Snap-on key statistics and ratios

In fiscal 2025, Snap-on had return on equity of 18.0%, an operating margin of 25.8%, debt equal to 20.5% of equity and a current ratio of 4.79. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Snap-on: financial ratios, annual
Fiscal year	2009Jan 2010	2010Jan 2011	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Jan 2015	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Jan 2026	LTMOct 2026
Gross margin	43.7%	45.2%	44.9%	44.9%	45.5%	45.4%	45.9%	46.1%	45.6%	—	—	—	—	—	—	—	—	—
Operating margin	10.4%	12.4%	16.0%	16.7%	18.1%	19.6%	21.3%	23.2%	22.1%	23.5%	23.7%	22.3%	24.4%	24.9%	25.7%	26.3%	25.8%	24.9%
Net margin	5.5%	7.0%	9.3%	9.9%	10.8%	12.1%	13.3%	14.7%	13.9%	16.7%	17.0%	15.9%	17.8%	18.8%	19.8%	20.4%	19.7%	19.2%
Free-cash-flow margin	11.7%	3.3%	2.3%	8.1%	9.9%	9.2%	11.9%	13.5%	13.2%	16.5%	14.1%	23.9%	19.5%	12.2%	20.7%	22.2%	19.5%	20.4%
Return on equity	10.4%	13.9%	18.9%	18.4%	17.9%	19.5%	20.7%	21.7%	20.0%	22.4%	21.2%	17.3%	20.5%	21.0%	21.2%	19.9%	18.0%	16.8%
Return on assets	3.9%	5.2%	7.5%	8.1%	8.7%	10.0%	11.1%	12.1%	11.2%	12.8%	12.5%	10.2%	12.3%	13.3%	13.9%	13.5%	12.5%	11.8%
Asset turnover	0.70	0.75	0.80	0.82	0.81	0.83	0.83	0.82	0.80	0.77	0.74	0.64	0.69	0.71	0.70	0.66	0.63	0.62
Current ratio	2.27	2.00	2.62	2.83	2.51	2.59	2.67	1.90	1.78	2.33	2.51	2.65	3.11	3.47	3.88	4.15	4.79	3.54
Debt to equity	82.7%	99.9%	65.3%	54.4%	51.3%	44.2%	37.2%	38.6%	40.2%	36.3%	39.5%	37.9%	28.7%	26.8%	23.7%	22.5%	20.5%	20.1%
Interest cover (operating income ÷ interest)	5.3x	6.0x	7.8x	9.3x	10.4x	12.9x	14.7x	16.5x	16.8x	19.0x	19.6x	16.3x	21.2x	25.6x	26.3x	27.1x	26.3x	25.9x
Effective tax rate	30.5%	31.6%	32.4%	32.2%	31.7%	31.6%	31.1%	30.5%	30.5%	23.6%	23.0%	22.6%	22.7%	22.3%	22.1%	22.2%	22.0%	21.7%
R&D as % of revenue	1.5%	1.4%	1.4%	1.4%	1.5%	1.5%	1.4%	1.4%	1.5%	1.5%	1.5%	1.5%	1.3%	1.2%	1.3%	1.3%	1.4%	—
Capital spending as % of revenue	2.7%	1.9%	2.1%	2.6%	2.2%	2.3%	2.2%	2.0%	2.0%	2.2%	2.4%	1.7%	1.5%	1.7%	1.9%	1.6%	1.5%	1.6%
Free cash flow ÷ net income	210.7%	47.9%	24.4%	81.6%	91.9%	76.4%	89.2%	91.8%	94.4%	99.1%	82.9%	150.4%	109.3%	64.8%	104.8%	108.6%	98.9%	106.2%
Dividends ÷ net income	51.4%	38.2%	27.8%	26.6%	26.3%	25.5%	26.7%	27.0%	30.4%	28.2%	31.2%	38.8%	33.6%	34.3%	35.2%	38.9%	45.5%	50.0%
Dividends and buybacks ÷ free cash flow	24.4%	89.6%	169.5%	63.9%	54.2%	58.0%	55.8%	53.4%	86.9%	70.7%	79.1%	44.3%	78.9%	86.5%	61.4%	61.4%	78.6%	80.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Snap-on: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026	2026 Q3Oct 2026
Operating margin	25.5%	25.2%	25.5%	26.9%	25.3%	24.4%	25.2%	24.7%
Net margin	19.9%	19.3%	19.5%	20.5%	19.5%	18.9%	19.5%	19.0%
Free-cash-flow margin	21.2%	22.2%	17.0%	20.0%	19.0%	26.6%	18.6%	17.4%
Current ratio	4.15	4.14	4.48	4.40	4.79	3.53	3.43	3.54
Debt to equity	22.0%	21.5%	20.8%	20.4%	20.0%	19.9%	14.7%	14.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · October 3, 2026

What it owns · $8.7bn

Short-term assets $4.6bnLonger-term assets $4.1bn

What it owes, and who funded it · $8.6bn

Short-term liabilities $1.3bnLonger-term liabilities $1.3bnShareholders' equity $6.1bn

Short-term assets cover short-term liabilities $4.6bn of assets due within a year against $1.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $4.6bn short-term assets against $1.3bn of longer-dated liabilities.
More cash than debt $1.7bn of cash against $887m of debt.
Debt below 40% of shareholders' equity Debt is 15% of equity.
Debt burden no higher than five years ago Debt to equity moved from 28% to 15% over five years.
A year's operating cash flow covers at least 20% of debt $1.2bn of operating cash flow against $887m of debt.
Operating profit covers interest at least five times over Operating income of $1.3bn against $51m of interest.

From Snap-on's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

92 /100

Strong moat

How hard Snap-on's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 12.2% of total assets over 10 years.
Pricing power 16 / 20

Gross margin has been a median 46.6%, moving by 0.7 percentage points (standard deviation) across 9 years.
Durability 18 / 20

Operating margin has been a median 24.6%; its worst year was 21.7%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 19.6% of revenue.
Discipline 18 / 20

The diluted share count fell 4.3% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Snap-on's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Snap-on.