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ITW’s diversified industrial model has combined gradual multi-year revenue expansion with durable operating margins and recurring operating cash generation. Capital needs remain modest relative to cash generation, supporting regular dividends and share repurchases while making balance-sheet capacity an important part of capital allocation.
The second quarter of 2026 showed meaningful improvement in growth, profitability, and cash conversion, but it still fits the established financial model rather than changing it. Revenue growth accelerated, operating margin expanded, and free cash flow remained positive.
Whether organic growth and margin expansion persist as price-cost timing normalizes and working-capital demands remain elevated.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 13.6B | 14.3B | 14.8B | 14.1B | 12.6B | 14.5B | 15.9B | 16.1B | 15.9B | 16B | |
| (7.9B) | (8.3B) | (8.6B) | (8.2B) | (7.4B) | (8.5B) | (9.4B) | (9.3B) | (8.9B) | (9B) | |
| 5.7B | 6B | 6.2B | 5.9B | 5.2B | 6B | 6.5B | 6.8B | 7B | 7.1B | |
| (2.6B) | (2.6B) | (2.6B) | (2.5B) | (2.3B) | (2.5B) | (2.7B) | (2.8B) | (2.8B) | (2.9B) | |
| (2.4B) | (2.4B) | (2.4B) | (2.4B) | (2.2B) | (2.4B) | (2.6B) | (2.6B) | (2.7B) | (2.8B) | |
| (224m) | (206m) | (189m) | (159m) | (154m) | (133m) | (134m) | (113m) | (101m) | (80m) | |
| 3.1B | 3.4B | 3.6B | 3.4B | 2.9B | 3.5B | 3.8B | 4B | 4.3B | 4.2B | |
| (142m) | (224m) | (214m) | (187m) | (186m) | (170m) | (179m) | (252m) | (232m) | (287m) | |
| 237m | 260m | 257m | 221m | 206m | 202m | 203m | 266m | 283m | 292m | |
| (12m) | 96m | (2m) | 44m | 0 | 0 | 191m | 1m | 363m | 0 | |
| 6m | 8m | 26m | 29m | 8m | 19m | 40m | 34m | 27m | 37m | |
| 2.9B | 3.3B | 3.4B | 3.3B | 2.7B | 3.3B | 3.8B | 3.8B | 4.4B | 4B | |
| (873m) | (925m) | (831m) | (767m) | (595m) | (632m) | (808m) | (866m) | (934m) | (900m) | |
| 2B | 2.3B | 2.6B | 2.5B | 2.1B | 2.7B | 3B | 3B | 3.5B | 3.1B | |
| 2B | 1.7B | 2.6B | 2.5B | 2.1B | 2.7B | 3B | 3B | 3.5B | 3.1B | |
| 5.70 | 4.86 | 7.60 | 7.74 | 6.63 | 8.51 | 9.77 | 9.74 | 11.71 | 10.49 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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