Illinois Tool Works Inc. (ITW) Key Metrics
ITW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $77.55B
- Enterprise value
- $85.88B
- P/E (TTM)
- 24.7 10-yr median 23.3
- Forward P/E
- 21.9
- PEG ratio
- 2.51
- Price / sales
- 4.7 10-yr median 4.4
- Price / book
- 26.6 10-yr median 21.0
- EV / EBITDA
- 17.8 10-yr median 16.8
- Dividend yield
- 2.53% $6.88 a year
- Beta
- 0.97
ITW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsITW valuation Price multiples at each fiscal year-end price.
ITW returns How much profit the business earns on the capital it uses.
ITW per-share figures Results divided by the shares outstanding at year-end.
ITW financial health Debt, liquidity and how easily interest is covered.
ITW efficiency & capital use Working capital cycle and where the cash goes.
ITW valuation history
ITW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ITW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ITW cash returned to shareholders
ITW price vs earnings per share
ITW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $71.99B | $75.51B | $79.52B | $68.45B | $78.09B | $64.90B | $58.49B | $42.71B | $57.86B | $43.73B |
| Enterprise value | $80.11B | $82.64B | $86.83B | $75.69B | $84.44B | $70.64B | $64.44B | $48.58B | $63.10B | $49.09B |
| P/E ratio | 23.5 | 21.6 | 26.9 | 22.6 | 29.0 | 30.8 | 23.2 | 16.7 | 34.3 | 21.5 |
| Price / sales | 4.5 | 4.7 | 4.9 | 4.3 | 5.4 | 5.2 | 4.1 | 2.9 | 4.0 | 3.2 |
| Price / book | 22.3 | 22.8 | 26.4 | 22.2 | 21.5 | 20.4 | 19.3 | 13.1 | 12.6 | 10.3 |
| Price / free cash flow | 26.6 | 26.6 | 25.8 | 35.4 | 34.5 | 25.2 | 21.9 | 17.5 | 27.5 | 21.6 |
| Price / operating cash flow | 23.0 | 23.0 | 22.5 | 29.2 | 30.5 | 23.1 | 19.5 | 15.2 | 24.1 | 19.0 |
| EV / sales | 5.0 | 5.2 | 5.4 | 4.8 | 5.8 | 5.6 | 4.6 | 3.3 | 4.4 | 3.6 |
| EV / EBITDA | 17.2 | 16.2 | 21.5 | 18.1 | 23.1 | 23.1 | 16.4 | 11.8 | 15.8 | 13.6 |
| EV / free cash flow | 29.6 | 29.1 | 28.2 | 39.1 | 37.3 | 27.5 | 24.1 | 19.9 | 30.0 | 24.2 |
| Earnings yield | 4.3% | 4.6% | 3.7% | 4.4% | 3.4% | 3.2% | 4.3% | 6.0% | 2.9% | 4.7% |
| Free cash flow yield | 3.8% | 3.8% | 3.9% | 2.8% | 2.9% | 4.0% | 4.6% | 5.7% | 3.6% | 4.6% |
| Dividend yield | 2.5% | 2.2% | 2.0% | 2.3% | 1.9% | 2.1% | 2.3% | 2.6% | 1.6% | 1.9% |
| Shareholder yield (dividends + buybacks) | 4.6% | 4.2% | 3.9% | 4.8% | 3.2% | 3.2% | 4.8% | 7.3% | 3.4% | 6.5% |
| Share price at fiscal year-end | $246.30 | $253.56 | $261.94 | $220.30 | $246.80 | $203.88 | $179.63 | $126.69 | $166.85 | $122.46 |
| Per share | ||||||||||
| Revenue per share | $54.89 | $53.38 | $53.05 | $51.28 | $45.69 | $39.50 | $43.33 | $43.81 | $41.27 | $38.08 |
| Earnings per share | $10.49 | $11.71 | $9.74 | $9.77 | $8.51 | $6.63 | $7.74 | $7.60 | $4.86 | $5.70 |
