NYSE · Technology

Fortive Corporation

FTV · Scientific & Technical Instruments

$60.05

▲ 1.02 (1.73%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Fortive Corporation at $60.05.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 63.5%

Operating Margin 17.3%

Net Income Margin 13.9%

Fin. Health F

Years to Pay Off Debt 5.7 yrs

Working Capital vs Long-Term Debt -$2.9B

Working Capital -$641M

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.84x

Cash Flow A

Free Cash Flow $1.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $18.3B

Enterprise Value $21.2B

P/E (TTM) 35.12

Dividend Yield 0.34%

Exchange NYSE

Key Margins

Gross Profit 63.5%

Operating Margin 17.3%

Net Margin 13.9%

Company Info

Sector Technology

Industry Scientific & Technical Instruments

Employees 10000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Fortive Corporation at $60.05.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $60.05, the stock trades at a 109% premium to its Graham Number of $28.69. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Fortive Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	63.5% ▼	64.2%	63.3%	57.7%	N/A
Operating Margin %	17.3% ▼	17.6%	14.7%	17.3%	N/A
Net Income %	13.9% ▼	20.4%	22.1%	13.0%	N/A
Diluted EPS	1.73 ▼	2.36	2.43	2.10	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$11.7B	$17.0B	$16.9B	$15.9B	N/A
Total Debt	$3.3B ↓	$3.7B	$3.8B	$3.4B	N/A
Working Capital	-$641M ▼	$354M	$1.9B	-$250M	N/A
Years to Pay Debt	5.71	4.45	4.40	4.53	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.1B ▼	$1.5B	$1.4B	$1.2B	N/A
Owner Earnings	N/A	$1.4B	$1.4B	$1.3B	N/A
CapEx % of Net Income	N/A	14.5%	12.5%	12.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	0	0	-2,416
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,160,300	1,090,000	982,800	1,455,300
Total Unusual Items		37,500	0	-17,900	-18,000
Total Unusual Items Excluding Goodwill		37,500	0	-17,900	-18,000
Net Income From Continuing Operation Net Minority Interest	532,700	482,500	408,400	755,200
Reconciled Depreciation	437,600	430,900	426,200	465,600
Reconciled Cost Of Revenue	1,518,000	1,461,800	1,436,800	2,462,300
EBITDA	1,160,300	1,090,000	982,800	1,437,400
EBIT	722,700	659,100	556,600	971,800
Net Interest Income	-120,500	-152,800	-123,500	-98,300
Interest Expense	120,500	152,800	123,500	98,300
Normalized Income	532,700	482,500	408,400	770,684
Net Income From Continuing And Discontinued Operation	579,200	832,900	865,800	755,200
Total Expenses	3,438,900	3,364,600	3,339,900	4,820,400
Total Operating Income As Reported	720,200	716,300	574,000	987,400
Diluted Average Shares	334,600	352,800	355,600	360,800
Basic Average Shares	332,000	349,200	352,500	356,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	579,200	832,900	865,800	757,000
Net Income Common Stockholders	579,200	832,900	865,800	757,000
Preferred Stock Dividends				-1,800	34,500
Net Income	579,200	832,900	865,800	755,200
Net Income Including Noncontrolling Interests	579,200	832,900	865,800	755,200
Net Income Discontinuous Operations	46,500	350,400	457,400	0
Net Income Continuous Operations	532,700	482,500	408,400	755,200
Tax Provision	69,500	23,800	24,700	118,300
Pretax Income	602,200	506,300	433,100	873,500
Other Income Expense	2,500	-57,200	-17,400	-33,500
Other Non Operating Income Expenses	2,500	-57,200	-17,400	-15,600
Special Income Charges		37,500	0	-17,900	-75,000
Gain On Sale Of Ppe		63,100	0	0
Gain On Sale Of Business		-25,600	0	0	0
Other Special Charges				17,900	75,000
Gain On Sale Of Security					57,000
Net Non Operating Interest Income Expense	-120,500	-152,800	-123,500	-98,300
Interest Expense Non Operating	120,500	152,800	123,500	98,300
Operating Income	720,200	716,300	574,000	1,005,300
Operating Expense	1,920,900	1,902,800	1,903,100	2,358,100
Research And Development	259,200	251,300	237,000	401,500
Selling General And Administration	1,661,700	1,651,500	1,666,100	1,956,600
Gross Profit	2,641,100	2,619,100	2,477,100	3,363,400
Cost Of Revenue	1,518,000	1,461,800	1,436,800	2,462,300
Total Revenue	4,159,100	4,080,900	3,913,900	5,825,700
Operating Revenue	4,159,100	4,080,900	3,913,900	5,825,700

