On this page of StockholderLetter.com we present the latest annual shareholder letter from Snap-on Inc — ticker symbol SNA. Reading current and past SNA letters to shareholders can bring important insights into the investment thesis.

 •  3/11/2025 Letter Continued (Full PDF)
 •  3/9/2023 SNA Stockholder Letter
 •  3/11/2024 SNA Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  SNA Benford's Law Stock Score = 98

SNA Shareholder/Stockholder Letter Transcript:

PREVAILING
PROCEEDING
I N D I F F I C U LT Y
WIT H CONF IDENCE
2024
A N N U A L
R E P O R T

OPER ATING SEGMENTS
2024 REVENUES BY SEGMENT
Financial Services
Commercial &
Industrial Group
7%
Repair Systems &
Information Group
26%
32%
35%
Snap   on
Tools Group
SNAP   ON FACTS
FOUNDED IN 1920
SERVES PROFESSIONALS
IN OVER 130 COUNTRIES
13,000 ASSOCIATES
S&P 500 COMPANY
2024 NET SALES OF
4.7 BILLION
NYSE: SNA
P R E VA I L I N G
I N D I F F I CU LT Y
SNAP   ON CONNECTS
WITH CUSTOMERS . . .
OBSERVING WORK AND
TRANSLATING INSIGHTS
GAINED INTO INNOVATIONS
THAT MAKE CRITICAL
TASKS EASIER.

P R E V A I L I N G I N D I F F I C U L T Y During the year, with uncertainty high and
confidence low, technicians shifted their preferences to quicker payback repair
solutions. Responding to that trend, we pivoted to match the shifting current
customer focus with offerings like the popular flip-top roll cart, the    stubby   
cordless power tool, and arrays of hand tools like pliers and ratchets. Pictured
in the service center at Lynch Chevrolet in Kenosha, Wisconsin, Chairman and
Chief Executive Officer, Nick Pinchuk, discusses the repair environment of today
with automotive techs, Josh Neveri and Nataly Vina, while Snap-on associates,
Nick Gabbey (Snap-on Tools) and Vince Caputa (Repair Systems & Information),
review several of these new Snap-on   products.
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C R E A T I N G C O N N E C T I O N S As essential maintenance and repair become more complex, there is a growing need
for skilled professionals in a variety of critical industries, including aviation. For many years, Snap   on has partnered with
technical education institutions in creating certification programs to train students in real-world challenges. Nick Pinchuk,
Chairman and Chief Executive Officer, recently visited our long-time partner and customer, WSU Tech in Wichita, Kansas.
Led by President Dr. Sheree Utash, Ed.D., this state-of-the-art, Snap   on-outfitted school offers aspiring techs, like aviationrepair students Olivia Bengtson and James Terry, unparalleled instruction in their chosen career. These important
collaborations are supported by many Commercial Group associates including those pictured: Earl Bailey, National
Education Partnership Coordinator, and Richard Radini, Torque Research and Engineering Director.
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TO OUR
SNAP   ON
SHAREHOLDERS
C R E AT I N G
CONNECTIONS
FROM OUR FOUNDING 105 YEARS AGO, WE   VE REMAINED
STEADFAST IN OUR COMMITMENT TO CONNECTING WITH
CUSTOMERS, THE PEOPLE OF WORK, AND TO CREATING
PRODUCTS THAT SOLVE THE MOST ESSENTIAL TASKS   
TIMELESS PRINCIPLES THAT ENABLE US TO PREVAIL IN PERIODS
OF DIFFICULTY AND TO PROCEED WITH
CONFIDENCE AS WE PURSUE THE ABUNDANT
POSSIBILITIES OF OUR FUTURE.
Snap   on is rooted in the critical. We make work easier, creating solutions,
providing repeatability and reliability to get the job done where the penalties
for failure are high. We connect with our customers, working men and
women, developing products of further advantage, meeting the needs of
rapidly-evolving workplaces. And, we enable the makers and fixers in moving
the world forward, day in and day out   a focus of particular importance,
especially in turbulent times.
In 2024, we demonstrated the opportunities for growth across our
businesses, confirmed the special resilience of our multiple markets,
and displayed the considerable capabilities of our experienced team to
continually succeed in this varied environment. During the year, as consumer
confidence waned, as regional conflicts persisted, and as economic and
political uncertainties grew, we leveraged the power of our advantages   
in product, in brand, and in people   pivoting our focus to match technician
preferences in our franchised van channel, maintaining our momentum with
repair shops owners and managers, and extending our presence in critical
industries   profitably rolling the Snap   on brand out of the garage. We do
believe Snap   on is well positioned to prevail in times of difficulty   enabled
by our growing array of innovative products, by our powerful brand position,
and by our capable and tested team. And, so fortified, we proceed with
strong confidence in our ability to engage the turbulence and to rise on an
upward trajectory into the future.
Since our founding in 1920, our principal value-creating mechanism has
been to observe work and translate the insights gained into creative
solutions that make essential tasks easier. Opportunities to wield this
approach, both within and beyond vehicle repair, are embodied in our
runways for growth: enhance the franchise network; expand with repair
shop owners and managers; extend to critical industries, and build in
emerging markets. In 2024, we continued investing in each of these
strategically decisive areas, positioning Snap   on for ongoing growth,
increasing profitability, and rising prosperity for years to come.
At the same time, we remain engaged in our Snap   on Value Creation
Processes, a suite of principles we use every day in the areas of safety, quality,
customer connection, innovation, and rapid continuous improvement (RCI),
to maximize our considerable capacity for ongoing advancement, as well as
to resist and overcome headwinds in challenging times. The contributions
of these processes, our runways for improvement, were evident in multiple
ways throughout 2024. For example, since the end of the pandemic, we had
experienced a slight uptick in our safety incident rate. While we compare
very favorably to external benchmarks and have a robust safety program,
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 3/11/2025 Letter Continued (Full PDF)