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FTVFortive

Industrials · Industrial Instruments · NYSE
FTV quote by TradingView
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FY2025 at a glance

Sales up 1.9%, free cash flow down to $978.1M

XBRL, from each 10-K
RevenueStatements ↓
$4.2B
from $4.1B in FY2024
FY2016FY2025
Net incomeStatements ↓
$579.2M
from $832.9M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$978.1M
from $1.4B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$1.73
from $2.36 in FY2024
FY2016FY2025
Operating marginStatements ↓
17.3%
from 17.6% in FY2024
FY2016FY2025
Total debtStatements ↓
$3.2B
from $3.7B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)2.08Sales (ttm)4.4BNet income (ttm)651.9MSales growth+1.9%EPS growth-26.7%Sales Q/Q+7.8%
Free cash flow1.1BGross margin63.5%Oper. margin19.6%Net margin14.8%FCF margin24.7%ROE11.0%
ROA5.7%R&D / sales6.2%Dividend-Debt/Eq0.59Curr. ratio1.23Cash377.3M
Op. cash flow (ttm)1.2BEBITDA1.2BEBITDA margin27.8%Net debt3.1BQuick ratio1.00ROIC6.7%
Tax rate11.5%Stock pay / sales2.8%Shares out.297.6MShares Y/Y-5.2%Book / share19.98Cash / share1.27
Sales / share14.77Asset turnover0.38Inventory turns5.20Days sales out.60Sales 3Y CAGR-10.6%Sales 5Y CAGR-2.1%
EPS 3Y CAGR-6.3%EPS 5Y CAGR-17.4%Employees10,000Sales / employee440K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow fell 32%$1.4B → $978.1M · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

FTV against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
FTVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+1.9%59th of 82 · median +4.8%
Net margin
14.8%28th of 82 · median 13.0%
Return on equity
11.0%69th of 77 · median 24.9%
Free cash flow margin
24.7%6th of 79 · median 13.0%
Debt / equity (less is better)
0.5932nd of 72 · median 0.72
FTV and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FTV Fortive$4.4B +1.9%63.5%14.8%11.0%24.7%0.59
CPRT Copart$4.7B +0.4%-31.8%16.3%27.2%-
GNRC Generac$4.6B -2.0%39.9%6.5%10.0%9.0%0.44
ALLE Allegion$4.4B +7.8%45.1%15.7%31.8%16.9%0.94
ROL Rollins, Inc.$4.0B +11.0%-13.2%37.8%16.8%0.52
PNR Pentair$4.0B +2.3%41.2%15.4%15.9%16.3%0.38
Where each dollar goes

From $5.3B of sales to $573.9M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.0BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $812.8MGross profit to Operating expenses: $2.2BOperating profit to Net profit: $573.9MOperating profit to Tax & other: $238.9MOperating expenses to R&D: $354.8MOperating expenses to SG&A: $1.8B Revenue: $5.3B Revenue$5.3B +13% Y/Y Gross profit: $3.0B · 57% margin Gross profit$3.0B57% margin +15% Y/Y Cost of revenue: $2.2B · 43% of revenue Cost of revenue$2.2B43% of revenue Operating profit: $812.8M · 15% margin Operating profit$812.8M15% margin +51% Y/Y Operating expenses: $2.2B · 42% of revenue Operating expenses$2.2B42% of revenue Net profit: $573.9M · 11% margin Net profit$573.9M11% margin −63% Y/Y Tax & other: $238.9M · 5% of revenue Tax & other$238.9M5% of revenue R&D: $354.8M · 7% of revenue R&D$354.8M7% of revenue SG&A: $1.8B · 35% of revenue SG&A$1.8B35% of revenue

Swipe sideways for the whole flow →

From $5.8B of sales to $755.2M of profit

FY2022, from the 10-K income statement and revenue by product
Sales of products and software to Revenue: $4.9BSales of services to Revenue: $905.6MRevenue to Gross profit: $3.4BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $987.4MGross profit to Operating expenses: $2.4BOperating profit to Net profit: $755.2MOperating profit to Tax & other: $232.2MOperating expenses to R&D: $401.5MOperating expenses to SG&A: $2.0B Sales of products and software: $4.9B · 84% Sales of products and s…$4.9B84% Sales of services: $905.6M · 16% Sales of services$905.6M16% Revenue: $5.8B Revenue$5.8B +11% Y/Y Gross profit: $3.4B · 58% margin Gross profit$3.4B58% margin +12% Y/Y Cost of revenue: $2.5B · 42% of revenue Cost of revenue$2.5B42% of revenue Operating profit: $987.4M · 17% margin Operating profit$987.4M17% margin +21% Y/Y Operating expenses: $2.4B · 41% of revenue Operating expenses$2.4B41% of revenue Net profit: $755.2M · 13% margin Net profit$755.2M13% margin +32% Y/Y Tax & other: $232.2M · 4% of revenue Tax & other$232.2M4% of revenue R&D: $401.5M · 7% of revenue R&D$401.5M7% of revenue SG&A: $2.0B · 34% of revenue SG&A$2.0B34% of revenue

