# Snap-On (SNA.US)

Canonical: https://gigainvestors.com/s/SNA

Analysis as of: 2026-10-16T07:31:59.840Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $365.91 per share; close as of 2026-10-15.

Estimated value: low $295.25 per share, central $392.73 per share, high $455.30 per share. Buy at or below the central value $392.73 per share. Valuation as of 2026-10-16T07:31:59.840Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.26×

- FY2019: 0.26×

- FY2020: 0.25×

- FY2021: 0.24×

- FY2022: 0.25×

- FY2023: 0.26×

- FY2024: 0.26×

- FY2025: 0.26×

- LTM to Jun 2026: 0.24×

### moat: pass

- ROIC, median of available years: 22.9%

- ROIC, second-lowest year: 19.9%

- Typical minus recent gross margin: -1.5 pp

- Typical gross margin (annual median): 50.3%

- Recent gross margin (lower of latest and 3-year median): 51.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 17.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.6%

- FY2018: 22.9%

- FY2019: 21.1%

- FY2020: 19.9%

- FY2021: 24.4%

- FY2022: 23.8%

- FY2023: 24.0%

- FY2024: 24.5%

- FY2025: 22.9%

- LTM to Jun 2026: 21.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.9B

- Net income, five-year total: $4.8B

- Return on incremental invested capital: 62.5%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 44.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.04×

- FY2022: 1.02×

- FY2023: 1.00×

- FY2024: 1.01×

- FY2025: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 22.6% vs 24.0%

- Per-share earnings: 9.20 to 19.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: $8.1B

- Cumulative retained earnings: $4.8B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.6%

- Per-share value change: $9.99

- Per-share value, starting three-year median: $9.20

- Per-share value, ending three-year median: $19.19

- Buybacks concentrated in cheaper years (correlation): 0.45

- Average buyback yield: 2.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $569M

- Cumulative net income, 10 years: $7.9B

- ROIC, first three-year median: 22.6%

- ROIC, last three-year median: 24.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $9.20

- FY2017: $9.52

- FY2018: $11.87

- FY2019: $12.41

- FY2020: $11.44

- FY2021: $14.92

- FY2022: $16.82

- FY2023: $18.76

- FY2024: $19.51

- FY2025: $19.19

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -1.0%

- FY2018: -1.6%

- FY2019: 0.3%

- FY2020: -5.8%

- FY2021: -2.2%

- FY2022: 3.4%

- FY2023: -1.9%

- FY2024: -2.2%

- FY2025: -0.8%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 4.9% a year for ten years · sales +0.9%

Story as of 2026-10-16T09:59:36.174Z; price observation 2026-10-15.

Price needs cash profits to grow 4.9% a year for ten years

- 2025-04-17: Snap-on (NYSE:SNA) Reports Sales Below Analyst Estimates In Q1 Earnings ([finance.yahoo.com](https://finance.yahoo.com/news/snap-nyse-sna-reports-sales-103907291.html))

- 2025-05-10: SNA Q1 Earnings Call: Revenue Miss and Margin Pressure Amid Technician Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/sna-q1-earnings-call-revenue-211519578.html))

- 2025-07-17: Snap-on sees improving Tools Group momentum and resilient margins as product pivot gains traction ([seekingalpha.com](https://seekingalpha.com/news/4468694-snap-on-sees-improving-tools-group-momentum-and-resilient-margins-as-product-pivot-gains?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-05: Snap-on's Q4 Earnings Beat Estimates, Higher Organic Sales Aid ([finance.yahoo.com](https://finance.yahoo.com/news/snap-ons-q4-earnings-beat-183400643.html))

- 2026-03-28: Snap-on CEO Pinchuk: “Uncertain” Mechanics Shun Big-Ticket Tools Despite Booming Repairs ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/snap-ceo-pinchuk-uncertain-mechanics-190316926.html))

- 2026-07-23: Snap-On GAAP EPS of $4.96 beats by $0.01, revenue of $1.24B beats by $20M ([seekingalpha.com](https://seekingalpha.com/news/4617235-snap-on-gaap-eps-of-4_96-beats-by-0_01-revenue-of-1_24b-beats-by-20m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +0.9%; source https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/sna-20260103.htm; observed 2026-02-12.

- FY2016: $3.4B 

- FY2017: $3.7B 

- FY2018: $3.7B 

- FY2019: $3.7B 

- FY2020: $3.6B 

- FY2021: $4.6B 

- FY2022: $4.8B 

- FY2023: $5.1B 

- FY2024: $5.1B 

- FY2025: $5.2B 

### Gross margin · FY2025

gross margin 51.7%; source https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/sna-20260103.htm; observed 2026-02-12.

