Illinois Tool Works (ITW) Financials

$240.21 -0.66 (-0.27%)

Closing price 03:59 PM Eastern

Extended Trading

$239.84 -0.37 (-0.15%)

As of 04:51 PM Eastern

Annual Income Statements for Illinois Tool Works

This table shows Illinois Tool Works' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,899	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488
Consolidated Net Income / (Loss)	1,899	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488
Net Income / (Loss) Continuing Operations	1,899	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488
Total Pre-Tax Income	2,719	2,908	3,270	3,394	3,288	2,704	3,326	3,842	3,823	4,422
Total Operating Income	2,867	3,056	3,485	3,584	3,402	2,882	3,477	3,790	4,040	4,264
Total Gross Profit	5,517	5,691	6,008	6,164	5,922	5,199	5,966	6,503	6,791	7,040
Total Revenue	13,405	13,599	14,314	14,768	14,109	12,574	14,455	15,932	16,107	15,898
Operating Revenue	13,405	13,599	14,314	14,768	14,109	12,574	14,455	15,932	16,107	15,898
Total Cost of Revenue	7,888	7,908	8,306	8,604	8,187	7,375	8,489	9,429	9,316	8,858
Operating Cost of Revenue	7,888	7,908	8,306	8,604	8,187	7,375	8,489	9,429	9,316	8,858
Total Operating Expenses	2,650	2,635	2,523	2,580	2,520	2,317	2,489	2,713	2,751	2,776
Research & Development Expense	2,417	2,411	2,412	2,391	2,361	2,163	2,356	2,579	2,638	2,675
Amortization Expense	233	224	206	189	159	154	133	134	113	101
Total Other Income / (Expense), net	-148	-148	-215	-190	-114	-178	-151	52	-217	158
Interest Expense	226	237	260	257	221	206	202	203	266	283
Other Income / (Expense), net	78	89	45	67	107	28	51	255	49	441
Income Tax Expense	820	873	1,583	831	767	595	632	808	866	934
Basic Earnings per Share	$5.16	$5.73	$4.90	$7.65	$7.78	$6.66	$8.55	$9.80	$9.77	$11.75
Weighted Average Basic Shares Outstanding	367.90M	355M	344.10M	328.11M	318.86M	316.66M	312.93M	305.07M	298.80M	293.50M
Diluted Earnings per Share	$5.13	$5.70	$4.86	$7.60	$7.74	$6.63	$8.51	$9.77	$9.74	$11.71
Weighted Average Diluted Shares Outstanding	367.90M	355M	344.10M	328.11M	318.86M	316.66M	312.93M	305.07M	298.80M	293.50M
Weighted Average Basic & Diluted Shares Outstanding	367.90M	355M	344.10M	328.11M	318.86M	316.66M	312.93M	305.07M	298.80M	293.50M
Cash Dividends to Common per Share	$2.01	$2.30	$2.73	$3.34	$4.07	$4.35	$4.64	$4.97	$5.33	$5.70

This table shows Illinois Tool Works' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	727	907	714	754	772	717	819	759	1,160	750
Consolidated Net Income / (Loss)	727	907	714	754	772	717	819	759	1,160	750
Net Income / (Loss) Continuing Operations	727	907	714	754	772	717	819	759	1,160	750
Total Pre-Tax Income	957	1,121	922	961	1,013	927	1,072	1,005	1,362	983
Total Operating Income	983	986	972	1,010	1,070	988	1,127	1,054	1,052	1,031
Total Gross Profit	1,640	1,662	1,678	1,730	1,712	1,671	1,828	1,765	1,736	1,711
Total Revenue	4,011	3,971	4,019	4,074	4,031	3,983	3,973	4,027	3,966	3,932
Operating Revenue	4,011	3,971	4,019	4,074	4,031	3,983	3,973	4,027	3,966	3,932
Total Cost of Revenue	2,371	2,309	2,341	2,344	2,319	2,312	2,145	2,262	2,230	2,221
Operating Cost of Revenue	2,371	2,309	2,341	2,344	2,319	2,312	2,145	2,262	2,230	2,221
Total Operating Expenses	657	676	706	720	642	683	701	711	684	680
Research & Development Expense	624	644	675	690	615	658	676	686	658	655
Amortization Expense	33	32	31	30	27	25	25	25	26	25
Total Other Income / (Expense), net	-26	135	-50	-49	-57	-61	-55	-49	310	-48
Interest Expense	52	56	60	69	67	70	71	75	69	68
Other Income / (Expense), net	26	191	10	20	10	9.00	16	26	379	20
Income Tax Expense	230	214	208	207	241	210	253	246	202	233
Basic Earnings per Share	$2.36	$2.95	$2.34	$2.49	$2.55	$2.39	$2.74	$2.55	$3.92	$2.54
Weighted Average Basic Shares Outstanding	308.80M	305.07M	305M	303.30M	301.90M	298.80M	298.90M	297.60M	296.10M	293.50M
Diluted Earnings per Share	$2.35	$2.94	$2.33	$2.48	$2.55	$2.38	$2.73	$2.54	$3.91	$2.53
Weighted Average Diluted Shares Outstanding	309.70M	305.07M	306.10M	304.20M	303M	298.80M	300M	298.50M	297M	293.50M
Weighted Average Basic & Diluted Shares Outstanding	307.19M	305.07M	303.90M	302.39M	300.89M	298.80M	298.40M	296.90M	295.30M	293.50M

This table details how cash moves in and out of Illinois Tool Works' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-900	-618	622	-1,478	477	583	-1,037	-819	357	-117
Net Cash From Operating Activities	2,299	2,302	2,402	2,811	2,995	2,807	2,557	2,348	3,539	3,281
Net Cash From Continuing Operating Activities	2,299	2,302	2,402	2,811	2,995	2,807	2,557	2,348	3,539	3,281
Net Income / (Loss) Continuing Operations	1,899	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488
Consolidated Net Income / (Loss)	1,899	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488
Depreciation Expense	244	246	256	272	267	273	277	276	282	301
Amortization Expense	233	224	206	189	159	154	133	134	113	101
Non-Cash Adjustments To Reconcile Net Income	29	18	21	31	-21	43	27	-133	71	-420
Changes in Operating Assets and Liabilities, net	-106	-221	232	-244	69	228	-574	-963	116	-189
Net Cash From Investing Activities	-210	-532	-251	-325	-183	-214	-984	-110	-403	-144
Net Cash From Continuing Investing Activities	-210	-532	-251	-325	-183	-214	-984	-110	-403	-144
Purchase of Property, Plant & Equipment	-284	-273	-297	-364	-326	-236	-296	-412	-455	-437
Acquisitions	-6.00	-453	-3.00	0.00	-4.00	0.00	-731	-2.00	0.00	-115
Sale of Property, Plant & Equipment	30	16	14	26	25	10	8.00	15	20	12
Divestitures	29	3.00	2.00	1.00	120	1.00	0.00	0.00	0.00	395
Sale and/or Maturity of Investments	22	188	43	16	20	14	38	12	27	11
Other Investing Activities, net	-1.00	-13	-10	-4.00	-18	-3.00	-3.00	277	5.00	-10
Net Cash From Financing Activities	-2,526	-2,255	-1,674	-3,964	-2,326	-2,049	-2,564	-3,000	-2,782	-3,189
Net Cash From Continuing Financing Activities	-2,526	-2,255	-1,674	-3,964	-2,326	-2,049	-2,564	-3,000	-2,782	-3,189
Repayment of Debt	-960	-539	-666	-862	-1,363	-30	-241	-330	-1,145	-1,652
Repurchase of Common Equity	-2,002	-2,000	-1,000	-2,000	-1,500	-706	-1,000	-1,750	-1,500	-1,500
Payment of Dividends	-742	-821	-941	-1,124	-1,321	-1,379	-1,463	-1,542	-1,615	-1,695
Issuance of Debt	1,099	992	849	0.00	1,773	0.00	90	593	1,425	1,606
Issuance of Common Equity	59	84	84	22	85	66	50	29	53	52
Effect of Exchange Rate Changes	-463	-133	145	-	-9.00	39	-46	-57	3.00	-65
Cash Interest Paid	200	212	240	247	223	194	197	199	260	248
Cash Income Taxes Paid	775	920	1,018	838	742	591	731	993	1,026	1,180

