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Fortive (FTV) stock

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NYSE: FTV NYSE Industrial Machinery & Supplies & Components Next results ~February 3, 2027

B Fundamentals grade

Fortive is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$71

Cash-flow model

Base case. Range ~$51–$98 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 6% below our base value.

Price used: $66.84, November 2, 2026

Fortive valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds325 adding, 363 cuttingOf 64 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Fortive files

10-Q filed October 28: Fortive

Model value +3.6%

Revenue for the twelve months to October 2026 was $4.40bn, up 7.0% on a year earlier, faster than the 5.6% growth a quarter earlier. Free-cash-flow margin fell to 24.7% from 27.0% a year earlier. Operating margin widened to 19.6% from 17.2%. The diluted share count is down 9.1% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C+ to B. Our model value rises from $67.29 to $69.72 a share, against a share price of $66.88. The rating stays Hold. At that price, our model says the market is pricing in about 2.9% a year of cash-flow growth for five years, faster than the -3.5% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Fortive

Revenue for the twelve months to July 2026 reached $4.40bn, up 7.0% on a year earlier and ahead of the 5.6% growth posted a quarter earlier. Operating margin widened to 19.6% from 17.2%, though free-cash-flow margin slipped to 24.7% from 27.0%. A 9.1% reduction in the diluted share count lifts the value of each remaining share. Our model value is little changed at $67.29, against a share price of $60.73, and the rating stays Hold. At that price, the market is pricing in roughly 2.6% a year of cash-flow growth over five years. That sits well above the -3.5% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Fortive stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $4.32bn, up 5.6% on a year earlier, faster than 3.6% a quarter earlier. Free-cash-flow margin fell to 21.7% from 34.6% a year earlier. The diluted share count is down 8.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $67.85 a share, against a share price of $58.13.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Fortive's trailing-twelve-month revenue grew 7.0% year on year, with a free-cash-flow margin of 24.7%. Where it stands out: gross margin of 63.5% ranks 2 of 70 industrial machinery & supplies & components companies we cover. Where it lags: stock pay as % of revenue of 2.0% ranks 58 of 70 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$71 per share in the base case (~$51–$98 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Long-term debt rising: Long-term debt rose 66% year over year, to 31% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 24.7% of revenue turned into free cash flow, against a median of 9.1% for industrial machinery & supplies & components companies we cover.
  • Shrinking share count. Diluted shares fell 9.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 3 insiders sold $12M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.0% ranks 58 of 70 industrial machinery & supplies & components companies we cover (median 0.8%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 30.6% ranks 45 of 59 industrial machinery & supplies & components companies we cover (median 23.4%).
  • Short interest rising. Shares sold short rose 41% in a month to 8.2% of tradable shares.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.77 against an average estimate of $0.70: beat by 9.4%
Revenue
$1.11bn, up 7.8% on a year earlier
Share reaction
+6.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
adjusted diluted earnings per share $3.1 to $3.14 (FY 2026)
Next report
October 28, 2026; average EPS estimate $0.91

Fortive's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week+10.0%
  • 1 month+16.3%
  • This year+21.5%
  • 1 year+33.4%
  • 5 years+18.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.4B
Operating margin
19.6%
Net margin
14.8%
EPS (TTM, diluted)
$2.10

Growth

Revenue growth
+7.0%
Change in growth rate
+1.4 pts
Share count change
−9.1%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
24.7%
Stock pay % of revenue
2.0%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Results
  4. Guidance
  5. Leadership
  6. Dividend
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fortive valuation models and calculator

What the price is pricing in

The share price implies about 2.7% a year of cash-flow growth for five years.That is faster than the -3.5% a year revenue growth Fortive has delivered.

  • Priced in2.7%
  • Last 12 months7.0%
  • 3 years a year-9.9%
  • 5 years a year-3.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($66.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$71
Price used
$66.31close November 3, 2026
Implied change
▲ +8%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Fortive's free cash flow after stock-based pay with after-tax interest added back ($1.3B, FY2026 Q3 TTM), growing 3.6% and 3.8% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$51–~$98 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Fortive's free cash flow after stock-based pay ( $1.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Fortive as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$71 ~$51–$98 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$57 ~$52–$76 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$17 ~$12–$26 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$15–$20 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$47 ~$17–$71 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fortive with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −10%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $54$76$107$147$199$266
8.5% $38$55$77$106$143$191
10% $29$42$59$81$109$146