- FY2016: 49.9% 

- FY2017: 49.5% 

- FY2018: 50.0% 

- FY2019: 49.4% 

- FY2020: 48.7% 

- FY2021: 51.8% 

- FY2022: 50.5% 

- FY2023: 51.3% 

- FY2024: 52.0% 

- FY2025: 51.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in tools & accessories; annual sales are USD 5.2 billion.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2025-12-31 (filed 2026-02-12); FY2025: revenue 5156100000; grossProfit 2667200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNA.US: Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments. The company offers hand tools, such as wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque tools, and other similar products; power tools, including cordless, pneumatic, and hydraulic and corded tools; impact wrenches, ratchets, screwdrivers, drills, sanders, and grinders. It also provides tool chests and roll cabinet stool storage products; facility-level tool control and asset management hardware and software; diagnostics, information, and management systems product comprising handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, OEM purchasing facilitation services, and warranty management systems and analytics to help OEM dealerships manage and track performance. In addition, the company offers wheel alignment equipment, wheel balancers, tire changers, vehicle lifts, test lane equipment, collision repair equipment, vehicle air conditioning service equipment, brake service equipment, fluid exchange equipment, transmission troubleshooting equipment, safety testing equipment, battery chargers, and hoists; and training programs and after-sales support. It serves the vehicle service and repair, and industrial sectors through mobile van channel, company direct sales, distributors, and digital commerce. Snap-on Incorporated was incorporated in 1920 and is based in Kenosha, Wisconsin.

### Why customers stay

Margins ranged from 51.3% to 52% during 2023–25; it earns 22.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2023-12-31 (filed 2026-02-12); FY2023: grossProfit / revenue = 51.3%.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2024-12-31 (filed 2026-02-12); FY2024: grossProfit / revenue = 52%.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2025-12-31 (filed 2026-02-12); FY2025: grossProfit / revenue = 51.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.22552121494125288],[2017,0.19612841627570646],[2018,0.22923898389153854],[2019,0.21073070778582187],[2020,0.198990212843476],[2021,0.2444878945075109],[2022,0.23770182058652833],[2023,0.24015253675251463],[2024,0.24535559873648696],[2025,0.22897925968637695]]; median 0.22910912178895776. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 51% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/sna-20260103.htm (filed 2026-02-12); Gross margin observations: [[2021,0.5178086359388921],[2022,0.5053381517811047],[2023,0.5128124816475148]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 328.6 million of shares.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2016-12-31 (filed 2026-02-12); FY2016: growth capex 0; upkeep 74300000; cash acquisitions 160400000; owner earnings 557700000. Growth capex plus acquisitions / owner earnings = 0.28760982607136454.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2017-12-31 (filed 2026-02-12); FY2017: growth capex 0; upkeep 82000000; cash acquisitions 82900000; owner earnings 568900000. Growth capex plus acquisitions / owner earnings = 0.1457198101599578.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2018-12-31 (filed 2026-02-12); FY2018: growth capex 0; upkeep 90900000; cash acquisitions 3000000; owner earnings 683100000. Growth capex plus acquisitions / owner earnings = 0.004391743522178305.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2019-12-31 (filed 2026-02-12); FY2019: growth capex 0; upkeep 99400000; cash acquisitions 38600000; owner earnings 686500000. Growth capex plus acquisitions / owner earnings = 0.0562272396212673.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2020-12-31 (filed 2026-02-12); FY2020: growth capex 0; upkeep 65600000; cash acquisitions 41500000; owner earnings 658100000. Growth capex plus acquisitions / owner earnings = 0.06306032517854429.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2021-12-31 (filed 2026-02-12); FY2021: growth capex 0; upkeep 70100000; cash acquisitions 199700000; owner earnings 855200000. Growth capex plus acquisitions / owner earnings = 0.23351262862488306.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2022-12-31 (filed 2026-02-12); FY2022: growth capex 0; upkeep 84200000; cash acquisitions 500000; owner earnings 927700000. Growth capex plus acquisitions / owner earnings = 0.0005389673385792821.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2023-12-31 (filed 2026-02-12); FY2023: growth capex 0; upkeep 95000000; cash acquisitions 42600000; owner earnings 1015400000. Growth capex plus acquisitions / owner earnings = 0.04195390978924562.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2024-12-31 (filed 2026-02-12); FY2024: growth capex 0; upkeep 83500000; cash acquisitions 0; owner earnings 1058400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2025-12-31 (filed 2026-02-12); FY2025: growth capex 0; upkeep 76000000; cash acquisitions 0; owner earnings 1039400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,147500000],[2017,169400000],[2018,192000000],[2019,216600000],[2020,243300000],[2021,275800000],[2022,313100000],[2023,355600000],[2024,406400000],[2025,462200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SNA.US.json#2025-12-31 (filed 2026-02-12); FY2025: cash repurchases 328600000 USD.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNA.US SharesStats.PercentInsiders = 2.421 percentage points; cache date 2026-10-16.

