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Fortive
(NYSE:FTV)
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Rating:64Neutral
Price Target:
$64.00
▲(2.71% Upside)
Action:Reiterated
Date:07/30/26
FTV scores as moderately attractive. The biggest positives are durable margins and strong free-cash-flow conversion, reinforced by upbeat management commentary and raised full-year guidance. The score is held back by recent top-line contraction in the financial statements, rising leverage, a weak near-term technical setup (below 20/50-day averages), and a high P/E with a low dividend yield.
Positive Factors
Free Cash Flow Conversion
Sustained, high free cash flow generation (nearly $1B TTM and >$1B trailing‑12) provides durable financing for buybacks, bolt‑on M&A, capex, and dividends without relying on equity raises. Strong conversion supports resilience through cycles and funds strategic investments.
Negative Factors
Top‑Line Contraction
A sustained revenue decline reduces operating leverage and constrains margin expansion. If top‑line growth does not reaccelerate, the company may face pressure to cut costs or slow investment, limiting medium‑term EPS and the ability to fund strategic initiatives from internal growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Conversion
Sustained, high free cash flow generation (nearly $1B TTM and >$1B trailing‑12) provides durable financing for buybacks, bolt‑on M&A, capex, and dividends without relying on equity raises. Strong conversion supports resilience through cycles and funds strategic investments.
Read all positive factors
Fortive Key Performance Indicators (KPIs)
Any
Revenue By Segment
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyFortive (FTV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.88B
Dividend Yield0.41%
Average Volume (3M)2.51M
Price to Earnings (P/E)34.4
Beta (1Y)0.93
Revenue Growth-29.80%
EPS Growth-23.46%
CountryUS
Employees10,000
SectorTechnology
Sector Strength88
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.72
Shares Outstanding302,017,060
10 Day Avg. Volume2,488,084
30 Day Avg. Volume2,508,890
Financial Highlights & Ratios
PEG Ratio-1.18
Price to Book (P/B)2.71
Price to Sales (P/S)3.40
P/FCF Ratio17.86
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$64.38Price Target Upside3.31% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)3.01
Revenue Forecast (FY)$4.35B
Fortive Business Overview & Revenue Model
Company Description
Fortive Corporation (FTV) is a diversified industrial technology company that designs, manufactures, and services professional and engineered products. The company operates across a portfolio of businesses serving markets such as industrial and pr...
How the Company Makes Money
Fortive makes money primarily by selling products and solutions through its operating companies and by providing related services. Revenue is generally generated from (1) product sales of professional and engineered hardware and software used for ...
Fortive Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive operational and financial momentum: double‑digit adjusted EPS growth (+28% YoY), solid core revenue growth (6.7% in Q2), raised full‑year EPS guidance, strong free cash flow (Q2 ~$270M; trailing 12‑month >$1B), aggressive buybacks (~$200M in Q2; ~$2B since spin‑off), and tangible product and AI innovations driving commercial traction. Near‑term headwinds and watch‑items include gross margin compression driven by mix (~100–110 bps), modest EMEA weakness, Q3 seasonality and a Q4 selling‑day headwind (~$15–$20M and ~150 bps to core growth), tariff refund treatment, and ongoing supply/inflation risks. Overall, the positives — revenue/earnings acceleration, cash generation, shareholder returns, and visible product momentum — outweigh the transitory and manageable lowlights.Positive Updates
Segment Momentum — Intelligent Operating Solutions (iOS)
iOS revenue grew ~9% reported (core +7.4%). Q2 adjusted EBITDA for the segment grew ~12% to $264M and adjusted EBITDA margin expanded ~100 bps to just under 35%. Broad momentum across Professional Instrumentation, Facilities & Asset Lifecycle Solutions and gas detection.
Negative Updates
Gross Margin Compression Driven by Product Mix
Q2 adjusted gross margin declined ~100 bps YoY to 63%, primarily driven by product mix dynamics (outsized growth in certain lower‑margin products), partially offset by operating leverage. Both iOS and AHS reported gross margin declines (~100–110 bps).
Read all updates
Q2-2026 Updates
Positive
Negative
Segment Momentum — Intelligent Operating Solutions (iOS)
iOS revenue grew ~9% reported (core +7.4%). Q2 adjusted EBITDA for the segment grew ~12% to $264M and adjusted EBITDA margin expanded ~100 bps to just under 35%. Broad momentum across Professional Instrumentation, Facilities & Asset Lifecycle Solutions and gas detection.
