NYSE: FTV · Industrial Machinery & Supplies & Components
Fortive
Fortive makes instruments, software and services in two segments: Intelligent Operating Solutions (brands such as Fluke, ServiceChannel, Gordian, Accruent, Industrial Scientific and Intelex) and Advanced Healthcare Solutions (Advanced Sterilization Products, Censis, Fluke Biomedical, Landauer and Provation). On June 28, 2025 it spun off its Precision Technologies segment as Ralliant Corporation, receiving a $1.15 billion dividend, and used the cash with other funds to repurchase 30 million shares for about $1.61 billion in 2025. Continuing-operations sales in 2025 were $4,159 million with operating profit of $720 million. First-half 2026 sales rose to $2,166 million from $2,010 million.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 15:16 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-10-02) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 3.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 17.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -2.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.87x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 32.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.93
Higher than 13% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 46% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 16% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 64% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 67% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-10-02
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$66.84close on 2026-11-04
Market cap$20.95B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 32.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 20.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.4%
At FY2025 year-end: 31.9x
Earnings: trailing 12 months to 2026-10-02
At FY2025 year-end: 2.7x
Book value at FY2025 year-end
At FY2025 year-end: 17.4x
EBITDA for FY2025
At FY2025 year-end: 5.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Oct 2, 2026.
- Revenue$1.03B → $1.11B (vs. a year earlier)↑ +7.8%$1.03B → $1.11B (vs. a year earlier)
- Operating margin15.5% → 21.3% (vs. a year earlier)↑ +5.8 pts15.5% → 21.3% (vs. a year earlier)
- Net income$55M → $173M (vs. a year earlier)↑ +213.6%$55M → $173M (vs. a year earlier)
- Diluted EPS$0.16 → $0.57 (vs. a year earlier)↑ +256.2%$0.16 → $0.57 (vs. a year earlier)
- Cash$374M → $377M (vs. previous quarter-end)↑ +0.8%$374M → $377M (vs. previous quarter-end)
- Long-term debt$3.51B → $3.51B (vs. previous quarter-end)→ +0.1%$3.51B → $3.51B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook ↑ Raised
Raised FY2026 adjusted EPS guidance to $3.10–$3.14. Source sentence
Raising our FY 2026 adjusted EPS guidance range to $3.10 to $3.14, up ~15% year-over-year at the midpoint
Key changes
Q3 revenue $1.11B, up 7.8%. Source sentence
Revenue of $1.11 billion, up 7.8% year-over-year; core revenue up 7.2%
GAAP net earnings $173M, up 47.4%. Source sentence
GAAP net earnings of $173 million, up 47.4% year-over-year, GAAP net earnings margin of 15.6%; adjusted EBITDA of $339 million, up 9.5% year-over-year, adjusted EBITDA margin of 30.6%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Fortive Corp
- Headquarters
- EVERETT, WA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: FTV
- Industry
- Industrial Machinery & Supplies & Components
- CIK
- 1659166
- Website
- https://www.fortive.com/ ↗
Workforce (as of FY2025 year-end)
Employees
10,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 31–38 days after quarter end (Feb 4, 2026; Feb 7, 2025; Jan 31, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 26–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Oct 2, 2026 | Oct 28, 2026 (+26 days) | Oct 28, 2026 10-Q (+26 days) |
| Q2 FY2026 | Jul 3, 2026 | Jul 29, 2026 (+26 days) | Jul 29, 2026 10-Q (+26 days) |
| Q1 FY2026 | Apr 3, 2026 | Apr 30, 2026 (+27 days) | Apr 30, 2026 10-Q (+27 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 26, 2025 | Oct 29, 2025 (+33 days) | Oct 29, 2025 10-Q (+33 days) |
| Q2 FY2025 | Jun 27, 2025 | Jul 30, 2025 (+33 days) | Jul 30, 2025 10-Q (+33 days) |
| Q1 FY2025 | Mar 28, 2025 | May 1, 2025 (+34 days) | May 1, 2025 10-Q (+34 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 7, 2025 (+38 days) | Feb 25, 2025 10-K (+56 days) |
| Q3 FY2024 | Sep 27, 2024 | Oct 30, 2024 (+33 days) | Oct 30, 2024 10-Q (+33 days) |
| Q2 FY2024 | Jun 28, 2024 | Jul 24, 2024 (+26 days) | Jul 24, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 29, 2024 | Apr 24, 2024 (+26 days) | Apr 24, 2024 10-Q (+26 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 31, 2024 (+31 days) | Feb 27, 2024 10-K (+58 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Intelligent Operating Solutions
Professional instruments
Examples: FLUKE, INDUSTRIAL SCIENTIFIC
Instruments for maintenance, repair, measurement and condition monitoring.
