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Fortive Corporation

FTV Technology Scientific & Technical Instruments

Fortive Corporation’s revenue for fiscal 2025 (year ended December 2025) was $4.2 billion, up 1.92% from fiscal 2024.

Revenue
+7.83%
EPS
+237.8%
Free cash flow
+108.9%
Total debt
+6.29%

Quarter to September 2026, against a year earlier

68.69 1.88 +2.81%
Market cap
$19.9B
P/E
31.5×
Fwd P/E
30.5×
Dividend yield
0.37%
F-score
6/9
Altman Z
3.22
Beneish M
−2.71
Dividend safety
12/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Intelligent Operating Solutions
  • Advanced Healthcare Solutions

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 8.68
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — 1 — — 1 — 2 —
Insider Ownership 1.30%

Capital & Financial Ratios $m

Size
Market Cap 19,890.00
Revenue ttm 4,396.20
Net income ttm 651.90
Free cash flow ttm 1,085.50
Net debt Q 3,136.90
Valuation
P/E 31.46
Forward P/E 30.50
Price / sales 4.57
Forward P/S Powerpack
Price / FCF 18.49
Price / book 3.37
Financial health
Current ratio Q 1.23
Debt / equity Q 0.59
Interest coverage Q 6.08
Growth
Revenue growth Q +7.83% (above 0%: growing)
Operating income growth Q +47.81% (above 0%: growing)
EPS, this year +14.02%
EPS, next year A +7.27%
Revenue, next year A +6.59%
EPS, past 5 yrs −17.37% (below 0%: weak)
EPS, next 5 yrs A +9.70%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.5×, against a ten-year median of 3.6×; over the ten years it ranged from 2.2× in 2016 to 5.8× in 2025.
P/E against its own 10 years 90.66%
10-year low 10-year high
P/S against its own 10 years 97.01%
10-year low 10-year high
P/B against its own 10 years 80.67%
10-year low 10-year high
EV/Sales against its own 10 years 98.47%
10-year low 10-year high
EV/FCF against its own 10 years 92.46%
10-year low 10-year high

Dividends raised 3 years running

Yield
0.37%
Annual rate
0.25
Payout ratio
11.9%
Growth, 2017–25
+6.44%/yr
  1. 0.18 ’17
  2. 0.18 ’18 +0
  3. 0.18 ’19 +0
  4. 0.19 ’20 +5
  5. 0.21 ’21 +14
  6. 0.21 ’22 +0
  7. 0.22 ’23 +4
  8. 0.24 ’24 +10
  9. 0.29 ’25 +20
  10. 0.28 ’26e −5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,889 813 376 377
Receivables 961 661 684 670
Inventory 537 270 292 315
Other — — — —
3,672 2,592 1,606 1,578
2023 2024 2025 Q'26
Payables 609 425 436 425
ST’ Debt 549 376 900 —
Other — — — —
1,791 2,238 2,247 1,287

Compound Annual Growth %

10y 5y 3y
Sales (3.88%) (2.14%) (10.62%)
Cash Flow 0.71% (5.49%) (5.98%)
Earnings (3.92%) (17.81%) (8.46%)
Book Value 2.23% (6.36%) (12.63%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.71 Actual 0.74

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.58 0.68 Beat by 0.10
Q4 FY25 0.83 0.90 Beat by 0.07
Q1 FY26 0.64 0.70 Beat by 0.06
Q2 FY26 0.71 0.74 Beat by 0.03
Q4 FY26 0.90 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.44 0.51 0.57 — —
’25 0.50 0.49 0.16 0.58 1.73
’24 0.58 0.55 0.63 0.60 2.36
’23 0.49 0.59 0.61 0.75 2.43
’22 0.45 0.48 0.53 0.64 2.10
’21 0.27 0.48 0.42 0.45 1.63
’20 0.07 0.33 0.61 3.37 4.49
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,069 1,097 1,108 — —
’25 993 1,016 1,027 1,123 4,159
’24 984 1,020 1,004 1,073 4,081
’23 1,461 1,526 1,495 1,584 3,914
’22 1,377 1,463 1,456 1,530 5,826
’21 1,259 1,320 1,301 1,375 5,255
’20 1,108 1,042 1,160 1,325 4,634
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 235 286 313 — —
’25 242 311 164 366 1,083
’24 257 309 459 502 1,527
’23 174 321 411 447 1,354
’22 215 294 330 464 1,303
’21 145 280 262 275 961
’20 191 479 482 285 1,437
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 208 258 284 — —
’25 221 286 136 336 978
’24 241 280 441 479 1,441
’23 150 305 386 435 1,275
’22 196 276 307 428 1,207
’21 136 271 251 257 916
’20 165 460 468 273 1,366
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.2% a year for ten years. It grew 2.0% a year over the last ten.

