SNASnap-on Inc

Cutlery, Handtools & General Hardware

Revenue: $4.7B; 0.7% YoY
Operating margin: 28.2%; 2.0% YoY
EBITDA: $1.4B; 1.2% YoY
Market cap: $18.3B
Employees: 13,000; $362K revenue each
Net debt / EBITDA: -0.4×; −$562M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
106% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
73% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$362K · 30th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$62M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$4.5B	$4.7B	$4.7B	$4.7B	0.7%
Operating income	$1.2B	$1.3B	$1.3B	$1.3B	1.3%
Net income	$912M	$1.0B	$1.0B	$1.0B	2.6%
Operating cash flow	$675M	$1.2B	$1.2B	$1.1B	11%
Stock-based comp	$34M	$45M	$29M	$29M	1.0%
Buybacks	$198M	$295M	$290M	$329M	13%
Dividends	$313M	$356M	$406M	$462M	14%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $62M · 71
Net: −$62M

Pay vs performance

No pay-versus-performance disclosure yet.