Intelligent Operating Solutions
Workflow software
Examples: SERVICECHANNEL, GORDIAN, ACCRUENT, INTELEX
Facility, asset and construction cost management software.
Advanced Healthcare Solutions
Sterilization and healthcare workflow
Examples: ASP, CENSIS, FLUKE BIOMEDICAL, LANDAUER, PROVATION
Instrument sterilization, instrument tracking, biomedical test tools and clinical software.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K says Fortive believes it is “a leader in many of our served markets” but states no market share or rank.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-10-02)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026
Revenue +7.8% (7.2% core); GAAP EPS $0.57 (+63%) and adjusted EPS $0.77 (+13%), the fifth straight quarter of double-digit adjusted EPS growth. 2026 adjusted EPS guidance raised to $3.10–3.14.
Source: Q3 2026 earnings release
Ralliant spin-off
Separated Precision Technologies as Ralliant on June 28, 2025 in a tax-free spin-off and received a $1.15B cash dividend.
Source: Form 10-K (FY2025)
Buybacks
Repurchased 30 million shares for about $1.61B in 2025, 12.3 million shares for about $700M in the first half of 2026 and about $300M in Q3 — about $2.3B (13% of shares) since the Ralliant separation.
Source: Form 10-Q (quarter ended 2026-07-03); Q3 2026 earnings release
Financing
Entered a new 5-year revolving credit facility in March 2026 and issued $600M 4.750% notes due 2031 and $500M 5.250% notes due 2036 in May 2026.
Source: Form 8-K (2026-05-14) — Item 1.01 $1.1B notes offering
Capex ÷ D&A (FY2025)
0.24x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$105M ÷ $438M = 0.24x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
6.2%
formularesearch & development expense ÷ revenue × 100
e.g.$259M ÷ $4,159M × 100 = 6.2%
M&A spend (3-year total)
$125M
Latest year: $26M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $79M in FY2023 to $105M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2023–FY2025, 3 years.
Revenue (FY2025)
$4.16B
As reported in the 10-K
Revenue CAGR (2 years)
+3.1%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,159M ÷ $3,914M) ^ (1÷2) − 1 = 3.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
17.3%▲favorable
+2.7pt vs. 2 years ago
formulaoperating income ÷ revenue × 100
e.g.$720M ÷ $4,159M × 100 = 17.3%
ROE (FY2025)
7.0%
3-year average: 7.9%
As reported in the 10-K
P/B (FY2025 end)
2.68x
formulafiscal year-end closing price ÷ book value per share
e.g.$55.21 ÷ $20.59 = 2.68x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
17.4x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($17,303M + $3,206M − $376M) ÷ ($720M + $438M) = 17.4x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +3.1% a year over 2 years (modest growth)
From $3.91B in FY2023 to $4.16B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 14.7% → 17.3%
How much operating profit is left per $100 of revenue. It moved +2.7 points over 2 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 55.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 3 of 3 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 7.9% over 3 years (latest: 7.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Instruments for maintenance, repair, measurement and monitoring
- Asset and facility management software
- Instrument sterilization and healthcare software
06 · what it draws on
Key resources
- Workforce of more than 10,000 in about 50 countries
- Raw materials such as electronic components, steel and plastics
- Fortive Business System (FBS)
02 · why customers buy
Value propositions
- Instruments, software and services for mission-critical industrial and healthcare workflows.
04 · how it keeps them
Customer relationships
- Recurring subscription software and services.
03 · how it reaches them
Channels
- Direct sales and distributors.
01 · who it serves
Customer segments
- Tens of thousands of industrial customers
- Healthcare providers
09 · where money goes
Cost structure
FY2025, share of revenue ($4.16B)
- Cost of revenue36.5%
- Research & development6.2%
- Selling, general & administrative40.0%
Operating profit left: 17.3% of revenue. Depreciation & amortization (inside the costs above): $438M. Capital spending: $105M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Products and software $3,341M (2025)
- Services $818M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells instruments, subscription software and services that support customers’ mission-critical workflows in industrial and healthcare settings, run under the Fortive Business System.
