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AI核心结论
Snap-on Incorporated (SNA) delivered modest revenue growth of 0.9% to $5.16B in FY2025, but faced slight margin compression as net income declined 2.6% to $1.02B amid higher operating costs and increased R&D investment.
营业收入
$5.16B
同比 ++0.93%
每股收益（基本）
$19.52
同比 -1.66%
营业利润
$1.33B
同比 -1.34%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Snap-on (SNA) FY2025 营收 $5.16B，同比增长 0.9%。 净利润 $1.02B，同比下降 2.6%，稀释每股收益 $19.19。
Total revenue grew 0.9% year-over-year to $5.16B in FY2025, up from $5.11B in FY2024, reflecting steady but tempered demand across Snap-on's business segments. The growth suggests resilience in the professional tools and equipment market despite macroeconomic headwinds.
来源: Source: 10-K Income Statement
Operating margin declined approximately 60 basis points to 25.75% from 26.34% in the prior year, while net income fell 2.6% to $1.02B. This compression reflects rising operating costs outpacing revenue growth, a trend investors should monitor closely.
来源: Source: 10-K Income Statement & Key Ratios
R&D expense rose 8.1% year-over-year to $72.4M, indicating management's commitment to product innovation and long-term competitiveness. This investment, while modest relative to revenue (~1.4%), reflects a deliberate strategy to enhance the product portfolio.
来源: Source: 10-K Income Statement
Cash and equivalents surged 19.4% to $1.62B, and stockholders' equity grew 10.0% to $5.93B, reflecting solid financial health. Total liabilities declined 1.0% to $2.46B, further strengthening the company's net asset position.
来源: Source: 10-K Balance Sheet
Snap-on returned $790.8M to shareholders in FY2025 through dividends ($462.2M, up 13.7%) and share buybacks ($328.6M, up 13.3%), even as operating cash flow declined 11.2% to $1.08B. This underscores management's confidence in the business and commitment to capital returns.
来源: Source: 10-K Cash Flow Statement
Operating cash flow fell 11.2% year-over-year to $1.08B in FY2025, a meaningful deterioration from $1.22B in FY2024. If this trend continues, it could constrain the company's ability to sustain its current pace of dividends, buybacks, and capital investment without drawing down its cash reserves.
来源: Source: 10-K Cash Flow Statement
Operating margin contracted approximately 60 basis points to 25.75%, and net margin stands at 19.72%, reflecting cost pressures that are growing faster than revenues. Sustained margin erosion could signal structural pricing or cost challenges in Snap-on's core markets.
来源: Source: 10-K Key Ratios & Income Statement
Snap-on paid out $790.8M in dividends and buybacks in FY2025, representing approximately 73% of operating cash flow. With operating cash flow declining, the company may face pressure to reduce returns or increase debt to maintain its capital allocation strategy.
来源: Source: 10-K Cash Flow Statement
Long-term debt remained essentially flat at $1.20B, and the debt-to-equity ratio stands at 0.41, which is manageable. However, with financing cash outflows rising 15.4% to $749.9M, any further increase in debt obligations could tighten financial flexibility.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
R&D expenses increased 8.1% to $72.4M, reflecting investment in future product development. However, at approximately 1.4% of revenue, this level of R&D may be insufficient to maintain competitive differentiation in an increasingly technology-driven tools and diagnostics market.
来源: Source: 10-K Income Statement
FY2025 实际 EPS $4.94，分析师一致预期 $4.97，不及预期 -0.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $5.16B | $5.11B | +0.93% |
营业利润 | $1.33B | $1.35B | -1.34% |
净利润 | $1.02B | $1.04B | -2.59% |
每股收益（基本） | $19.52 | $19.85 | -1.66% |
每股收益（稀释） | $19.19 | $19.51 | -1.64% |
研发费用 | $72.4M | $67M | +8.06% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $8.41B | $7.9B | +6.53% |
流动资产 | $4.4B | $3.99B | +10.36% |
总负债 | $2.46B | $2.48B | -0.98% |
流动负债 | $918.5M | $961.5M | -4.47% |
股东权益 | $5.93B | $5.39B | +9.97% |
现金及等价物 | $1.62B | $1.36B | +19.40% |
长期债务 | $1.2B | $1.2B | +0.28% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.08B | $1.22B | -11.15% |
投资活动现金流 | $-73.1M | $-204.1M | +64.18% |
筹资活动现金流 | $-749.9M | $-649.8M | -15.40% |
股息支出 | $462.2M | $406.4M | +13.73% |
股票回购 | $328.6M | $290M | +13.31% |
折旧及摊销 | $98.5M | $98M | +0.51% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 25.8% | 26.3% | -0.59% |
净利率 | 19.7% | — | — |
净资产收益率 | 17.1% | — | — |
总资产收益率 | 12.1% | — | — |
流动比率 | $4.793 | — | — |
资产负债率 | $0.414 | — | — |
Snap-on delivered Q2 FY2026 revenue of $1,334.8M (+4.2% YoY) and diluted EPS of $4.96 (+5.1% YoY), with operating margin slightly compressing to 25.2% from 25.5% as higher personnel and technology costs offset gross margin gains from RCI initiatives and volume growth.
Snap-on Incorporated delivered solid Q2 2026 results with revenue of $1.31B (+5.2% YoY) and net income of $247.0M (+2.7% YoY), supported by strong operating cash flow of $368.7M (+23.5% YoY), though operating margin compressed slightly to 24.4%.
Industrial Machinery & Supplies & Components 行业其他公司
Snap-on reported FY2025 revenue of $5.16B, up 0.9% year-over-year, while net income declined 2.6% to $1.02B. Diluted EPS came in at $19.19, down from $19.51 in FY2024, reflecting modest margin compression despite steady top-line growth.
Yes, Snap-on increased its dividend payments by 13.7% to $462.2M in FY2025, up from $406.4M in FY2024. The company also repurchased $328.6M in shares, bringing total capital returns to shareholders to approximately $790.8M for the year.
Key risks inferred from the FY2025 financial data include a notable 11.2% decline in operating cash flow to $1.08B, ongoing margin compression with operating margin falling to 25.75%, and elevated shareholder return commitments representing approximately 73% of operating cash flow. These trends could pressure financial flexibility if not reversed.
Snap-on's balance sheet remains very strong, with cash and equivalents of $1.62B (up 19.4%), a current ratio of 4.79, and a conservative debt-to-equity ratio of 0.41. Stockholders' equity grew 10.0% to $5.93B, reflecting solid long-term financial health despite the modest decline in profitability.
Although revenue grew 0.9% to $5.16B, operating income fell 1.3% to $1.33B as operating costs grew faster than revenues, compressing the operating margin by approximately 60 basis points to 25.75%. Additionally, R&D spending rose 8.1% to $72.4M, contributing to the cost pressure that drove net income down 2.6% to $1.02B.