Fortive Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fortive Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,224	6,656	6,453	4,564	4,634	5,255	5,826	3,914	4,081	4,159
Cost of revenue	2,693	2,835	1,614	2,081	2,026	2,248	2,462	1,437	1,462	1,518
Gross profit	2,686	2,921	2,186	2,483	2,609	3,007	3,363	2,477	2,619	2,641
Research and development	351	369	278	320	321	355	402	237	251	259
Selling, general and administrative	1,273	1,409	1,263	1,719	1,748	1,840	1,957	1,666	1,652	1,662
Operating expenses							-2,358	-1,903	-1,903	-1,921
Operating income	1,062	1,143	645	444	539	813	987	574	716	720
Interest expense	46.4	88.7	77.2	143	149	103	-98.3	-124	-153	-121
Other non-operating income	-4.8	4	-2.3	-5.4	-2.4	-14.1	-15.6	-17.4	-57.2	2.5
Pre-tax income	1,011	1,074	566	337	1,508	678	874	433	506	602
Income tax	270	189	75.6	68.6	55.5	63.3	118	24.7	23.8	69.5
Income from continuing operations	740	884	490	268	1,452	614	755	408	483	533
Net income	872	1,045	2,879	670	1,544	574	755	866	833	579
EBITDA	1,223	1,301	820	785	923	1,208	1,453	1,000	1,147	1,158
EPS, basic	2.52	3.01	8.33	1.99	4.58	1.64	2.12	2.46	2.39	1.74
EPS, diluted	2.51	2.96	8.21	1.97	4.49	1.63	2.10	2.43	2.36	1.73
Shares, basic (weighted)	346	348	346	336	337	349	356	353	349	332
Shares, diluted (weighted)	347	353	351	340	359	352	361	356	353	335
Dividend per share		0.28	0.28	0.28	0.28	0.28	0.28	0.29

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	803	962	1,178	1,205	1,825	819	709	1,889	813	376
Receivables	945	1,021	1,195	891	810	930	959	961	661	684
Inventory	545	507	575	416	456	513	537	537	270	292
Other current assets	196	244	193	339	207	253	273	285	234	234
Total current assets	2,489	2,937	3,171	3,689	4,447	2,515	2,477	3,672	2,592	1,606
Property, plant and equipment	548	610	396	416	422	396	422	440	233	270
Lease right-of-use assets			0	169	189	176	162	155	91.8	96.1
Goodwill	3,445	4,560	4,994	7,242	7,359	9,152	9,049	7,265	7,216	7,298
Intangible assets	747	1,256	2,476	3,571	3,291	3,890	3,487	3,160	2,531	2,188
Other non-current assets	427	470	549	345	344	513	456	519	348	376
Total assets	8,190	10,501	12,906	17,439	16,052	16,466	15,891	16,912	17,016	11,738
Accounts payable	666	629	707	449	481	558	623	609	425	436
Accrued liabilities	800	815	999	798	900	1,005	1,104	1,183	868	911
Deferred revenue	205	211	288	323	376	458	510	545	410	440
Short-term debt		0	456	1,500	1,400	2,152	1,000	0	376	900
Total current liabilities	1,467	1,602	2,192	3,467	2,861	3,715	2,727	1,791	2,238	2,247
Long-term debt	3,358	4,056	2,975	4,826	2,830	1,807	2,252	3,646	3,331	2,307
Lease liabilities			0	134	154	140	131	126	73.1	73.6
Other non-current liabilities	674	970	1,126	1,339	1,233	1,426	1,223	1,149	847	724
Total liabilities	5,499	6,692	6,293	10,039	7,079	6,949	6,202	6,587	6,821	5,277
Total debt	3,358	4,056	3,430	6,326	4,230	3,959	3,251	3,646	3,707	3,206
Paid-in capital	2,427	2,444	3,126	3,311	3,555	3,670	3,706	3,851	4,035	4,210
Retained earnings	403	1,350	3,553	4,129	5,547	6,024	6,742	7,506	8,228	5,429
Treasury stock						0	-443	-716	-1,612	-3,230
Other comprehensive income	-146	-7.6	-86.6	-56.3	-141	-185	-326	-326	-465	41
Shareholders' equity	2,688	3,790	6,596	7,387	8,964	9,512	9,683	10,319	10,189	6,453
Minority interests	3.1	17.9	17.4	13.2	8.5	4.8	5.2	6.4	7	7.7
Total equity	2,691	3,808	6,613	7,400	8,973	9,517	9,689	10,325	10,196	6,461
Total liabilities and equity	8,190	10,501	12,906	17,439	16,052	16,466	15,891	16,912	17,016	11,738
Shares outstanding	346	348	335	336	338	359	353	351	341	313

