Fortive (FTV)
Industrials · $16.8B market cap · SEC CIK 0001659166
fundamentals score out of 100
Next reports on Oct 27, 2026, with analysts expecting $0.71 in earnings per share.
The case for FTV
- Generated $978M of free cash flow in FY2025, 24% of revenue.
- Gross margin of 63% absorbs cost shocks.
The case against
- Revenue fell 29.8% year over year.
- Earnings per share down 23.3%.
- Pricey at 31.5× earnings, against a long-run market average nearer 20×.
- Revenue has shrunk 2.1% a year over five years.
- Long-term debt of $2.3B against $376M of cash.
- Return on equity of 9% is lower than 96% of Industrials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 60 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 9 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 50 |
| Momentumhow the price has behaved lately | 48 |
| Stabilityhow violently it moves, what it owes and what it pays you | 61 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 31.5× |
|---|---|
| Price / book | 3.15× |
| Price / sales | 3.9× |
| Revenue growth (YoY) | -29.8% |
| EPS growth (YoY) | -23.3% |
| Gross margin | 63% |
| Operating margin | 18% |
| Net margin | 12% |
| Return on equity | 9% |
| Debt / equity | 0.58× |
| Current ratio | 1.24 |
| Dividend yield | 0.47% |
| Beta | 1.06 |
| 52-week range | $47.31 – $64.56 |
| Position in that range | 50% of the way up |
| 3-month return | -9.7% |
| 1-year return | +13.3% |
Five years of financials, as filed
Pulled from Fortive's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.2B | $4.1B | $3.9B | $5.8B | $5.3B |
| Gross profit | $2.6B | $2.6B | $2.5B | $3.4B | $3.0B |
| Operating income | $720M | $716M | $574M | $987M | $813M |
| Net income | $533M | $833M | $866M | $755M | $608M |
| Operating cash flow | $1.1B | $1.5B | $1.4B | $1.3B | $961M |
| Capital expenditure | $105M | $86.1M | $78.6M | $95.8M | $50.0M |
| Total assets | $11.7B | $17.0B | $16.9B | $15.9B | $16.5B |
| Shareholder equity | $6.5B | $10.2B | $10.3B | $9.7B | $9.5B |
| Cash | $376M | $813M | $1.9B | $709M | $819M |
| Long-term debt | $2.3B | $3.3B | $3.6B | $2.3B | $1.8B |
| Free cash flow | $978M | $1.4B | $1.3B | $1.2B | $911M |
| Gross margin | 63.5% | 64.2% | 63.3% | 57.7% | 57.2% |
| Operating margin | 17.3% | 17.6% | 14.7% | 16.9% | 15.5% |
| Net margin | 12.8% | 20.4% | 22.1% | 13.0% | 11.6% |
| Diluted shares | 335M | 353M | 356M | 361M | 352M |
Share count is down 5.0% over 4 years. Buybacks have been shrinking the pie.
What Fortive says it does
Fortive Corporation innovates essential technologies to keep our world safe and productive. Our strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. Our businesses design, develop, manufacture, and market products, software, and services, building upon leading brand names, innovative technologies, and strong market positions. We are headquartered in Everett, Washington and have a workforce of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative professionals in approximately 50 countries around the world. On June 28, 2025, we separated our Precision Technologies segment business into an independent publicly-traded company (the "Separation") named Ralliant Corporation ("Ralliant"). The Separation was effected to qualify as a tax-free spin-off for Fortive shareholders for U.S.…
Risk factors FTV lists in its 10-K
- Issuer Purchases of Equity Securities
- Maximum number of shares (or units) that may yet be purchased under the General Share Repurchase Program
- Maximum approximate dollar value that may yet be purchased under the Special Share Repurchase Program
- Recent Issuances of Unregistered Securities
- Advanced Healthcare Solutions Selected Financial Data
- Foreign Currency Exchange Rate Risk
- Overview of Cash Flows and Liquidity
- Total operating cash provided by continuing operations
- Total investing cash used in continuing operations
- Total financing cash provided by (used in) continuing operations
- Financing Activities and Indebtedness
- Due within one year of December 31, 2025
- Due later than one year from December 31, 2025
- Report of Management on Fortive Corporation’s Internal Control Over Financial Reporting