Fortive CorporationFTV
NYSE•Technology•Scientific & Technical Instruments
Fortive Corporation designs, develops, manufactures, and markets products, software, and services in the United States, China, and internationally. It operates through Intelligent Operating Solutions and Advanced Healthcare Solutions segments. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including maintenance, repair, measurement and condition monitoring, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries. This segment markets its products and services under the ACCRUENT, FLUKE, GORDIAN, INDUSTRIAL SCIENTIFIC, INTELEX, and SERVICECHANNEL brand names. The Advanced Healthcare Solutions segment provides critical workflow solutions comprising instrument sterilization, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions under the ASP, CENSIS, FLUKE BIOMEDICAL, LANDAUER, and PROVATION brand names. Fortive Corporation was incorporated in 2015 and is headquartered in Everett, Washington.
as of April 2026
Are revenues and earnings expanding?
$3.75B in TTM revenue declined 39.3% YoY, reaching $1.07B last quarter. TTM EBITDA of $1.09B on operating income of $191.70M shows growth is flowing through. Net income of $543.70M TTM confirms the company is converting revenue into profit. Revenue is contracting — assess whether this is cyclical or structural.
Is revenue turning into profit effectively?
Op. margin of 17.9% is up 2.1% YoY — cost efficiency is improving. Net margin at 12.8% and gross margin of 63.2%. ROE of 8.9% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 34.6x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 5.0x and P/B of 3.1x provide additional context. The premium P/E is not backed by strong revenue growth — the stock may be overvalued.
Is the company financially stable?
With $11.58B in assets and $2.59B in long-term debt, the D/E of 0.4 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $208.20M on $234.80M in operating cash flow. The FCF / Net Income ratio of 0.4x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $356.10M provide financial flexibility. Shares outstanding declined 9.2% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 40 quarters of fundamental data
Operating margins are expanding at ~24.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.4% on average, adequate but below the threshold typically associated with wide moats.
Data-driven red flags and warnings across 40 quarters
Margins are stable or improving at ~30.9% — no sign of cost or pricing stress.
FCF covers net income by 1.8x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 48.8% recently — increasing financial risk even if the current ratio is manageable.
TTM revenue has contracted 20.4% — significant decline indicating deteriorating demand.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 11.9% — net buybacks are reducing shares outstanding and boosting per-share value.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.