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$32.49$44.02$41.31$46.82$52.08$56.32$47.64$54.83$56.08$55.03$66.84
Market value$11.3bn$15.5bn$14.5bn$15.9bn$18.7bn$19.8bn$17.2bn$19.5bn$19.8bn$18.4bn$20.8bn
+ Net debt (− = net cash)$2.6bn$3.1bn$2.3bn$5.1bn$2.5bn$3.2bn$2.5bn$1.8bn$2.9bn$2.8bn$3.1bn
Enterprise value$13.8bn$18.6bn$16.7bn$21.0bn$21.2bn$23.0bn$19.7bn$21.3bn$22.7bn$21.2bn$23.9bn
Multiples
Price / sales 2.1x2.7x2.2x3.5x4.0x3.8x3.0x5.0x4.8x4.4x4.7x
Price / earnings 12.9x14.9x5.0x23.8x12.1x34.6x22.8x22.5x23.8x31.8x31.9x
Price / free cash flow 11.0x14.6x11.4x13.3x13.7x21.8x14.2x15.3x13.7x18.8x19.1x
EV / EBITDA 11.3x14.3x20.4x26.8x22.9x19.0x13.6x21.3x19.8x18.3x18.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard Fortive's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.5% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 57.4%, moving by 7.3 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 16.5%; its worst year was 10.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 15.0% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.12 +15% $4.4bn +7%
Next $3.31 +6% $4.6bn +3%

Next year's EPS estimate has moved +1.9% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.6% on 90 days ago. In the last 30 days, 1 analyst raised Fortive's forecast and 2 cut it.

Consensus EPS forecast Fortive, last 90 days
$3.00 $3.10 $3.20 $3.30 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.01 Current fiscal year, 60 days ago: $3.02 Current fiscal year, 30 days ago: $3.01 Current fiscal year, 7 days ago: $3.01 Current fiscal year, Now: $3.12 $3.12 Next fiscal year, 90 days ago: $3.24 Next fiscal year, 60 days ago: $3.25 Next fiscal year, 30 days ago: $3.25 Next fiscal year, 7 days ago: $3.25 Next fiscal year, Now: $3.31 $3.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.01$3.24
60 days ago $3.02$3.25
30 days ago $3.01$3.25
7 days ago $3.01$3.25
Now $3.12$3.31

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.70 $0.77 +9.4%
Jun 2026 $0.71 $0.74 +4.9%
Mar 2026 $0.64 $0.70 +8.9%
Dec 2025 $0.84 $0.90 +7.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • adjusted diluted earnings per share FY 2026 $3.10 to $3.14 Non-GAAP Raised
    “For FY 2026, Fortive now expects adjusted diluted earnings per share of $3.10 to $3.14.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Fortive's revenue by +3.6% next year and +3.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.4%, weight 68%) and the company's own record (+4.0%, weight 32%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy425%
Hold1063%
Sell213%

Monthly trend

  1. Oct 202631016
  2. Sep 202631016
  3. Aug 20263915
  4. Jul 20263915

Counts of recommendations published by analysts covering Fortive, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.3%
of tradable shares
Days to cover
8.08
at average volume
Short interest, 1 month
+41%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
10,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +33.4%

$50.12 on October 31, 2025 to $66.84

ThenNowEffect
Revenue (last 12 months) $4.1bn $4.3bn +5.6%
Net margin 18.8% 12.4% −34.2%
P/E multiple 22.6x 39.8x +76.1%
Share count 347m 318m +9.0%

Biggest factor: p/e multiple.

Last 3 years +36.3%

$49.05 on November 3, 2023 to $66.84

ThenNowEffect
Revenue (last 12 months) $6.0bn $4.3bn −27.7%
Net margin 13.4% 12.4% −7.5%
P/E multiple 21.9x 39.8x +81.8%
Share count 357m 318m +12.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FTV+8%−15%+15%+2%−2%+22%
Industry peers (median)+19%−13%+21%+2%+13%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FTV58%33%67%50%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FTV−10%−30%−19%−22%−25%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 5, 2016: 53% from April 24, 2019 to March 23, 2020. Getting back needed a 111% gain, reached on April 23, 2021, 396 days after the low.

