Techtronic Industries Company Limited (TTNDY) Stock Analysis & Winston Score

Techtronic Industries (TTI) makes power tools, outdoor power equipment, and floor care products. Its most well-known brands include Milwaukee Tool, Ryobi, and Ridgid, which are sold to professional tradespeople, contractors, and everyday consumers at retailers like Home Depot. TTI is one of the largest power tool manufacturers in the world and has an exclusive supply relationship with Home Depot for several of its brands.

The company earns money by selling hardware products — tools, batteries, chargers, and accessories — through retail stores and direct channels. TTI is headquartered in Hong Kong but generates the majority of its revenue in North America, with additional sales in Europe and Australia. Its competitive edge comes from strong brand loyalty, particularly with Milwaukee Tool among professionals, and a growing ecosystem of battery-compatible products that encourages repeat purchases. The key growth driver is continued expansion of the Milwaukee brand into new professional trade categories, while rising manufacturing costs and a concentrated retail relationship with Home Depot remain notable risks.

Winston Score History

Share count broadly stable

−0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 368.0M (2021) → 366.4M (2025)

Score breakdown

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Quality

Gross Margin

42.2%

Healthy — 42.2% gross margin

Operating Margin

8.4%

Modest — 8.4% operating margin

ROCE

7.8%

Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-22.4%

Shrinking sales (-22.4% YoY)

EPS YoY

-21.3%

Earnings shrinking (-21.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

187%

Turns 187% of profit into real cash

FCF Margin

12.5%

Converts sales into free cash efficiently (12.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.14

Conservative — low debt load (0.14)

Interest Cover

10.08x

Comfortably covers interest (10.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

34.3x

Pricey — P/E 34.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+18.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.3 → 16.3)

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Dividends

Dividend Yield

1.98%

Small dividend — 1.98% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+28.3%

Dividend growing fast (28.3% YoY)

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