This table details how cash moves in and out of Illinois Tool Works' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-105	-66	435	-221	68	75	-106	-97	85	1.00
Net Cash From Operating Activities	713	811	728	790	982	1,039	589	687	891	1,114
Net Cash From Continuing Operating Activities	713	811	728	790	982	1,039	589	687	891	1,114
Net Income / (Loss) Continuing Operations	727	907	714	754	772	717	819	759	1,160	750
Consolidated Net Income / (Loss)	727	907	714	754	772	717	819	759	1,160	750
Depreciation Expense	69	67	68	70	70	74	72	74	78	77
Amortization Expense	33	32	31	30	27	25	25	25	26	25
Non-Cash Adjustments To Reconcile Net Income	12	-175	17	13	28	13	-102	17	-350	15
Changes in Operating Assets and Liabilities, net	-128	-20	-102	-77	85	210	-225	-188	-23	247
Net Cash From Investing Activities	-91	127	-111	-69	-103	-120	-152	-169	294	-117
Net Cash From Continuing Investing Activities	-91	127	-111	-69	-103	-120	-152	-169	294	-117
Purchase of Property, Plant & Equipment	-101	-156	-113	-85	-126	-131	-95	-116	-108	-118
Sale of Property, Plant & Equipment	3.00	7.00	3.00	2.00	6.00	9.00	2.00	3.00	5.00	2.00
Sale and/or Maturity of Investments	5.00	-	2.00	5.00	18	2.00	6.00	4.00	-	1.00
Other Investing Activities, net	-1.00	279	-3.00	9.00	-1.00	-	-8.00	-2.00	2.00	-2.00
Net Cash From Financing Activities	-681	-1,035	-185	-932	-788	-877	-524	-601	-1,121	-943
Net Cash From Continuing Financing Activities	-681	-1,035	-185	-932	-788	-877	-524	-601	-1,121	-943
Repayment of Debt	196	-283	557	-1,591	-26	-85	229	-1,414	-333	-134
Repurchase of Common Equity	-500	-500	-375	-375	-375	-375	-375	-375	-375	-375
Payment of Dividends	-377	-403	-400	-398	-396	-421	-419	-418	-415	-443
Issuance of Common Equity	-	12	33	7.00	9.00	4.00	41	-	2.00	9.00
Effect of Exchange Rate Changes	-46	31	3.00	-10	-23	33	-19	-14	21	-53
Cash Interest Paid	57	29	62	79	75	44	76	83	57	32
Cash Income Taxes Paid	262	225	128	422	241	235	152	485	323	220

This table presents Illinois Tool Works' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	15,729	15,201	16,780	14,870	15,068	15,612	16,077	15,422	15,518	15,067
Total Current Assets	6,720	6,123	7,278	5,778	6,253	6,523	6,374	6,270	6,235	5,856
Cash & Equivalents	3,090	2,472	3,094	1,504	1,981	2,564	1,527	708	1,065	948
Accounts Receivable	2,203	2,357	2,628	2,622	2,461	2,506	2,840	3,171	3,123	2,991
Inventories, net	1,086	1,076	1,220	1,318	1,164	1,189	1,694	2,054	1,707	1,605
Prepaid Expenses	341	218	336	334	296	264	313	329	340	312
Plant, Property, & Equipment, net	1,577	1,652	1,778	1,791	1,729	1,777	1,809	1,848	1,976	2,036
Total Noncurrent Assets	7,432	7,426	7,724	7,301	7,086	7,312	7,894	7,304	7,307	7,175
Goodwill	4,439	4,558	4,752	4,633	4,492	4,690	4,965	4,864	4,909	4,839
Intangible Assets	1,560	1,463	1,272	1,084	851	781	972	768	657	592
Noncurrent Deferred & Refundable Income Taxes	346	449	505	554	516	533	552	494	479	369
Other Noncurrent Operating Assets	1,087	956	1,195	1,030	1,227	1,308	1,405	1,178	1,262	1,375
Total Liabilities & Shareholders' Equity	15,729	15,201	16,780	14,870	15,068	15,612	16,077	15,422	15,518	15,067
Total Liabilities	10,501	10,942	12,191	11,612	12,038	12,430	12,451	12,333	12,505	11,750
Total Current Liabilities	2,368	2,760	3,053	3,542	2,154	2,589	3,470	4,460	4,675	4,308
Short-Term Debt	526	652	850	1,351	4.00	350	778	1,590	1,825	1,555
Accounts Payable	449	511	590	524	472	534	585	594	581	519
Accrued Expenses	1,136	1,202	1,258	1,271	1,217	1,284	1,648	1,728	1,663	1,576
Dividends Payable	200	226	266	328	342	361	382	400	419	441
Current Deferred & Payable Income Tax Liabilities	57	169	89	68	48	60	77	147	187	217
Total Noncurrent Liabilities	8,133	8,182	9,138	8,070	9,884	9,841	8,981	7,873	7,830	7,442
Long-Term Debt	6,896	7,177	7,478	6,029	7,754	7,772	6,909	6,173	6,339	6,308
Noncurrent Deferred Revenue	-	0.00	614	495	462	413	365	273	151	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	256	134	164	707	668	588	654	484	326	119
Other Noncurrent Operating Liabilities	981	871	882	839	1,000	1,068	1,053	943	1,014	1,015
Total Equity & Noncontrolling Interests	5,228	4,259	4,589	3,258	3,030	3,182	3,626	3,089	3,013	3,317
Total Preferred & Common Equity	5,224	4,254	4,585	3,254	3,026	3,181	3,625	3,088	3,012	3,316
Total Common Equity	5,224	4,254	4,585	3,254	3,026	3,181	3,625	3,088	3,012	3,316
Common Stock	1,141	1,194	1,224	1,259	1,310	1,368	1,438	1,507	1,594	1,675
Retained Earnings	18,316	19,505	20,210	21,217	22,403	23,114	24,325	25,799	27,122	28,893
Treasury Stock	-12,729	-14,638	-15,562	-17,545	-18,982	-19,659	-	-	-23,870	-25,375
Accumulated Other Comprehensive Income / (Loss)	-1,504	-1,807	-1,287	-1,677	-1,705	-1,642	-1,502	-1,841	-1,834	-1,877
Noncontrolling Interest	4.00	5.00	4.00	4.00	4.00	1.00	1.00	1.00	1.00	1.00

