NYSE: FTV
Fortive
Industrials · Industrial Instruments For Measurement, Display, and Control
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$17.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $18.6B |
| FY2017, ended Dec 31, 2017 | $25.2B |
| FY2018, ended Dec 31, 2018 | $22.6B |
| FY2019, ended Dec 31, 2019 | $25.7B |
| FY2020, ended Dec 31, 2020 | $23.9B |
| FY2021, ended Dec 31, 2021 | $27.4B |
| FY2022, ended Dec 31, 2022 | $22.7B |
| FY2023, ended Dec 31, 2023 | $25.9B |
| FY2024, ended Dec 31, 2024 | $25.5B |
| FY2025, ended Dec 31, 2025 | $17.0B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $17.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$4.40B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.22B |
| FY2017, ended Dec 31, 2017 | $6.66B |
| FY2018, ended Dec 31, 2018 | $6.45B |
| FY2019, ended Dec 31, 2019 | $4.56B |
| FY2020, ended Dec 31, 2020 | $4.63B |
| FY2021, ended Dec 31, 2021 | $5.25B |
| FY2022, ended Dec 31, 2022 | $5.83B |
| FY2023, ended Dec 31, 2023 | $3.91B |
| FY2024, ended Dec 31, 2024 | $4.08B |
| FY2025, ended Dec 31, 2025 | $4.16B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $4.40B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $872M | $1.03B |
| FY2017, ended Dec 31, 2017 | $1.04B | $1.07B |
| FY2018, ended Dec 31, 2018 | $2.88B | $1.27B |
| FY2019, ended Dec 31, 2019 | $670M | $1.20B |
| FY2020, ended Dec 31, 2020 | $1.54B | $1.36B |
| FY2021, ended Dec 31, 2021 | $574M | $911M |
| FY2022, ended Dec 31, 2022 | $755M | $1.21B |
| FY2023, ended Dec 31, 2023 | $866M | $1.27B |
| FY2024, ended Dec 31, 2024 | $833M | $1.44B |
| FY2025, ended Dec 31, 2025 | $579M | $978M |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $652M | $1.09B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$377M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $803M |
| FY2017, ended Dec 31, 2017 | $962M |
| FY2018, ended Dec 31, 2018 | $1.18B |
| FY2019, ended Dec 31, 2019 | $1.21B |
| FY2020, ended Dec 31, 2020 | $1.82B |
| FY2021, ended Dec 31, 2021 | $819M |
| FY2022, ended Dec 31, 2022 | $709M |
| FY2023, ended Dec 31, 2023 | $1.89B |
| FY2024, ended Dec 31, 2024 | $813M |
| FY2025, ended Dec 31, 2025 | $376M |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $377M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$3.51B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.36B |
| FY2017, ended Dec 31, 2017 | $4.06B |
| FY2018, ended Dec 31, 2018 | $3.43B |
| FY2019, ended Dec 31, 2019 | $6.33B |
| FY2020, ended Dec 31, 2020 | $4.23B |
| FY2021, ended Dec 31, 2021 | $3.96B |
| FY2022, ended Dec 31, 2022 | $3.25B |
| FY2023, ended Dec 31, 2023 | $3.65B |
| FY2024, ended Dec 31, 2024 | $3.71B |
| FY2025, ended Dec 31, 2025 | $3.21B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $3.51B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 14.0% since 2016.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.298M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 346M |
| FY2017, ended Dec 31, 2017 | 348M |
| FY2018, ended Dec 31, 2018 | 335M |
| FY2019, ended Dec 31, 2019 | 336M |
| FY2020, ended Dec 31, 2020 | 338M |
| FY2021, ended Dec 31, 2021 | 359M |
| FY2022, ended Dec 31, 2022 | 353M |
| FY2023, ended Dec 31, 2023 | 351M |
| FY2024, ended Dec 31, 2024 | 340M |
| FY2025, ended Dec 31, 2025 | 308M |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | 298M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.Net: $1.19B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $40.7M |
| FY2017, ended Dec 31, 2017 | — | $44.2M |
| FY2018, ended Dec 31, 2018 | — | $40.6M |
| FY2019, ended Dec 31, 2019 | — | $52.5M |
| FY2020, ended Dec 31, 2020 | $0 | $62.6M |
| FY2021, ended Dec 31, 2021 | $0 | $77.4M |
| FY2022, ended Dec 31, 2022 | $443M | $93.8M |
| FY2023, ended Dec 31, 2023 | $273M | $94.5M |
| FY2024, ended Dec 31, 2024 | $890M | $90.1M |
| FY2025, ended Dec 31, 2025 | $1.61B | $117M |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $1.27B | $86.0M |
Revenue (TTM)
$4.40B
+7.0% YoY
Net income (TTM)
$652M
+8.2% YoY
Cash
$377M
−12.4% YoY
Total debt
$3.51B
+6.3% YoY
Valuation
At current price- Market Cap
- $19.4B
- P/E
- 29.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.4×
- Price / Book
- 3.3×
- EV / EBITDA
- 17.2×
Growth
Trailing 12 months- Revenue (TTM)
- $4.40B
- Revenue Growth YoY
- 7.0%
- Revenue CAGR 3Y
- −10.6%
- Revenue CAGR 5Y
- −2.1%
- EPS Growth YoY
- 18.2%
- Net Income Growth YoY
- 8.2%
Profitability
Trailing 12 months- Gross Margin
- 63.5%
- Operating Margin
- 19.6%
- Net Margin
- 14.8%
- FCF Margin
- 24.7%
- Return on Equity
- 10.5%
Earnings
Trailing 12 months- Net Income
- $652M
- EPS (diluted)
- $2.08
- EBITDA
- $1.31B
- Operating Income
- $863M
Balance Sheet
As of Oct 2, 2026- Cash and cash equivalents
- $377M
- Total Debt
- $3.51B
- Net Debt
- $3.14B
- Total Assets
- $11.5B
- Total Liabilities
- $5.55B
- Shareholders' Equity
- $5.95B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.20B
- Capital Expenditure
- $115M
- Free Cash Flow
- $1.09B
Dividends and risk
Last 12 months- Dividend Yield
- 0.4%
- Dividend / Share
- $0.25
- Beta (5Y)
- 1.06
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 7.0% year over year, at $4.40B.
