{"schemaVersion":1,"research":true,"symbol":"sna","name":"Snap-on","topic":"moat","path":"/stock/sna/moat","status":"published","version":8,"updatedAt":"2026-10-19T11:57:24.380Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Snap-on has a narrow moat supported by patent-protected product features and premium positioning, commercialized through an established professional distribution channel. Actual diagnostic and repair-information sales growth supports the relevance of differentiated offerings, but customer lock-in and superior competitor economics are unproven. First-half 2026 organic growth and cost savings support resilience, while slower repair-system growth and segment margin pressure limit confidence. Realized pricing power remains unestablished because disclosed growth and margin changes do not isolate selling prices.","advantages":[{"mechanism":"intangible_assets","claim":"Patent protection across multiple product categories provides a current barrier to direct imitation. Premium brand positioning and professional distribution support commercialization, although the brand premium is an issuer characterization and the channel alone does not establish exclusivity.","durability":"The patent portfolio increased between fiscal 2023 and 2025, and no single patent accounts for material revenue. Continued diagnostic and repair-information demand supports commercial relevance. Durability depends on replenishing useful innovations and maintaining customer satisfaction; patent counts include pending applications and do not establish enforceability or remaining protection periods.","risks":"Snap-on reports intense and increasing price pressure. Innovation can become obsolete, franchise relationships can deteriorate, and competitors can introduce more effective or cheaper products. Repair Systems & Information organic growth slowed substantially in the first half of 2026, with operating earnings declining despite reported sales growth. Acquired proprietary data offers potential reinforcement, but acquisition benefits are not yet demonstrated.","invalidation":"The thesis would fail if protected features became readily substitutable and sustained organic declines in tools and diagnostics accompanied lost premium positioning, persistent discounting or franchise-channel deterioration. Evidence that patent protection no longer meaningfully differentiates commercially important products would also invalidate the principal barrier.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Patents, Trademarks and Other Intellectual Property; fiscal 2025 portfolio","excerpt":"As of 2025 year end, Snap-on and its subsidiaries held approximately 945 active and pending patents in the United States and approximately 3,590 active and pending patents outside of the United States."},{"id":"e2","sourceId":"filing-1","location":"Patents, Trademarks and Other Intellectual Property; patent revenue concentration","excerpt":"Sales relating to any single patent did not represent a material portion of Snap-on’s revenues in any of the last three years."},{"id":"e3","sourceId":"filing-1","location":"Patents, Trademarks and Other Intellectual Property; protected product features","excerpt":"Examples of products that have features or designs that benefit from patent protection include hand tools, power tools, wheel alignment systems, wheel balancers, tire changers, vehicle lifts, tool storage, tool control, collision measurement, test lane equipment, brake lathes, electronic torque instruments, emissions-sensing devices and diagnostic equipment."},{"id":"e4","sourceId":"filing-5","location":"Patents, Trademarks and Other Intellectual Property; fiscal 2023 portfolio","excerpt":"As of 2023 year end, Snap-on and its subsidiaries held approximately 890 active and pending patents in the United States and approximately 3,170 active and pending patents outside of the United States."},{"id":"e5","sourceId":"filing-1","location":"Risk Factors; premium positioning and customer expectations","excerpt":"In general, as a manufacturer and marketer of premium products and services, the expectations of Snap-on’s customers and its franchisees are high."},{"id":"e6","sourceId":"filing-2","location":"Segment Information; multinational mobile tool distribution channel","excerpt":"The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s multinational mobile tool distribution channel."},{"id":"e7","sourceId":"filing-1","location":"MD&A; fiscal 2025 Repair Systems & Information demand","excerpt":"The organic improvement reflects a double-digit increase in activity with OEM dealerships and a mid single-digit rise in sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by a low single-digit decline in sales of undercar equipment."},{"id":"e8","sourceId":"filing-2","location":"MD&A; second-quarter 2026 Repair Systems & Information organic demand","excerpt":"On an organic basis, low single-digit gains in undercar equipment and sales of diagnostic and repair information products to independent repair shop owners and managers were partially offset by a low single-digit decline in activity with OEM dealerships."