Stanley Black & Decker Inc.
SWKFinancial Snapshot
ticker: SWK step: 04 generated: 2026-05-13 source: quick-research
Stanley Black & Decker, Inc. (SWK) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $16.95B | $15.78B | $15.37B | -2.6% |
| Gross Margin | ~29% | ~28% | ~30% | |
| Operating Margin | ~6% | ~3% | ~5% | |
| Net Income (GAAP) | ~$180M | ~$(590M) | ~$290M | nm |
| EPS — GAAP | ~$1.15 | $(1.88) | $1.89 | nm |
| EPS — Adjusted | ~$4.95 | $1.45 | $4.36 | +200% |
FY2022–FY2023 reflect the post-COVID tool demand hangover: SWK overbuilt inventory during the 2020–2021 tool boom and then faced demand normalization + supply chain cost inflation simultaneously, crushing margins. FY2023 GAAP net loss included large restructuring charges. FY2024 adjusted EPS recovery of 200%+ reflects $1.5B in cost savings realized from the restructuring program. FY2025 revenue $15.13B (-1.5%), continued margin recovery.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Free Cash Flow (FY2024) | $753M |
| Free Cash Flow (FY2023) | $853M |
| Cost Savings Achieved (inception to FY2024) | ~$1.5B (of $2.0B target) |
| Remaining Savings Target | ~$500M (by end of 2025) |
| Long-Term Debt | ~$6.5–7B |
| Dividend Yield | ~3.9% ($3.88/share annual) |
SWK carries elevated debt (~$7B) from the Craftsman acquisition (2017) and MTD/Excel Industries acquisitions (2021) made at peak valuations. Annual interest expense ~$350–400M. The dividend at ~3.9% is at risk if adjusted earnings don't recover — current FCF covers it but GAAP earnings do not. Cost savings program must fully materialize to sustainably cover the dividend.
Key Ratios (approximate)
- P/E (adj. FY2024): ~22x | EV/EBITDA: ~12–14x | FCF Yield: ~5%
- Adjusted EPS Growth (FY2024 vs. FY2023): +200%
- Gross Margin Target: 35%+ (current ~30%) — still 500bps of improvement needed
- Adjusted EPS Forecast Growth: ~26% annually (analyst consensus)
Growth Profile
SWK is a restructuring story, not an organic growth story. Revenue has declined 2–3% annually as the post-COVID demand normalization continues and soft housing/DIY markets pressure Tools & Outdoor volumes. The growth driver is margin expansion from the $2B cost savings program — gross margin has recovered from trough (~27%) toward the 35%+ target. DEWALT mid-single-digit organic growth is the bright spot; Industrial (aerospace fastening +22%) is outperforming.
Forward Estimates
- FY2025 Adjusted EPS: ~$5.50–$6.00 (consensus; ~26% growth trajectory)
- FY2026 Adjusted EPS: ~$7.00–$8.00 (consensus; continuing cost savings + volume recovery)
- Gross Margin Target: 35%+ by ~2026 (from ~30% today)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $SWK.