Fortive (FTV)
NYSE:FTV
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Fortive
(NYSE:FTV)
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Rating:63Neutral
Price Target:
$63.00
▲(4.10% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by a steady underlying financial base with strong cash generation but weakened recent growth and profitability versus prior years. The earnings call was constructive with reaffirmed, upper-half-trending guidance and strong cash flow, while valuation is the main constraint due to a high P/E and minimal yield; technicals are broadly neutral.
Positive Factors
Strong cash generation
Fortive converts a very high share of earnings into cash (TTM FCF ≈ $0.96B; FCF conversion north of 100%), giving durable internal funding for R&D, bolt‑on M&A, dividends and buybacks while cushioning cyclical demand downturns and preserving strategic optionality.
Negative Factors
Revenue growth weakness
Reported revenue growth has weakened materially (recent multi‑period declines), indicating softer end‑market demand or timing effects. Sustained top‑line contraction pressures operating leverage, limits reinvestment capacity, and makes margin and EPS improvement harder to sustain over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Fortive converts a very high share of earnings into cash (TTM FCF ≈ $0.96B; FCF conversion north of 100%), giving durable internal funding for R&D, bolt‑on M&A, dividends and buybacks while cushioning cyclical demand downturns and preserving strategic optionality.
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
$18.00B
Dividend Yield0.43%
Average Volume (3M)3.16M
Price to Earnings (P/E)31.8
Beta (1Y)1.00
Revenue Growth-23.36%
EPS Growth-26.77%
CountryUS
Employees10,000
SectorTechnology
Sector Strength88
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.69
Shares Outstanding304,861,020
10 Day Avg. Volume2,800,128
30 Day Avg. Volume3,164,913
Financial Highlights & Ratios
PEG Ratio-1.13
Price to Book (P/B)2.71
Price to Sales (P/S)3.40
P/FCF Ratio17.86
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue4.46
Enterprise Value/Gross Profit7.21
Enterprise Value/Ebitda19.10
Forecast
1Y Price Target
$63.38Price Target Upside4.72% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.99
Revenue Forecast (FY)$4.33B
Fortive Business Overview & Revenue Model
Company Description
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; environment, health,...
How the Company Makes Money
Fortive makes money primarily by selling industrial and professional technology products and by providing recurring software and services tied to those products. Key revenue streams typically include: (1) Product revenue from the sale of instrumen...
Fortive Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call portrayed a broadly positive operational and financial performance in Q1, with solid core revenue growth, double-digit adjusted EPS expansion, strong adjusted EBITDA growth and cash generation, meaningful share repurchases, and clear product and commercial momentum (notably at Fluke and recurring/software businesses). Near-term headwinds include tariff-driven gross margin pressure, selling-days-driven timing benefits in Q1 that temper underlying growth visibility, cautious hospital capital spending, and a modest increase in leverage from buybacks. Management reaffirmed full-year guidance and signaled confidence in the Fortive Accelerator strategy while remaining disciplined on capital allocation.Positive Updates
Consolidated Revenue Growth
Total revenue of nearly $1.1 billion in Q1, up almost 8% year-over-year on a reported basis and up just over 5% on a core basis (note: core growth benefited from ~150 basis points of selling days tailwind).
Negative Updates
Tariff-Related Gross Margin Pressure
Adjusted gross margin down about 100 basis points year-over-year to just over 63% at the consolidated level, driven largely by the net impact of tariffs; IOS gross margin down ~150 basis points. Tariff headwind expected to persist into part of Q3 before fully dissipating in Q4.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Total revenue of nearly $1.1 billion in Q1, up almost 8% year-over-year on a reported basis and up just over 5% on a core basis (note: core growth benefited from ~150 basis points of selling days tailwind).
