Illinois Tool Works Inc. (ITW) intrinsic value & 10-year financials
Illinois Tool Works Inc. (ITW) has a Graham intrinsic value of $203.81 per share. At $272.28 on Oct 17, 2026, the stock trades 34% above that value. Over the last 10 fiscal years revenue grew 1.9% a year to $16.0B, with an average return on invested capital of 29.1%.
- Graham intrinsic value
- $203.81
- Share price (Oct 17, 2026)
- $272.28
- Price vs Graham value
- 34% above
- Market cap
- $79.6B
- Revenue (FY2025)
- $16.0B
- Revenue growth (10-yr CAGR)
- 1.9%
- ROIC (10-yr avg)
- 29.1%
- Free cash flow (FY2025)
- $2.7B
ITW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.0B | $3.1B | $10.49 | $2.7B | 26.3% | 33.4% |
| FY2024 | $15.9B | $3.5B | $11.71 | $2.8B | 26.8% | 35.2% |
| FY2023 | $16.1B | $3.0B | $9.74 | $3.1B | 25.1% | 33.4% |
| FY2022 | $15.9B | $3.0B | $9.77 | $1.9B | 23.8% | 32.1% |
| FY2021 | $14.5B | $2.7B | $8.51 | $2.3B | 24.1% | 30.8% |
| FY2020 | $12.6B | $2.1B | $6.63 | $2.6B | 22.9% | 25.6% |
| FY2019 | $14.1B | $2.5B | $7.74 | $2.7B | 24.1% | 29.1% |
| FY2018 | $14.8B | $2.6B | $7.60 | $2.4B | 24.3% | 29.9% |
| FY2017 | $14.3B | $1.7B | $4.86 | $2.1B | 24.4% | 19.4% |
| FY2016 | $13.6B | $2.0B | $5.70 | $2.0B | 22.5% | 22.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Illinois Tool Works has demonstrated mature, steady growth, with revenue compounding at 1.9% annually over the past decade.
Illinois Tool Works has earned high returns on invested capital, averaging 29.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Illinois Tool Works shows that management has aggressively returned capital to shareholders by retiring 18.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Illinois Tool Works is modeled at 7.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $203.81 per share.