Fortive Corp (FTV)
Industrials · Industrial Machinery & Supplies & Components · US stock · S&P 500 component
$60.05
▲ +1.41 (2.40%)
Fair valueFair
$53 −12.3% to fair value
$26fair band $45–$64$79
Day's range
$57.39 – $60.12
52-week range
$48.88 – $64.56
About Fortive Corp
Fortive is an industrial technology company that makes professional test and measurement instruments, including those branded Fluke, and software for managing facilities, assets and workflows. It also serves healthcare customers with products for infection prevention and surgical workflow. Customers include electricians, technicians, industrial plants, building owners and hospitals. The business is organised into groups that bring these instrument, software and healthcare activities together.
Instruments, software subscriptions and related services generated revenue of $4.2 billion over the last twelve months. Revenue has changed at -10.6% a year across the last three years, a decline. The operating margin is 17.6%, the business earns 7% on the capital invested in it, and net debt is 2.6 times EBITDA. The dividend yield is 0.4%. On the site's X-Ray Score it receives 33 out of 100.
Price chart
52-wk range $48.88 – $64.56Volume 2,817,893Daily, split-adjusted
Vitals
Market cap$18.8B
52-week range$48.88 – $64.56
Volume (last day)2,817,893
P/E (TTM)36.5
EBIT / EV yield3.4%
Free-cash-flow yield5.1%
Dividend yield0.4%
Revenue (TTM)$4.2B
Net income (TTM)$544M
Operating margin17.6%
Return on capital7.2%
Debt incl. leases$3.6B
Cash & securities$356M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$53middle half of models $52 – $59
Fair
−12.3% to fair value
Average of the 12 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $60
Undervalued < $45Fair $45 – $64Overvalued > $64
P/E multiple
$59
P/B multiple
$56
P/S multiple
$60
EV/EBITDA multiple
$67
EV/EBIT multiple
$60
EV/revenue multiple
$58
10-year DCF, EBITDA exit
$54
5-year DCF, EBITDA exit
$58
10-year DCF, revenue exit
$51
5-year DCF, revenue exit
$53
10-year DCF, growth exit
$27
5-year DCF, growth exit · not used
$24
Dividend discount, stable · not used
$8
Dividend discount, multi-stage · not used
$8
Earnings power value
$31
Growth the price implies
20.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
44/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.4%
Free-cash-flow yield5.1%
Fair value vs price0.9×
Growth
Weak
17/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-10.6%
EPS growth (3y)-6.3%
Growth consistency50%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital7.2%
Operating margin17.6%
Gross profitability23.1%
Financial health
Weak
23/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA2.6×
Dividends
Weak
28/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.4%
Dividends vs free cash flow8%
Dividend growth-2.5%
Quarterly results: last 6 quarters
–
Dec '24
+0.9%
Mar '25
-0.4%
Jun '25
+2.3%
Sep '25
+4.6%
Dec '25
+7.7%
Apr '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.1B, diluted EPS $0.44.
Compare with peers
SNA Snap-on Inc66 PNR PENTAIR plc62 XYL Xylem Inc.55 GWW W.W. Grainger, Inc.55Other Industrial Machinery & Supplies & Components companies by X-Ray Score.
SWOT analysis: Fortive Corp
Strengthsinside the company
- Free cash flow equals 5.1% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Return on invested capital of 7.2% is well below the 13.5% median of industry peers.
- Revenue has fallen 10.6% a year over three years while industry peers grew 2.5%.
- Earnings per share have declined 6.3% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 34.5x earnings, 36% above the 25.4x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare FTV with peers and sector
Medians of 13 Industrial Machinery & Supplies & Components peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): PH 50, ITW 46, GWW 55, IR 47, OTIS 55, DOV 49.
