5B |
| FY2022, ended Dec 31, 2022 | $15.9B |
| FY2023, ended Dec 31, 2023 | $16.1B |
| FY2024, ended Dec 31, 2024 | $15.9B |
| FY2025, ended Dec 31, 2025 | $16.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.6B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.04B | $2.03B |
| FY2017, ended Dec 31, 2017 | $1.69B | $2.10B |
| FY2018, ended Dec 31, 2018 | $2.56B | $2.45B |
| FY2019, ended Dec 31, 2019 | $2.52B | $2.67B |
| FY2020, ended Dec 31, 2020 | $2.11B | $2.57B |
| FY2021, ended Dec 31, 2021 | $2.69B | $2.26B |
| FY2022, ended Dec 31, 2022 | $3.03B | $1.94B |
| FY2023, ended Dec 31, 2023 | $2.96B | $3.08B |
| FY2024, ended Dec 31, 2024 | $3.49B | $2.84B |
| FY2025, ended Dec 31, 2025 | $3.07B | $2.71B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.23B | $2.87B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$809M
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.47B |
| FY2017, ended Dec 31, 2017 | $3.09B |
| FY2018, ended Dec 31, 2018 | $1.50B |
| FY2019, ended Dec 31, 2019 | $1.98B |
| FY2020, ended Dec 31, 2020 | $2.56B |
| FY2021, ended Dec 31, 2021 | $1.53B |
| FY2022, ended Dec 31, 2022 | $708M |
| FY2023, ended Dec 31, 2023 | $1.06B |
| FY2024, ended Dec 31, 2024 | $948M |
| FY2025, ended Dec 31, 2025 | $851M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $809M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.37B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.83B |
| FY2017, ended Dec 31, 2017 | $8.33B |
| FY2018, ended Dec 31, 2018 | $7.38B |
| FY2019, ended Dec 31, 2019 | $7.76B |
| FY2020, ended Dec 31, 2020 | $8.47B |
| FY2021, ended Dec 31, 2021 | $8.26B |
| FY2022, ended Dec 31, 2022 | $8.30B |
| FY2023, ended Dec 31, 2023 | $9.53B |
| FY2024, ended Dec 31, 2024 | $7.86B |
| FY2025, ended Dec 31, 2025 | $8.98B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.37B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 18.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.284M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 347M |
| FY2017, ended Dec 31, 2017 | 342M |
| FY2018, ended Dec 31, 2018 | 328M |
| FY2019, ended Dec 31, 2019 | 319M |
| FY2020, ended Dec 31, 2020 | 317M |
| FY2021, ended Dec 31, 2021 | 313M |
| FY2022, ended Dec 31, 2022 | 305M |
| FY2023, ended Dec 31, 2023 | 299M |
| FY2024, ended Dec 31, 2024 | 294M |
| FY2025, ended Dec 31, 2025 | 288M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 284M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.54B more bought back than issued
Show tableHide table
| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.00B | $39.0M | $84.0M |
| FY2017, ended Dec 31, 2017 | $1.00B | $36.0M | $84.0M |
| FY2018, ended Dec 31, 2018 | $2.00B | $40.0M | $22.0M |
| FY2019, ended Dec 31, 2019 | $1.50B | $41.0M | $85.0M |
| FY2020, ended Dec 31, 2020 | $706M | $42.0M | $66.0M |
| FY2021, ended Dec 31, 2021 | $1.00B | $53.0M | $50.0M |
| FY2022, ended Dec 31, 2022 | $1.75B | $63.0M | $29.0M |
| FY2023, ended Dec 31, 2023 | $1.50B | $69.0M | $53.0M |
| FY2024, ended Dec 31, 2024 | $1.50B | $61.0M | $52.0M |
| FY2025, ended Dec 31, 2025 | $1.50B | $69.0M | $65.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.69B | $77.0M | $68.0M |
Revenue (TTM)
$16.6B
+4.8% YoY
Net income (TTM)
$3.23B
+6.7% YoY
Cash
$809M
−12.4% YoY
Total debt
$9.37B
+4.4% YoY
Valuation
At current price- Market Cap
- $79.2B
- P/E
- 24.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.8×
- Price / Book
- 25.2×
- EV / EBITDA
- 18.4×
Growth
Trailing 12 months- Revenue (TTM)
- $16.6B
- Revenue Growth YoY
- 4.8%
- Revenue CAGR 3Y
- 0.2%
- Revenue CAGR 5Y
- 5.0%
- EPS Growth YoY
- 8.7%
- Net Income Growth YoY
- 6.7%
Profitability
Trailing 12 months- Gross Margin
- 53.1%
- Operating Margin
- 26.6%
- Net Margin
- 19.4%
- FCF Margin
- 17.2%
- Return on Equity
- 102%
Earnings
Trailing 12 months- Net Income
- $3.23B
- EPS (diluted)
- $11.21
- EBITDA
- $4.76B
- Operating Income
- $4.43B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $809M
- Total Debt
- $9.37B
- Net Debt
- $8.56B
- Total Assets
- $16.5B
- Total Liabilities
- $13.4B
- Shareholders' Equity
- $3.14B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.26B
- Capital Expenditure
- $394M
- Free Cash Flow
- $2.87B
Dividends and risk
Last 12 months- Dividend Yield
- 2.4%
- Dividend / Share
- $6.55
- Beta (5Y)
- 0.96
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $16.6B.