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	872	1,045	2,914	739	1,613	608	755	866	833	579
Depreciation and amortization	161	158	174	342	384	396	466	426	431	438
Stock-based compensation	40.7	44.2	40.6	52.5	62.6	77.4	93.8	94.5	90.1	117
Change in receivables	33.8	-55.4	-36	-205	82.4	-84.1	-52.1	-0.7	-15.5	8.7
Change in inventory	-31.3	17.5	-34.1	93.5	-7.3	-53.6	-40.3	7.7	-7.9	-20
Change in payables	12.3	17.7	60	52.4	18.1	73.4	81.3	2.2	51.1	12.4
Cash from operations	1,137	1,176	1,344	1,271	1,437	961	1,303	1,354	1,527	1,083
Capital expenditures	-110	-111	-69.9	-74.5	-75.7	-50	-95.8	-78.6	-86.1	-105
Acquisitions	-190	-1,557	-2,779	-3,940	-40.4	-2,570	-12.8	-95.8	-3.6	-25.7
Cash from investing	-311	-1,670	-1,967	-4,055	-148	-2,616	-103	-195	-1,796	-135
Stock issued	59.2	26	39.3	40	46.7	52.4	17.6	51.5	96.9	72.3
Share buybacks					0	0	-443	-273	-890	-1,610
Dividends paid	-48.4	-97.2	-96.6	-93.8	-94.4	-97.7	-99.5	-102	-111	-92.2
Cash from financing	3.8	600	879	2,803	-696	652	-1,273	32.3	-793	-1,387
Exchange rate effect	-26.7	52.5	-40.6	7.1	27.4	-3	-37.8	-10.9	-13.6	1
Net change in cash	803	159	216	26.8	620	-1,006	-110	1,180	-1,076	-438
Free cash flow	1,027	1,065	1,275	1,197	1,361	911	1,207	1,275	1,441	978
Interest paid	41	87	102	127	123	0	0
Income taxes paid	110	196	69	79	95	103	148	122	114	100

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to April 3, 2026; growth uses fiscal years. Valuation uses the share price of $56.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.3%	Gross profit / revenue.
Operating margin	17.6%	Operating income / revenue.
EBITDA margin	28.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.2%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	22.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.4%	Cash from operations / revenue.
Effective tax rate	10.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.2%	Research and development expense / revenue.
SG&A / revenue	43.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	11.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-30.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-17.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-26.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-17.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-29.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-32.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-6.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-36.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-31.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.71x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.1%	Total debt / total assets.
Liabilities / assets	47.4%	Total liabilities / total assets.
Net debt	$3.13B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$638.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	81.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.37x	Revenue / average total assets.
Fixed asset turnover	15.3x	Revenue / average property, plant and equipment.
Inventory turnover	5.92x	Cost of revenue / average inventory.
Days inventory	62 days	365 x average inventory / cost of revenue.
Receivables turnover	6.55x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	84 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	33 days	Days inventory + days sales outstanding - days payables.
FCF conversion	175.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.54	Revenue / diluted weighted shares.
FCF per share	$3.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.44	Cash from operations / diluted weighted shares.
Book value per share	$19.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$10.79	Tangible book value / shares outstanding.
Cash per share	$1.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	8.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	200.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.94B	Share price x shares outstanding.
Enterprise value	$20.07B	Market cap + total debt - cash - short-term investments.
P/E	31.2x	Market cap / net income. Only when net income is positive.
P/S	4.00x	Market cap / revenue.
P/B	2.78x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.7x	Market cap / cash from operations, when positive.
EV/Sales	4.74x	Enterprise value / revenue.
EV/EBIT	26.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.6%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	11.8%	(Dividends paid + share buybacks) / market cap.

What was Fortive Corp's revenue in fiscal 2025?

Fortive Corp reported revenue of $4.16B for fiscal 2025, 1.9% higher than the year before.

Was Fortive Corp profitable in fiscal 2025?

Yes. Net income was $579.2M, a net margin of 13.9%.

How much free cash flow did Fortive Corp generate in fiscal 2025?

Cash from operations of $1.08B minus capital expenditures of $105.1M left free cash flow of $978.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Fortive Corp