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Fortive Corporation

FTV
48
Industrial - Machinery · Technology
Also trades as: 0IRE.L
Price
$60.08
+0.68 (+1.14%)
Market Cap
$18.15B
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jul 3, 2026
How the score breaks down
Quality
Good
Growth
Weak
Cash Flow
Exceptional
Stability
Strong
Valuation
Weak

Share count falling — buybacks

9.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 352.3M (2021) → 319.4M (2025)

Winston Score History

The full picture

Fortive Corporation makes tools and software used to measure, monitor, and manage industrial equipment and workflows. Its products include precision instruments, field service software, and safety compliance tools sold to manufacturers, utilities, healthcare facilities, and government agencies. The company owns well-known brands like Fluke, which makes handheld electrical testing devices, and Accruent, which provides facility management software.

Fortive earns money through a mix of hardware sales, software subscriptions, and recurring service contracts — a model that helps smooth out revenue over time. It operates globally, with significant business in North America, Europe, and Asia, and generates roughly $6 billion in annual revenue. Its competitive edge comes from sticky software platforms and trusted brand names in specialized niches that are hard for customers to replace. The main growth driver is expanding its software and recurring revenue base, though the company faces risk from slowing industrial capital spending if the broader economy weakens.

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Score breakdown

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Quality

Profit per sale
Gross Margin
63.4%
Premium pricing power — 63.4% gross margin
Profit after running costs
Operating Margin
19.1%
Healthy — 19.1% operating margin
Return on the money invested
ROCE
8.2%
Below par — 8.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-29.8%
Shrinking sales (-29.8% YoY)
Profit growth
EPS YoY
-22.9%
Earnings shrinking (-22.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
197%
Turns 197% of profit into real cash
Spare cash per sale
FCF Margin
22.1%
Converts sales into free cash efficiently (22.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.58
Conservative — low debt load (0.58)
Covers its interest
Interest Cover
6.38x
Adequate interest coverage (6.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
34.9x
Pricey — P/E 34.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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