Price behaviour

52-week range
$49.88 – $66.84
From 52-week high
0.0%
vs 50-day average
+15.4%
vs 200-day average
+14.0%
Volatility (1 year)
27%
Beta vs S&P 500
0.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±5.2%
After a week
4 up, 7 down
typical move ±3.4%
After a month
4 up, 7 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +6.8% 0.0% — —
July 29, 2026 −8.8% +0.1% −4.3% −6.5%
April 30, 2026 −4.4% +1.3% −1.4% −4.9%
February 4, 2026 +10.8% −1.7% +8.0% +5.6%
October 29, 2025 +4.3% −1.1% +2.2% +8.9%
July 30, 2025 −5.9% −0.5% −6.5% −5.7%
June 30, 2025 −1.5% +0.4% −2.1% −8.0%
June 10, 2025 −2.6% +0.3% −4.9% −4.5%
May 1, 2025 −3.1% +2.2% +0.2% +0.9%
February 7, 2025 +0.8% −0.2% +1.0% −7.0%
October 30, 2024 −4.2% −2.3% −0.4% +6.4%
July 24, 2024 −8.7% −2.8% −6.3% −5.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Fortive’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Fortive in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Fortive
$2B $2.5B $3B $3.5B $4B $4.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.9B Revenue (TTM), FY24 Q1: $3.4B Revenue (TTM), FY24 Q2: $2.9B Revenue (TTM), FY24 Q3: $2.4B Revenue (TTM), FY24 Q4: $4.1B Revenue (TTM), FY25 Q1: $4.1B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $4.1B Revenue (TTM), FY25 Q4: $4.2B Revenue (TTM), FY26 Q1: $4.2B Revenue (TTM), FY26 Q2: $4.3B Revenue (TTM), FY26 Q3: $4.4B $4.4B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.9B
FY24 Q1 $3.4B
FY24 Q2 $2.9B
FY24 Q3 $2.4B
FY24 Q4 $4.1B
FY25 Q1 $4.1B
FY25 Q2 $4.1B
FY25 Q3 $4.1B
FY25 Q4 $4.2B
FY26 Q1 $4.2B
FY26 Q2 $4.3B
FY26 Q3 $4.4B
Revenue growth, TTM YoY Fortive
-100% -50% 0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -32.8% Revenue growth, TTM YoY, FY24 Q1: -41.8% Revenue growth, TTM YoY, FY24 Q2: -50.9% Revenue growth, TTM YoY, FY24 Q3: -59.4% Revenue growth, TTM YoY, FY24 Q4: 4.3% Revenue growth, TTM YoY, FY25 Q1: 19.0% Revenue growth, TTM YoY, FY25 Q2: 39.4% Revenue growth, TTM YoY, FY25 Q3: 68.4% Revenue growth, TTM YoY, FY25 Q4: 1.9% Revenue growth, TTM YoY, FY26 Q1: 3.6% Revenue growth, TTM YoY, FY26 Q2: 5.6% Revenue growth, TTM YoY, FY26 Q3: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -32.8%
FY24 Q1 -41.8%
FY24 Q2 -50.9%
FY24 Q3 -59.4%
FY24 Q4 4.3%
FY25 Q1 19.0%
FY25 Q2 39.4%
FY25 Q3 68.4%
FY25 Q4 1.9%
FY26 Q1 3.6%
FY26 Q2 5.6%
FY26 Q3 7.0%
Operating margin (TTM) Fortive
10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.7% Operating margin (TTM), FY24 Q1: 14.1% Operating margin (TTM), FY24 Q2: 12.8% Operating margin (TTM), FY24 Q3: 10.5% Operating margin (TTM), FY24 Q4: 17.6% Operating margin (TTM), FY25 Q1: 17.9% Operating margin (TTM), FY25 Q2: 17.6% Operating margin (TTM), FY25 Q3: 17.2% Operating margin (TTM), FY25 Q4: 17.3% Operating margin (TTM), FY26 Q1: 17.6% Operating margin (TTM), FY26 Q2: 18.2% Operating margin (TTM), FY26 Q3: 19.6% 19.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.7%
FY24 Q1 14.1%
FY24 Q2 12.8%
FY24 Q3 10.5%
FY24 Q4 17.6%
FY25 Q1 17.9%
FY25 Q2 17.6%
FY25 Q3 17.2%
FY25 Q4 17.3%
FY26 Q1 17.6%
FY26 Q2 18.2%
FY26 Q3 19.6%
FCF margin (TTM) Fortive
20% 30% 40% 50% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 32.6% FCF margin (TTM), FY24 Q1: 39.4% FCF margin (TTM), FY24 Q2: 45.6% FCF margin (TTM), FY24 Q3: 56.9% FCF margin (TTM), FY24 Q4: 35.0% FCF margin (TTM), FY25 Q1: 34.7% FCF margin (TTM), FY25 Q2: 34.6% FCF margin (TTM), FY25 Q3: 27.0% FCF margin (TTM), FY25 Q4: 23.2% FCF margin (TTM), FY26 Q1: 22.5% FCF margin (TTM), FY26 Q2: 21.7% FCF margin (TTM), FY26 Q3: 24.7% 24.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 32.6%
FY24 Q1 39.4%
FY24 Q2 45.6%
FY24 Q3 56.9%
FY24 Q4 35.0%
FY25 Q1 34.7%
FY25 Q2 34.6%
FY25 Q3 27.0%
FY25 Q4 23.2%
FY26 Q1 22.5%
FY26 Q2 21.7%
FY26 Q3 24.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Fortive took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4.2B
  2. Cost of revenue $1.5B · 36.5%
  3. Gross profit $2.6B · 63.5%
  4. Research and development $259M · 6.2%
  5. Selling, general and admin $1.7B · 40.0%
  6. Operating income $720M · 17.3%
  7. Income tax $69.5M · 1.7%
  8. Interest and other $71.5M · 1.7%
  9. Net income $579M · 13.9%