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	56,200	25,400	13,000	8,600
Preferred Shares Number			1,400	1,400	1,400
Ordinary Shares Number	313,400	341,200	350,700	352,900
Share Issued	369,600	366,600	363,700	361,500
Net Debt	2,830,500	2,894,000	1,757,400	2,542,100
Total Debt	3,306,600	3,707,300	3,810,100	3,420,700
Tangible Book Value	-3,033,300	442,100	-1,962,600	-2,852,500
Invested Capital	9,659,400	13,895,900	13,965,100	12,934,700
Working Capital	-640,900	353,900	1,880,300	-250,100
Net Tangible Assets	-3,033,300	442,100	-1,962,600	-2,852,500
Capital Lease Obligations	100,600	169,600	163,900	169,400
Common Stock Equity	6,453,400	10,188,600	10,318,900	9,683,400
Total Capitalization	8,759,900	13,519,700	13,965,100	11,935,000
Total Equity Gross Minority Interest	6,461,100	10,195,600	10,325,300	9,688,600
Minority Interest	7,700	7,000	6,400	5,200
Stockholders Equity	6,453,400	10,188,600	10,318,900	9,683,400
Gains Losses Not Affecting Retained Earnings	41,000	-465,400	-326,100	-325,700
Other Equity Adjustments	41,000	-465,400	-326,100	-325,700
Treasury Stock	3,229,800	1,612,300	715,800	442,900
Retained Earnings	5,428,500	8,227,600	7,505,900	6,742,100
Additional Paid In Capital	4,210,000	4,035,000	3,851,300	3,706,300
Capital Stock	3,700	3,700	3,600	3,600
Common Stock	3,700	3,700	3,600	3,600
Total Liabilities Net Minority Interest	5,276,600	6,820,500	6,586,500	6,202,000
Total Non Current Liabilities Net Minority Interest	3,030,000	4,582,100	4,795,200	3,474,900
Other Non Current Liabilities	9,500	847,200	9,700	18,200
Liabilities Heldfor Sale Non Current	0	403,800
Employee Benefits	71,200	137,200	142,400	126,200
Non Current Pension And Other Postretirement Benefit Plans	26,600	80,700	88,700	77,900
Non Current Accrued Expenses		15,600	15,800	16,400	16,100
Tradeand Other Payables Non Current	545,100	894,400	809,000	893,500
Non Current Deferred Liabilities	24,100	58,900	45,800	38,000
Non Current Deferred Revenue	24,100	58,900	45,800	38,000
Long Term Debt And Capital Lease Obligation	2,380,100	3,331,100	3,772,500	2,382,600
Long Term Capital Lease Obligation	73,600	132,800	126,300	131,000
Long Term Debt	2,306,500	3,331,100	3,646,200	2,251,600
Current Liabilities	2,246,600	2,238,400	1,791,300	2,727,100
Other Current Liabilities	133,000	568,500	143,800	132,500
Current Deferred Liabilities	440,300	553,200	544,600	509,600
Current Deferred Revenue	440,300	553,200	544,600	509,600
Current Debt And Capital Lease Obligation	926,500	376,200	37,600	1,038,100
Current Capital Lease Obligation	27,000	36,800	37,600	38,400
Current Debt	899,500	376,200		999,700	2,151,700
Other Current Borrowings	899,500	376,200		999,700	2,151,700
Pensionand Other Post Retirement Benefit Plans Current	190,000	249,000	283,500	246,100
Current Provisions				40,100	44,600
Payables And Accrued Expenses	556,800	1,293,700	781,800	800,800
Current Accrued Expenses		868,300	43,400	45,300	50,200
Payables	556,800	425,400	738,400	755,500
Total Tax Payable	120,400	145,800	129,800	132,500
Accounts Payable	436,400	425,400	608,600	623,000
Total Assets	11,737,700	17,016,100	16,911,800	15,890,600
Total Non Current Assets	10,132,000	14,423,800	13,240,200	13,413,600
Other Non Current Assets	375,500	4,444,400	518,900	455,800
Goodwill And Other Intangible Assets	9,486,700	9,746,500	12,281,500	12,535,900
Other Intangible Assets	2,188,400	2,530,500	3,159,800	3,487,400
Goodwill	7,298,300	7,216,000	9,121,700	9,048,500
Net PPE	269,800	232,900	439,800	421,900
Accumulated Depreciation	-430,200	-392,200	-809,000	-754,500
Gross PPE	700,000	625,100	1,248,800	1,176,400
Other Properties					175,600
Machinery Furniture Equipment	555,900	475,000	877,200	809,800
Buildings And Improvements	135,400	140,900	317,200	312,300
Land And Improvements	8,700	9,200	54,400	54,300
Current Assets	1,605,700	2,592,300	3,671,600	2,477,000
Other Current Assets	234,000	233,600	285,100	272,600
Assets Held For Sale Current	20,800	614,300			0
Prepaid Assets					252,700
Inventory	291,800	269,800	536,900	536,700
Finished Goods	169,900	151,900	214,100	215,300
Work In Process	12,300	15,300	108,900	96,400
Raw Materials	109,600	102,600	213,900	225,000
Receivables	683,600	661,300	960,800	958,500
Accounts Receivable	683,600	661,300	960,800	958,500
Allowance For Doubtful Accounts Receivable	-18,800	-19,400	-39,200	-43,900
Gross Accounts Receivable	702,400	680,700	1,000,000	1,002,400
Cash Cash Equivalents And Short Term Investments	375,500	813,300	1,888,800	709,200
Cash And Cash Equivalents	375,500	813,300	1,888,800	709,200