01 what it draws on
Inputs & resources
- Workforce of more than 10,000 in about 50 countries
- Raw materials such as electronic components, steel and plastics
- Fortive Business System (FBS)
02 what it does
Activities
- Instruments for maintenance, repair, measurement and monitoring
- Asset and facility management software
- Instrument sterilization and healthcare software
03 who it serves
Customers
- Tens of thousands of industrial customers
- Healthcare providers
04 how money comes in
How it earns
- Products and software $3,341M (2025)
- Services $818M
How the business makes money
- Intelligent Operating Solutions operating margin 25.8% in 2025.
- Remaining performance obligations of $841M, mostly subscription software and service contracts.
- Repurchased 12.3 million shares for about $700M in the first half of 2026 and about $300M more in Q3.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Fortive must follow export rules and government contract requirements.
Government as customer
Government contracts
Subject to investigation and audit under government contract requirements.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade rules
Must comply with U.S. export and import regulations.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Intelligent Operating Solutions
2,856 (69%)Advanced Healthcare Solutions
1,303 (31%)
Source: Form 10-K (FY2025) Continuing operations after the Ralliant separation; total sales $4,159M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Industrial customers and healthcare providers, through direct sales and distributors.
Named by the company
No customer is named as material.
Suppliers
Suppliers of electronic components, steel, plastics and other materials.
Named by the company
No single supplier is named as material.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Fortive believes it is a leader in many served markets, with competition varying by business, but names no competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group (15 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Chosen by industry, talent competition and size; Illinois Tool Works, Stryker, Ecolab, Honeywell and ServiceNow were removed for 2026 and replaced with more size-appropriate peers.
- AMETEKsite ↗
- IDEXsite ↗
- Illinois Tool Workssite ↗
- Rockwell Automationsite ↗
- Mettler-Toledosite ↗
- STERISsite ↗
- Strykersite ↗
- Ecolabsite ↗
- Honeywellsite ↗
- Roper Technologiessite ↗
- Trimblesite ↗
- Zebra Technologiessite ↗
- Autodesksite ↗
- ServiceNowsite ↗
- Synopsyssite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|
| Income statement ($M) | |||
| Revenue | 3,914 | 4,081 | 4,159 |
| Operating income | 574 | 716 | 720 |
| Pretax income | 433 | 506 | 602 |
| Net income (attributable) | 866 | 833 | 579 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 4.3% | 1.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 14.7% | 17.6% | 17.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.1% | 20.4% | 13.9% |
| Balance sheet ($M) | |||
| Total assets | 16,912 | 17,016 | 11,738 |
| Total equity | 10,325 | 10,196 | 6,461 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,646 | 3,707 | 3,206 |
| Equity ratio | 61.0% | 59.9% | 55.0% |
| ROE | 8.7% | 8.1% | 7.0% |
| Cash flow ($M) | |||
| Operating CF | 1,354 | 1,527 | 1,083 |
| Investing CF | -195 | -1,796 | -135 |
| Financing CF | 32 | -793 | -1,387 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,275 | 1,441 | 978 |
| Cash and equivalents | 1,889 | 813 | 376 |
| Per share & other | |||
| EPS ($) | 2.43 | 2.36 | 1.73 |
| BVPS ($) | 29.42 | 29.86 | 20.59 |
| Dividend per share ($) | 0.29 | 0.32 | 0.28 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 11.9% | 13.6% | 16.2% |
| P/E (x) | 22.8 | 24.0 | 31.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 21.2 | 19.3 | 17.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.89 | 1.89 | 2.68 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-10-02 | $1.11B+7.8% | $236M+47.8% | $173M+213.6% | $0.57 |
| 2026-07-03 | $1.1B+7.9% | $210M+23.6% | $157M-5.6% | $0.51 |
| 2026-04-03 | $1.07B+7.7% | $192M+16.0% | $136M-20.7% | $0.44 |
| 2025-12-31 † | $1.12B+4.6% | $226M+6.3% | $186M-11.1% | $0.58 |
| 2025-09-26 | $1.03B | $160M | $55M | $0.16 |
| 2025-06-27 | $1.02B | $170M | $167M | $0.49 |
| 2025-03-28 | $993M | $165M | $172M | $0.50 |
| 2024-12-31 † | $1.07B | $212M | $209M | $0.60 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020: Not restated for the June 2025 Ralliant separation; includes Vontier (spun off October 2020).
