Fortive
FTV · NYSEIndustrial Instruments For Measurement, Display, and Control · Fiscal year ends Dec 31
Fortive reported revenue of $4.2B in the fiscal year ended Dec 2025, up 1.9% from the year before. Operating income was $720M, an operating margin of 17.3%, and net income was $579M. Operating cash flow of $1.1B less capital expenditure of $105M left free cash flow of $978M. Net debt was $2.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.3B | $5.8B | $3.9B | $4.1B | $4.2B |
| Cost of revenue | $2.2B | $2.5B | $1.4B | $1.5B | $1.5B |
| Gross profit | $3B | $3.4B | $2.5B | $2.6B | $2.6B |
| Research & development | $355M | $402M | $237M | $251M | $259M |
| Selling, general & admin | $1.8B | $2B | $1.7B | $1.7B | $1.7B |
| Operating income | $813M | $987M | $574M | $716M | $720M |
| Interest expense | $103M | −$98M | −$124M | −$153M | −$121M |
| Pre-tax income | $678M | $874M | $433M | $506M | $602M |
| Income tax | $63M | $118M | $25M | $24M | $70M |
| Net income | $608M | $755M | $866M | $833M | $579M |
| Diluted EPS | 1.63 | 2.10 | 2.43 | 2.36 | 1.73 |
| Diluted shares | 352M | 361M | 356M | 353M | 335M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $819M | $709M | $1.9B | $813M | $376M |
| Receivables | $930M | $959M | $961M | $661M | $684M |
| Inventory | $513M | $537M | $537M | $270M | $292M |
| Current assets | $2.5B | $2.5B | $3.7B | $2.6B | $1.6B |
| Net PP&E | $396M | $422M | $440M | $233M | $270M |
| Goodwill | $9.2B | $9B | $7.3B | $7.2B | $7.3B |
| Total assets | $16.5B | $15.9B | $16.9B | $17B | $11.7B |
| Deferred revenue | $458M | $510M | $545M | $410M | $440M |
| Current liabilities | $3.7B | $2.7B | $1.8B | $2.2B | $2.2B |
| Short-term debt | $2.2B | $1,000M | $0 | $376M | $900M |
| Long-term debt | $1.8B | $2.3B | $3.6B | $3.3B | $2.3B |
| Shareholders' equity | $9.5B | $9.7B | $10.3B | $10.2B | $6.5B |
| Backlog (remaining obligations) | $740M | $706M | $723M | $762M | $841M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $961M | $1.3B | $1.4B | $1.5B | $1.1B |
| Capital expenditure | $50M | $96M | $79M | $86M | $105M |
| Free cash flow | $911M | $1.2B | $1.3B | $1.4B | $978M |
| Depreciation & amortisation | $396M | $466M | $426M | $431M | $438M |
| Stock-based compensation | $77M | $94M | $95M | $90M | $117M |
| Acquisitions | $2.6B | $13M | $96M | $4M | $26M |
| Share buybacks | $0 | $443M | $273M | $890M | $1.6B |
| Dividends paid | $98M | $100M | $102M | $111M | $92M |
| Dividend per share | 0.28 | 0.28 | 0.29 | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.9% | −32.8% | 4.3% | 1.9% |
| Operating income growth (YoY) | – | 21.5% | −41.9% | 24.8% | 0.5% |
| EPS growth (YoY) | – | 28.8% | 15.7% | −2.9% | −26.7% |
| Gross margin | 57.2% | 57.7% | 63.3% | 64.2% | 63.5% |
| Operating margin | 15.5% | 16.9% | 14.7% | 17.6% | 17.3% |
| Net margin | 11.6% | 13.0% | 22.1% | 20.4% | 13.9% |
| Return on equityBlank when equity is negative | 6.4% | 7.8% | 8.4% | 8.2% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.4% | 7.5% | 3.8% | 4.8% | 7.6% |
| Free cash flow margin | 17.3% | 20.7% | 32.6% | 35.3% | 23.5% |
| Cash conversion (CFO ÷ net income) | 1.58x | 1.73x | 1.56x | 1.83x | 1.87x |
| Receivable days | 65 | 60 | 90 | 59 | 60 |
| Inventory days | 83 | 80 | 136 | 67 | 70 |
| Interest cover | 7.88x | −10.0x | −4.65x | −4.69x | −5.98x |
| Debt ÷ equity | 0.42x | 0.34x | 0.35x | 0.36x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.1B | $2.5B | $1.8B | $2.9B | $2.8B |
| Current ratio | 0.68x | 0.91x | 2.05x | 1.16x | 0.71x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.