Strength
Keeps 26.6% of revenue as operating profit.
Note
Net debt of $8.56B is 1.8× EBITDA.
Strength
Turns 17.2% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K57Nothing notable
57Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Sales rose 0.9% to $16.0 billion, almost all from currency. Organic sales were flat, and operating income fell 1.1% to $4.2 billion.
- EPS fell 10.4% to $10.49 because 2024 included one-time gains. Without those gains, EPS rose 3.3% and operating margin rose 20 basis points.
- Construction Products sales fell another 5.1% organically. Automotive OEM grew, helped by Asia Pacific and China, and margin there rose 150 basis points.
- Total debt rose $1.1 billion to $9.0 billion. Dividends plus $1.5 billion of buybacks were more than the $2.7 billion of free cash flow.
Business momentum
Stable
“Operating income of $4.2 billion declined 1.1%, or increased 1.7% excluding the $117 million favorable impact of the LIFO accounting method changed discussed previously.”
Outlook
Cautious
“However, current tariff policies have introduced additional uncertainty and may negatively impact overall demand from the Company's customers.”
Financial stress
Low
“As of December 31, 2025, the Company had $851 million of cash and equivalents on hand and no outstanding borrowings under its $3.0 billion revolving credit facility.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Underlying margin gains from cost initiatives
“operating margin increased 20 basis points primarily driven by benefits from the Company's enterprise initiatives of 130 basis points and favorable price/cost of 10 basis points”
Strong growth in Asia Pacific and China
“Asia Pacific organic revenue grew 6.3%”
Dividend raised again
“or from $6.00 to $6.44 per share on an annualized basis.”
Concerns
Organic sales flat; construction keeps falling
“Organic revenue declined 5.1% due to lower demand across all major regions.”
Shareholder payouts exceed free cash flow, debt rising
“Total debt $ 8,969 $ 7,863 $ 1,106”
Return on invested capital fell
“After-tax ROIC decreased 190 basis points for the twelve month period ended December 31, 2025 compared to the prior year period”
New risks since the previous report
2025 US tariffs and retaliation by other countries
“On April 2, 2025, the United States government announced additional tariffs on goods imported to the U.S. from numerous countries.”
AI-assisted cyberattacks
“The risk and severity of cybersecurity attacks could increase as artificial intelligence is used by threat actors to identify vulnerabilities and conduct increasingly sophisticated attacks.”
Rising employee health and welfare costs
“Unallocated expenses in 2025 included higher employee-related expenses, including health and welfare expenses and insurance-related expenses as compared to 2024.”
Biggest risks named
- Global economic slowdown and weak end markets
- Tariffs and changing trade policy
- Currency swings affecting reported results
- Raw material inflation and supply disruptions
- Enterprise strategy failing to deliver organic growth
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 57 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 57 | Stable | None | |
| 10-K | Feb 14, 2025 | 65 | Improving | None | |
| 10-K | Feb 9, 2024 | 67 | Improving | None | |
| 10-K | Feb 10, 2023 | 65 | Improving | None | |
| 10-K | Feb 11, 2022 | 73 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 50 | Weakening | None | |
| 10-K | Feb 14, 2020 | 49 | Weakening | None | |
| 10-K | Feb 15, 2019 | 61 | Improving | None | |
| 10-K | Feb 15, 2018 | 69 | Improving | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR