# Fortive Corporation (FTV) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FTV/thesis · /stocks/FTV/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FTV/fundamental

## Navigation

- Overview: /stocks/FTV
- Financials (this page): /stocks/FTV/financials
- Thesis: /stocks/FTV/thesis
- Investment Memo: /stocks/FTV/memo
- Coverage universe: /stocks