Illinois Tool Works Inc. (ITW) Key Metrics

NYSE: ITWValuation, returns, debt and efficiency ratios over 10 years.

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. dollars

ITW valuation Price multiples at each fiscal year-end price.

P/E ratio+8.5%
23.5
2025 · hover or tap a bar for each year
2016: 21.5 (+19.0%)2017: 34.3 (+59.6%)2018: 16.7 (−51.4%)2019: 23.2 (+39.2%)2020: 30.8 (+32.6%)2021: 29.0 (−5.8%)2022: 22.6 (−22.2%)2023: 26.9 (+19.2%)2024: 21.6 (−19.5%)2025: 23.5 (+8.5%)
20162025
Price / sales−5.5%
4.5
2025 · hover or tap a bar for each year
2016: 3.2 (+25.7%)2017: 4.0 (+25.7%)2018: 2.9 (−28.5%)2019: 4.1 (+43.3%)2020: 5.2 (+24.5%)2021: 5.4 (+4.7%)2022: 4.3 (−20.5%)2023: 4.9 (+14.9%)2024: 4.7 (−3.8%)2025: 4.5 (−5.5%)
20162025
Price / book−2.0%
22.3
2025 · hover or tap a bar for each year
2016: 10.3 (+56.6%)2017: 12.6 (+22.8%)2018: 13.1 (+4.0%)2019: 19.3 (+47.3%)2020: 20.4 (+5.5%)2021: 21.5 (+5.6%)2022: 22.2 (+2.9%)2023: 26.4 (+19.1%)2024: 22.8 (−13.8%)2025: 22.3 (−2.0%)
20162025
EV / EBITDA+6.4%
17.2
2025 · hover or tap a bar for each year
2016: 13.6 (+20.3%)2017: 15.8 (+16.4%)2018: 11.8 (−25.3%)2019: 16.4 (+38.6%)2020: 23.1 (+40.8%)2021: 23.1 (0.0%)2022: 18.1 (−21.5%)2023: 21.5 (+18.7%)2024: 16.2 (−24.7%)2025: 17.2 (+6.4%)
20162025
Price / free cash flow+0.2%
26.6
2025 · hover or tap a bar for each year
2016: 21.6 (+26.6%)2017: 27.5 (+27.5%)2018: 17.5 (−36.5%)2019: 21.9 (+25.6%)2020: 25.2 (+15.2%)2021: 34.5 (+36.8%)2022: 35.4 (+2.4%)2023: 25.8 (−27.1%)2024: 26.6 (+3.0%)2025: 26.6 (+0.2%)
20162025
Free cash flow yield0.0 pts
3.8%
2025 · hover or tap a bar for each year
2016: 4.6% (−1.2 pts)2017: 3.6% (−1.0 pts)2018: 5.7% (+2.1 pts)2019: 4.6% (−1.2 pts)2020: 4.0% (−0.6 pts)2021: 2.9% (−1.1 pts)2022: 2.8% (−0.1 pts)2023: 3.9% (+1.0 pts)2024: 3.8% (−0.1 pts)2025: 3.8% (0.0 pts)
20162025

ITW valuation history

Fiscal year-endToday10-year median

ITW returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

ITW debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

ITW cash returned to shareholders

DividendsBuybacksFree cash flow

ITW price vs earnings per share

Share price at year-endEPS (right axis)

ITW key metrics

2016–2025
Illinois Tool Works Inc. key metrics by fiscal year
2025202420232022202120202019201820172016
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 ratio23.521.626.922.629.030.823.216.734.321.5
Price / sales4.54.74.94.35.45.24.12.94.03.2
Price / book22.322.826.422.221.520.419.313.112.610.3
Price / free cash flow26.626.625.835.434.525.221.917.527.521.6
Price / operating cash flow23.023.022.529.230.523.119.515.224.119.0
EV / sales5.05.25.44.85.85.64.63.34.43.6
EV / EBITDA17.216.221.518.123.123.116.411.815.813.6
EV / free cash flow29.629.128.239.137.327.524.119.930.024.2
Earnings yield4.3%4.6%3.7%4.4%3.4%3.2%4.3%6.0%2.9%4.7%
Free cash flow yield3.8%3.8%3.9%2.8%2.9%4.0%4.6%5.7%3.6%4.6%
Dividend yield2.5%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 outstanding292.3M297.8M303.6M310.7M316.4M318.3M325.6M337.1M346.8M357.1M
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 assets29.3%36.2%29.7%31.0%26.6%20.8%25.9%28.0%15.7%22.2%
Free cash flow margin16.9%17.9%19.1%12.2%15.6%20.4%18.9%16.6%14.7%14.9%
Income quality (OCF / net income)1.020.941.200.770.951.331.191.101.421.13
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 / equity2.782.442.782.572.172.612.622.271.821.84
Debt / assets0.560.540.540.520.490.530.530.500.500.52
Net debt / EBITDA1.741.401.811.731.741.881.511.431.311.48
Current ratio1.211.361.331.411.842.522.901.632.382.22
Quick ratio0.890.990.970.951.352.062.361.261.981.83
Interest coverage14.415.115.218.717.214.015.413.913.412.9
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 ratio58.2%48.6%54.6%50.8%54.3%65.4%52.4%43.9%55.8%40.3%
Dividends + buybacks / free cash flow121.4%112.3%101.0%170.0%108.9%81.1%105.7%127.7%92.2%139.0%
Capex / revenue2.6%2.7%2.8%2.6%2.0%1.9%2.3%2.5%2.1%2.0%
Capex / operating cash flow13.4%13.3%12.9%17.5%11.6%8.4%10.9%12.9%12.4%11.9%
Capex / depreciation1.061.091.151.000.720.550.770.790.640.58
Stock-based compensation / revenue0.4%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 / revenue17.3%16.8%16.3%16.2%16.3%17.2%16.7%16.2%16.8%17.8%
Efficiency
Days sales outstanding73.972.973.971.270.275.967.764.963.661.2
Days of inventory on hand66.467.573.772.562.058.254.352.749.248.6
Days payables outstanding21.222.423.022.824.124.921.823.123.621.6
Cash conversion cycle (days)119.2117.9124.6120.9108.2109.3100.294.489.288.2
Receivables turnover4.945.014.945.135.204.815.395.635.745.96
Payables turnover17.2316.2915.8615.9915.1714.6616.7615.7915.4716.92
Inventory turnover5.505.414.955.035.896.276.736.937.427.51
Asset turnover1.031.041.041.010.910.820.940.930.900.88
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 assets35.2%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.

Specialty Industrial Machinery key metrics