Implied
8.2%
10 years, reported
2.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,378 5,756 3,800 4,564 4,634 5,255 5,826 3,914 4,081 4,159 4,396 (2.8%) 4,433 4,582 4,795 +4.9%
Gross margin, % 49.93 50.75 57.53 54.41 56.29 57.23 57.73 63.29 64.18 63.50 63.47 +13.6 pt
EBT 1,011 1,074 566 337 1,508 678 874 433 506 602 739 (5.6%)
EBT margin, % 18.79 18.65 14.89 7.38 32.53 12.89 14.99 11.07 12.41 14.48 16.82 (4.3) pt
Net income 740 884 490 268 1,452 614 755 866 833 579 652 (2.7%)
Per share, $
Per share, $ Revenue 15.56 16.56 11.00 13.59 13.74 15.06 16.35 11.10 11.69 12.53 14.63 (2.4%)
Earnings 2.52 3.01 8.33 1.99 4.58 1.64 2.12 2.46 2.39 1.74 2.12 (4.0%)
Cash flow 3.29 3.39 3.89 3.79 4.26 2.75 3.66 3.84 4.37 3.26 4.00 (0.1%)
Capex (0.29) (0.26) (0.20) (0.22) (0.21) (0.13) (0.27) (0.22) (0.25) (0.32) (0.38) +0.9%
Free cash flow 3.00 3.13 3.69 3.56 4.05 2.62 3.39 3.62 4.13 2.95 3.61 (0.2%)
Book value 7.78 10.96 19.14 22.04 26.59 27.27 27.18 29.29 29.20 19.46 19.83 +10.7%
Shares, m 346 348 346 336 337 349 356 353 349 332 312 (0.4%)
Valuation, ×
Valuation, × P/E 13.23 14.96 4.95 23.88 11.26 34.02 22.14 21.44 22.81 31.55 31.46 20.0
P/S 2.15 2.72 2.18 2.43 3.75 3.68 2.86 3.05 4.67 4.41 4.57 3.2
P/B 4.29 4.11 2.13 2.16 1.94 2.03 1.72 1.79 1.87 2.84 3.37 2.5
EV/Sales 2.62 3.26 2.53 3.21 4.03 4.28 3.29 3.43 5.37 5.09 5.48 3.7
EV/FCF 13.62 17.25 12.82 17.64 13.68 24.57 15.90 16.33 15.22 21.63 22.21 16.9
Cash, $m
Cash, $m Operating cash flow 1,137 1,176 1,344 1,271 1,437 961 1,303 1,354 1,527 1,083 1,200 (0.5%)
Capex (101) (90) (70) (74) (70) (45) (96) (79) (86) (105) (115) +0.4%
Free cash flow 1,036 1,087 1,275 1,197 1,366 916 1,207 1,275 1,441 978 1,086 (0.6%)
Balance, $m
Balance, $m Working capital 1,022 1,335 979 222 1,586 (1,200) (250) 1,880 354 (641) 291 n/m
Net debt 2,555 3,094 2,252 5,121 1,286 3,140 2,542 2,307 2,894 2,831 3,137 +1.1%
Shareholders’ equity 2,691 3,808 6,613 7,400 8,973 9,517 9,689 10,325 10,196 6,461 5,957 +10.2%
Returns, %
Returns, % ROA 11.33 11.18 24.60 4.42 9.22 3.53 4.67 5.28 4.91 4.03 5.57 (7.3) pt
ROIC 12.65 10.35 4.55 2.22 3.29 4.01 5.05 2.84 3.42 4.84 5.93 (7.8) pt
ROE 22.16 32.14 55.25 9.56 18.86 6.21 7.86 8.65 8.12 6.95 10.46 (15.2) pt
People
People Employees 24,000 26,000 24,000 25,000 17,000 18,000 18,000 18,000 18,000 10,000 — (9.3%)
Revenue/emp, $m 0.22 0.22 0.16 0.18 0.27 0.29 0.32 0.22 0.23 0.42 — +7.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Fortive Corporation makes instruments, software and services used to maintain equipment, manage facilities, protect workers and support healthcare procedures. Founded in 2016, it is headquartered in Everett, Washington, and its chief executive is Olumide Soroye.

