Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Illinois Tool Works Inc.ITW · manufacturing | |
|---|---|
| Grade |  Dfourth fifth of 255 graded peers; percentile 73.6, sampling error 3.0 points; lower is stronger |
| Rank | 188 of 255 |
| Profitability | Cpercentile 55.3 |
| Solvency | C/Dpercentile 62.7 |
| Growth and financing | Cpercentile 51.7 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $16.1B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 13, 2026238 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $264.672026-10-08; market equity $75.4B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 13, 2026; the document on sec.gov.
Illinois Tool Works Inc. (the "Company" or "ITW") was founded in 1912 and incorporated in 1915. The Company's ticker symbol is ITW. The Company is a global manufacturer of a diversified range of industrial products and equipment with 88 divisions in 49 countries. As of December 31, 2025, the Company employed approximately 43,000 people. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 55.3 | |||||||
| Gross profitability | 52.6% | [1-3] | 21.9% | 3.3 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Accruals ratio | (0.4%) | [1,4-6] | (3.6%) | 77.2 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 5.5 pts | [2-3,7-14] | 2.1 pts | 85.5 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 62.7 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | 3.66 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | 1.51x | [15-18] | 1.78x | 40.8 | 121 | 2025-12-31 | |
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.21x | [19-20] | 2.25x | 84.6 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 51.7 | |||||||
| Revenue growth, three-year compound | 0.2% | [2,7,9,11] | 2.1% | 60.4 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 11.8% | [5,21-27] | 13.9% | 57.2 | 139 | 2025-12-31 | |
| Reinvestment rate | not computable | 26.4% | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Asset growth, three years | 1.5% | [1,6,28-29] | 4.4% | 62.9 | 279 | 2025-12-31 | |
| Net share issuance, one year | (1.8%) | [30-31] | 0.01% | 26.0 | 243 | 2026-01-31 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.152; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 183 | Esab Corp. (ESAB) Esab Corp. (ESAB) Dfourth fifth; percentile 71.7 NYSE · General Industrial Machinery & Equipment, NEC market equity $4.0B; last close $64.94 No active warnings; 9 of 14 inputs | 71.7 | D | |
| 184 | Carrier Global Corp. (CARR) Carrier Global Corp. (CARR) Dfourth fifth; percentile 72.0 NYSE · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip market equity $46.4B; last close $55.85 No active warnings; 10 of 14 inputs | 72.0 | D | |
| 185 | Columbus Mckinnon Corp. (CMCO) Columbus Mckinnon Corp. (CMCO) Dfourth fifth; percentile 72.4 Nasdaq · Construction Machinery & Equip market equity $461.3M; last close $15.97 No active warnings; 9 of 14 inputs | 72.4 | D | |
| 186 | Nike, Inc. (NKE) Nike, Inc. (NKE) Dfourth fifth; percentile 72.8 NYSE · Rubber & Plastics Footwear last close $34.75 No active warnings; 7 of 14 inputs | 72.8 | D | |
| 187 | Loar Holdings Inc. (LOAR) Loar Holdings Inc. (LOAR) Dfourth fifth; percentile 73.2 NYSE · Aircraft Parts & Auxiliary Equipment, NEC market equity $5.8B; last close $61.63 No active warnings; 8 of 14 inputs | 73.2 | D | |
| 188 | Illinois Tool Works Inc. (ITW) Illinois Tool Works Inc. (ITW) Dfourth fifth; percentile 73.6 NYSE · General Industrial Machinery & Equipment market equity $75.4B; last close $264.67 No active warnings; 9 of 14 inputs | 73.6 | D | |
| 189 | Trimas Corp. (TRS) Trimas Corp. (TRS) Dfourth fifth; percentile 74.0 Nasdaq · Metal Forgings & Stampings market equity $1.4B; last close $38.47 No active warnings; 10 of 14 inputs | 74.0 | D | |
| 190 | Axon Enterprise, Inc. (AXON) Axon Enterprise, Inc. (AXON) Dfourth fifth; percentile 74.4 Nasdaq · Ordnance & Accessories, (No Vehicles/Guided Missiles) market equity $33.9B; last close $417.37 No active warnings; 10 of 14 inputs | 74.4 | D | |
| 191 | RTX Corp. (RTX) RTX Corp. (RTX) Dfourth fifth; percentile 74.8 NYSE · Aircraft Engines & Engine Parts market equity $248.4B; last close $184.30 No active warnings; 11 of 14 inputs | 74.8 | D | |
| 192 | Entegris Inc. (ENTG) Entegris Inc. (ENTG) Dfourth fifth; percentile 75.2 Nasdaq · Plastics Products, NEC market equity $24.8B; last close $162.22 No active warnings; 10 of 14 inputs | 75.2 | D | |
| 193 | Crown Holdings, Inc. (CCK) Crown Holdings, Inc. (CCK) Dfourth fifth; percentile 75.6 NYSE · Metal Cans market equity $11.8B; last close $108.90 No active warnings; 8 of 14 inputs | 75.6 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 63.8 | 2204 |
| sector peers, equal sleeves (the grade) | D | 73.6 | 255 |
| same exchange, equal sleeves | D | 63.3 | 984 |
| sector peers, equal inputs | D | 70.1 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 7.6% | 13.7% | 43 | hotter than 43 of 100 peers |
| Distance from 52-week high | (11.6%) | (24.3%) | 82 | closer to its high than 82 of 100 peers |