Read all positive updates
Company Guidance
Fortive raised full‑year 2026 adjusted EPS guidance to $2.95–$3.05 and now expects reported revenue of approximately $4.35 billion with full‑year core growth of about 4% (up from prior 2–3%); management said Q3 revenue should follow normal seasonality while Q4 will be a smaller-than-usual percentage due to four fewer selling days (a ~$15–$20M reported revenue headwind and ~150 bps headwind to core growth). They see FX + M&A as roughly a 50‑bp tailwind to reported revenue, expect Q3 adjusted EBITDA margin to be slightly below Q2 (Q2 adj. EBITDA margin was 29.5%), forecast a Q3 effective tax rate in the mid‑teens and Q4 in the low double‑digits, and project full‑year net interest expense of about $140M, with adjusted EPS weighted toward Q4 (Q3 EPS up only very slightly year‑over‑year). Management also noted another ~$20–$25M of expected IEEPA tariff refunds (they recognized $4.5M in Q2 and exclude such refunds from adjusted metrics), a Q2 free cash flow of roughly $270M and >$1B trailing‑12‑month FCF, gross debt/adjusted EBITDA of ~2.7x, ~307M diluted shares outstanding at quarter end, and deployment of ~ $200M to share repurchases in Q2 (nearly $2B since the spin‑off; ~38M shares or ~11% repurchased).Fortive Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
62
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.32B | 5.14B | 6.23B | 6.07B | 5.83B | 5.25B |
| Gross Profit | 2.73B | 3.13B | 3.73B | 3.59B | 3.36B | 3.01B |
| EBITDA | 1.07B | 1.20B | 1.67B | 1.57B | 1.44B | 1.18B |
| Net Income | 534.40M | 579.20M | 832.90M | 865.80M | 755.20M | 608.40M |
Balance Sheet | ||||||
| Total Assets | 11.62B | 11.74B | 17.02B | 16.91B | 15.89B | 16.47B |
| Cash, Cash Equivalents and Short-Term Investments | 374.20M | 375.50M | 813.30M | 1.89B | 709.20M | 819.30M |
| Total Debt | 3.51B | 3.21B | 3.88B | 3.81B | 3.42B | 4.14B |
| Total Liabilities | 5.55B | 5.28B | 6.82B | 6.59B | 6.20B | 6.95B |
| Stockholders Equity | 6.06B | 6.45B | 10.19B | 10.32B | 9.68B | 9.51B |
Cash Flow | ||||||
| Free Cash Flow | 954.90M | 978.10M | 1.41B | 1.25B | 1.21B | 911.10M |
| Operating Cash Flow | 1.05B | 1.08B | 1.53B | 1.35B | 1.30B | 961.10M |
| Investing Cash Flow | -192.70M | -135.40M | -1.80B | -195.40M | -102.50M | -2.62B |
| Financing Cash Flow | -2.30B | -1.39B | -792.70M | 32.30M | -1.27B | 652.00M |
Fortive Technical Analysis
Negative
62.31
Price Trends
60.85
Negative
59.48
Negative
56.76
Positive
Market Momentum
0.09
Positive
55.37
Neutral
47.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTV, the sentiment is Negative. The current price of 62.31 is above the 20-day moving average (MA) of 61.38, above the 50-day MA of 60.85, and above the 200-day MA of 56.76, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 55.37 is Neutral, neither overbought nor oversold. The STOCH value of 47.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FTV.
Fortive Risk Analysis
Fortive disclosed 35 risk factors in its most recent earnings report. Fortive reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fortive Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $30.39B | 31.56 | 9.13% | ― | 7.70% | 13.95% | |
70 Neutral | $13.19B | 29.47 | 7.95% | ― | 3.25% | -68.85% | |
64 Neutral | $17.88B | 34.42 | 8.52% | 0.39% | -29.80% | -23.46% | |
63 Neutral | $9.95B | 32.55 | 12.57% | ― | 58.56% | 19.37% | |
62 Neutral | $41.68B | 43.92 | 18.71% | ― | 12.25% | 14.09% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $51.43B | 114.80 | 5.26% | ― | 18.00% | ― |
* Technology Sector Average
FTV
Fortive
59.21
12.20
25.95%
FLEX
Flex
113.75
62.81
123.30%
COHR
Coherent Corp
262.89
156.15
146.29%
SANM
Sanmina-Sci
185.56
68.87
59.02%
TDY
Teledyne Technologies
655.57
103.31
18.71%
TRMB
Trimble
56.58
-27.67
-32.84%
Fortive Corporate Events
Executive/Board ChangesShareholder Meetings
Fortive Shareholders Reaffirm Board, Pay, and Auditor Oversight
Positive
Jun 11, 2026
On June 9, 2026, Fortive Corporation shareholders re-elected eight director nominees to one-year terms expiring at the 2027 annual meeting, with each candidate receiving strong majority support despite some variation in opposition levels. The same...
Business Operations and StrategyPrivate Placements and Financing
Fortive Executes $1.1 Billion Senior Notes Debt Offering
Positive
May 14, 2026
On May 14, 2026, Fortive Corporation completed an underwritten debt offering of $600 million in 4.750% notes due 2031 and $500 million in 5.250% notes due 2036, with interest payable semi-annually starting November 15, 2026. The company plans to u...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.