Snap-on

SNA · NYSE · Industrials · Financials, fiscal 2016 to 2025

SNA · Last close · October 26, 2026

$357.88

Snap-on's revenue rose 0.9% to $5.2 billion in fiscal 2025. Its operating margin was 25.8%, down from 26.3% a year earlier. Free cash flow was $1.0 billion, down 11.3%. It paid out $791 million in dividends and buybacks, 79% of free cash flow. The diluted share count fell 0.9%.

Snap-on Inc Latest fiscal year ended January 3, 2026 10-K filed February 12, 2026 · 0000091440-26-000045 Updated October 22, 2026

Revenue

$5.2B

0.9%

Operating margin

25.8%

0.6 pts

Net income

$1.0B

2.6%

Free cash flow

$1.0B

11.3%

Return on capital

19.2%

0.7 pts

Market cap

$18.8B

Oct 26 close

P/E

18.6x

On $19.24 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Debt for fiscal 2020 is blank: that year's filing stopped tagging Snap-on's commercial paper separately, so the total can't be added up reliably.

What Snap-on does

Snap-on makes tools, equipment, diagnostics, repair information and software for professional users, such as vehicle repair technicians and people working in aerospace, the military, natural resources and manufacturing. It began in 1920 with an interchangeable socket set and later pioneered selling tools from vans that visit technicians at their workplace. It sells in more than 130 countries, and the United States is its largest market.

It reports four segments: Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group and Financial Services. Products reach customers through franchisee vans, direct sales and distributors. Its customers include industrial and commercial buyers, vehicle repair technicians who buy from its mobile tool network, and owners of independent repair shops and car dealership service departments. Financial Services offers financing to help customers buy its products and to support its franchisees.

Its strategy is to grow its base of professional customers in vehicle repair and in other markets, where mistakes are costly. It also runs a program of continuous improvement in safety, quality, innovation and efficiency to cut waste.

Its biggest risks, as it describes them

Sales that depend on the health of the vehicle repair market and its changing requirements.
Relying on franchisees to run its mobile tool distribution business, and on its relationship with them.
Failing to launch new products that customers accept.
Competition in the tool, equipment, diagnostics and repair information industries.
Disruption of manufacturing, and inflation or shortages of raw materials and components.

From Snap-on's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 8.5% a year and net income 7.1% a year, as buybacks cut the share count by 11%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Snap-on yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Snap-on says to expect

Full year 2026: effective income tax rateSnap-on currently anticipates that its full-year 2026 effective income tax rate will approximate 22%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Snap-on's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Snap-on's fiscal 2025 free cash flow of $1.0B, net cash of $420M at January 3, 2026 and 53 million diluted shares, from its filings. The scenarios are fitted to Snap-on: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Industrial Machinery & Supplies & Components); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 3, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Snap-on's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 10% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $357.88
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Snap-on's earnings per share of $19.24 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.5×, the middle of Snap-on's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to October 3, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Flowserve, Timken, Hubbell, Lincoln Electric.

Earnings growth in the years ahead (% a year) Starts at Snap-on's revenue growth over the last 3 years, 2.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $357.88
Value at this multiple, against the last close: —
Snap-on's P/E at the last close: 18.6×

Company	Last close	Earnings per share	P/E today
TimkenTKR	$110.49	$3.69	29.9×
HubbellHUBB	$459.40	$16.93	27.1×
Lincoln ElectricLECO	$258.65	$10.02	25.8×
FlowserveFLS	$69.54	$2.87	24.2×
Snap-onSNA	$357.88	$19.24	18.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	780	757	1,002	1,360	1,624
Debt incl. finance leases	1,190	1,205	1,203	1,201	1,204
Net debt (negative means net cash)	410	448	201	−160	−420
Net debt to EBITDA	0.3x	0.3x	0.1x	−0.1x	−0.3x
Debt to equity	0.3x	0.3x	0.2x	0.2x	0.2x
Interest coverage	21.2x	25.6x	26.3x	27.1x	26.3x
Current ratio	3.1x	3.5x	3.9x	4.2x	4.8x
Quick ratio	2.3x	2.4x	2.8x	3.2x	3.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Snap-on shares on the open market, and 9 insiders sold $61.5 million, $53.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 26, 2026	Marty V. OzolinsVice President & Controller	Sold plan	800	$400.00	$320,000	Form 4
Aug 18, 2026	Nicholas T PinchukChairman, President and CEO, Director	Sold plan	22,889	$399.69	$9.1 million	Form 4
Aug 13, 2026	Aldo John PagliariSr VP - Finance & CFO	Sold plan	5,531	$404.25	$2.2 million	Form 4
Aug 11, 2026	June C LemerandVP & Chief Information Officer	Sold	4,352	$413.66	$1.8 million	Form 4
Aug 6, 2026	Iain BoydVP - Operations Development	Sold plan	1,878	$423.00	$794,394	Form 4
Jul 28, 2026	Timothy L ChambersSr VP & Pres - Tools	Sold plan	9,111	$419.36	$3.8 million	Form 4
Jul 17, 2026	Timothy L ChambersSr VP & Pres - Tools	Sold plan	389	$419.43	$163,158	Form 4
Jul 1, 2026	Richard Thomas MillerVP, Gen Counsel & Secretary	Sold plan	2,000	$405.92	$811,840	Form 4
Jun 10, 2026	Jesus ArreguiSr VP & President - Commercial	Sold	4,251	$383.92	$1.6 million	Form 4
Jun 10, 2026	Richard Thomas MillerVP, Gen Counsel & Secretary	Sold plan	427	$389.55	$166,338	Form 4
Jun 4, 2026	Aldo John PagliariSr VP - Finance & CFO	Sold	1,330	$379.27	$504,429	Form 4
May 14, 2026	Aldo John PagliariSr VP - Finance & CFO	Sold plan	5,713	$367.19	$2.1 million	Form 4