This table presents Illinois Tool Works' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Total Assets	15,226	15,422	15,921	15,652	15,395	15,518	15,653	15,577	15,824	15,067
Total Current Assets	6,196	6,270	6,688	6,404	6,288	6,235	6,371	6,256	6,304	5,856
Cash & Equivalents	774	708	1,143	922	990	1,065	959	862	947	948
Accounts Receivable	3,031	3,171	3,201	3,216	3,163	3,123	3,238	3,250	3,226	2,991
Inventories, net	2,007	2,054	2,000	1,921	1,799	1,707	1,825	1,819	1,817	1,605
Prepaid Expenses	281	329	334	345	336	340	349	325	314	312
Plant, Property, & Equipment, net	1,705	1,848	1,885	1,901	1,904	1,976	1,973	2,011	2,071	2,036
Total Noncurrent Assets	7,325	7,304	7,348	7,347	7,203	7,307	7,309	7,310	7,449	7,175
Goodwill	4,759	4,864	4,884	4,887	4,828	4,909	4,904	4,910	4,980	4,839
Intangible Assets	798	768	738	708	682	657	653	641	617	592
Noncurrent Deferred & Refundable Income Taxes	448	494	503	500	455	479	462	448	468	369
Other Noncurrent Operating Assets	1,320	1,178	1,223	1,252	1,238	1,262	1,290	1,311	1,384	1,375
Total Liabilities & Shareholders' Equity	15,226	15,422	15,921	15,652	15,395	15,518	15,653	15,577	15,824	15,067
Total Liabilities	12,212	12,333	12,820	12,558	12,391	12,505	12,632	12,615	12,432	11,750
Total Current Liabilities	4,392	4,460	5,596	4,040	3,982	4,675	4,844	4,804	4,627	4,308
Short-Term Debt	1,688	1,590	2,870	1,275	1,248	1,825	2,066	2,044	1,768	1,555
Accounts Payable	618	594	599	590	580	581	597	576	556	519
Accrued Expenses	1,559	1,728	1,504	1,625	1,588	1,663	1,512	1,615	1,655	1,576
Dividends Payable	402	400	398	396	421	419	418	416	443	441
Current Deferred & Payable Income Tax Liabilities	97	147	224	154	145	187	251	153	205	217
Total Noncurrent Liabilities	7,820	7,873	7,224	8,518	8,409	7,830	7,788	7,811	7,805	7,442
Long-Term Debt	5,940	6,173	5,510	6,947	6,818	6,339	6,259	6,429	6,578	6,308
Noncurrent Deferred Revenue	273	273	273	151	151	151	151	0.00	0.00	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	655	484	477	451	464	326	380	381	129	119
Other Noncurrent Operating Liabilities	952	943	964	969	976	1,014	998	1,001	1,098	1,015
Total Equity & Noncontrolling Interests	3,014	3,089	3,101	3,094	3,004	3,013	3,021	2,962	3,392	3,317
Total Preferred & Common Equity	3,013	3,088	3,100	3,093	3,003	3,012	3,020	2,961	3,391	3,316
Total Common Equity	3,013	3,088	3,100	3,093	3,003	3,012	3,020	2,961	3,391	3,316
Common Stock	1,485	1,507	1,532	1,556	1,575	1,594	1,624	1,642	1,657	1,675
Retained Earnings	25,292	25,799	26,115	26,473	26,823	27,122	27,523	27,866	28,583	28,893
Treasury Stock	-	-	-	-	-23,493	-23,870	-24,243	-24,622	-25,000	-25,375
Accumulated Other Comprehensive Income / (Loss)	-1,882	-1,841	-1,804	-1,820	-1,902	-1,834	-1,884	-1,925	-1,849	-1,877
Noncontrolling Interest	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

