TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 10 US-GAAP tools and industrial peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D where filed inside the SG&A line. These filers book restructuring outside SG&A; stock-based compensation is benchmarked in Exhibit 3 but not subtracted, since filers do not disclose its placement. What remains is the residual overhead line, on the same footing for all 10 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Snap-on SG&A versus peers, in text

Snap-on (SNA) reports revenue of $5,156 million. On a normalized basis its SG&A runs 21.8% of revenue, against a median of 18.9% across 9 tools and industrial peers; 1 of the 9 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 1.1% of revenue (3 of 10 companies disclose it); R&D 1.4% of revenue (8 of 10 companies disclose it); Stock-based comp 0.6% of revenue (10 of 10 companies disclose it); Restructuring 0.0% of revenue (10 of 10 companies disclose it).

Closing the gap to the peer median is worth about $148 million a year (287 bps of revenue); to the lean quartile, $249 million (483 bps).

Over 10 years (FY2016 to FY2025), Snap-on's total shareholder return was +156% against +156% for the peer composite; SG&A contributed +74.1 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/SNA.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.