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors; intense competition and increasing pricing pressure","excerpt":"Price competition in our various industries is intense and pricing pressures from competitors and customers continue to increase."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors; premium reputation and ability to command premium prices","excerpt":"Any inability to maintain customer satisfaction could diminish Snap-on’s premium image and reputation and could result in a lessening of our ability to command premium pricing."},{"id":"e11","sourceId":"filing-5","location":"Risk Factors; competing innovation and potential obsolescence","excerpt":"Our competitors’ new products may beat our products to market, be more effective, contain more features, be less expensive than our products, and/or render our products obsolete."},{"id":"e12","sourceId":"filing-5","location":"Risk Factors; franchise termination, open routes and collections","excerpt":"In addition, if we are unable to maintain effective relationships with franchisees, Snap-on or the franchisees may choose to terminate the relationship, which may result in: (i) open routes, in which end-user customers are not provided reliable service; (ii) litigation resulting from termination; (iii) reduced collections or increased charge-offs of franchisee receivables owed to Snap-on; and/or (iv) reduced collections or increased charge-offs of finance and contract receivables."},{"id":"e13","sourceId":"filing-2","location":"MD&A; first-half 2026 Repair Systems & Information results","excerpt":"Six Months Ended (Amounts in millions) July 4, 2026 June 28, 2025 Change External net sales $ 813.2 84.2 % $ 800.7 84.8 % $ 12.5 1.6 % Intersegment net sales 152.4 15.8 % 143.8 15.2 % 8.6 6.0 % Segment net sales 965.6 100.0 % 944.5 100.0 % 21.1 2.2 % Cost of goods sold (520.3) (53.9) % (507.9) (53.8) % (12.4) (2.4) % Gross profit 445.3 46.1 % 436.6 46.2 % 8.7 2.0 % Operating expenses (210.7) (21.8) % (194.7) (20.6) % (16.0) (8.2) % Segment operating earnings $ 234.6 24.3 % $ 241.9 25.6 % $ (7.3) (3.0) % Segment net sales of $965.6 million in the first six months of 2026 represented an increase of $21.1 million, or 2.2%, from 2025 levels, reflecting a $3.5 million, or 0.4%, organic gain, $12.9 million of favorable foreign currency translation, and $4.7 million of acquisition-related sales."},{"id":"e14","sourceId":"filing-2","location":"MD&A; first-half 2026 consolidated sales growth","excerpt":"Net sales of $2,442.3 million in the first six months of 2026 represented an increase of $121.8, or 5.2%, from 2025 levels, reflecting a $74.7 million, or 3.2%, organic gain, $35.6 million of favorable foreign currency translation, and $11.5 million of acquisition-related sales."},{"id":"e15","sourceId":"filing-2","location":"MD&A; first-half 2026 gross margin and cost savings","excerpt":"Gross margin in the first six months improved 30 basis points from 2025 primarily reflecting the benefit of increased volume and savings from the company’s RCI initiatives, partially offset by higher material and other costs, as well as 20 bps of unfavorable foreign currency effects."},{"id":"e16","sourceId":"filing-2","location":"MD&A; first-half 2026 operating margin before financial services","excerpt":"As a percentage of net sales, operating earnings before financial services were 21.3% including 20 bps of unfavorable foreign currency effects and compared to 21.6% last year."},{"id":"e17","sourceId":"filing-2","location":"MD&A; first-half 2026 Snap-on Tools results","excerpt":"Six Months Ended (Amounts in millions) July 4, 2026 June 28, 2025 Change Segment net sales $ 994.8 100.0 % $ 953.9 100.0 % $ 40.9 4.3 % Cost of goods sold (519.0) (52.2) % (502.2) (52.6) % (16.8) (3.3) % Gross profit 475.8 47.8 % 451.7 47.4 % 24.1 5.3 % Operating expenses (255.7) (25.7) % (242.6) (25.5) % (13.1) (5.4) % Segment operating earnings $ 220.1 22.1 % $ 209.1 21.9 % $ 11.0 5.3 % Segment net sales of $994.8 million in the first six months of 2026 represented an increase of $40.9 million, or 4.3%, from 2025 levels, reflecting a $30.8 million, or 3.2%, organic sales gain and $10.1 million of favorable foreign currency translation."},{"id":"e18","sourceId":"filing-2","location":"Segment Information; components of organic growth","excerpt":"Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period."},{"id":"e19","sourceId":"filing-2","location":"Note 4: Receivables; customer financing terms","excerpt":"Finance receivables are comprised of extended-term payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools, diagnostics, and equipment products on an extended-term payment plan, with average payment terms of approximately four years."},{"id":"e20","sourceId":"filing-6","location":"Notes to Condensed Consolidated Financial Statements; subscription and warranty revenue recognition","excerpt":"During the three months ended April 4, 2026, Snap-on recognized $37.9 million of revenue that was included in the contract liability balance at January 3, 2026, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements."},{"id":"e21","sourceId":"filing-2","location":"MD&A; first-half 2026 acquisition spending","excerpt":"Net cash used for acquisitions in the first six months of 2026 totaled $159.1 million."