| EBIT to enterprise value | 5.1% | 4.1% | 59 | pricier than 41 of 100 peers |
| Free cash flow yield | 3.6% | 3.4% | 52 | pricier than 48 of 100 peers |
| Book value to price | 0.04 | 0.34 | 6 | pricier than 94 of 100 peers |
| Sales to price | 0.21 | 0.54 | 18 | pricier than 82 of 100 peers |
| Composite equity issuance, five years | (23.4%) | (9.5%) | 16 | more equity-funded than 16 of 100 peers |
| Relative strength against the sector, log excess return | (0.06) | (0.00) | 43 | ahead of 43 of 100 peers |
Inputs: market equity $75.4B; EBIT $4.2B; free cash flow $2.7B; book equity $2.9B; sales $16.0B; debt $7.7B; cash $839.0M[32].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 6 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 20.3% | ✓ pass[4,6] |
| Operating cash flow above zero | $3.1B | ✓ pass[5] |
| Return on assets improved | (2.1 pts) | ✗ fail[4,6,28,33] |
| Operating cash flow exceeds net income | $60.0M | ✓ pass[4-5] |
| Long-term leverage fell | 1.6 pts | ✗ fail[1,6,28,34-35] |
| Current ratio improved | (15.0 pts) | ✗ fail[19-20,36-37] |
| No new shares issued | (1.8%) | ✓ pass[30-31] |
| Gross margin improved | 0.7 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 4.0 pts | ✓ pass[2,6-7,28] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $839.0M[38] |
| Operating cash flow, four quarters | $3.3B[5,38-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $316.6M |
| 63 sessions | |
| Days since newest grade input | 238 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $16.1B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $16.0B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfRevenue | $7.6B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:ProfitLoss | $3.1B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.1B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $15.1B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $15.9B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfRevenue | $7.6B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $16.1B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $9.3B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $15.9B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $9.4B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $14.5B | 2021-12-31 | 2024-02-09 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $8.5B | 2021-12-31 | 2024-02-09 | 10-K | filing · viewer · series |
| 15 | total debt | us-gaap:LongTermDebt | $7.7B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 16 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $851.0M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 17 | operating income | us-gaap:OperatingIncomeLoss | $4.2B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 18 | depreciation amortization | us-gaap:Depreciation | $317.0M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 19 | current assets | us-gaap:AssetsCurrent | $6.2B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 20 | current liabilities | us-gaap:LiabilitiesCurrent | $5.1B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $419.0M | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 22 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.3B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $437.0M | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.5B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $455.0M | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.3B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $412.0M | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $15.5B | 2023-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 29 | assets | us-gaap:Assets | $15.4B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 30 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 288,200,000 | 2026-01-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 293,500,000 | 2025-01-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 284,800,000 | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 33 | net income | us-gaap:ProfitLoss | $3.5B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 34 | long term debt | us-gaap:LongTermDebtNoncurrent | $6.7B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $6.3B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 36 | current assets | us-gaap:AssetsCurrent | $5.9B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 37 | current liabilities | us-gaap:LiabilitiesCurrent | $4.3B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 38 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $839.0M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.3B | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $623.0M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.2B | 2025-09-30 | 2025-10-24 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.1B | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 73.6 is 6.4 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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