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Fortive Corporation (FTV) vs Garmin Ltd. (GRMN)

Fortive Corporation and Garmin Ltd. are both Scientific & Technical Instruments companies. Garmin Ltd. is the larger, with a market value of $55.2B against $19.5B — 2.8× the size. Garmin Ltd. trades at the lower P/E: 27.2× against 30.7×. Garmin Ltd. grew revenue faster over the last twelve months: 13.6% against 6.98%. Garmin Ltd. has the higher net margin (25.6% vs 14.8%) and the higher return on invested capital (19.7% vs 5.93%). Both pay a dividend; Garmin Ltd. yields more (1.37% vs 0.38%). Across the 23 metrics below, Garmin Ltd. leads on 15 and Fortive Corporation on 8.

Valuation

Metric FTV GRMN Scientific & Technical Instruments median
P/E 30.73 27.24 28.21
P/S 4.46 6.97 4.46
P/B 3.29 5.76 3.10
Price to free cash flow 18.06 37.55 24.15
EV/EBITDA 18.00 21.33 18.28
EV/Sales 5.38 6.68 4.64
Earnings yield 3.25% 3.67% 0.68%
Free cash flow yield 5.54% 2.66% 1.98%

Profitability

Metric FTV GRMN Scientific & Technical Instruments median
Gross margin 63.47% 61.12% 47.24%
Operating margin 19.63% 28.82% 8.96%
Net margin 14.83% 25.58% 1.92%
Free cash flow margin 24.69% 18.61% 10.59%
Return on equity 10.46% 22.38% 2.66%
Return on assets 5.57% 17.92% 1.12%
Return on invested capital 5.93% 19.70% 4.79%

Growth

Metric FTV GRMN Scientific & Technical Instruments median
Revenue growth (TTM) 6.98% 13.59% 9.26%
EPS growth (last fiscal year) (26.69%) 17.67% 13.24%
Revenue growth, 5-year CAGR (2.14%) 11.59% 7.89%
Net income growth, 5-year CAGR (17.81%) 10.89% 0.00%

Health

Metric FTV GRMN Scientific & Technical Instruments median
Debt to equity 0.59 0.00 0.00
Current ratio 1.23 3.05 2.30
Net debt to EBITDA 2.44 (1.33) 0.45

Dividend

Metric FTV GRMN Scientific & Technical Instruments median
Dividend yield 0.38% 1.37% 0.62%
Payout ratio 0.12 0.37 0.22

Size

Metric FTV GRMN Scientific & Technical Instruments median
Market cap 19.47b 55.19b 549.07m

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