},{"id":"e22","sourceId":"filing-2","location":"MD&A; first-half capital expenditures","excerpt":"Capital expenditures were $44.3 million and $42.6 million in the respective first six months of 2026 and 2025."},{"id":"e23","sourceId":"filing-2","location":"MD&A; completed first-half 2026 repurchases","excerpt":"In the first six months of 2026, Snap-on repurchased 508,000 shares of its common stock for $191.3 million under its previously announced share repurchase programs."},{"id":"e24","sourceId":"filing-2","location":"MD&A; revolving credit facility utilization","excerpt":"No amounts were borrowed or outstanding under the Credit Facility during the six months ended and as of July 4, 2026."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis; actual fiscal 2025 financial incentive outcome","excerpt":"32 In February 2026, after comparing the Company’s consolidated financial results for fiscal 2025 to the consolidated financial performance goals, the Committee approved no payout relative to the consolidated financial results component of the annual incentive plan."},{"id":"e26","sourceId":"filing-2","location":"Stock-Based Compensation; adopted PSU performance conditions","excerpt":"Vesting of the PSUs is dependent upon performance relative to pre-defined goals for revenue growth and return on net assets for the applicable performance period."},{"id":"e27","sourceId":"filing-2","location":"Stock-Based Compensation; actual PSU performance adjustments","excerpt":"Changes to the company’s non-vested PSUs during the six months ended July 4, 2026, are as follows: Shares (in thousands) Fair Value Price per Share* Non-vested PSUs at January 3, 2026 80 $ 305.17 Granted 43 378.55 Performance assumption change** (18) 310.22 Non-vested PSUs at July 4, 2026 105 334.09 * Weighted-average ** Reflects the number of PSUs adjusted based on performance metrics."},{"id":"e28","sourceId":"filing-3","location":"Compensation Discussion and Analysis; personal strategic goals weighting","excerpt":"Personal Strategic Business Goals Component As previously discussed, 50% of each executive officer’s annual incentive is based on the achievement of personal strategic business goals."},{"id":"e29","sourceId":"filing-3","location":"Compensation Discussion and Analysis; existing compensation safeguards","excerpt":"other than the change of control agreements described below; • Our change of control agreements utilize a double trigger and do not provide excise tax gross-up payments; • Our 2011 Incentive Stock and Awards Plan (the “2011 Plan”) generally requires a minimum vesting period of one year for stock options, SARs, performance shares, PSUs, performance-based restricted stock and performance-based RSUs, and a minimum vesting period of three years for time-based restricted stock and RSUs; • We include balanced performance metrics in all incentive plans that are established prior to the applicable performance period and require year-over-year improvement; 27 • We have not repriced underwater stock options and the 2011 Plan explicitly prohibits any repricing without shareholder approval; • We do not pay dividends until vesting of the underlying equity awards; • We have recoupment policies (the “Clawback Policies”) that cover all elements (cash and equity) of the Company’s incentive compensation program; • We have executive stock ownership guidelines that cover all of the Company’s executive officers, including the NEOs; • We do not provide perquisites to our executive officers based in the United States and only provide benefits consistent with local laws and customs in other countries; • We have a policy that prohibits the hedging and pledging of Company securities by directors, executive officers and other executive-level employees; • We do not pay above-market earnings on our executives’ deferred compensation accounts; • We retain an independent compensation consultant employed solely by the Committee; and • We hold an annual Say-on-Pay advisory vote of our shareholders."},{"id":"e30","sourceId":"filing-3","location":"Board Leadership Structure; independent lead director","excerpt":"Mr. Holden, an independent director, has served as our Lead Director since 2009."},{"id":"e31","sourceId":"filing-3","location":"Board Leadership Structure; combined chairman and CEO roles","excerpt":"Our Chairman is also our Chief Executive Officer and thus is not an independent director."},{"id":"e32","sourceId":"filing-3","location":"Board and Director Evaluation Process; annual evaluations","excerpt":"Board and Director Evaluation Process The Board of Directors conducts a comprehensive annual evaluation of the individual directors and the Board as a whole, which is overseen by the Corporate Governance and Nominating Committee and led by the Chair of that committee, who is an independent director."},{"id":"e33","sourceId":"filing-3","location":"Compensation Discussion and Analysis; fiscal 2025 operating performance","excerpt":"The Company achieved a RONAEBIT performance of 35.2% and an operating income decline of 4.2% as compared to fiscal 2024, excluding the effects of foreign currency translation."