This table displays calculated financial ratios and metrics derived from Illinois Tool Works' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.45%	1.45%	5.26%	3.17%	-4.46%	-10.88%	14.96%	10.22%	1.10%	-1.30%
EBITDA Growth	-0.98%	5.64%	10.43%	3.01%	-4.30%	-15.20%	18.01%	13.13%	0.65%	13.89%
EBIT Growth	-0.14%	6.79%	12.24%	3.43%	-3.89%	-17.07%	21.24%	14.65%	1.09%	15.06%
NOPAT Growth	-0.99%	6.80%	-15.93%	50.53%	-3.62%	-13.82%	25.29%	6.27%	4.41%	7.63%
Net Income Growth	-35.54%	7.16%	-17.10%	51.93%	-1.64%	-16.34%	27.74%	12.62%	-2.54%	17.96%
EPS Growth	-29.53%	11.11%	-14.74%	56.38%	1.84%	-14.34%	28.36%	14.81%	-0.31%	20.23%
Operating Cash Flow Growth	42.26%	0.13%	4.34%	17.03%	6.55%	-6.28%	-8.91%	-8.17%	50.72%	-7.29%
Free Cash Flow Firm Growth	0.04%	-23.30%	-24.59%	114.94%	-3.96%	-37.03%	-13.22%	50.00%	19.32%	2.89%
Invested Capital Growth	-6.50%	0.84%	2.51%	-6.21%	-6.27%	2.62%	11.72%	3.63%	-0.06%	1.35%
Revenue Q/Q Growth	-1.68%	0.92%	1.63%	-0.33%	-0.78%	0.05%	1.43%	1.87%	0.07%	-0.32%
EBITDA Q/Q Growth	-0.52%	2.67%	1.86%	0.34%	-0.18%	-0.18%	-0.91%	8.03%	-3.86%	1.13%
EBIT Q/Q Growth	-0.64%	3.18%	2.11%	0.47%	0.09%	-0.21%	-0.98%	9.06%	-4.22%	1.16%
NOPAT Q/Q Growth	0.02%	1.45%	-24.86%	36.06%	-0.15%	2.40%	-1.65%	5.63%	-1.22%	0.69%
Net Income Q/Q Growth	0.00%	2.88%	-25.68%	36.33%	1.37%	0.05%	-1.21%	10.89%	-6.04%	0.96%
EPS Q/Q Growth	1.18%	4.01%	-25.57%	36.94%	1.98%	0.61%	-1.05%	11.53%	-5.44%	1.30%
Operating Cash Flow Q/Q Growth	11.93%	-1.67%	1.31%	4.23%	-1.16%	-0.04%	0.04%	1.60%	6.89%	2.34%
Free Cash Flow Firm Q/Q Growth	3.05%	-34.88%	3.62%	-7.23%	53.44%	-9.61%	-22.51%	26.25%	9.57%	23.55%
Invested Capital Q/Q Growth	-3.38%	8.74%	1.43%	13.41%	0.00%	3.02%	7.71%	3.35%	0.29%	-4.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.16%	41.85%	41.97%	41.74%	41.97%	41.35%	41.27%	40.82%	42.16%	44.28%
EBITDA Margin	25.53%	26.58%	27.89%	27.84%	27.89%	26.54%	27.24%	27.96%	27.84%	32.12%
Operating Margin	21.39%	22.47%	24.35%	24.27%	24.11%	22.92%	24.05%	23.79%	25.08%	26.82%
EBIT Margin	21.97%	23.13%	24.66%	24.72%	24.87%	23.14%	24.41%	25.39%	25.39%	29.59%
Profit (Net Income) Margin	14.17%	14.96%	11.79%	17.36%	17.87%	16.77%	18.64%	19.04%	18.36%	21.94%
Tax Burden Percent	69.84%	69.98%	51.59%	75.52%	76.67%	78.00%	81.00%	78.97%	77.35%	78.88%
Interest Burden Percent	92.33%	92.46%	92.63%	92.96%	93.70%	92.92%	94.27%	94.98%	93.49%	93.99%
Effective Tax Rate	30.16%	30.02%	48.41%	24.48%	23.33%	22.00%	19.00%	21.03%	22.65%	21.12%
Return on Invested Capital (ROIC)	19.83%	21.82%	18.04%	27.69%	28.46%	25.02%	29.23%	28.91%	29.66%	31.72%
ROIC Less NNEP Spread (ROIC-NNEP)	17.29%	19.77%	16.04%	25.23%	27.01%	22.66%	27.27%	29.50%	27.42%	33.40%
Return on Net Nonoperating Assets (RNNOA)	11.69%	21.08%	20.09%	37.64%	51.73%	42.88%	49.91%	61.45%	67.25%	78.48%
Return on Equity (ROE)	31.51%	42.90%	38.13%	65.32%	80.18%	67.90%	79.14%	90.36%	96.92%	110.21%
Cash Return on Invested Capital (CROIC)	26.55%	20.98%	15.56%	34.10%	34.93%	22.44%	18.16%	25.35%	29.72%	30.38%
Operating Return on Assets (OROA)	17.74%	20.34%	22.08%	23.07%	23.44%	18.97%	22.27%	25.68%	26.43%	30.77%
Return on Assets (ROA)	11.44%	13.16%	10.55%	16.20%	16.84%	13.75%	17.00%	19.26%	19.11%	22.81%
Return on Common Equity (ROCE)	31.49%	42.86%	38.09%	65.26%	80.08%	67.85%	79.12%	90.34%	96.89%	110.17%
Return on Equity Simple (ROE_SIMPLE)	36.35%	47.84%	36.79%	78.76%	83.31%	66.30%	74.32%	98.25%	98.17%	105.19%
Net Operating Profit after Tax (NOPAT)	2,002	2,139	1,798	2,706	2,608	2,248	2,816	2,993	3,125	3,363
NOPAT Margin	14.94%	15.73%	12.56%	18.33%	18.49%	17.88%	19.48%	18.79%	19.40%	21.16%
Net Nonoperating Expense Percent (NNEP)	2.54%	2.05%	2.00%	2.45%	1.45%	2.36%	1.96%	-0.59%	2.24%	-1.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	27.58%	27.96%	30.08%
Cost of Revenue to Revenue	58.84%	58.15%	58.03%	58.26%	58.03%	58.65%	58.73%	59.18%	57.84%	55.72%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	18.03%	17.73%	16.85%	16.19%	16.73%	17.20%	16.30%	16.19%	16.38%	16.83%
Operating Expenses to Revenue	19.77%	19.38%	17.63%	17.47%	17.86%	18.43%	17.22%	17.03%	17.08%	17.46%
Earnings before Interest and Taxes (EBIT)	2,945	3,145	3,530	3,651	3,509	2,910	3,528	4,045	4,089	4,705
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,422	3,615	3,992	4,112	3,935	3,337	3,938	4,455	4,484	5,107
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.35	8.57	10.78	11.46	17.38	18.95	20.38	21.06	25.58	22.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.08	2.68	3.45	2.52	3.73	4.79	5.11	4.08	4.78	4.71
Price to Earnings (P/E)	14.72	17.91	29.29	14.54	20.86	28.58	27.43	21.44	26.05	21.47
Dividend Yield	2.69%	2.31%	1.98%	3.17%	2.53%	2.32%	2.01%	2.39%	2.08%	2.29%
Earnings Yield	6.80%	5.58%	3.41%	6.88%	4.79%	3.50%	3.65%	4.66%	3.84%	4.66%
Enterprise Value to Invested Capital (EV/IC)	3.31	4.25	5.42	4.56	6.58	7.23	7.87	6.84	7.99	7.66
Enterprise Value to Revenue (EV/Rev)	2.41	3.07	3.82	2.92	4.14	5.24	5.54	4.53	5.22	5.14
Enterprise Value to EBITDA (EV/EBITDA)	9.43	11.56	13.69	10.50	14.83	19.73	20.33	16.18	18.76	16.02
Enterprise Value to EBIT (EV/EBIT)	10.96	13.29	15.48	11.82	16.63	22.63	22.69	17.82	20.58	17.38
Enterprise Value to NOPAT (EV/NOPAT)	16.12	19.55	30.40	15.95	22.37	29.29	28.42	24.09	26.93	24.32
Enterprise Value to Operating Cash Flow (EV/OCF)	14.04	18.16	22.75	15.35	19.49	23.46	31.30	30.71	23.77	24.93
Enterprise Value to Free Cash Flow (EV/FCFF)	12.04	20.33	35.24	12.95	18.23	32.66	45.76	27.48	26.87	25.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.42	1.84	1.81	2.27	2.56	2.55	2.12	2.51	2.71	2.37
Long-Term Debt to Equity	1.32	1.69	1.63	1.85	2.56	2.44	1.91	2.00	2.10	1.90
Financial Leverage	0.68	1.07	1.25	1.49	1.92	1.89	1.83	2.08	2.45	2.35
Leverage Ratio	2.75	3.26	3.61	4.03	4.76	4.94	4.65	4.69	5.07	4.83
Compound Leverage Factor	2.54	3.01	3.35	3.75	4.46	4.59	4.39	4.46	4.74	4.54
Debt to Total Capital	58.67%	64.77%	64.47%	69.37%	71.91%	71.85%	67.95%	71.54%	73.04%	70.33%