Shares of revenue. Source: Fortive's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Oct 2026
Income
Revenue 6,337 6,179 5,378 5,756 6,453 4,564 4,634 5,255 5,826 3,914 4,081 4,159 4,396
Gross profit 3,049 3,000 2,686 2,921 2,186 2,483 2,609 3,007 3,363 2,477 2,619 2,641 2,790
EBITDA 1,423 1,447 1,223 1,301 820 785 923 1,208 1,453 1,000 1,147 1,158 1,313
Operating income 1,245 1,270 1,062 1,143 645 444 539 813 987 574 716 720 863
Net income 883 864 872 1,045 2,879 670 1,544 574 755 866 833 579 652
Diluted EPS $2.56 $2.50 $2.51 $2.96 $8.21 $1.97 $4.49 $1.63 $2.10 $2.43 $2.36 $1.73 $2.10
Growth (year on year)
Revenue — −2.5% −13.0% +7.0% +12.1% −29.3% +1.5% +13.4% +10.9% −32.8% +4.3% +1.9% +7.0%
EBITDA — +1.6% −15.5% +6.4% −37.0% −4.2% +17.6% +30.9% +20.3% −31.2% +14.7% +0.9% +15.1%
Operating income — +2.0% −16.4% +7.7% −43.5% −31.2% +21.5% +50.7% +21.5% −41.9% +24.8% +0.5% +22.1%
Net income — −2.2% +1.0% +19.7% +175.6% −76.7% +130.5% −62.8% +31.6% +14.6% −3.8% −30.5% +8.2%
Diluted EPS — −2.3% +0.4% +17.9% +177.4% −76.0% +127.9% −63.7% +28.8% +15.7% −2.9% −26.7% +19.1%
Margins
Gross margin 48.1% 48.6% 49.9% 50.8% 33.9% 54.4% 56.3% 57.2% 57.7% 63.3% 64.2% 63.5% 63.5%
EBITDA margin 22.5% 23.4% 22.7% 22.6% 12.7% 17.2% 19.9% 23.0% 24.9% 25.6% 28.1% 27.8% 29.9%
Operating margin 19.7% 20.5% 19.7% 19.9% 10.0% 9.7% 11.6% 15.5% 16.9% 14.7% 17.6% 17.3% 19.6%
Net margin 13.9% 14.0% 16.2% 18.1% 44.6% 14.7% 33.3% 10.9% 13.0% 22.1% 20.4% 13.9% 14.8%
Free-cash-flow margin 13.3% 14.4% 19.1% 18.5% 19.8% 26.2% 29.4% 17.3% 20.7% 32.6% 35.3% 23.5% 24.7%
Cash flow
Cash from operations 947 1,009 1,137 1,176 1,344 1,271 1,437 961 1,303 1,354 1,527 1,083 1,200
Capital spending 103 120 110 111 70 75 76 50 96 79 86 105 115
Free cash flow 844 889 1,027 1,065 1,275 1,197 1,361 911 1,207 1,275 1,441 978 1,086
Stock-based pay 31 35 41 44 41 53 63 77 94 95 90 117 86
Free cash flow after stock pay 813 854 986 1,021 1,234 1,144 1,298 834 1,114 1,181 1,351 861 1,000
Balance sheet
Cash 0 0 803 962 1,178 1,205 1,825 819 709 1,889 813 376 377
Total debt 0 0 3,358 4,056 3,430 6,326 4,288 3,972 3,259 3,657 3,719 3,206 3,514
Net debt (negative = net cash) 0 0 2,555 3,094 2,252 5,121 2,463 3,152 2,550 1,768 2,906 2,831 3,137
Diluted shares 345m 345m 347m 353m 351m 340m 359m 352m 361m 356m 353m 335m 311m
Returned to shareholders
Dividends 0 0 48 97 97 94 94 98 100 102 111 92 76
Buybacks — — — — — — 0 0 443 273 890 1,610 1,272
Total returned 0 0 48 97 97 94 94 98 542 375 1,001 1,702 1,348

