# Fortive Corporation (FTV) — Stock CV

Fortive Corporation is a $17.3B technology company. Revenue shrank 45.8% over the last year, it keeps 16¢ of every dollar of sales as profit, and its net debt equals ~2.0 years of free cash flow. It trades at 32.4× earnings — around the middle of its own history.

> Fortive Corp is a diversified industrial technology firm offering essential technologies, software, and services globally across several industries, such as manufacturing, utilities, medical, electronics, etc. It has two reportable segments: Intelligent Operating Solutions and Advanced Healthcare Solutions.

## Identity

- **Ticker**: FTV
- **Sector**: Technology
- **Industry**: Industrial Instruments For Measurement, Display, And Control
- **Headquarters**: EVERETT, WA
- **Employees**: 10 000
- **Website**: https://www.fortive.com
- **Market cap**: $17.3B
- **Last price**: $57.26
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $3.33B
- **Net income**: $534M
- **Free cash flow**: $955M
- **Net debt**: $1.93B
- **P/E**: 32.4
- **Revenue growth (YoY)**: -45.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 31 |
| Profitability | 57 |
| Health | 60 |
| Quality | 90 |
| Moat | 68 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [ ] Revenue growing — -45.8% YoY
- [x] Profitable — $534M TTM
- [ ] Profit growing — -6.1% YoY
- [x] Generates cash — $955M TTM
- [x] Debt under control — ~2.0y of cash flow to repay
- [x] Established company — $17.3B market cap
- [x] Not printing shares — -6.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 2.9 — grey
- [x] Pays a dividend — yield 0.33%
- [x] Valuation not extreme — P/E 32.4

## Experience (career milestones)

- **2023** — Fortive acquired German manufacturer Elektro-Automatik for $1.45 billion
- **2019** — Furthering their investment in healthcare, in November 2019 Fortive acquired Censis Technologies, a SaaS-based…
- **FY2018** — Best year on record: $2.88B net income
- **2018** — Additionally, Tektronix acquired Initial State in 2018
- **2017** — Fortive acquired Pittsburgh-based Industrial Scientific
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $6.22B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Fortive was spun off from Danaher in July 2016
- **2016** — Fortive subsidiary Fluke, which specializes in electronic test equipment, acquired eMaint, a CMMS…

## Strengths

- High gross margin (63.2%)
- Strong cash conversion — FCF is 28.7% of revenue
- Interest covered 6.0× by operating earnings

## Watch-outs

- Revenue shrinking 45.8% year over year

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.25B | $574M | $911M |
| FY2022 | $5.83B | $755M | $1.21B |
| FY2023 | $6.07B | $866M | $1.25B |
| FY2024 | $6.23B | $833M | $1.41B |
| FY2025 | $4.16B | $579M | $978M |

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Source: https://stockcv.com/FTV — derived from company filings; may be delayed or incomplete. Information, not investment advice.