},{"id":"e34","sourceId":"filing-2","location":"Recent Acquisitions; management characterization of Diesel Laptops capabilities","excerpt":"The acquisition expands Snap-on’s capabilities in these growing markets and further strengthens the company’s library of proprietary experienced-based data, as well as its product offerings to support the diagnosis and repair of increasingly complex vehicles and equipment."},{"id":"e35","sourceId":"filing-3","location":"Compensation Discussion and Analysis; mixed basis for compensation peer selection","excerpt":"Peer companies’ revenue and/or market value are within a reasonable range relative to the Company, are direct competitors of the Company and/or have similar business characteristics or compete with the Company for executive talent."},{"id":"e36","sourceId":"filing-4","location":"MD&A; fiscal 2024 consolidated sales","excerpt":"Consolidated net sales of $4,707.4 million in 2024 represented a decrease of $22.8 million, or 0.5%, from 2023 levels, reflecting a $40.6 million, or 0.9%, organic decline and $5.5 million of unfavorable foreign currency translation, partially offset by $23.3 million of acquisition-related sales."},{"id":"e37","sourceId":"filing-1","location":"MD&A; fiscal 2025 consolidated sales","excerpt":"Net sales of $4,743.2 million in 2025 represented an increase of $35.8 million, or 0.8%, from 2024 levels, reflecting a $16.5 million, or 0.3%, organic sales gain and $19.3 million of favorable foreign currency translation."},{"id":"e38","sourceId":"filing-1","location":"Fiscal-year conventions; additional fiscal 2025 operating week","excerpt":"Snap-on’s 2025 fiscal year contained 53 weeks of operating results with the additional week occurring in the fourth quarter."},{"id":"e39","sourceId":"filing-1","location":"MD&A; fiscal 2025 tariff impact and RCI offsets","excerpt":"The impact of tariffs in 2025 was largely offset by benefits from the company’s RCI initiatives."},{"id":"completion-3f4d453ceabe-e1","sourceId":"filing-1","location":"Risk factors: inflation mitigation through pricing actions, supply chain management and RCI","excerpt":"While inflation has become more prevalent in the world economy, Snap‑on has taken steps to control and offset associated cost increases through its supply chain management, pricing actions, and deployment of Rapid Continuous Improvement (“RCI”)."},{"id":"completion-3f4d453ceabe-e2","sourceId":"filing-2","location":"MD&A: definition and multiple drivers of organic sales growth","excerpt":"Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period."},{"id":"completion-3f4d453ceabe-e3","sourceId":"filing-2","location":"Revenue recognition: long-term contracts with fixed consideration as of July 4, 2026","excerpt":"Snap-on had $190.2 million of long-term contracts that have fixed consideration that extends beyond one year as of July 4, 2026."},{"id":"completion-3f4d453ceabe-e4","sourceId":"filing-2","location":"Revenue recognition: expected recognition schedule for long-term fixed-consideration contracts","excerpt":"Snap-on expects to recognize approximately 65% of these contracts as revenue by the end of fiscal 2027, an additional 30% by the end of fiscal 2029, and the balance thereafter."},{"id":"completion-952c68e5409f-e1","sourceId":"filing-2","location":"Management discussion: organic sales growth definition","excerpt":"Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period."},{"id":"completion-952c68e5409f-e2","sourceId":"filing-2","location":"First-six-months 2026 gross margin discussion","excerpt":"Gross margin in the first six months improved 30 basis points from 2025 primarily reflecting the benefit of increased volume and savings from the company’s RCI initiatives, partially offset by higher material and other costs, as well as 20 bps of unfavorable foreign currency effects."}],"changes":["Retain the previous narrow verdict, with patent-protected differentiation as the principal evidenced barrier; distribution supports commercialization without independently proving lock-in.","Incorporate first-half 2026 consolidated organic growth of 3.2% and Tools organic growth of 3.2%, alongside Repair Systems & Information organic growth of only 0.4% and lower segment operating earnings.","Add actual incentive outcomes and governance disclosures: the fiscal 2025 consolidated financial incentive component paid nothing, PSU awards were adjusted for performance, and the combined CEO/chairman role is balanced partly by an independent lead director.","Treat Diesel Laptops' proprietary-data contribution as potential reinforcement rather than a demonstrated increase in moat durability. Realized pricing remains unestablished."],"limitations":["All supplied evidence is issuer disclosure. Operating results and contractual terms support assessments, but premium-brand strength and acquisition benefits contain management assertions.","No passage identifies an individual company unambiguously as a product-market competitor. Compensation peers are selected for competition, similar characteristics and/or executive talent; they do not establish individual competitor coverage. Competitor arrays are therefore empty.","Patent counts combine active and pending applications and provide no remaining-life, enforceability or competitor-substitution analysis. No market-share series or comparative cost evidence establishes a wide moat, cost advantage or efficient