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,083,200	1,526,800	1,353,600	1,207,400
Repurchase Of Capital Stock	-1,610,100	-889,600	-272,900	-442,900
Repayment Of Debt	-715,700	-1,000,000	-1,000,000	-2,156,500
Issuance Of Debt	0	1,733,500	549,300	1,394,100
Capital Expenditure		-120,400	-107,800	-95,800	-50,000
End Cash Position	375,500	813,300	1,888,800	709,200
Beginning Cash Position	813,300	1,888,800	709,200	819,300
Effect Of Exchange Rate Changes	1,000	-13,600	-10,900	-37,800
Changes In Cash	-438,800	-1,061,900	1,190,500	-72,300
Financing Cash Flow	-1,386,600	-792,700	32,300	-1,273,000
Cash From Discontinued Financing Activities	-160,300	0	0	0
Cash Flow From Continuing Financing Activities	-1,226,300	-792,700	32,300	-1,273,000
Net Other Financing Charges	1,190,800	71,100	18,000	-6,700
Cash Dividends Paid	-92,200	-111,200	-102,000	-99,500
Preferred Stock Dividend Paid			0	0	-34,500
Common Stock Dividend Paid	-92,200	-111,200	-102,000	-99,500
Net Common Stock Issuance	-1,610,100	-889,600	-272,900	-442,900
Common Stock Payments	-1,610,100	-889,600	-272,900	-442,900
Net Issuance Payments Of Debt	-714,800	137,000	389,200	-723,900
Net Short Term Debt Issuance	900	-596,500	839,900	38,500
Short Term Debt Issuance			839,900	38,500	364,900
Net Long Term Debt Issuance	-715,700	733,500	-450,700	-762,400
Long Term Debt Payments	-715,700	-1,000,000	-1,000,000	-2,156,500
Long Term Debt Issuance	0	1,733,500	549,300	1,394,100
Investing Cash Flow	-135,400	-1,796,000	-195,400	-102,500
Cash From Discontinued Investing Activities	-15,800	-1,707,200	-22,400	0
Cash Flow From Continuing Investing Activities	-119,600	-88,800	-173,000	-102,500
Net Other Investing Changes	11,200	900	1,400	-3,500
Net Business Purchase And Sale	-130,800	-89,700	-174,400	-3,200
Sale Of Business		0	0	9,600	0
Purchase Of Business	-130,800	-89,700	-174,400	-12,800
Net PPE Purchase And Sale		-59,200	-100,400	-95,800	-45,500
Sale Of PPE		61,200	7,400	0	4,500
Purchase Of PPE		-120,400	-107,800	-95,800	-50,000
Operating Cash Flow	1,083,200	1,526,800	1,353,600	1,303,200
Cash From Discontinued Operating Activities	47,500	498,300	520,200	0
Cash Flow From Continuing Operating Activities	1,035,700	1,028,500	833,400	1,303,200
Change In Working Capital	-51,400	-14,400	-113,000	-37,900
Change In Other Working Capital	-49,900	-24,800	-83,600	-62,100
Change In Payables And Accrued Expense	25,400	24,300	28,900	123,200
Change In Accrued Expense	13,000	-26,800	26,700	41,900
Change In Payable	12,400	51,100	2,200	81,300
Change In Account Payable	12,400	51,100	2,200	81,300
Change In Prepaid Assets	-15,600	9,500	-65,300	-6,600
Change In Inventory	-20,000	-7,900	7,700	-40,300
Change In Receivables	8,700	-15,500	-700	-52,100
Changes In Account Receivables	8,700	-15,500	-700	-52,100
Other Non Cash Items				9,200	-29,900
Stock Based Compensation	116,800	90,100	94,500	93,800
Depreciation Amortization Depletion	437,600	430,900	426,200	465,600
Depreciation And Amortization	437,600	430,900	426,200	465,600
Amortization Cash Flow	367,500	369,300	366,900	382,100
Amortization Of Intangibles	367,500	369,300	366,900	382,100
Depreciation	70,100	61,600	59,300	83,500
Operating Gains Losses		39,400	17,300	17,300	47,200
Earnings Losses From Equity Investments	0	39,400	17,300	17,300
Gain Loss On Sale Of PPE		-63,100	0	0	0
Gain Loss On Sale Of Business		25,600	0	0	-57,000
Net Income From Continuing Operations	532,700	482,500	408,400	755,200