| Operating cash flow per share | $10.69 | $11.02 | $11.66 | $7.56 | $8.08 | $8.82 | $9.20 | $8.34 | $6.93 | $6.45 |
| Free cash flow per share | $9.26 | $9.55 | $10.16 | $6.23 | $7.15 | $8.08 | $8.20 | $7.26 | $6.07 | $5.68 |
| Cash per share | $2.91 | $3.18 | $3.51 | $2.28 | $4.83 | $8.06 | $6.08 | $4.46 | $8.92 | $6.92 |
| Book value per share | $11.03 | $11.13 | $9.92 | $9.94 | $11.46 | $9.99 | $9.29 | $9.65 | $13.22 | $11.91 |
| Tangible book value per share | −$8.43 | −$7.10 | −$8.41 | −$8.19 | −$7.31 | −$7.19 | −$7.12 | −$7.31 | −$4.15 | −$4.95 |
| Dividends per share | $6.11 | $5.69 | $5.32 | $4.96 | $4.62 | $4.33 | $4.06 | $3.33 | $2.71 | $2.30 |
| Capex per share | $1.43 | $1.47 | $1.50 | $1.33 | $0.94 | $0.74 | $1.00 | $1.08 | $0.86 | $0.76 |
| Debt per share | $30.68 | $27.13 | $27.57 | $25.58 | $24.91 | $26.11 | $24.38 | $21.89 | $24.01 | $21.92 |
| Shares outstanding | 292.3M | 297.8M | 303.6M | 310.7M | 316.4M | 318.3M | 325.6M | 337.1M | 346.8M | 357.1M |
| Change in shares outstanding | −1.8% | −1.9% | −2.3% | −1.8% | −0.6% | −2.2% | −3.4% | −2.8% | −2.9% | −3.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 93.7% | 110.2% | 97.0% | 90.4% | 79.2% | 68.0% | 80.3% | 65.4% | 38.2% | 42.9% |
| Return on invested capital (ROIC) | 29.9% | 32.4% | 30.3% | 29.5% | 29.8% | 25.1% | 28.8% | 28.6% | 18.6% | 22.4% |
| Return on assets (ROA) | 19.6% | 22.8% | 19.1% | 19.3% | 17.0% | 13.7% | 16.8% | 16.2% | 10.6% | 13.2% |
| Return on tangible assets | 29.3% | 36.2% | 29.7% | 31.0% | 26.6% | 20.8% | 25.9% | 28.0% | 15.7% | 22.2% |
| Free cash flow margin | 16.9% | 17.9% | 19.1% | 12.2% | 15.6% | 20.4% | 18.9% | 16.6% | 14.7% | 14.9% |
| Income quality (OCF / net income) | 1.02 | 0.94 | 1.20 | 0.77 | 0.95 | 1.33 | 1.19 | 1.10 | 1.42 | 1.13 |
| Financial health | ||||||||||
| Total debt | $8.97B | $8.08B | $8.37B | $7.95B | $7.88B | $8.31B | $7.94B | $7.38B | $8.33B | $7.83B |
| Cash & short-term investments | $851.0M | $948.0M | $1.06B | $708.0M | $1.53B | $2.56B | $1.98B | $1.50B | $3.09B | $2.47B |
| Net debt | $8.12B | $7.13B | $7.30B | $7.24B | $6.35B | $5.75B | $5.96B | $5.88B | $5.23B | $5.36B |
| Debt / equity | 2.78 | 2.44 | 2.78 | 2.57 | 2.17 | 2.61 | 2.62 | 2.27 | 1.82 | 1.84 |
| Debt / assets | 0.56 | 0.54 | 0.54 | 0.52 | 0.49 | 0.53 | 0.53 | 0.50 | 0.50 | 0.52 |
| Net debt / EBITDA | 1.74 | 1.40 | 1.81 | 1.73 | 1.74 | 1.88 | 1.51 | 1.43 | 1.31 | 1.48 |
| Current ratio | 1.21 | 1.36 | 1.33 | 1.41 | 1.84 | 2.52 | 2.90 | 1.63 | 2.38 | 2.22 |
| Quick ratio | 0.89 | 0.99 | 0.97 | 0.95 | 1.35 | 2.06 | 2.36 | 1.26 | 1.98 | 1.83 |
| Interest coverage | 14.4 | 15.1 | 15.2 | 18.7 | 17.2 | 14.0 | 15.4 | 13.9 | 13.4 | 12.9 |
| Working capital | $1.07B | $1.55B | $1.56B | $1.81B | $2.90B | $3.93B | $4.10B | $2.24B | $4.22B | $3.36B |
