Industrials · Industrial Machinery & Supplies & Components · US stock · price as of 23 Oct 2026
Key indicators
Price
$60.25
52-week range
$48.88 – $64.56
Market cap
$18.8B
P/E (trailing)
36.6×
EV / EBITDA
18.0×
Free-cash-flow yield
5.1%
Dividend yield
0.4%
Revenue (last 12 months)
$4.2B
Revenue growth (3y a year)
−10.6%
Operating margin
17.6%
Return on invested capital
7.2%
Net debt / EBITDA
2.6×
Fair value
Fair value (average of valid models)$50.94 middle half of models $51 – $59
Versus priceFair−16% to fair value
P/E multiple
$59.42
P/B multiple
$55.67
P/S multiple
$59.71
EV/EBITDA multiple
$66.80
EV/EBIT multiple
$60.38
EV/revenue multiple
$57.89
10-year DCF, EBITDA exit
$54.79
5-year DCF, EBITDA exit
$58.33
10-year DCF, revenue exit
$51.37
5-year DCF, revenue exit
$53.67
10-year DCF, growth exit
$27.92
5-year DCF, growth exit
$24.52
Earnings power value
$31.77
Model uncertainty
Medium
X-Ray Score
30/ 100 · High confidence · ahead of 6% of sector peers
Valuation33
Growth17
Profitability44
Financial health23
Dividends28
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Fortive Corp an X-Ray Score of 30 out of 100 (high confidence), ahead of 6% of the S&P 500 stocks in its sector. Its strongest lens is profitability (44) and its weakest is growth (17).
Our fair value (the average of the valid models) is $50.94 (range $51.37 to $59.42). At $60.25 the stock trades 18% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Fortive Corp (FTV)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$56.26
$47.59
$54.77
$56.02
$55.03
$60.25
Market cap
$19.8B
$17.2B
$19.5B
$19.8B
$18.4B
$18.8B
P/E
34.5×
22.7×
22.5×
23.7×
31.8×
36.6×
EV / revenue
4.4×
3.4×
5.4×
5.6×
5.1×
5.2×
EV / EBITDA
19.0×
13.6×
21.2×
19.8×
18.4×
18.0×
Price / free cash flow
21.8×
14.2×
15.3×
13.7×
18.8×
19.8×
Free-cash-flow yield
4.6%
7.0%
6.5%
7.3%
5.3%
5.1%
Price / book
2.1×
1.8×
1.9×
1.9×
2.9×
3.1×
Dividend yield
0.50%
0.59%
0.53%
–
–
0.41%
Fundamentals checklist ● 1 Good · ● 4 Average · ● 10 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.6%Average
Free-cash-flow yield5.1%Good
Risk models
Altman Z score2.8×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−6.3%Bad
Free-cash-flow growth (3y)−6.8%Bad
Revenue growth (3y)−10.6%Bad
Growth consistency50%Bad
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA2.6×Bad
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield3.4%Bad
Profitability
Return on invested capital7.2%Bad
Operating margin17.6%Average
Gross profitability23.1%Average
XStocksXray
Fortive Corp (FTV)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,255
5,826
3,914
4,081
4,159
4,235
Gross profit
3,007
3,363
2,477
2,619
2,641
2,679
Operating income
813
987
574
716
720
747
Net income
608
755
866
833
533
544
Diluted EPS ($)
1.63
2.10
2.43
2.36
1.73
1.64
Free cash flow
911
1,207
1,275
1,441
978
954
Gross margin
57.2%
57.7%
63.3%
64.2%
63.5%
63.3%
Operating margin
15.5%
16.9%
14.7%
17.6%
17.3%
17.6%
Net margin
11.6%
13.0%
22.1%
20.4%
12.8%
12.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
16,466
15,891
16,912
17,016
11,738
11,584
Cash
819
709
1,889
813
376
356
Total debt
3,959
3,251
3,646
3,707
3,206
3,489
Equity
9,512
9,683
10,319
10,189
6,453
6,083
Dividend per share ($)
0.28
0.28
0.29
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Apr 2026
Revenue ($M)
1,073
993
1,016
1,027
1,123
1,069
Growth vs a year earlier
–
+0.9%
−0.4%
+2.3%
+4.6%
+7.7%
Net income ($M)
209
172
167
55
186
136
Diluted EPS ($)
0.60
0.50
0.49
0.16
0.58
0.44
XStocksXray
Fortive Corp (FTV)
Peers in Industrial Machinery & Supplies & Components
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