Short-Term Debt to Total Capital	4.16%	5.39%	6.58%	12.70%	0.04%	3.10%	6.88%	14.65%	16.33%	13.91%
Long-Term Debt to Total Capital	54.51%	59.37%	57.89%	56.67%	71.88%	68.75%	61.07%	56.88%	56.71%	56.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.04%	0.03%	0.04%	0.04%	0.01%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	41.30%	35.19%	35.50%	30.59%	28.05%	28.14%	32.04%	28.46%	26.95%	29.66%
Debt to EBITDA	2.17	2.17	2.09	1.79	1.97	2.43	1.95	1.74	1.82	1.54
Net Debt to EBITDA	1.27	1.48	1.31	1.43	1.47	1.67	1.56	1.58	1.58	1.35
Long-Term Debt to EBITDA	2.02	1.99	1.87	1.47	1.97	2.33	1.75	1.39	1.41	1.24
Debt to NOPAT	3.71	3.66	4.63	2.73	2.97	3.61	2.73	2.59	2.61	2.34
Net Debt to NOPAT	2.16	2.50	2.91	2.17	2.21	2.47	2.19	2.36	2.27	2.06
Long-Term Debt to NOPAT	3.44	3.36	4.16	2.23	2.97	3.46	2.45	2.06	2.03	1.88
Altman Z-Score	5.03	5.64	5.97	5.91	6.73	6.71	7.52	7.55	8.17	8.72
Noncontrolling Interest Sharing Ratio	0.07%	0.09%	0.10%	0.10%	0.13%	0.08%	0.03%	0.03%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.84	2.22	2.38	1.63	2.90	2.52	1.84	1.41	1.33	1.36
Quick Ratio	2.24	1.75	1.87	1.16	2.06	1.96	1.26	0.87	0.90	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,681	2,057	1,551	3,333	3,201	2,016	1,749	2,624	3,131	3,221
Operating Cash Flow to CapEx	905.12%	895.72%	848.76%	831.66%	995.02%	1,242.04%	887.85%	591.44%	813.56%	772.00%
Free Cash Flow to Firm to Interest Expense	11.86	8.68	5.97	12.97	14.49	9.79	8.66	12.93	11.77	11.38
Operating Cash Flow to Interest Expense	10.17	9.71	9.24	10.94	13.55	13.63	12.66	11.57	13.30	11.59
Operating Cash Flow Less CapEx to Interest Expense	9.05	8.63	8.15	9.62	12.19	12.53	11.23	9.61	11.67	10.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.88	0.90	0.93	0.94	0.82	0.91	1.01	1.04	1.04
Accounts Receivable Turnover	5.96	5.96	5.74	5.63	5.55	5.06	5.41	5.30	5.12	5.20
Inventory Turnover	6.96	7.32	7.24	6.78	6.60	6.27	5.89	5.03	4.95	5.35
Fixed Asset Turnover	8.22	8.42	8.35	8.28	8.02	7.17	8.06	8.71	8.42	7.93
Accounts Payable Turnover	16.42	16.48	15.09	15.45	16.44	14.66	15.17	15.99	15.86	16.11
Days Sales Outstanding (DSO)	61.21	61.20	63.56	64.88	65.75	72.09	67.50	68.86	71.31	70.19
Days Inventory Outstanding (DIO)	52.43	49.89	50.45	53.83	55.33	58.23	61.98	72.54	73.68	68.24
Days Payable Outstanding (DPO)	22.23	22.15	24.19	23.63	22.20	24.89	24.06	22.82	23.02	22.66
Cash Conversion Cycle (CCC)	91.40	88.94	89.81	95.08	98.87	105.42	105.42	118.58	121.97	115.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,760	9,842	10,089	9,462	8,869	9,101	10,168	10,537	10,531	10,673
Invested Capital Turnover	1.33	1.39	1.44	1.51	1.54	1.40	1.50	1.54	1.53	1.50
Increase / (Decrease) in Invested Capital	-679	82	247	-627	-593	232	1,067	369	-6.00	142
Enterprise Value (EV)	32,283	41,803	54,651	43,158	58,358	65,841	80,046	72,100	84,137	81,792
Market Capitalization	27,947	36,441	49,413	37,278	52,577	60,282	73,885	65,044	77,037	74,876
Book Value per Share	$14.37	$12.12	$13.38	$9.81	$9.41	$10.05	$11.55	$10.05	$10.01	$11.23
Tangible Book Value per Share	($2.13)	($5.03)	($4.20)	($7.42)	($7.21)	($7.23)	($7.37)	($8.28)	($8.49)	($7.16)
Total Capital	12,650	12,088	12,917	10,638	10,788	11,304	11,313	10,852	11,177	11,180
Total Debt	7,422	7,829	8,328	7,380	7,758	8,122	7,687	7,763	8,164	7,863
Total Long-Term Debt	6,896	7,177	7,478	6,029	7,754	7,772	6,909	6,173	6,339	6,308
Net Debt	4,332	5,357	5,234	5,876	5,777	5,558	6,160	7,055	7,099	6,915
Capital Expenditures (CapEx)	254	257	283	338	301	226	288	397	435	425
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,788	1,543	1,981	2,083	2,122	1,720	2,155	2,692	2,320	2,155
Debt-free Net Working Capital (DFNWC)	4,878	4,015	5,075	3,587	4,103	4,284	3,682	3,400	3,385	3,103
Net Working Capital (NWC)	4,352	3,363	4,225	2,236	4,099	3,934	2,904	1,810	1,560	1,548
Net Nonoperating Expense (NNE)	103	104	111	143	87	139	122	-41	168	-125
Net Nonoperating Obligations (NNO)	4,532	5,583	5,500	6,204	5,839	5,919	6,542	7,448	7,518	7,356
Total Depreciation and Amortization (D&A)	477	470	462	461	426	427	410	410	395	402
Debt-free, Cash-free Net Working Capital to Revenue	13.34%	11.35%	13.84%	14.10%	15.04%	13.68%	14.91%	16.90%	14.40%	13.56%
Debt-free Net Working Capital to Revenue	36.39%	29.52%	35.45%	24.29%	29.08%	34.07%	25.47%	21.34%	21.02%	19.52%
Net Working Capital to Revenue	32.47%	24.73%	29.52%	15.14%	29.05%	31.29%	20.09%	11.36%	9.69%	9.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$5.73	$0.00	$0.00	$7.78	$6.66	$8.55	$9.80	$9.77	$11.75
Adjusted Weighted Average Basic Shares Outstanding	0.00	346.55M	0.00	0.00	318.86M	316.66M	312.93M	305.07M	298.80M	293.50M
Adjusted Diluted Earnings per Share	$0.00	$5.70	$0.00	$0.00	$7.74	$6.63	$8.51	$9.77	$9.74	$11.71
Adjusted Weighted Average Diluted Shares Outstanding	0.00	346.55M	0.00	0.00	318.86M	316.66M	312.93M	305.07M	298.80M	293.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	346.55M	0.00	0.00	318.86M	316.66M	312.93M	305.07M	298.80M	293.50M
Normalized Net Operating Profit after Tax (NOPAT)	2,002	2,139	1,749	2,706	2,608	2,248	2,816	2,993	3,125	3,363
Normalized NOPAT Margin	14.94%	15.73%	12.22%	18.33%	18.49%	17.88%	19.48%	18.79%	19.40%	21.16%
Pre Tax Income Margin	20.28%	21.38%	22.84%	22.98%	23.30%	21.50%	23.01%	24.12%	23.74%	27.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.03	13.27	13.58	14.21	15.88	14.13	17.47	19.93	15.37	16.63
NOPAT to Interest Expense	8.86	9.02	6.92	10.53	11.80	10.91	13.94	14.74	11.75	11.88
EBIT Less CapEx to Interest Expense	11.91	12.19	12.49	12.89	14.52	13.03	16.04	17.97	13.74	15.12
NOPAT Less CapEx to Interest Expense	7.74	7.94	5.83	9.22	10.44	9.81	12.52	12.79	10.11	10.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.07%	40.34%	55.78%	43.85%	52.40%	65.39%	54.31%	50.82%	54.62%	48.60%
Augmented Payout Ratio	144.50%	138.62%	115.06%	121.89%	111.90%	98.86%	91.43%	108.50%	105.34%	91.60%