| Invested capital | $11.34B | $10.45B | $10.32B | $10.33B | $9.98B | $8.93B | $8.98B | $9.13B | $9.82B | $9.61B |
| Tangible asset value | −$2.46B | −$2.11B | −$2.55B | −$2.54B | −$2.31B | −$2.29B | −$2.31B | −$2.46B | −$1.44B | −$1.76B |
| Net current asset value | −$6.72B | −$5.89B | −$6.27B | −$6.06B | −$6.08B | −$5.91B | −$5.79B | −$5.83B | −$4.91B | −$4.82B |
| Graham number | $51.03 | $54.17 | $46.63 | $46.73 | $46.85 | $38.60 | $40.24 | $40.64 | $38.04 | $39.08 |
| Graham net-net per share | −$29.72 | −$25.78 | −$26.84 | −$26.21 | −$24.88 | −$22.95 | −$23.09 | −$22.20 | −$18.79 | −$17.26 |
| Capital allocation | ||||||||||
| Dividends paid | $1.78B | $1.70B | $1.61B | $1.54B | $1.46B | $1.38B | $1.32B | $1.12B | $941.0M | $821.0M |
| Share buybacks (net) | $1.50B | $1.50B | $1.50B | $1.75B | $1.00B | $706.0M | $1.50B | $2.00B | $1.00B | $2.00B |
| Dividend payout ratio | 58.2% | 48.6% | 54.6% | 50.8% | 54.3% | 65.4% | 52.4% | 43.9% | 55.8% | 40.3% |
| Dividends + buybacks / free cash flow | 121.4% | 112.3% | 101.0% | 170.0% | 108.9% | 81.1% | 105.7% | 127.7% | 92.2% | 139.0% |
| Capex / revenue | 2.6% | 2.7% | 2.8% | 2.6% | 2.0% | 1.9% | 2.3% | 2.5% | 2.1% | 2.0% |
| Capex / operating cash flow | 13.4% | 13.3% | 12.9% | 17.5% | 11.6% | 8.4% | 10.9% | 12.9% | 12.4% | 11.9% |
| Capex / depreciation | 1.06 | 1.09 | 1.15 | 1.00 | 0.72 | 0.55 | 0.77 | 0.79 | 0.64 | 0.58 |
| Stock-based compensation / revenue | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| R&D / revenue | — | 1.8% | 16.4% | 1.7% | 1.7% | 1.7% | 1.6% | 1.6% | 1.6% | 1.6% |
| SG&A / revenue | 17.3% | 16.8% | 16.3% | 16.2% | 16.3% | 17.2% | 16.7% | 16.2% | 16.8% | 17.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 73.9 | 72.9 | 73.9 | 71.2 | 70.2 | 75.9 | 67.7 | 64.9 | 63.6 | 61.2 |
| Days of inventory on hand | 66.4 | 67.5 | 73.7 | 72.5 | 62.0 | 58.2 | 54.3 | 52.7 | 49.2 | 48.6 |
| Days payables outstanding | 21.2 | 22.4 | 23.0 | 22.8 | 24.1 | 24.9 | 21.8 | 23.1 | 23.6 | 21.6 |
| Cash conversion cycle (days) | 119.2 | 117.9 | 124.6 | 120.9 | 108.2 | 109.3 | 100.2 | 94.4 | 89.2 | 88.2 |
| Receivables turnover | 4.94 | 5.01 | 4.94 | 5.13 | 5.20 | 4.81 | 5.39 | 5.63 | 5.74 | 5.96 |
| Payables turnover | 17.23 | 16.29 | 15.86 | 15.99 | 15.17 | 14.66 | 16.76 | 15.79 | 15.47 | 16.92 |
| Inventory turnover | 5.50 | 5.41 | 4.95 | 5.03 | 5.89 | 6.27 | 6.73 | 6.93 | 7.42 | 7.51 |
| Asset turnover | 1.03 | 1.04 | 1.04 | 1.01 | 0.91 | 0.82 | 0.94 | 0.93 | 0.90 | 0.88 |
| Average receivables | $3.25B | $3.17B | $3.26B | $3.11B | $2.78B | $2.62B | $2.62B | $2.62B | $2.49B | $2.28B |
| Average payables | $520.5M | $550.0M | $587.5M | $589.5M | $559.5M | $503.0M | $498.0M | $557.0M | $550.5M | $480.0M |