| Metric | FTV | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 33 | 50 | 51 |
| Valuation | 44 | 57 | 48 |
| Growth | 17 | 40 | 51 |
| Profitability | 44 | 51 | 51 |
| Financial health | 23 | 56 | 49 |
| Dividends | 28 | 55 | 53 |
Sector leaders: highest X-Ray Score in Industrials
FTV ranks #73 of 81 in Industrials and #14 of 14 in Industrial Machinery & Supplies & Components by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for FTV
Each factor is rated by where FTV stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 6 Average · 10 Bad of 22
Growth: 0 · 0 · 3
Profitability: 1 · 2 · 2
Financial strength: 0 · 0 · 3
Valuation: 2 · 2 · 1
Cash flow: 2 · 1 · 1
Efficiency: 1 · 1 · 0
| Factor | FTV | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −10.6% | Bad beats 6% | +5.6% | – | – |
| Revenue growth, last year | +1.9% | Bad beats 29% | +4.5% | +4.3% | ▼ Worse |
| EPS growth, 3 years a year | −6.3% | Bad beats 21% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 63.3% | Good beats 95% | 38.0% | 63.3% | ≈ In line |
| Operating margin | 17.6% | Average beats 56% | 17.5% | 16.9% | ≈ In line |
| Net margin | 12.8% | Average beats 51% | 12.8% | 13.0% | ≈ In line |
| Return on invested capital | 7.2% | Bad beats 8% | 14.9% | – | – |
| Return on equity | 8.9% | Bad beats 7% | 23.7% | 8.2% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 2.6x | Bad beats 23% | 1.8x | 2.4x | ≈ In line |
| Current ratio | 0.71 | Bad beats 7% | 1.25 | 0.91 | ▼ Worse |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 34.5x | Bad beats 25% | 28.9x | 23.9x | ▼ Worse |
| Price / book | 3.1x | Good beats 81% | 6.2x | 2.0x | ▼ Worse |
| Price / sales | 4.4x | Average beats 35% | 3.5x | 4.4x | ≈ In line |
| EV / EBITDA | 18.1x | Average beats 51% | 18.5x | 19.4x | ≈ In line |
| Free cash flow yield | 5.1% | Good beats 75% | 3.8% | 6.5% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 22.5% | Good beats 85% | 13.8% | 23.5% | ≈ In line |
| Cash from operations / net income | 1.98 | Good beats 81% | 1.39 | 1.73 | ▲ Better |
| Free cash flow growth, 3 years a year | −6.8% | Bad beats 10% | +14.5% | – | – |
| Accruals (lower is better) | −4.6% | Average beats 63% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 5.9x | Good beats 74% | 4.0x | 4.6x | ▲ Better |
| Days sales outstanding | 56 days | Average beats 51% | 57 days | 60 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 1 Good · ● 5 Average · ● 9 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioBad
Net debt / EBITDABad
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 31/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.3B | $5.8B | $3.9B | $4.1B | $4.2B |
| Operating income | $813M | $987M | $574M | $716M | $720M |
| Net income | $608M | $755M | $866M | $833M | $533M |
| Operating cash flow | $961M | $1.3B | $1.4B | $1.5B | $1.1B |
| Operating margin | 15.5% | 16.9% | 14.7% | 17.6% | 17.3% |
| Free cash flow | $911M | $1.2B | $1.3B | $1.4B | $978M |
| Diluted EPS | $1.63 | $2.10 | $2.43 | $2.36 | $1.73 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 58.00 | Bullish |
| EMA 10 | 58.14 | Bullish |
| SMA 20 | 57.18 | Bullish |
| EMA 20 | 57.57 | Bullish |
| SMA 50 | 57.44 | Bullish |
| EMA 50 | 57.73 | Bullish |
| SMA 100 | 59.27 | Bullish |
| EMA 100 | 58.20 | Bullish |
| SMA 200 | 58.35 | Bullish |
| EMA 200 | 57.66 | Bullish |
Oscillators (daily)
| RSI (14) | 65.67 | Neutral |
| MACD (12, 26) | 0.51 | Bullish |
| Momentum (12) | 3.73 | Bullish |
| Stochastic %K (14) | 98.46 | Bearish |
| Williams %R (14) | -1.54 | Bearish |
| CCI (20) | 153.3 | Bearish |
Pivot points (classic, last session)
S3 55.52 | S2 56.46 | S1 58.25 | Pivot 59.19 | R1 60.98 | R2 61.92 | R3 63.71 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.25 USD
Yield on today's price
0.42%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.0700 | |
| 0.0600 | |
| 0.0600 | |
| 0.0600 | |
| 0.0600 | |
| 0.0500 | |
| 0.0800 | |
| 0.0800 | |
| 0.0800 | |
| 0.0800 | |
| 0.0800 | |
| 0.0800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold FTV
| ETF | Share of the fund |
|---|---|
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.17% |
| PAVE Global X U.S. Infrastructure Developme... | 1.00% |
| WTV WisdomTree U.S. Quality Shareholder Yi... | 0.71% |
| TMSL T. Rowe Price Small-Mid Cap | 0.50% |
| XLI Industrial Select Sector SPDR | 0.32% |
| IGPT Invesco AI and Next Gen Software | 0.32% |
| COWZ Pacer US Cash Cows 100 | 0.28% |
| VIS Vanguard Industrials | 0.28% |
The eight funds with the largest weight in FTV among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
FTV SEC filings
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement; Other events
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.