Fortive Corp
FTV · Industrial Instruments For Measurement, Display, and Control · 304.9M shares · +1%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $178M (gross $273M, SBC $94M)
Grade
B80Fortive is a diversified, wide-moat industrial/healthcare instrumentation franchise with strong margins and cash generation but only mid-single-digit absolute ROE.
Strengths
- Top-quartile profitability and returns: gross margin 78.6th pct, operating margin 78.6th, FCF margin 81.8th, ROA/ROE 82.4th pct
- Durable iconic-brand portfolio (Fluke, ASP, Accruent) run via Fortive Business System, generating ~$978M FCF
Risks
- Weak liquidity (current ratio 17.6th pct, quick 29.4th) and negative interest coverage post-Ralliant separation
- Acquisition-heavy strategy carries goodwill-impairment and integration risk; revenue-growth figure distorted by recasting
Notable findings
- No interest coverageInterest coverage -5.98 (cannot cover interest)
- Weak liquidityCurrent ratio 0.71 (<1)
- Strong balance sheetStrong balance sheet — $376M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
63.5%
Operating margin
17.3%
Net margin
13.9%
Return on equity
9.0%
Return on assets
4.9%
ROIC
6.5%
Revenue growth (QoQ)
-4.7%
Net-income growth
-30.5%
Debt / equity
0.4×
Net debt / EBITDA
1.7×
Interest coverage
-6.0×
Current ratio
0.7×
Free cash flow
$978M
EBITDA
$1.2B
Tangible book value
-$3.0B
Cash & investments
$376M
Stock comp / revenue
2.8%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Shareholder vote | filing ↗ |
| 2026-05-14 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-03-20 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-04 | ResultsExhibits | filing ↗ |
| 2025-10-29 | ResultsExhibits | filing ↗ |
| 2025-10-16 | Exec/director change | filing ↗ |
| 2025-07-30 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-09 | 0001104659-26-072965 ↗ |
| 8-K | 2026-05-14 | 2026-05-12 | 0001104659-26-061244 ↗ |
| 10-Q | 2026-04-30 | 2026-04-03 | 0001659166-26-000013 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001659166-26-000012 ↗ |
| 8-K | 2026-03-20 | 2026-03-17 | 0001104659-26-032724 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001659166-26-000007 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001659166-26-000003 ↗ |
| 10-Q | 2025-10-29 | 2025-09-26 | 0001659166-25-000131 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001659166-25-000129 ↗ |
| 8-K | 2025-10-16 | 2025-10-13 | 0001659166-25-000125 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0001659166-25-000119 ↗ |
| 10-Q | 2025-07-30 | 2025-06-27 | 0001659166-25-000120 ↗ |