### What could break it

"Business Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/sna-20260103.htm (filed 2026-02-12); Business Risks

### What the price says

The price assumes cash profits grow 4.9% yearly over ten years; actual growth was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.06870517254739444. Price 365.91; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 8.135363790186124 → FY2025 19.61132075471698. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $154.10 per share

- 2016-11: $167.20 per share

- 2016-12: $171.27 per share

- 2017-01: $181.53 per share

- 2017-02: $169.67 per share

- 2017-03: $168.67 per share

- 2017-04: $167.53 per share

- 2017-05: $161.66 per share

- 2017-06: $158.00 per share

- 2017-07: $154.20 per share

- 2017-08: $147.57 per share

- 2017-09: $149.01 per share

- 2017-10: $157.78 per share

- 2017-11: $169.43 per share

- 2017-12: $174.30 per share

- 2018-01: $171.31 per share

- 2018-02: $159.22 per share

- 2018-03: $147.54 per share

- 2018-04: $145.25 per share

- 2018-05: $147.82 per share

- 2018-06: $160.72 per share

- 2018-07: $169.59 per share

- 2018-08: $176.78 per share

- 2018-09: $183.60 per share

- 2018-10: $153.94 per share

- 2018-11: $166.24 per share

- 2018-12: $145.29 per share

- 2019-01: $165.99 per share

- 2019-02: $160.00 per share

- 2019-03: $156.52 per share

- 2019-04: $168.28 per share

- 2019-05: $155.92 per share

- 2019-06: $165.64 per share

- 2019-07: $152.61 per share

- 2019-08: $148.68 per share

- 2019-09: $156.54 per share

- 2019-10: $162.67 per share

- 2019-11: $160.46 per share

- 2019-12: $169.40 per share

- 2020-01: $159.63 per share

- 2020-02: $144.75 per share

- 2020-03: $108.82 per share

- 2020-04: $130.29 per share

- 2020-05: $129.69 per share

- 2020-06: $138.51 per share

- 2020-07: $145.87 per share

- 2020-08: $148.27 per share

- 2020-09: $147.13 per share

- 2020-10: $157.53 per share

- 2020-11: $175.85 per share

- 2020-12: $171.14 per share

- 2021-01: $179.99 per share

- 2021-02: $203.11 per share

- 2021-03: $230.74 per share

- 2021-04: $237.60 per share

- 2021-05: $254.62 per share

- 2021-06: $223.43 per share

- 2021-07: $217.98 per share

- 2021-08: $224.95 per share

- 2021-09: $208.95 per share

- 2021-10: $203.23 per share

- 2021-11: $205.91 per share

- 2021-12: $215.38 per share

- 2022-01: $208.25 per share

- 2022-02: $210.18 per share

- 2022-03: $205.48 per share

- 2022-04: $212.49 per share

- 2022-05: $221.88 per share

- 2022-06: $197.03 per share

- 2022-07: $224.05 per share

- 2022-08: $217.86 per share

- 2022-09: $201.35 per share

- 2022-10: $222.05 per share

- 2022-11: $240.60 per share

- 2022-12: $228.49 per share

- 2023-01: $248.73 per share

- 2023-02: $248.68 per share

- 2023-03: $246.89 per share

- 2023-04: $259.41 per share

- 2023-05: $248.86 per share

- 2023-06: $288.19 per share

- 2023-07: $272.44 per share

- 2023-08: $268.60 per share

- 2023-09: $255.06 per share

- 2023-10: $257.94 per share

- 2023-11: $274.69 per share

- 2023-12: $288.84 per share

- 2024-01: $289.93 per share

- 2024-02: $275.66 per share

- 2024-03: $296.22 per share

- 2024-04: $267.96 per share

- 2024-05: $272.86 per share

- 2024-06: $261.39 per share

- 2024-07: $287.03 per share

- 2024-08: $283.74 per share

- 2024-09: $289.71 per share

- 2024-10: $330.13 per share

- 2024-11: $369.69 per share

- 2024-12: $339.48 per share

- 2025-01: $355.15 per share

- 2025-02: $341.17 per share

- 2025-03: $337.01 per share

- 2025-04: $313.81 per share

- 2025-05: $320.75 per share

- 2025-06: $311.18 per share

- 2025-07: $321.19 per share

- 2025-08: $325.24 per share

- 2025-09: $346.53 per share

- 2025-10: $335.55 per share

- 2025-11: $340.05 per share

- 2025-12: $344.60 per share

- 2026-01: $366.11 per share

- 2026-02: $385.22 per share

- 2026-03: $363.22 per share

- 2026-04: $383.40 per share

- 2026-05: $371.21 per share

- 2026-06: $402.40 per share

- 2026-07: $410.41 per share

- 2026-08: $386.31 per share

- 2026-09: $363.35 per share

- 2026-10: $365.91 per share

## Annual estimated value (USD per share)

- FY2016: low $88.28 per share, central $109.38 per share, high $127.58 per share

- FY2017: low $105.03 per share, central $127.25 per share, high $148.23 per share

- FY2018: low $119.05 per share, central $145.30 per share, high $169.20 per share

- FY2019: low $134.87 per share, central $172.43 per share, high $201.18 per share

- FY2020: low $146.39 per share, central $164.43 per share, high $188.45 per share

- FY2021: low $201.64 per share, central $256.93 per share, high $298.26 per share

- FY2022: low $217.06 per share, central $279.59 per share, high $324.97 per share

- FY2023: low $272.44 per share, central $389.77 per share, high $455.21 per share

- FY2024: low $282.44 per share, central $391.71 per share, high $455.87 per share

- FY2025: low $291.93 per share, central $388.61 per share, high $450.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:45.157Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/sna-20260103.htm); period 2026-01-03, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.