This table displays calculated financial ratios and metrics derived from Illinois Tool Works' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.80%	7.94%	2.03%	1.57%	0.50%	0.30%	-1.14%	-1.15%	-1.61%	-1.28%
EBITDA Growth	15.85%	35.03%	6.50%	7.31%	5.94%	-14.11%	14.71%	4.34%	30.42%	5.20%
EBIT Growth	18.01%	39.95%	8.03%	8.42%	7.04%	-15.29%	16.40%	4.85%	32.50%	5.42%
NOPAT Growth	11.47%	24.40%	9.38%	4.71%	9.20%	-4.21%	14.39%	0.45%	9.88%	2.94%
Net Income Growth	13.77%	48.93%	7.86%	2.17%	6.19%	-20.95%	14.71%	0.66%	50.26%	4.60%
EPS Growth	16.34%	52.33%	10.43%	4.64%	8.51%	-19.05%	17.17%	2.42%	53.33%	6.30%
Operating Cash Flow Growth	15.19%	4.78%	125.39%	57.68%	37.73%	28.11%	-19.09%	-13.04%	-9.27%	7.22%
Free Cash Flow Firm Growth	-112.90%	200.72%	174.81%	304.12%	6,276.00%	79.63%	42.44%	33.43%	-68.01%	-16.30%
Invested Capital Growth	8.00%	3.63%	1.93%	3.30%	3.00%	-0.06%	0.73%	1.84%	6.98%	1.35%
Revenue Q/Q Growth	0.00%	-1.00%	1.21%	1.37%	-1.06%	-1.19%	-0.25%	1.36%	-1.51%	-0.86%
EBITDA Q/Q Growth	5.51%	14.85%	-15.28%	4.53%	4.16%	-6.88%	13.14%	-4.92%	30.20%	-24.89%
EBIT Q/Q Growth	6.21%	16.65%	-16.57%	4.89%	4.85%	-7.69%	14.64%	-5.51%	32.50%	-26.55%
NOPAT Q/Q Growth	-1.33%	6.83%	-5.65%	5.28%	2.90%	-6.29%	12.67%	-7.55%	12.56%	-12.21%
Net Income Q/Q Growth	-1.49%	24.76%	-21.28%	5.60%	2.39%	-7.12%	14.23%	-7.33%	52.83%	-35.34%
EPS Q/Q Growth	-0.84%	25.11%	-20.75%	6.44%	2.82%	-6.67%	14.71%	-6.96%	53.94%	-35.29%
Operating Cash Flow Q/Q Growth	42.32%	13.74%	-10.23%	8.52%	24.30%	5.80%	-43.31%	16.64%	29.69%	25.03%
Free Cash Flow Firm Q/Q Growth	96.24%	5,298.05%	28.21%	-18.60%	13.86%	51.18%	1.67%	-23.76%	-72.70%	295.53%
Invested Capital Q/Q Growth	-2.39%	3.35%	1.80%	0.59%	-2.68%	0.29%	2.60%	1.70%	2.23%	-4.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.89%	41.85%	41.75%	42.46%	42.47%	41.95%	46.01%	43.83%	43.77%	43.51%
EBITDA Margin	27.70%	32.13%	26.90%	27.74%	29.20%	27.52%	31.21%	29.28%	38.70%	29.32%
Operating Margin	24.51%	24.83%	24.19%	24.79%	26.54%	24.81%	28.37%	26.17%	26.53%	26.22%
EBIT Margin	25.16%	29.64%	24.43%	25.28%	26.79%	25.03%	28.77%	26.82%	36.08%	26.73%
Profit (Net Income) Margin	18.13%	22.84%	17.77%	18.51%	19.15%	18.00%	20.61%	18.85%	29.25%	19.07%
Tax Burden Percent	75.97%	80.91%	77.44%	78.46%	76.21%	77.35%	76.40%	75.52%	85.17%	76.30%
Interest Burden Percent	94.85%	95.24%	93.89%	93.30%	93.80%	92.98%	93.79%	93.06%	95.18%	93.53%
Effective Tax Rate	24.03%	19.09%	22.56%	21.54%	23.79%	22.65%	23.60%	24.48%	14.83%	23.70%
Return on Invested Capital (ROIC)	29.66%	30.92%	28.22%	29.45%	31.46%	29.34%	32.33%	29.07%	33.15%	30.00%
ROIC Less NNEP Spread (ROIC-NNEP)	29.36%	32.48%	27.69%	28.93%	30.87%	28.71%	31.79%	28.60%	36.60%	29.51%
Return on Net Nonoperating Assets (RNNOA)	59.23%	67.67%	60.36%	65.97%	75.30%	70.41%	80.01%	74.25%	87.77%	69.33%
Return on Equity (ROE)	88.89%	98.58%	88.59%	95.42%	106.76%	99.74%	112.34%	103.32%	120.92%	99.33%
Cash Return on Invested Capital (CROIC)	21.17%	25.35%	26.87%	25.89%	27.61%	29.72%	29.31%	27.89%	23.99%	30.38%
Operating Return on Assets (OROA)	25.60%	29.98%	24.30%	25.95%	28.17%	26.06%	29.27%	27.51%	36.87%	27.79%
Return on Assets (ROA)	18.44%	23.11%	17.66%	19.00%	20.13%	18.74%	20.97%	19.33%	29.88%	19.83%
Return on Common Equity (ROCE)	88.86%	98.55%	88.56%	95.39%	106.73%	99.71%	112.30%	103.28%	120.89%	99.30%
Return on Equity Simple (ROE_SIMPLE)	90.81%	0.00%	99.55%	100.29%	104.80%	0.00%	101.39%	103.58%	101.89%	0.00%
Net Operating Profit after Tax (NOPAT)	747	798	753	792	815	764	861	796	896	787
NOPAT Margin	18.62%	20.09%	18.73%	19.45%	20.23%	19.19%	21.67%	19.77%	22.59%	20.01%
Net Nonoperating Expense Percent (NNEP)	0.30%	-1.56%	0.53%	0.52%	0.59%	0.63%	0.55%	0.47%	-3.44%	0.49%
Return On Investment Capital (ROIC_SIMPLE)	-	7.35%	-	-	-	6.84%	-	-	-	7.04%
Cost of Revenue to Revenue	59.11%	58.15%	58.25%	57.54%	57.53%	58.05%	53.99%	56.17%	56.23%	56.49%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	15.56%	16.22%	16.80%	16.94%	15.26%	16.52%	17.01%	17.04%	16.59%	16.66%
Operating Expenses to Revenue	16.38%	17.02%	17.57%	17.67%	15.93%	17.15%	17.64%	17.66%	17.25%	17.29%
Earnings before Interest and Taxes (EBIT)	1,009	1,177	982	1,030	1,080	997	1,143	1,080	1,431	1,051
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,111	1,276	1,081	1,130	1,177	1,096	1,240	1,179	1,535	1,153
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18.05	21.06	23.56	24.16	22.80	25.58	26.73	23.88	22.95	22.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.48	4.08	4.56	4.65	4.25	4.78	5.03	4.42	4.88	4.71
Price to Earnings (P/E)	19.88	21.44	23.67	24.09	21.76	26.05	26.37	23.05	22.52	21.47
Dividend Yield	2.83%	2.39%	2.15%	2.13%	2.35%	2.08%	1.53%	1.77%	1.64%	2.29%
Earnings Yield	5.03%	4.66%	4.22%	4.15%	4.60%	3.84%	3.79%	4.34%	4.44%	4.66%
Enterprise Value to Invested Capital (EV/IC)	6.01	6.84	7.48	7.60	7.19	7.99	8.15	7.13	7.58	7.66
Enterprise Value to Revenue (EV/Rev)	3.92	4.53	5.01	5.10	4.69	5.22	5.49	4.89	5.34	5.14
Enterprise Value to EBITDA (EV/EBITDA)	14.85	16.18	17.76	17.84	16.20	18.76	18.98	16.69	16.87	16.02
Enterprise Value to EBIT (EV/EBIT)	16.51	17.82	19.50	19.54	17.70	20.58	20.73	18.21	18.32	17.38
Enterprise Value to NOPAT (EV/NOPAT)	21.61	24.09	26.26	26.51	23.88	26.93	27.25	24.20	25.51	24.32
Enterprise Value to Operating Cash Flow (EV/OCF)	26.50	30.71	29.16	26.96	22.82	23.77	25.91	23.76	26.58	24.93
Enterprise Value to Free Cash Flow (EV/FCFF)	29.47	27.48	28.12	29.84	26.44	26.87	27.92	25.78	32.68	25.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.53	2.51	2.70	2.66	2.69	2.71	2.76	2.86	2.46	2.37
Long-Term Debt to Equity	1.97	2.00	1.78	2.25	2.27	2.10	2.07	2.17	1.94	1.90
Financial Leverage	2.02	2.08	2.18	2.28	2.44	2.45	2.52	2.60	2.40	2.35
Leverage Ratio	4.72	4.69	4.82	4.84	5.09	5.07	5.16	5.16	4.88	4.83