Swipe sideways for the whole flow →

From $3.9B of sales to $865.8M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $2.5BRevenue to Cost of revenue: $1.4BGross profit to Operating profit: $574.0MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $549.3MOperating profit to Tax: $24.7MOther income to Net profit: $316.5MOperating expenses to R&D: $237.0MOperating expenses to SG&A: $1.7B Revenue: $3.9B Revenue$3.9B −33% Y/Y Gross profit: $2.5B · 63% margin Gross profit$2.5B63% margin −26% Y/Y Cost of revenue: $1.4B · 37% of revenue Cost of revenue$1.4B37% of revenue Operating profit: $574.0M · 15% margin Operating profit$574.0M15% margin −42% Y/Y Other income: $316.5M · 8% of revenue Other income$316.5M8% of revenue Operating expenses: $1.9B · 49% of revenue Operating expenses$1.9B49% of revenue Net profit: $865.8M · 22% margin Net profit$865.8M22% margin +15% Y/Y Tax: $24.7M · 1% of revenue Tax$24.7M1% of revenue R&D: $237.0M · 6% of revenue R&D$237.0M6% of revenue SG&A: $1.7B · 43% of revenue SG&A$1.7B43% of revenue

Swipe sideways for the whole flow →

From $4.1B of sales to $832.9M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.6BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $716.3MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $692.5MOperating profit to Tax: $23.8MOther income to Net profit: $140.4MOperating expenses to R&D: $251.3MOperating expenses to SG&A: $1.7B Revenue: $4.1B Revenue$4.1B +4% Y/Y Gross profit: $2.6B · 64% margin Gross profit$2.6B64% margin +6% Y/Y Cost of revenue: $1.5B · 36% of revenue Cost of revenue$1.5B36% of revenue Operating profit: $716.3M · 18% margin Operating profit$716.3M18% margin +25% Y/Y Other income: $140.4M · 3% of revenue Other income$140.4M3% of revenue Operating expenses: $1.9B · 47% of revenue Operating expenses$1.9B47% of revenue Net profit: $832.9M · 20% margin Net profit$832.9M20% margin −4% Y/Y Tax: $23.8M · 1% of revenue Tax$23.8M1% of revenue R&D: $251.3M · 6% of revenue R&D$251.3M6% of revenue SG&A: $1.7B · 40% of revenue SG&A$1.7B40% of revenue

Swipe sideways for the whole flow →

From $4.2B of sales to $579.2M of profit

FY2025, from the 10-K income statement and revenue by product
Products and software to Revenue: $3.3BServices to Revenue: $817.8MRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $720.2MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $579.2MOperating profit to Tax & other: $141.0MOperating expenses to R&D: $259.2MOperating expenses to SG&A: $1.7B Products and software: $3.3B · 80% Products and software$3.3B80% Services: $817.8M · 20% Services$817.8M20% Revenue: $4.2B Revenue$4.2B +2% Y/Y Gross profit: $2.6B · 64% margin Gross profit$2.6B64% margin +1% Y/Y Cost of revenue: $1.5B · 36% of revenue Cost of revenue$1.5B36% of revenue Operating profit: $720.2M · 17% margin Operating profit$720.2M17% margin +1% Y/Y Operating expenses: $1.9B · 46% of revenue Operating expenses$1.9B46% of revenue Net profit: $579.2M · 14% margin Net profit$579.2M14% margin −30% Y/Y Tax & other: $141.0M · 3% of revenue Tax & other$141.0M3% of revenue R&D: $259.2M · 6% of revenue R&D$259.2M6% of revenue SG&A: $1.7B · 40% of revenue SG&A$1.7B40% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median14.8% vs 13.0%
  • ✓
    Gross margin up over 5 years56.3% → 63.5%
  • !
    Return on equity below 15%11.0%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 14.0% → 13.9%

