XStocksXray

Research report · 16 October 2026

Fortive Corp (FTV)

Industrials · Industrial Machinery & Supplies & Components · US stock · price as of 16 Oct 2026

Key indicators

Price	$57.79
52-week range	$48.07 – $64.48
Market cap	$18.1B
P/E (trailing)	35.1×
EV / EBITDA	17.4×
Free-cash-flow yield	5.3%
Dividend yield	0.4%
Revenue (last 12 months)	$4.2B
Revenue growth (3y a year)	−10.6%
Operating margin	17.6%
Return on invested capital	7.2%
Net debt / EBITDA	2.6×

Fair value

Blended fair value$36.59 range $35 – $38

Versus priceOvervalued−37% to fair value

Peer multiples	$48.50
Fundamentals-adjusted multiple	$39.71
10-year DCF (market-scaled)	$21.55
Earnings power value (floor, not blended)	$11.82
Model uncertainty	Medium

X-Ray Score

31/ 100 · High confidence · ahead of 6% of sector peers

Valuation35

Growth17

Profitability44

Financial health23

Dividends28

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Fortive is an industrial technology company that makes professional test and measurement instruments, including those branded Fluke, and software for managing facilities, assets and workflows. It also serves healthcare customers with products for infection prevention and surgical workflow. Customers include electricians, technicians, industrial plants, building owners and hospitals. The business is organised into groups that bring these instrument, software and healthcare activities together.

Instruments, software subscriptions and related services generated revenue of $4.2 billion over the last twelve months. Revenue has changed at -10.6% a year across the last three years, a decline. The operating margin is 17.6%, the business earns 7% on the capital invested in it, and net debt is 2.6 times EBITDA. The dividend yield is 0.4%.

StocksXray gives Fortive Corp an X-Ray Score of 31 out of 100 (high confidence), ahead of 6% of the S&P 500 stocks in its sector. Its strongest lens is profitability (44) and its weakest is growth (17).

Our fair value blend is $36.59 (range $35.24 to $38.06). At $57.79 the stock trades 58% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Fortive Corp (FTV)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$56.26	$47.59	$54.77	$56.02	$55.03	$57.79
Market cap	$19.8B	$17.2B	$19.5B	$19.8B	$18.4B	$18.1B
P/E	34.5×	22.7×	22.5×	23.7×	31.8×	35.1×
EV / revenue	4.4×	3.4×	5.4×	5.6×	5.1×	5.0×
EV / EBITDA	19.0×	13.6×	21.2×	19.8×	18.4×	17.4×
Price / free cash flow	21.8×	14.2×	15.3×	13.7×	18.8×	18.9×
Free-cash-flow yield	4.6%	7.0%	6.5%	7.3%	5.3%	5.3%
Price / book	2.1×	1.8×	1.9×	1.9×	2.9×	3.0×
Dividend yield	0.50%	0.59%	0.53%	–	–	0.43%

Fundamentals checklist ● 1 Good · ● 4 Average · ● 10 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−4.6%Average

Free-cash-flow yield5.3%Good

Risk models

Altman Z score2.8×Average

Piotroski F-Score5 of 9Bad

Growth

EPS growth (3y)−6.3%Bad

Free-cash-flow growth (3y)−6.8%Bad

Revenue growth (3y)−10.6%Bad

Growth consistency50%Bad

Balance sheet

Current ratio0.7×Bad

Net debt / EBITDA2.6×Bad

Valuation

Fair value vs price0.6×Bad

EBIT / EV yield3.5%Bad

Profitability

Return on invested capital7.2%Bad

Operating margin17.6%Average

Gross profitability23.1%Average

XStocksXray

Fortive Corp (FTV)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	5,255	5,826	3,914	4,081	4,159	4,235
Gross profit	3,007	3,363	2,477	2,619	2,641	2,679
Operating income	813	987	574	716	720	747
Net income	608	755	866	833	533	544
Diluted EPS ($)	1.63	2.10	2.43	2.36	1.73	1.64
Free cash flow	911	1,207	1,275	1,441	978	954
Gross margin	57.2%	57.7%	63.3%	64.2%	63.5%	63.3%
Operating margin	15.5%	16.9%	14.7%	17.6%	17.3%	17.6%
Net margin	11.6%	13.0%	22.1%	20.4%	12.8%	12.8%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	16,466	15,891	16,912	17,016	11,738	11,584
Cash	819	709	1,889	813	376	356
Total debt	3,959	3,251	3,646	3,707	3,206	3,489
Equity	9,512	9,683	10,319	10,189	6,453	6,083
Dividend per share ($)	0.28	0.28	0.29	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Apr 2026
Revenue ($M)	1,073	993	1,016	1,027	1,123	1,069
Growth vs a year earlier	–	+0.9%	−0.4%	+2.3%	+4.6%	+7.7%
Net income ($M)	209	172	167	55	186	136
Diluted EPS ($)	0.60	0.50	0.49	0.16	0.58	0.44

XStocksXray

Fortive Corp (FTV)

Peers in Industrial Machinery & Supplies & Components

Company	X-Ray
FTV · Fortive Corp	31
SNA · Snap-on Inc	67
PNR · PENTAIR plc	62
GWW · W.W. Grainger, Inc.	58
OTIS · Otis Worldwide Corp	57

Market Compass outlook for Industrials: Neutral (45/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+0.9%
1 month	+4.9%
3 months	−5.1%
6 months	−4.3%
1 year	+19.7%
3 years	+0.8%
5 years	+10.8%

Technical summary

DailyBullish9 bullish · 2 neutral · 5 bearish

WeeklyBullish7 bullish · 1 neutral · 4 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$57.68 / $58.27
52-week low / high	$48.07 / $64.48
Classic pivot, support and resistance	S2 56.58 · S1 57.19 · P – · R1 58.47 · R2 59.14

Recent dividends

Ex-dividend date	Amount per share
4 Sep 2026	$0.0700
22 Jun 2026	$0.0600
13 Mar 2026	$0.0600
28 Nov 2025	$0.0600
12 Sep 2025	$0.0600
8 Sep 2025	$0.0500

XStocksXray

Fortive Corp (FTV)

Strengths

Free-cash-flow yield of 5.3% is ahead of 75% of its sector peers.

Risks and weak spots

Piotroski F-Score is weak against Industrials peers (5 of 9).
EPS growth (3y) is weak against Industrials peers (−6.3%).
Free-cash-flow growth (3y) is weak against Industrials peers (−6.8%).
Revenue growth (3y) is weak against Industrials peers (−10.6%).
Growth consistency is weak against Industrials peers (50%).
Current ratio is weak against Industrials peers (0.7×).
Net debt / EBITDA is weak against Industrials peers (2.6×).
Fair value vs price is weak against Industrials peers (0.6×).

Latest SEC filings

Date	Form	Items
10 Sep 2026	8-K	5.02
29 Jul 2026	10-Q
29 Jul 2026	8-K	2.02,9.01
11 Jun 2026	8-K	5.07
14 May 2026	8-K	1.01,2.03,8.01,9.01
12 May 2026	424B5
30 Apr 2026	10-Q
30 Apr 2026	8-K	2.02,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.