Fortive key statistics and ratios

In fiscal 2025, Fortive had return on equity of 7.0%, an operating margin of 17.3%, debt equal to 49.7% of equity and a current ratio of 0.71. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fortive: financial ratios, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMOct 2026
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%
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%
Return on equity	—	16.7%	22.2%	32.2%	55.4%	9.6%	18.9%	6.2%	7.9%	8.7%	8.1%	7.0%	10.5%
Return on assets	12.0%	11.9%	11.3%	11.2%	24.6%	4.4%	9.2%	3.5%	4.7%	5.3%	4.9%	4.0%	5.6%
Asset turnover	0.86	0.85	0.70	0.62	0.55	0.30	0.28	0.32	0.36	0.24	0.24	0.29	0.38
Current ratio	—	1.20	1.70	1.83	1.45	1.06	1.55	0.68	0.91	2.05	1.16	0.71	1.23
Debt to equity	—	0.0%	124.9%	107.0%	52.0%	85.6%	47.8%	41.8%	33.7%	35.4%	36.5%	49.7%	59.1%
Interest cover (operating income ÷ interest)	—	—	22.9x	12.9x	8.4x	3.1x	3.6x	7.9x	—	—	—	—	—
Effective tax rate	30.9%	32.0%	26.7%	17.6%	13.4%	20.4%	3.7%	9.3%	13.5%	5.7%	4.7%	11.5%	11.0%
R&D as % of revenue	6.1%	6.1%	6.5%	6.4%	4.3%	7.0%	6.9%	6.8%	6.9%	6.1%	6.2%	6.2%	6.1%
SG&A as % of revenue	22.3%	21.9%	23.7%	24.5%	19.6%	37.7%	37.7%	35.0%	33.6%	42.6%	40.5%	40.0%	37.7%
Capital spending as % of revenue	1.6%	1.9%	2.0%	1.9%	1.1%	1.6%	1.6%	1.0%	1.6%	2.0%	2.1%	2.5%	2.6%
Free cash flow ÷ net income	95.6%	102.9%	117.7%	102.0%	44.3%	178.7%	88.1%	158.8%	159.9%	147.3%	173.0%	168.9%	166.5%
Dividends ÷ net income	0.0%	0.0%	5.5%	9.3%	3.4%	14.0%	6.1%	17.0%	13.2%	11.8%	13.4%	15.9%	11.7%
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	4.7%	9.1%	7.6%	7.8%	6.9%	10.7%	44.9%	29.4%	69.5%	174.0%	124.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Fortive: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Apr 2026	2026 Q2Jul 2026	2026 Q3Oct 2026
Gross margin	64.8%	64.2%	63.5%	63.2%	63.2%	63.2%	63.4%	64.2%
Operating margin	19.8%	16.6%	16.7%	15.5%	20.1%	17.9%	19.1%	21.3%
Net margin	19.5%	17.3%	16.4%	5.4%	16.5%	12.8%	14.3%	15.6%
Free-cash-flow margin	44.7%	22.2%	27.0%	13.2%	29.9%	19.5%	23.5%	25.6%
Current ratio	1.16	0.99	0.98	0.70	0.71	0.71	1.24	1.23
Debt to equity	36.4%	37.7%	46.4%	50.8%	49.7%	57.4%	57.9%	59.1%
R&D as % of revenue	6.1%	6.4%	6.6%	6.0%	5.9%	6.2%	6.2%	6.2%
SG&A as % of revenue	39.0%	41.1%	40.2%	41.6%	37.2%	39.0%	38.1%	36.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Fortive's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Fortive.