Balance sheet

3 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.59 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.23
  • ✓
    Net debt under 3 years of free cash flow$3.1B net debt, 2.9 years
Debt / equity at each year end, FY2016 to FY2025: 1.25 → 0.50
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$978.1M last year
  • ✓
    Share count down over 5 years−6.8%
  • ✓
    Cash from operations above net income$1.1B vs $579.2M
Free cash flow, FY2016 to FY2025: 1.0B → 978.1M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$2.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 4.2B Net income 579.2M
FY2016 revenue 6.2B · SalesRevenueNet, 0001659166-18-000100 FY2016 net income 872.3M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001659166-19-000085 6.2B FY2016 FY2017 revenue 6.7B · SalesRevenueNet, 0001659166-18-000100 FY2017 net income 1.0B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001659166-20-000071 6.7B FY2017 FY2018 revenue 6.5B · Revenues, 0001659166-19-000085 FY2018 net income 2.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001659166-21-000062 6.5B FY2018 FY2019 revenue 4.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-22-000054 FY2019 net income 669.9M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001659166-22-000054 4.6B FY2019 FY2020 revenue 4.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-23-000080 FY2020 net income 1.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001659166-23-000080 4.6B FY2020 FY2021 revenue 5.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-24-000046 FY2021 net income 573.9M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001659166-24-000046 5.3B FY2021 FY2022 revenue 5.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-25-000024 FY2022 net income 755.2M · NetIncomeLoss, 0001659166-25-000024 5.8B FY2022 FY2023 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-26-000007 FY2023 net income 865.8M · NetIncomeLoss, 0001659166-26-000007 3.9B FY2023 FY2024 revenue 4.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-26-000007 FY2024 net income 832.9M · NetIncomeLoss, 0001659166-26-000007 4.1B FY2024 FY2025 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001659166-26-000007 FY2025 net income 579.2M · NetIncomeLoss, 0001659166-26-000007 4.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

FTV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue4.2B
FY2016: 6.2BFY2017: 6.7BFY2018: 6.5BFY2019: 4.6BFY2020: 4.6BFY2021: 5.3BFY2022: 5.8BFY2023: 3.9BFY2024: 4.1BFY2025: 4.2B FY2017FY2019FY2021FY2023FY2025
Net income579.2M
FY2016: 872.3MFY2017: 1.0BFY2018: 2.9BFY2019: 669.9MFY2020: 1.5BFY2021: 573.9MFY2022: 755.2MFY2023: 865.8MFY2024: 832.9MFY2025: 579.2M FY2017FY2019FY2021FY2023FY2025
Free cash flow978.1M
FY2016: 1.0BFY2017: 1.1BFY2018: 1.3BFY2019: 1.2BFY2020: 1.4BFY2021: 911.1MFY2022: 1.2BFY2023: 1.3BFY2024: 1.4BFY2025: 978.1M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)1.73
FY2016: 2.51FY2017: 2.96FY2018: 8.21FY2019: 1.97FY2020: 4.49FY2021: 1.63FY2022: 2.10FY2023: 2.43FY2024: 2.36FY2025: 1.73 FY2017FY2019FY2021FY2023FY2025
Dividend per share0.29
FY2016: -FY2017: 0.28FY2018: 0.28FY2019: 0.28FY2020: 0.28FY2021: 0.28FY2022: 0.28FY2023: 0.29FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
Diluted shares334.6M
FY2016: 347.3MFY2017: 352.6MFY2018: 350.7MFY2019: 340.0MFY2020: 359.0MFY2021: 352.3MFY2022: 360.8MFY2023: 355.6MFY2024: 352.8MFY2025: 334.6M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-25

Compared with the 10-K of Feb 25, 2025: no longer reported: Precision Technologies.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Intelligent Operating Solutions 2.9B68.7% +2.3%
Advanced Healthcare Solutions 1.3B31.3% +1.2%

10-K 0001659166-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Products and software 3.3B80.3% +1.5%
Services 817.8M19.7% +3.5%

10-K 0001659166-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 2.5B59.9% +3.1%
Asia-Pacific 730.1M17.6% -0.4%
Europe, Middle East, and Africa 725.8M17.5% +0.7%
Latin America 212.1M5.1% +1.1%