The latest 12 of 24 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 8	6 of 8	6 of 8
Accruals ratio	−2.0%	−2.2%	−0.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Snap-on side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Snap-on	FY25	0.9%	25.8%	19.5%	19.2%	−0.3x	6
Flowserve	FY25	3.8%	8.5%	9.2%	9.4%	1.7x	8	Compare
Timken	FY25	0.2%	11.8%	8.9%	8.6%	2.0x	6	Compare
Hubbell	FY25	3.8%	20.7%	15.0%	18.7%	1.3x	7	Compare
Lincoln Electric	FY25	5.6%	17.0%	12.6%	24.5%	1.0x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,712	4,000	4,070	4,068	3,942	4,602	4,842	5,108	5,108	5,156
Revenue growth	3.3%	7.8%	1.8%	−0.1%	−3.1%	16.7%	5.2%	5.5%	0.0%	0.9%
Gross profit	1,710	1,825	—	—	—	—	—	—	—	—
Research and development	53	61	61	59	57	61	60	65	67	72
Operating income	861	882	956	962	880	1,124	1,207	1,310	1,346	1,328
Net income	546	558	680	694	627	820	912	1,011	1,044	1,017
Diluted EPS (US$)	9.20	9.52	11.87	12.41	11.44	14.92	16.82	18.76	19.51	19.19
Diluted shares (millions)	59	59	57	56	55	55	54	54	54	53
Cash flow
Cash from operations	576	608	764	675	1,009	967	675	1,154	1,218	1,082
Capital expenditure	74	82	91	99	66	70	84	95	84	76
Free cash flow	502	526	674	575	943	896	591	1,059	1,134	1,006
Dividends paid	148	169	192	217	243	276	313	356	406	462
Share buybacks	120	288	284	238	174	431	198	295	290	329
Acquisitions	160	83	3	39	42	200	0	43	0	0
Stock-based compensation	31	30	27	24	20	41	34	45	29	29
Balance sheet at fiscal year end
Cash and short-term investments	78	92	141	184	923	780	757	1,002	1,360	1,624
Debt incl. finance leases	989	1,155	1,131	1,153	—	1,190	1,205	1,203	1,201	1,204
Total assets	4,723	5,249	5,373	5,694	6,557	6,760	6,973	7,545	7,897	8,412
Total liabilities	2,088	2,277	2,254	2,263	2,711	2,556	2,469	2,452	2,480	2,456
Shareholders' equity	2,617	2,954	3,099	3,409	3,825	4,182	4,481	5,071	5,394	5,932
Margins and ratios
Gross margin	46.1%	45.6%	—	—	—	—	—	—	—	—
Operating margin	23.2%	22.1%	23.5%	23.7%	22.3%	24.4%	24.9%	25.6%	26.3%	25.8%
Net margin	14.7%	13.9%	16.7%	17.1%	15.9%	17.8%	18.8%	19.8%	20.4%	19.7%
Free cash flow margin	13.5%	13.2%	16.6%	14.1%	23.9%	19.5%	12.2%	20.7%	22.2%	19.5%
Return on capital	17.7%	16.2%	17.9%	17.4%	—	—	19.6%	19.9%	19.9%	19.2%
Return on equity	21.7%	20.0%	22.5%	21.3%	17.3%	20.5%	21.1%	21.2%	19.9%	18.0%
Return on assets	12.1%	11.2%	12.8%	12.5%	10.2%	12.3%	13.3%	13.9%	13.5%	12.5%
Net debt to EBITDA	1.0x	1.1x	0.9x	0.9x	—	0.3x	0.3x	0.1x	−0.1x	−0.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Snap-on's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Snap-on.