Compound Leverage Factor	4.48	4.47	4.52	4.51	4.77	4.71	4.84	4.80	4.65	4.52
Debt to Total Capital	71.68%	71.54%	72.99%	72.66%	72.86%	73.04%	73.37%	74.10%	71.10%	70.33%
Short-Term Debt to Total Capital	15.86%	14.65%	25.00%	11.27%	11.27%	16.33%	18.21%	17.87%	15.06%	13.91%
Long-Term Debt to Total Capital	55.82%	56.88%	47.99%	61.39%	61.59%	56.71%	55.16%	56.22%	56.04%	56.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	28.31%	28.46%	27.00%	27.33%	27.13%	26.95%	26.62%	25.89%	28.89%	29.66%
Debt to EBITDA	1.85	1.74	1.85	1.79	1.73	1.82	1.79	1.81	1.65	1.54
Net Debt to EBITDA	1.66	1.58	1.60	1.59	1.52	1.58	1.59	1.62	1.47	1.35
Long-Term Debt to EBITDA	1.44	1.39	1.22	1.51	1.46	1.41	1.35	1.37	1.30	1.24
Debt to NOPAT	2.69	2.59	2.74	2.66	2.55	2.61	2.57	2.62	2.50	2.34
Net Debt to NOPAT	2.42	2.36	2.37	2.36	2.24	2.27	2.28	2.35	2.22	2.06
Long-Term Debt to NOPAT	2.10	2.06	1.80	2.25	2.16	2.03	1.94	1.99	1.97	1.88
Altman Z-Score	6.39	6.93	7.01	7.36	7.21	7.51	7.68	7.24	7.72	7.92
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.41	1.41	1.20	1.59	1.58	1.33	1.32	1.30	1.36	1.36
Quick Ratio	0.87	0.87	0.78	1.02	1.04	0.90	0.87	0.86	0.90	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.25	429	550	447	509	770	783	597	163	645
Operating Cash Flow to CapEx	727.55%	544.30%	661.82%	951.81%	818.33%	851.64%	633.33%	607.96%	865.05%	960.34%
Free Cash Flow to Firm to Interest Expense	-0.16	7.66	9.16	6.48	7.60	11.00	11.03	7.96	2.36	9.48
Operating Cash Flow to Interest Expense	13.71	14.48	12.13	11.45	14.66	14.84	8.30	9.16	12.91	16.38
Operating Cash Flow Less CapEx to Interest Expense	11.83	11.82	10.30	10.25	12.87	13.10	6.99	7.65	11.42	14.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.02	1.01	0.99	1.03	1.05	1.04	1.02	1.03	1.02	1.04
Accounts Receivable Turnover	5.43	5.30	5.06	5.08	5.20	5.12	4.99	4.95	4.99	5.20
Inventory Turnover	5.27	5.03	4.85	4.81	4.89	4.95	4.77	4.83	4.95	5.35
Fixed Asset Turnover	9.07	8.71	8.70	8.84	8.92	8.42	8.33	8.19	8.02	7.93
Accounts Payable Turnover	15.74	15.99	14.54	14.76	15.55	15.86	15.25	15.50	15.76	16.11
Days Sales Outstanding (DSO)	67.21	68.86	72.11	71.81	70.23	71.31	73.17	73.69	73.11	70.19
Days Inventory Outstanding (DIO)	69.21	72.54	75.28	75.92	74.58	73.68	76.54	75.52	73.74	68.24
Days Payable Outstanding (DPO)	23.19	22.82	25.11	24.73	23.48	23.02	23.93	23.54	23.17	22.66
Cash Conversion Cycle (CCC)	113.23	118.58	122.29	123.00	121.34	121.97	125.77	125.66	123.68	115.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,195	10,537	10,727	10,790	10,501	10,531	10,805	10,989	11,234	10,673
Invested Capital Turnover	1.59	1.54	1.51	1.51	1.56	1.53	1.49	1.47	1.47	1.50
Increase / (Decrease) in Invested Capital	755	369	203	345	306	-6.00	78	199	733	142
Enterprise Value (EV)	61,240	72,100	80,282	82,026	75,553	84,137	88,104	78,321	85,209	81,792
Market Capitalization	54,385	65,044	73,044	74,725	68,476	77,037	80,737	70,709	77,809	74,876
Book Value per Share	$9.73	$10.05	$10.16	$10.18	$9.93	$10.01	$10.10	$9.92	$11.42	$11.23
Tangible Book Value per Share	($8.22)	($8.28)	($8.27)	($8.23)	($8.29)	($8.49)	($8.49)	($8.68)	($7.43)	($7.16)
Total Capital	10,642	10,852	11,481	11,316	11,070	11,177	11,346	11,435	11,738	11,180
Total Debt	7,628	7,763	8,380	8,222	8,066	8,164	8,325	8,473	8,346	7,863
Total Long-Term Debt	5,940	6,173	5,510	6,947	6,818	6,339	6,259	6,429	6,578	6,308
Net Debt	6,854	7,055	7,237	7,300	7,076	7,099	7,366	7,611	7,399	6,915
Capital Expenditures (CapEx)	98	149	110	83	120	122	93	113	103	116
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,718	2,692	2,819	2,717	2,564	2,320	2,634	2,634	2,498	2,155
Debt-free Net Working Capital (DFNWC)	3,492	3,400	3,962	3,639	3,554	3,385	3,593	3,496	3,445	3,103
Net Working Capital (NWC)	1,804	1,810	1,092	2,364	2,306	1,560	1,527	1,452	1,677	1,548
Net Nonoperating Expense (NNE)	20	-109	39	38	43	47	42	37	-264	37
Net Nonoperating Obligations (NNO)	7,181	7,448	7,626	7,696	7,497	7,518	7,784	8,027	7,842	7,356
Total Depreciation and Amortization (D&A)	102	99	99	100	97	99	97	99	104	102
Debt-free, Cash-free Net Working Capital to Revenue	17.38%	16.90%	17.61%	16.90%	15.93%	14.40%	16.40%	16.45%	15.66%	13.56%
Debt-free Net Working Capital to Revenue	22.33%	21.34%	24.74%	22.64%	22.08%	21.02%	22.37%	21.83%	21.60%	19.52%
Net Working Capital to Revenue	11.53%	11.36%	6.82%	14.71%	14.33%	9.69%	9.51%	9.07%	10.51%	9.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.36	$2.95	$2.34	$2.49	$2.55	$2.39	$2.74	$2.55	$3.92	$2.54
Adjusted Weighted Average Basic Shares Outstanding	308.80M	305.07M	305M	303.30M	301.90M	298.80M	298.90M	297.60M	296.10M	293.50M
Adjusted Diluted Earnings per Share	$2.35	$2.94	$2.33	$2.48	$2.55	$2.38	$2.73	$2.54	$3.91	$2.53
Adjusted Weighted Average Diluted Shares Outstanding	309.70M	305.07M	306.10M	304.20M	303M	298.80M	300M	298.50M	297M	293.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	307.19M	305.07M	303.90M	302.39M	300.89M	298.80M	298.40M	296.90M	295.30M	293.50M
Normalized Net Operating Profit after Tax (NOPAT)	747	798	753	792	815	764	861	796	896	787
Normalized NOPAT Margin	18.62%	20.09%	18.73%	19.45%	20.23%	19.19%	21.67%	19.77%	22.59%	20.01%
Pre Tax Income Margin	23.86%	28.23%	22.94%	23.59%	25.13%	23.27%	26.98%	24.96%	34.34%	25.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.40	21.02	16.37	14.93	16.12	14.24	16.10	14.40	20.74	15.46
NOPAT to Interest Expense	14.36	14.25	12.55	11.48	12.17	10.92	12.13	10.61	12.99	11.57
EBIT Less CapEx to Interest Expense	17.52	18.36	14.53	13.72	14.33	12.50	14.79	12.89	19.25	13.75
NOPAT Less CapEx to Interest Expense	12.48	11.59	10.71	10.28	10.38	9.17	10.82	9.11	11.49	9.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	55.63%	50.82%	50.55%	50.87%	50.75%	54.62%	53.36%	53.93%	48.42%	48.60%
Augmented Payout Ratio	110.45%	108.50%	107.26%	107.29%	102.38%	105.34%	102.35%	102.84%	91.84%	91.60%

