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Illinois Tool Works

ITW
61
Industrial - Machinery · Industrials
Also trades as: 0J8W.L GBP 2.65 (+1.10%)
Price
$264.71
+3.56 (+1.36%)
Market Cap
$76.16B
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
24/30
Growth
Mixed
9/20
Cash Flow
Strong
8/10
Stability
Mixed
4/10
Valuation
Good
5/10
Ownership
Good
8/15
Dividends
Good
3/5

61 of 100 counted points = Winston Score 61.

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Share count falling — buybacks

−7.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 316.4M (2021) → 292.3M (2025)

§Winston Score History

The full picture

Illinois Tool Works (ITW) makes industrial tools, equipment, and specialty products used in manufacturing, construction, and everyday life. Its seven business segments cover things like welding equipment, car parts, restaurant cooking equipment, and packaging machinery. The company sells to a wide range of customers, including automakers, food service businesses, and construction companies around the world.

ITW earns revenue by selling physical products and replacement parts across more than 50 countries, with the United States as its largest market. The company runs a focused strategy called "80/20," where it simplifies its product lines to concentrate on its most profitable customers — this approach helps explain its strong operating margin of over 26%, which is well above most industrial peers. The main risk ITW faces is its exposure to cyclical end markets like auto and construction, where demand can drop sharply during economic slowdowns.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+10.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

9.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$845M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Illinois Tool Works is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
44.1%
Healthy — 44.1% gross margin
Profit after running costs
Operating Margin
26.7%
Excellent — 26.7% operating margin
Return on the money invested
ROCE
34.7%
Exceptional — 34.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+4.3%
Slow sales growth (+4.3% YoY)
Profit growth
EPS YoY
-3.2%
Earnings shrinking (-3.2% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
101%
Turns 101% of profit into real cash
Spare cash per sale
FCF Margin
16.9%
Converts sales into free cash efficiently (16.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
3.35
Heavy debt load (3.35)
Covers its interest
Interest Cover
14.45x
Comfortably covers interest (14.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.9x
Growth-priced — P/E 23.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+1.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.56%
Moderate income — 2.56% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+7.2%
Dividend growing modestly (7.2% YoY)

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