| Average inventory | $1.63B | $1.66B | $1.88B | $1.87B | $1.44B | $1.18B | $1.24B | $1.27B | $1.15B | $1.08B |
| Intangibles / total assets | 35.2% | 36.0% | 35.9% | 36.5% | 36.9% | 35.0% | 35.5% | 38.4% | 35.9% | 39.6% |
Computed from ITW's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ITW valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Illinois Tool Works traded at 23.5 times earnings, against a 10-year median of 23.3. Based on the latest twelve months, the trailing P/E is 24.7 and the forward P/E is 21.9. Illinois Tool Works earned a return on equity of 93.7% and a return on invested capital of 29.9% in fiscal 2025. It ended the year with $9.0 billion of debt and $851.0 million in cash and short-term investments, net debt of $8.1 billion. It returned $3.3 billion to shareholders: $1.8 billion in dividends and $1.5 billion in share buybacks, 121% of free cash flow. The share count fell 18.1% from 357.1M to 292.3M over 9 years.
See the ITW income statement, the ITW chart for price history, or the ITW stock overview for the latest quote and news.
ITW key metrics FAQ
What is Illinois Tool Works's P/E ratio?
Illinois Tool Works's trailing P/E ratio is 24.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.9. At the end of fiscal 2025 it was 23.5, compared with a 10-year median of 23.3.
What is Illinois Tool Works's EV/EBITDA?
Illinois Tool Works's enterprise value was 17.2 times EBITDA at the end of fiscal 2025 (enterprise value $80.1 billion, EBITDA $4.7 billion); the current EV/EBITDA is 17.8.
What is Illinois Tool Works's return on equity?
Illinois Tool Works's return on equity (ROE) was 93.7% in fiscal 2025: net income of $3.1 billion on average shareholders' equity of $3.3 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Illinois Tool Works's ROIC?
Illinois Tool Works's return on invested capital was 29.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Illinois Tool Works have?
Illinois Tool Works had total debt of $9.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.78 and $8.1 billion of net debt (1.74 times EBITDA).
What is Illinois Tool Works's dividend yield?
Illinois Tool Works's forward dividend yield is 2.53%. Illinois Tool Works paid $1.8 billion in dividends in fiscal 2025 ($6.11 per share), a payout ratio of 58.2%.
Does Illinois Tool Works buy back its shares?
Yes. Illinois Tool Works spent $1.5 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.8% over the year, to 292.3M..
What is Illinois Tool Works's free cash flow yield?
Illinois Tool Works generated $2.7 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.8% on its market value at year-end ($72.0 billion).
What is Illinois Tool Works's current ratio?
Illinois Tool Works's current ratio was 1.21 at the end of fiscal 2025: current assets were 1.21 times current liabilities.