Frequently Asked Questions About Illinois Tool Works' Financials

When does Illinois Tool Works's financial year end?

According to the most recent income statement we have on file, Illinois Tool Works' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Illinois Tool Works' net income changed over the last 9 years?

Illinois Tool Works' net income appears to be on an upward trend, with a most recent value of $3.49 billion in 2024, rising from $1.90 billion in 2015. The previous period was $2.96 billion in 2023. See where experts think Illinois Tool Works is headed by visiting Illinois Tool Works' forecast page.

What is Illinois Tool Works's operating income?

Illinois Tool Works's total operating income in 2024 was $4.26 billion, based on the following breakdown:

Total Gross Profit: $7.04 billion
Total Operating Expenses: $2.78 billion

How has Illinois Tool Works revenue changed over the last 9 years?

Over the last 9 years, Illinois Tool Works' total revenue changed from $13.41 billion in 2015 to $15.90 billion in 2024, a change of 18.6%.

How much debt does Illinois Tool Works have?

Illinois Tool Works' total liabilities were at $11.75 billion at the end of 2024, a 6.0% decrease from 2023, and a 11.9% increase since 2015.

How much cash does Illinois Tool Works have?

In the past 9 years, Illinois Tool Works' cash and equivalents has ranged from $708 million in 2022 to $3.09 billion in 2017, and is currently $948 million as of their latest financial filing in 2024.

How has Illinois Tool Works' book value per share changed over the last 9 years?

Over the last 9 years, Illinois Tool Works' book value per share changed from 14.37 in 2015 to 11.23 in 2024, a change of -21.9%.

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This page (NYSE:ITW) was last updated on 5/6/2025 by MarketBeat.com Staff

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Illinois Tool Works (ITW) Financials

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Illinois Tool Works (ITW) Financials

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