scale.","No realized selling-price bridge, discount series, renewal rate or contractual repricing rights is supplied. Organic growth combines pricing with volume, customer expansion and product development.","Repeat demand and customer dependency are assessed indirectly. Financing obligations and subscription revenue do not establish exclusive purchasing, renewal behavior or inability to switch.","Proxy passages establish existing incentive arrangements and governance practices; proposed director elections and advisory votes are not treated as completed outcomes. Detailed individual ownership compliance is not established.","Dates supplied for the cited filings retain dateKind filed: February 16, 2024; February 13, 2025; February 12, March 12, April 23 and July 23, 2026. Coverage ends with the supplied July 2026 filing. Fiscal 2025 included an additional operating week."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Protected features across multiple product categories establish differentiation, supported by professional distribution and observed diagnostic demand. The economic strength of individual patents and the asserted brand premium are not quantified.","evidenceIds":["e1","e3","e5","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Portfolio replenishment from 2023 to 2025 and diversified patent exposure support persistence. Continued innovation is necessary, and remaining patent lives and resistance to substitution are unknown.","evidenceIds":["e1","e2","e4","e11"]},{"criterion":"customer_dependency","grade":1,"rationale":"Professional distribution, financed purchases and subscription revenue create ongoing relationships. These are weak indirect evidence of dependency because no exclusivity, migration burden or demonstrated switching penalty is disclosed.","evidenceIds":["e6","e19","e20"]},{"criterion":"erosion_resilience","grade":2,"rationale":"First-half 2026 organic growth and gross-margin improvement demonstrate resilience despite cost pressure. Slower repair-system growth and declining operating margins show uneven protection; competitive risks are possibilities rather than proof of realized share loss.","evidenceIds":["e9","e13","e14","e15","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Premium positioning and increasing price pressure are disclosed, but neither establishes realized selling-price changes. Organic growth includes several drivers and cannot isolate pricing outcomes.","evidenceIds":["e5","e9","e10","e18"]},{"criterion":"retention","grade":2,"rationale":"Diagnostic demand across successive periods, Tools organic growth and recognized subscription revenue support continuing engagement indirectly. They do not distinguish repeat customers from new buyers or quantify renewals.","evidenceIds":["e7","e8","e17","e20"]},{"criterion":"margin_resilience","grade":2,"rationale":"RCI largely offset tariffs in 2025, and first-half 2026 gross margin improved despite higher costs. Operating margin before financial services and repair-system margins weakened. Resilience is mixed and attributable partly to cost savings and volume, not proven price pass-through.","evidenceIds":["e39","e15","e16","e13"]},{"criterion":"contractual_freedom","grade":1,"rationale":"The disclosed $190.2 million of long-term fixed-consideration contracts demonstrates limited pricing flexibility on existing commitments, with revenue recognition extending through fiscal 2029 and thereafter. This supports a weak assessment for the disclosed contracts; broader product-price discretion, subscription repricing rights and franchise-term flexibility remain unestablished.","evidenceIds":["completion-3f4d453ceabe-e3","completion-3f4d453ceabe-e4"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual acquisition spending, capital investment and repurchases are disclosed, with no revolver borrowings in the first half of 2026. This supports an assessable but mixed record: acquisition returns and repurchase value creation are unproven, and the passages do not provide a complete operating-cash-flow comparison.","evidenceIds":["e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Revenue and return-on-assets vesting conditions are implemented, PSU quantities actually changed with performance, and the fiscal 2025 consolidated financial bonus component paid nothing. Existing clawback and anti-hedging safeguards strengthen alignment. Half of annual incentives depends on personal strategic goals, limiting purely financial accountability.","evidenceIds":["e25","e26","e27","e28","e29"]},{"criterion":"execution","grade":2,"rationale":"Actual results show recovery to 3.2% organic growth in the first half of 2026 and realized cost savings. Execution remains mixed following a fiscal 2024 organic decline, minimal fiscal 2025 organic growth, lower fiscal 2025 adjusted operating income and weaker 2026 repair-system earnings. This assesses reported operating outcomes rather than management's strategic claims.","evidenceIds":["e36","e37","e38","e33","e14","e15","e13"]},{"criterion":"governance","grade":2,"rationale":"An independent lead director, annual board evaluations and compensation safeguards provide actual governance structures. 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