- FY2021, FY2022: Not restated for the June 2025 Ralliant separation (Precision Technologies included).
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$720M × (1 − 7.5%) ÷ $11,785M × 100 = 5.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.49%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $17.3B ÷ ($17.3B + $3.21B) = 84.4%
e.g.Debt weight: $3.21B ÷ ($17.3B + $3.21B) = 15.6%
e.g.WACC: 10.1% × 84.4% + 0.0% × (1 − 7.5%) × 15.6% = 8.49%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.9%–10.4% and ROIC − WACC runs −4.7 to −1.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.49% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.93 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.07%
- Cost of debt
- 0.00%
- Tax rate
- 7.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 84% : 16%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.49%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.93 (price-derived adjusted beta. Raw β 0.89, R² 0.30, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.893 + 0.33 = 0.928
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.93 × 5.5% = 10.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.5% − 4.1%
Past FCF growth (FY2023–FY2025)
-12.4%
Compound annual rate, 2 years
Past revenue growth (FY2023–FY2025)
+3.1%
Compound annual rate, 2 years
Inputs (FY2025): free cash flow $978M (operating CF − capex); enterprise value $23.78B = market cap $20.95B (latest close, 2026-11-04) + debt $3.21B − cash and short-term investments $376M; r = WACC of 8.5% using this page’s default assumptions (β 0.93, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$23.86B
FCF $978M ÷ (8.5% − 4.4%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.5% | 7.5% | 8.5% | 9.5% | 10.5% |
|---|---|---|---|---|---|
| 0% | 0.63x | 0.55x | 0.48x | 0.43x | 0.39x |
| 2% | 0.91x | 0.75x | 0.63x | 0.55x | 0.48x |
| 4% | 1.65x | 1.18x | 0.91x | 0.75x | 0.63x |
| 6% | 8.23x | 2.74x | 1.65x | 1.18x | 0.91x |
| 8% | — | — | 8.23x | 2.74x | 1.65x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.76x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 120%
Most profit comes from core operations.
- ✓
Days sales outstanding: 90 → 59 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,083M ÷ $579M = 1.87x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$720M ÷ $602M × 100 = 120%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($661M + $684M) ÷ 2 ÷ $4,159M × 365 = 59 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($270M + $292M) ÷ 2 ÷ $1,518M × 365 = 68 days
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 12 of 416
- Beta (adjusted)
- 0.93
Reported total 109.2%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 3% of covered companies have more
above 1 = swings more than the market
- 329.8M shares reported by 806 13F filers ÷ 302.0M shares outstanding on 2026-07-24. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-29 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
18
Strengths & weaknessesSite analysis
Strengths
1. Well-known brands
Products are marketed under brands such as FLUKE, GORDIAN, ACCRUENT and ASP.
Evidence: Form 10-K (FY2025)
2. High-margin core segment
Intelligent Operating Solutions earned a 25.8% operating margin on $2,856M sales in 2025.
Evidence: Form 10-K (FY2025)
3. Recurring revenue
$841M of remaining performance obligations, mostly subscription software and service contracts.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Lower healthcare margin
Advanced Healthcare Solutions operating margin was 10.6% in 2025.
Evidence: Form 10-K (FY2025)
2. Separation liabilities
Potential indemnification liabilities to Ralliant and Vontier under separation agreements.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
31.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.51%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
16%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.7%
(Operating CF − capex) ÷ market cap
1. Focused portfolio
Two segments after the Ralliant spin-off, with software and services adding recurring revenue.
- What has to hold
- Higher-growth, higher-margin mix.
- The other side
- Smaller company with less diversification.
Evidence: Form 10-K (FY2025)
2. Shareholder returns
Shares outstanding fell from 341M (2024) to 313M (2025).
- What has to hold
- Cash flow and spin proceeds fund buybacks.
- The other side
- More debt.