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · October 2, 2026
What it owns · $11.5bn
Short-term assets $1.6bnLonger-term assets $9.9bn
What it owes, and who funded it · $7.2bn
Short-term liabilities $1.3bnShareholders' equity $5.9bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $377m of cash against $3.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 59% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 29% to 59% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.2bn of operating cash flow against $3.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $863m against −$137m of interest.

From Fortive's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.3B
Dividends (TTM)
$76.1M
Returned to shareholders
124%
of free cash flow
Buybacks, last 3 fiscal years
$2.8B
Diluted share count
−9.1%
year over year
Total shareholder yield
6.8%
dividends 0.4% + buybacks 6.4% of market value
Dividend payout ratio
12%
of net income paid out
R&D spending
6.1%
of revenue
Sales & admin spending
37.7%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated FTV VMI LECO FLS ITT TKR Median
Revenue, last 12 months $4.4bn $4.3bn $4.6bn $4.7bn $4.7bn $4.8bn $1.4bn
Revenue growth, last 12 months 7.0% 4.6% 11.1% 0.2% 28.1% 5.5% 8.3%
Revenue growth, 3-year average −9.9% −0.0% 4.5% 3.8% 14.5% 0.0% 4.0%
Revenue growth, latest quarter 7.8% 5.5% 15.1% 5.4% 51.5% 7.5% 9.1%
Gross margin 63.5% 30.3% 35.5% 34.2% 35.2% 30.8% 35.2%
Operating margin 19.6% 14.2% 17.3% 10.0% 14.4% 10.5% 13.1%
Operating margin, 3-year average 15.8% 12.0% 16.9% 10.0% 16.6% 12.1% 13.7%
Net margin 14.8% 12.1% 12.4% 5.4% 8.9% 5.4% 8.9%
Cash from operations / revenue 27.3% 10.8% 14.4% 4.9% 13.4% 11.2% 11.9%
Free-cash-flow margin 24.7% 7.1% 11.0% 3.3% 10.8% 8.1% 8.8%
Free-cash-flow margin, 3-year average 36.2% 9.1% 12.3% 8.1% 12.2% 7.3% 9.8%
Stock pay / revenue 2.0% 0.5% 0.5% 0.9% 0.9% 0.6% 0.8%
Change in share count −9.1% −2.1% −1.8% −2.8% 3.4% −0.4% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 7.0% 8.3% 47 of 75
Change in growth rate Growth +1.4pp +1.2pp 36 of 75
Gross margin Profitability 63.5% 35.4% 2 of 70
Operating margin Profitability 19.6% 13.0% 15 of 75
Net margin Profitability 14.8% 8.9% 15 of 76
Free-cash-flow margin Cash generation 24.7% 9.1% 5 of 76
Stock pay as % of revenue Cash generation 2.0% 0.8% 58 of 70
Long-term debt as % of assets Balance sheet 30.6% 23.4% 45 of 59
Change in share count Balance sheet -9.1% -0.0% 2 of 73
Days sales outstanding Balance sheet 56 days 63 days 23 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $3.3B 80.3% ▲ 1.5%
Services $818M 19.7% ▲ 3.5%
Geography
Region Revenue Share YoY
North America $2.5B 59.9% ▲ 3.1%
Asia Pacific $730M 17.6% ▼ 0.4%
EMEA $726M 17.5% ▲ 0.7%
Latin America $212M 5.1% ▲ 1.1%