These metrics estimate what Fortive Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$28.69

Margin of Safety

Market Cap ÷ Company Value

1.36

P/B Ratio

2.84

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$4.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.71x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.34%

vs Uninterrupted dividends

❌ Earnings Growth

-17.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

35.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.84x P/B (P/E×P/B: 99.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-12.03

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$26.22

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	14.5%	12.5%	12.7%	N/A
Repurchase of Capital Stock	-$1.6B	-$890M	-$273M	-$443M	N/A
Free Cash Flow	$1.1B ▼	$1.5B ▲	$1.4B ▲	$1.2B •	N/A •
Warren's Owner Earnings	N/A	$1.4B	$1.4B	$1.3B	N/A

Peers & Industry

No auto-detected peers for Scientific & Technical Instruments. You can manually compare FTV against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.40%

Low — management has little skin in the game

Return on Equity (ROE)

9.0%

Adequate — returns are moderate

Return on Assets (ROA)

4.9%

Fair — average asset utilization

Share Buybacks (Latest Year)

$1.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-10.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Olumide Soroye

President, CEO & Director

Age 52

Pay: $2,502,368

0.432% of net income

Mark Okerstrom

Senior VP & CFO

Age 52

Pay: $3,049,000

0.526% of net income

Parker Burke

President of Fluke & Group President of Connected Reliability Group (CRG)

Arul Elumalai

President of Gordian and Group President of Facilities & Asset Lifecycle (FAL) Group

Chad Rohrer

President of ASP & Group President of Infection Prevention Group (IPG)

Top Institutional Holders

Institution	% Owned	Shares
Dodge & Cox Inc.	14.34%	44,157,822
Vanguard Group Inc	12.05%	37,091,812
Blackrock Inc.	10.18%	31,328,755
Price (T.Rowe) Associates Inc	6.51%	20,046,352
Viking Global Investors, L.P.	6.25%	19,228,265
State Street Corporation	4.43%	13,651,759
Flossbach von Storch SE	3.87%	11,902,828
NORGES BANK	2.89%	8,910,119

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.00

Moderate volatility — moves slightly more than market

Short Interest

5.9% of float

Moderate short interest

Debt-to-Equity

0.59x

Conservative balance sheet — low financial risk

Current Ratio