Fortive Corporation

FTV
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.1B
Q1 2026 · +7.7% YoY
TTM ROIC
7.5%
FY2025 · NOPAT / Estimated Invested Capital (Total Assets less Cash and Non-operating assets) · WACC ~8.5% · Moat spread +-1pp

Financial Snapshot

ticker: FTV step: 04 generated: 2026-05-12 source: quick-research

Fortive Corporation (FTV) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $5.83B $6.07B $6.23B +2.7%
Gross Margin ~57% ~58% ~60% +200bp
Operating Margin ~16% ~17% ~18.4% +140bp
Net Income ~$750M ~$866M ~$833M -3.8%
EPS (diluted) $2.10 $2.43 ~$2.33 -4.1%

Note: 2024 net income declined despite revenue growth due to higher interest expense and restructuring costs. Adjusted EPS (excluding amortization and non-cash charges) significantly higher — adjusted EPS guided at ~$3.68–$3.75 for FY2024.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.6B
Free Cash Flow ~$1.4B
FCF Margin ~23%
Cash & Equivalents ~$700M
Total Debt ~$5.0B

Key Ratios (approximate)

  • P/E (adjusted): ~20x | EV/EBITDA: ~18x | FCF Yield: ~7%
  • Revenue Growth (FY2024): +2.7% | Adjusted FCF Margin: ~23%
  • Net Debt / EBITDA: ~3x (manageable; elevated relative to peers)

Growth Profile

Fortive delivered steady revenue growth from $5.83B in FY2022 to $6.23B in FY2024, compounding at ~3.5% annually. The mix shift toward recurring software and services revenue has driven consistent gross margin expansion — gross margins improved from ~57% to ~60% over this period. Free cash flow remains strong at ~$1.4B annually, supporting capital returns and M&A. Post-Ralliant spin-off, the remaining Fortive entity is expected to carry higher margin characteristics and a higher recurring revenue mix (~50%).

Forward Estimates

  • FY2025 Revenue guidance: ~$4.2B–$4.3B (post-Ralliant spin-off, continuing operations only)
  • FY2025 Adjusted EPS guidance: $2.71 (post-spin; FY2025 actual exceeded guidance)
  • Analysts project adjusted EBITDA margins expanding toward 29–30% by FY2027 for the new Fortive

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $FTV.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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