Read all positive updates
Company Guidance
Fortive reaffirmed full‑year 2026 adjusted EPS guidance of $2.90–$3.00 per share and said results are trending toward the upper half of that range, with core revenue growth expected in the 2%–3% range (trending to the high end) and full‑year reported revenue of roughly $4.3 billion (based on current FX). Management expects Q2 and Q3 adjusted EPS to be broadly similar to Q1’s $0.70 (Q1 was +25% year‑over‑year), noted Q1 revenue was nearly $1.1 billion (reported +~8%, core just over 5% with ~150 bps selling‑days tailwind), and warned Q4 will carry a $15–$20 million revenue headwind from four fewer selling days; FX and M&A are modeled as roughly a 150‑bp reported revenue tailwind in Q2 moderating to ~50–100 bps in the back half. Additional modeling items: Q2 effective tax rate mid‑teens, Q3 high‑teens, Q4 high single‑digit to low double‑digit; full‑year net interest expense just over $135 million; adjusted EBITDA margin expansion of roughly 50–100 bps per year in the financial framework; Q1 adjusted EBITDA was $314 million (+~13%) and Q1 free cash flow was $194 million with trailing‑12‑month FCF conversion north of 100%. Capital allocation guidance was unchanged: disciplined bolt‑on M&A, invest in organic growth, maintain a modest growing dividend, and return capital (about $500 million of buybacks in Q1, ~$1.8 billion total since the spin — ~35 million shares, just over 10%), with a balance sheet at ~2.8x gross debt to adjusted EBITDA.Fortive Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
64
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.74B | 5.14B | 6.23B | 6.07B | 5.83B | 5.25B |
| Gross Profit | 2.93B | 3.13B | 3.73B | 3.59B | 3.36B | 3.01B |
| EBITDA | 1.11B | 1.20B | 1.67B | 1.57B | 1.44B | 1.18B |
| Net Income | 543.70M | 579.20M | 832.90M | 865.80M | 755.20M | 608.40M |
Balance Sheet | ||||||
| Total Assets | 11.58B | 11.74B | 17.02B | 16.91B | 15.89B | 16.47B |
| Cash, Cash Equivalents and Short-Term Investments | 356.10M | 375.50M | 813.30M | 1.89B | 709.20M | 819.30M |
| Total Debt | 3.49B | 3.21B | 3.88B | 3.81B | 3.42B | 4.14B |
| Total Liabilities | 5.50B | 5.28B | 6.82B | 6.59B | 6.20B | 6.95B |
| Stockholders Equity | 6.08B | 6.45B | 10.19B | 10.32B | 9.68B | 9.51B |
Cash Flow | ||||||
| Free Cash Flow | 971.30M | 978.10M | 1.41B | 1.25B | 1.21B | 911.10M |
| Operating Cash Flow | 1.08B | 1.08B | 1.53B | 1.35B | 1.30B | 961.10M |
| Investing Cash Flow | -135.90M | -135.40M | -1.80B | -195.40M | -102.50M | -2.62B |
| Financing Cash Flow | -1.47B | -1.39B | -792.70M | 32.30M | -1.27B | 652.00M |
Fortive Technical Analysis
Positive
60.52
Price Trends
58.29
Positive
57.32
Positive
53.76
Positive
Market Momentum
-0.07
Positive
47.22
Neutral
26.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTV, the sentiment is Positive. The current price of 60.52 is above the 20-day moving average (MA) of 60.04, above the 50-day MA of 58.29, and above the 200-day MA of 53.76, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 47.22 is Neutral, neither overbought nor oversold. The STOCH value of 26.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $28.46B | 30.13 | 8.85% | ― | 7.74% | 12.76% | |
75 Outperform | $70.14B | 48.41 | 5.26% | ― | 18.00% | ― | |
73 Outperform | $48.36B | 27.82 | 17.26% | ― | 8.14% | 10.64% | |
70 Outperform | $12.39B | 18.96 | 10.88% | ― | 44.48% | 8.59% | |
69 Neutral | $13.05B | 38.60 | 7.95% | ― | 3.25% | -68.85% | |
63 Neutral | $18.00B | 31.82 | 7.39% | 0.43% | -23.36% | -26.77% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
FTV
Fortive
59.02
6.41
12.19%
FLEX
Flex
131.07
89.63
216.29%
COHR
Coherent Corp
378.00
299.12
379.21%
SANM
Sanmina-Sci
234.36
149.91
177.51%
TDY
Teledyne Technologies
607.12
119.08
24.40%
TRMB
Trimble
55.97
-14.82
-20.94%
Fortive Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
Fortive Expands Liquidity with New $2 Billion Credit Facility
Positive
Mar 20, 2026
On March 17, 2026, Fortive Corporation entered into a third amended and restated credit agreement that establishes a five-year, unsecured revolving credit facility of up to $2.0 billion, with a multicurrency borrowing feature and no initial drawdo...
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.