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Diversified industrial technology company making workflow software, test tools and specialty franchise products, after spinning off Ralliant.
Diversified industrial technology company making workflow software, test tools and specialty franchise products, after spinning off Ralliant.
Sells test and measurement tools, mainly through electrical distributors, plus software subscriptions and services to facilities managers and hospitals, so part of its revenue recurs. Fortive was itself spun off from Danaher in 2016 and has since spun off Vontier in 2020 and Ralliant in 2025, leaving a company built around workflow software and Fluke's tools.
Moat: narrow (brand, installed base, switching costs). Trusted Fluke test-tool brand and embedded workflow software in maintenance/healthcare customers.
Headquarters: Everett, Washington, US · Founded: 2016 · Employees: 10,000
Size Fortive (FTV) is a United States Industrials company (Electronic Equipment/Instruments) with a market value of $19.5B, the 504th largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.37 on 6 Nov 2026.
Performance Over six months the shares gained 8.3%, against -15.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 11 in its peer set.
Growth Revenue fell 22.1% over the last twelve months (peer median +7.8%); the operating margin is 19.6% (peer median 15.2%).
Valuation It trades at 20.0× forward earnings against a peer median of 20.1× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.8 points below its cost of capital (9.3% WACC).
Backlog Backlog (remaining performance obligations) was $843M at 2 Oct 2026, up 4% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Fortive has 4 bonds outstanding ($2.43B), rated BBB by the agencies and trading like BBB at a weighted spread of 98 bp.
Short interest Short interest is 5.9% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.40B | $4.16B | $4.08B | $6.07B | $5.83B |
| Revenue growth | — | +2% | -33% | +4% | — |
| Gross profit | $2.61B | $2.64B | $2.62B | $3.59B | $3.36B |
| EBITDA | $1.31B | $1.16B | $1.15B | $1.59B | $1.47B |
| Net income | $652M | $579M | $858M | $866M | $755M |
| Free cash flow | $1.09B | $978M | $1.44B | $1.25B | $1.21B |
| Capital expenditure | $115M | $105M | $86.1M | $108M | $95.8M |
| Total debt | $3.51B | $3.31B | $3.81B | $3.81B | $3.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fortive FTV | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% |
| Ralliant RAL | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Roper Technologies ROP | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FTV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.9% | -8.1% | 2nd highest of 11 |
| 6-month return | +8.3% | -15.9% | 3rd highest of 11 |
| Distance from 52-week high | -5.2% | -27.7% | highest of 11 |
| Revenue growth (TTM) | -22.1% | +7.8% | lowest of 11 |
| Operating margin | 19.6% | 15.2% | 2nd highest of 11 |
| Forward P/E | 20.0× | 20.1× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 17.2% | 14.4% | 5th least demanding of 9 |
| Growth delivered (Del g) | -2.1% | +7.6% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | +19.4 pp | +1.3 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | -1.8 pp | +3.3 pp | 2nd lowest of 11 |
| EV / EBITDA | 17.2× | 18.5× | 4th cheapest of 9 |
| Net debt / EBITDA | 2.4× | 0.0× | most indebted of 9 |
| Bond spread | 98 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fortive FTV | United States | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% | -2.1% |
| NXT NXT | United States | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% | +24.4% |
| Hitachi Energy India POWERINDIA.NS | India | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% | +19.0% |
| Posco Future M 003670.KS | South Korea | $10.6B | -36% | -9% | 2% | 282.1× | n/a | n/a |
| Ralliant RAL | United States | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% | -0.3% |
| China Railway Signal & Communication 3969.HK | Hong Kong | $7.40B | -15% | +6% | 12% | 7.4× | -6.9% | -3.6% |
| ESCO Technologies ESE | United States | $7.14B | -24% | +17% | 16% | 25.8× | 25.5% | +8.4% |
| MSA Safety MSA | United States | $6.55B | 0% | +8% | 22% | 17.5× | 8.3% | +6.8% |
| APAR Industries APARINDS.NS | India | $6.25B | +10% | +23% | 9% | 34.6× | n/a | n/a |
| Yokogawa Electric 6841.T | Japan | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% | +10.1% |
| Sensata Technologies ST | United States | $5.72B | -13% | +4% | 16% | 9.9× | 5.2% | +4.1% |
Fortive has 4 bonds outstanding with $2.43B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.25%, a spread of 98 bp over government bonds.
Fortive reported $843M of remaining performance obligations at 2 Oct 2026, up 4% from a year earlier and up 2% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.