From Fortive's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20.1B
Institutions reporting
795
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
79 / 56

Top buyers and sellers, Q2 2026: 325 institutions bought and 363 sold ; the biggest buyer was Two Sigma Investments, LP (+3.2M shares) and the biggest seller Blackrock, Inc (−5.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $2.7B 44.0M 13.4% ▲ 1.9%
Blackrock, Inc. $1.6B 26.6M 8.1% ▼ 15.8%
Price T Rowe Associates Inc $1.5B 24.4M 7.4% ▲ 2.8%
Vanguard Capital Management LLC $1.2B 19.9M 6.1% ▼ 1.3%
Viking Global Investors LP $1.2B 19.9M 6.1% ▼ 11.3%
State Street Corp $833M 13.6M 4.1% ▲ 0.1%
Vanguard Portfolio Management LLC $782M 12.8M 3.9% ▼ 2.7%
Flossbach Von Storch Se $740M 12.1M 3.7% ▲ 1.7%
Geode Capital Management, LLC $557M 9.1M 2.8% ▼ 1.1%
Invesco Ltd. $544M 8.9M 2.7% ▲ 14.7%
Barrow Hanley Mewhinney & Strauss LLC $528M 8.6M 2.6% ▼ 6.0%
Norges Bank $448M 7.3M 2.2% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fortive's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.7M 7 trades by 3 insiders · 0% under pre-set plans
Net ▼ $11.7M net selling
Insider Date Trade Shares Price Value
Underwood Peter C SVP - Chief Legal Officer October 30, 2026 Sell 48,442 $64.60 $3.1M
Mulhall Christopher M. VP - Chief Accounting Officer October 30, 2026 Sell 8,093 $65.57 $530,658
Mulhall Christopher M. VP - Chief Accounting Officer October 30, 2026 Sell 17,962 $65.56 $1.2M
Underwood Peter C SVP - Chief Legal Officer August 10, 2026 Sell 8,662 $61.59 $533,493
Underwood Peter C SVP - Chief Legal Officer May 4, 2026 Sell 47,557 $60.81 $2.9M
Mitchell Kate Director February 18, 2026 Sell 7,131 $58.34 $416,023
Underwood Peter C SVP - Chief Legal Officer November 10, 2025 Sell 58,133 $51.28 $3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 33 trades and filings

No trades in Fortive disclosed in the last 12 months; 33 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $15,001 - $50,000, traded September 30, 2025, filed October 10, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 22, 2025, filed October 10, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 12, 2025, filed October 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 30, 2026
  • February 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Fortive was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fortive in brief

What does Fortive do?
Fortive is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Fortive's stock ticker?
Fortive trades under the ticker FTV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fortive's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fortive reported revenue of $4.4B, 7.0% higher than a year earlier, according to its SEC filings.
What is Fortive's free cash flow?
Fortive's free-cash-flow margin is 24.7% of revenue over the trailing twelve months, ranking 5 of the 76 industrial machinery & supplies & components companies we cover.
What is Fortive's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Fortive's free cash flow after stock-based pay gives ~$71 per share in the base case, and ~$51–$98 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Fortive's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Blackrock, Inc. and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Fortive buying back stock, and does it pay a dividend?
Fortive spent $1.3B on share repurchases over the trailing twelve months, and its diluted share count fell 9.1% over the year.
What is Fortive's market cap?
On November 2, 2026, Fortive's market capitalisation was about $20.8B, with a price-to-earnings ratio of 31.9 and net debt of $3.1B. Market figures come from third-party market data and may be delayed.
Does Fortive pay a dividend?
Yes: Fortive paid $76.1M in dividends over the trailing twelve months, a dividend yield of 0.38% and a payout ratio of 11.7%.
How much debt does Fortive have?
Fortive's debt-to-equity ratio is 59.1%, from its latest balance sheet (28.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Fortive's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Fortive are Valmont Industries Inc, Lincoln Electric Holdings Inc, Flowserve Corp, ITT Inc. and Timken Co. The side-by-side comparison below sets their revenue, margins and growth against Fortive's.
Are insiders buying or selling Fortive stock?
Over the last 12 months, Fortive's directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Fortive's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fortive announces its own schedule.