Fortive Corporation (FTV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-20.4%

$53.36

vs $67.04 price

Levered DCF

$51.41

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.53

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.55×	23.64×	22.56×	22.84×	35.05×	11.65×	21.9×	5.06×
P/B	2.71×	1.94×	1.9×	1.78×	2.11×	2.01×	2.19×	2.24×
P/S	3.4×	3.17×	3.22×	2.96×	3.82×	3.89×	3.54×	2.28×
EV / EBITDA	15.47×	13.68×	13.67×	13.89×	19.88×	10.1×	26.16×	11.83×
Gross margin	61.0%	59.9%	59.3%	57.7%	57.3%	56.5%	54.7%	51.5%
Operating margin	17.7%	18.9%	18.7%	17.3%	15.8%	14.0%	11.6%	18.4%
Net margin	11.3%	13.4%	14.3%	13.0%	11.6%	34.8%	16.2%	45.2%
Current ratio	0.71×	1.16×	2.05×	0.91×	0.68×	1.55×	1.06×	1.45×
Debt / equity	0.5×	0.38×	0.37×	0.35×	0.44×	0.49×	0.88×	0.52×
Interest coverage	7.54×	7.7×	9.18×	10.23×	8.06×	4.38×	3.71×	12.22×
Dividend yield	0.5%	0.6%	0.5%	0.6%	0.7%	0.9%	1.0%	0.9%
Payout ratio	15.9%	13.4%	11.8%	13.2%	21.7%	10.1%	22.0%	4.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	8.2%	8.4%	7.8%	6.4%	18.0%	10.0%	44.2%
Return on invested capital	7.4%	6.7%	6.5%	6.1%	5.0%	4.3%	2.7%	9.0%
Return on assets	4.9%	4.9%	5.1%	4.8%	3.7%	10.1%	4.2%	22.6%
Free cash flow yield	5.6%	7.1%	6.4%	7.0%	4.5%	7.6%	7.2%	8.4%
Earnings yield	3.3%	4.2%	4.4%	4.4%	3.0%	9.0%	4.6%	19.8%
Enterprise value	$20.3B	$22.8B	$21.5B	$20B	$23.4B	$20.6B	$21.5B	$17B
Net debt / EBITDA	2.16×	1.84×	1.22×	1.89×	2.83×	1.28×	6.45×	1.57×
Cash conversion cycle (days)	22	36	47	47	57	59	105	52