Strength
Operating margin widened 2.4 pts in a year, to 19.6%.
Note
Net debt of $3.14B is 2.4× EBITDA.
Strength
Turns 24.7% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Oct 2, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K58Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 25, 2026 · Read the filing on EDGAR
- Fortive completed the Ralliant spin-off on June 28, 2025, so results now cover only continuing operations, with sales of $4.16 billion.
- Sales rose 1.9% on price increases while volumes slipped; operating profit was about flat as margin eased to 17.3% from 17.6%.
- Ralliant paid Fortive a $1.15 billion dividend, helping fund debt repayment and $1.61 billion of share buybacks.
- Fortive changed its CEO, CFO and Chief People Officer, and now faces uncertainty from a Supreme Court ruling invalidating certain tariffs.
Business momentum
Stable
“Operating profit margin was 17.3% in 2025, compared to 17.6% in 2024”
Outlook
Neutral
“If the exchange rates in effect as of December 31, 2025 were to prevail throughout 2026, currency exchange rates would positively impact 2026 estimated sales by approximately 0.8% relative to our performance in 2025.”
Financial stress
Low
“As of December 31, 2025 we expect to have sufficient liquidity to satisfy our cash needs for the foreseeable future.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
North American demand strengthened, led by the larger Intelligent Operating Solutions segment
“core revenue growth in 2025 was driven primarily by strengthening demand in North America, led by the IOS segment”
Lower debt and interest rates cut interest costs by about $32 million
“Net interest expense was $120.5 million during 2025, compared to $152.8 million during 2024.”
Operations kept generating over $1 billion of cash despite spin-off costs
“Operating cash flows from continuing operations were approximately $1.036 billion in 2025, $1.029 billion in 2024, and $833 million in 2023”
Concerns
Sales growth relied on price increases while volumes fell
“Sales growth in 2025 was driven by favorable pricing of 2.2%, partially offset by a volume decline of 0.6%.”
About $1.19 billion of debt falls due in 2026, well above year-end cash of $376 million
“The amount due within one year of December 31, 2025 is related to the 3.7% Euro-denominated senior unsecured notes due 2026 and 3.15% senior unsecured notes due 2026.”
Share buybacks far exceeded the cash generated by operations, helped by the one-time Ralliant money
“We repurchased 30 million shares of our common stock for approximately $1.61 billion, with $483 million funded by the Ralliant Dividend and Ralliant Cash Proceeds.”
New risks since the previous report
Supreme Court ruling creates new tariff uncertainty, including possible refunds and replacement tariffs
“the recent ruling by the Supreme Court of the United States invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act”
Top leadership turnover after the spin-off, with new CEO, CFO and Chief People Officer
“we transitioned each of our Chief Executive Officer, Chief Financial Officer, and Chief People Officer roles in 2025 and early 2026”
Healthcare policy changes are reducing demand for some healthcare products
“Volume declined modestly on reduced demand for sterilization equipment and biomedical test products due to the impact of recent changes in healthcare policy”
Cuts in US government spending could affect federal sales, about a tenth of the total
“approximately $417 million of our 2025 sales were made to the U.S. federal government”
Competitors could use AI faster or more successfully than Fortive
“Our competitors or other third parties may incorporate AI into their products or operational processes more quickly or more successfully than us”
Biggest risks named
- Tariffs, the Supreme Court ruling and US trade policy uncertainty
- Weak global economy and slower customer demand
- Tax and indemnification liabilities from the Ralliant and earlier separations
- Leadership transition and keeping key employees
- $9.5 billion of goodwill and intangibles, plus acquisition execution
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 58 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 25, 2026 | 58 | Stable | None | |
| 10-K | Feb 25, 2025 | 62 | Improving | None | |
| 10-K | Feb 27, 2024 | 65 | Improving | 2 minor | |
| 10-K | Feb 28, 2023 | 72 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 69 | Improving | None | |
| 10-K | Feb 27, 2020 | 58 | Mixed | None | |
| 10-K | Feb 28, 2019 | 67 | Improving | None | |
| 10-K | Feb 28, 2018 | 70 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Oct 2, 2026), filed Oct 28, 2026. View filings on SEC EDGAR