Its Intelligent Operating Solutions business serves people who maintain and operate buildings, industrial equipment and technology networks. For example, Fluke instruments help technicians measure and diagnose equipment, while facility and asset software helps organizations manage maintenance and the life cycle of their properties. The business also sells worker-safety and compliance products, including gas-detection solutions.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Intelligent Operating Solutions 2,856 68.68%
Advanced Healthcare Solutions 1,303 31.32%
Gross margin 63.50%
Operating margin 17.32%
Pre-tax margin 14.48%

Revenue by segment since 2014

Fortive Corporation vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GRMN Garmin Ltd. $52.3B 25.9× 26.3× +12.15% (above 0%: growing) +34.40% (above 0%: growing) −31.01% (below 0%: shrinking) 63.33% 30.80% Compare
KEYS Keysight Technologies Inc. $51.9B 41.5× 36.0× +36.54% (above 0%: growing) +109.91% (above 0%: growing) +40.21% (above 0%: growing) 65.87% 24.97% Compare
COHR Coherent Corp. $40.9B 47.4× 29.0× +33.74% (above 0%: growing) +248.19% (above 0%: growing) −45,512.10% (below 0%: shrinking) 38.48% 14.58% Compare
TDY Teledyne Technologies Incorporated $30.6B 30.3× 30.1× +9.44% (above 0%: growing) +25.16% (above 0%: growing) +1.78% (above 0%: growing) 43.88% 20.61% Compare
FTV Fortive Corporation $19.9B 31.5× 30.5× +7.83% (above 0%: growing) +237.76% (above 0%: growing) +108.91% (above 0%: growing) 64.16% 21.30%
TRMB Trimble Inc. $15.3B — (loss-making) — (loss-making) +11.00% (above 0%: growing) −645.95% (below 0%: shrinking) +492.59% (above 0%: growing) 69.43% 13.58% Compare
MKSI MKS Inc. $13.9B 31.4× 21.4× +28.26% (above 0%: growing) +181.52% (above 0%: growing) +38.97% (above 0%: growing) 47.68% 20.11% Compare
CGNX Cognex Corporation $9.8B 55.4× 34.5× +16.93% (above 0%: growing) +79.17% (above 0%: growing) +67.25% (above 0%: growing) 70.65% 29.36% Compare
ESE ESCO Technologies Inc. $7.8B 20.7× 40.9× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
Median of peers $22.9B 31.4× 30.1× +15.67% +56.79% +20.38% 55.51% 20.36%

All 33 Scientific & Technical Instruments stocks →

From the latest earnings call

Updated

  • CEO Olumide Soroye said recurring and non-recurring revenue both grew in the third quarter, with non-recurring growth faster because of Fluke’s performance.
  • CFO Mark Okerstrom said product mix weighed on adjusted gross margins, while pricing and productivity measures more than offset inflation in the third quarter.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 108.31%
Held by the ten largest 67.30%
Holder Shares Stake Change
Dodge & Cox 43.98m 14.56% +823.58k
Vanguard 35.89m 11.88% −728.62k
BlackRock 26.62m 8.82% −5.00m
T. Rowe Price 24.42m 8.09% −1.92m
VIKING GLOBAL INVESTORS LP 19.93m 6.60% −2.54m
State Street 13.62m 4.51% +10.25k
FLOSSBACH VON STORCH SE 12.11m 4.01% +205.01k
Geode Capital Management 9.15m 3.03% −102.36k
Invesco 8.90m 2.95% +1.14m
BARROW HANLEY MEWHINNEY & STRAUSS LLC 8.64m 2.86% −546.60k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Fortive Corporation (FTV) Latest News

3 Nov

Impact 3 · · StockStory

28 Oct

Impact 4 · · Moby transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · GlobeNewswire
Impact 4 · · StockStory
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

27 Oct

Impact 3 · · GlobeNewswire
Impact 3 · · Business Wire
Impact 3 · · StockStory

26 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

22 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Business Wire
Impact 3 · · GlobeNewswire

21 Oct

Impact 3 · · Barchart

20 Oct

Impact 3 · · Business Wire

29 Sep

Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

28 Sep

Impact 3 · · GlobeNewswire

7 Sep

Impact 3 ·

21 Aug

Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

4 Aug

Impact 4 ·

1 Aug

Impact 3 ·

30 Jul

Impact 3 ·
Impact 3 ·

FTV metrics, ten years each

stockrow.com/FTV · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com