10-K 0001659166-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue6.2B6.7B6.5B4.6B4.6B5.3B5.8B3.9B4.1B4.2B
Cost of revenue2.7B2.8B1.6B2.1B2.0B2.2B2.5B1.4B1.5B1.5B
Gross profit2.7B2.9B2.2B2.5B2.6B3.0B3.4B2.5B2.6B2.6B
R&D351.0M369.3M278.1M320.3M320.7M354.8M401.5M237.0M251.3M259.2M
SG&A1.3B1.4B1.3B1.7B1.7B1.8B2.0B1.7B1.7B1.7B
Operating income1.1B1.1B645.3M443.9M539.4M812.8M987.4M574.0M716.3M720.2M
Interest expense46.4M88.7M77.2M142.6M148.5M103.2M-98.3M-123.5M-152.8M-120.5M
Pretax income1.0B1.1B565.8M336.7M1.5B677.5M873.5M433.1M506.3M602.2M
Income tax270.3M189.3M75.6M68.6M55.5M63.3M118.3M24.7M23.8M69.5M
Net income872.3M1.0B2.9B669.9M1.5B573.9M755.2M865.8M832.9M579.2M
EPS (diluted)2.512.968.211.974.491.632.102.432.361.73
Diluted shares347.3M352.6M350.7M340.0M359.0M352.3M360.8M355.6M352.8M334.6M
Depreciation & amortization160.9M158.3M174.2M341.5M384.0M395.5M465.6M426.2M430.9M437.6M
EBITDA1.2B1.3B819.5M785.4M923.4M1.2B1.5B1.0B1.1B1.2B
Gross margin43.1%43.9%33.9%54.4%56.3%57.2%57.7%63.3%64.2%63.5%
Operating margin17.1%17.2%10.0%9.7%11.6%15.5%16.9%14.7%17.6%17.3%
Net margin14.0%15.7%44.6%14.7%33.3%10.9%13.0%22.1%20.4%13.9%
Revenue growth-+6.9%-3.1%-29.3%+1.5%+13.4%+10.9%-32.8%+4.3%+1.9%
EPS growth-+17.9%+177%-76.0%+128%-63.7%+28.8%+15.7%-2.9%-26.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash803.2M962.1M1.2B1.2B1.8B819.3M709.2M1.9B813.3M375.5M
Receivables945.4M1.0B1.2B890.7M810.3M930.2M958.5M960.8M661.3M683.6M
Inventory544.6M506.7M574.5M416.2M455.5M512.7M536.7M536.9M269.8M291.8M
Current assets2.5B2.9B3.2B3.7B4.4B2.5B2.5B3.7B2.6B1.6B
Property & equipment547.6M610.4M395.6M416.0M422.0M395.5M421.9M439.8M232.9M269.8M
Goodwill3.4B4.6B5.0B7.2B7.4B9.2B9.0B7.3B7.2B7.3B
Total assets8.2B10.5B12.9B17.4B16.1B16.5B15.9B16.9B17.0B11.7B
Current liabilities1.5B1.6B2.2B3.5B2.9B3.7B2.7B1.8B2.2B2.2B
Total debt3.4B4.1B3.4B6.3B4.2B4.0B3.3B3.6B3.7B3.2B
Shareholders' equity2.7B3.8B6.6B7.4B9.0B9.5B9.7B10.3B10.2B6.5B
Retained earnings403.0M1.4B3.6B4.1B5.5B6.0B6.7B7.5B8.2B5.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.1B1.2B1.3B1.3B1.4B961.1M1.3B1.4B1.5B1.1B
Capital spending110.1M111.1M69.9M74.5M75.7M50.0M95.8M78.6M86.1M105.1M
Free cash flow1.0B1.1B1.3B1.2B1.4B911.1M1.2B1.3B1.4B978.1M
Stock-based pay (added back)40.7M44.2M40.6M52.5M62.6M77.4M93.8M94.5M90.1M116.8M
Dividends paid48.4M97.2M96.6M93.8M94.4M97.7M99.5M102.0M111.2M92.2M
Buybacks----00442.9M272.9M889.6M1.6B
Acquisitions190.1M1.6B2.8B3.9B40.4M2.6B12.8M95.8M3.6M25.7M
Debt raised3.0B---------
Investing cash flow-310.8M-1.7B-2.0B-4.1B-148.4M-2.6B-102.5M-195.4M-1.8B-135.4M
Financing cash flow3.8M599.7M879.1M2.8B-696.1M652.0M-1.3B32.3M-792.7M-1.4B
Dividend per share-0.280.280.280.280.280.280.29--

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)40.7M44.2M40.6M52.5M62.6M77.4M93.8M94.5M90.1M116.8M
Stock-based pay / revenue0.7%0.7%0.6%1.2%1.4%1.5%1.6%2.4%2.2%2.8%
Operating lease cost---58.0M60.0M60.0M56.0M34.4M32.0M30.6M
Operating lease cash paid---48.0M52.0M53.0M50.0M33.0M32.6M31.5M
Right-of-use assets--0169.0M188.7M175.6M162.0M155.0M91.8M96.1M
Operating lease liabilities--175.0M213.9M201.3M184.5M169.0M164.0M97.9M100.6M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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