Evidence: Form 10-K (FY2025)
FY2020–2022 are dropped: they were not restated for the June 2025 Ralliant separation (and FY2020 includes Vontier, spun off in 2020). The quarterly dividend fell from $0.08 to $0.06 after the separation.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.4x
$376M vs. $900M
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
10.6x
$978M vs. $92M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 3 fiscal years on record (FY2023–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring contracts
Most remaining performance obligations relate to subscription software and service and support contracts, about 75% expected to be fulfilled within two years and about 90% within three years.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Fortive reports no material pending legal proceedings; it accrues for probable, estimable losses and is subject to product, regulatory and other claims in the ordinary course.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-10-02) — Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition and pricing
- Company disclosure (summarized from the 10-K)
- Failure to compete effectively or pricing pressure may hurt results; distributors may also sell competitors’ products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Law & regulation
Healthcare regulation
- Company disclosure (summarized from the 10-K)
- Failure to obtain regulatory clearances or remediate inspection observations could restrict medical products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Geopolitics & supply chain
Trade policy and regional conflicts
- Company disclosure (summarized from the 10-K)
- Tariffs, the Russia–Ukraine war, Middle East conflict and China–Taiwan tensions can affect demand and operations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Separation indemnities
- Company disclosure (summarized from the 10-K)
- Indemnification obligations to Ralliant and Vontier could materially affect results.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Low
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Recent economic, foreign and political policies and enforcement actions, including trade restrictions, withdrawal from global trade agreements, uncertainty relating to the future rate or enforceability of tariffs and reciprocal tariffs, including as a result of the recent ruling by the Supreme Court of the United States invalidating certain tariffs previously imposed under the
International Emergency Economic Powers Act (“the IEEPA Ruling”), changes to immigration laws or enforcement, uncertainty relating to availability of refunds on tariffs that have been invalidated, expectations or actions of customers, suppliers and other distribution or supply chain partners on pricing or costs as a result of the IEEPA Ruling, uncertainty relating to the status of prior trade agreements between the United States and other countries that had been adopted in response to tariffs that have subsequently been invalidated by the IEEPA Ruling, and other similar actions may result in increased transaction and operating costs, adverse regional and global economic conditions, reduced ability to attract talent, supply chain constraints, responsive economic and nationalism outside the United States, and volatile regulatory environment, any of which may adversely affect our business…
• regulators in Europe and certain states in the U.S. have focused efforts on increasing disclosures by companies related to climate change and mitigation efforts that impose increasing compliance burdens and associated regulator costs. Read more
At the same time, conflicting and opposing views on environmental topics, including commitments addressing climate issues, are becoming increasing political, subject to scrutiny from private sectors and government authorities, with such conflicting and opposing views potentially exposing us to environmental or political activist campaigns; and
No longer in the text (4)
Our plans to separate into two independent, publicly traded companies may not be completed on the currently contemplated timeline or at all and may not achieve the intended benefits, including the anticipated tax treatment.
On September 4, 2024, we announced our intention to separate our Precision Technologies segment business into an independent publicly-traded company (the “Separation”), which will be named Ralliant. Read more
The Separation will create (i) a technology solutions company, retaining the Fortive name, with a portfolio of the brands currently operating under Fortive’s Intelligent Operating Solutions and Advanced Healthcare Solutions business segments, focused on resilient, high-quality recurring growth by delivering productivity and safety to customers, and (ii) a global technology company consisting of our brands currently operating under the Precision Technologies segment with a focus on precision instruments and highly engineered products essential for breakthrough innovation and aligned to powerful secular trends. The Separation is intended to qualify as a tax-free spin-off for Fortive…
among others, final approval of Fortive’s Board of Directors, satisfactory completion of financing, receipt of a favorable opinion of legal counsel and/or a private letter ruling from the U.S. Read more
Internal Revenue Service with respect to the tax treatment of the transaction for U.S. federal income tax purposes, the effectiveness of a Form 10 registration statement filed with the SEC, and other regulatory approvals. All assets, liabilities, revenues and expenses of Ralliant are included in the consolidated results of the Company in the accompanying consolidated financial statements.
Our ability to effectuate the Separation, the structure of the Separation, and the anticipated benefits of the Separation may be adversely and materially impacted by adverse market conditions, possible delays in obtaining various tax rulings, regulatory approvals or clearances or otherwise satisfying the required conditions of the Separation, costs or inefficiencies associated with dis-synergies related to the Separation, uncertainty of the financial markets, our business performance, and unanticipated delays in establishing infrastructure or processes for Ralliant. In addition, the costs and resources required to effectuate the Separation may be significantly higher than what we currently anticipate.
2 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.
24
What to watch going forwardSite analysis
- Organic growth after the Ralliant spin-off (first-half 2026 sales +8%).
- Pace of share repurchases.
- Healthcare segment margin.
- Debt levels after the May 2026 $1.1B notes offering.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 15:16 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Fortive’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.