At a glance
Fortive Corp is worth $19.89B, about 39 times its fiscal 2025 earnings. Revenue grew 1.9% to $4.16B in fiscal 2025, with 13.9% kept as profit. It pays a 0.37% dividend yield, and returned $3.72B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.4% over the past year with dividends reinvested and +3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.3% in the 2020 crash (S&P 500: 33.7%) and 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 12 months after the lows.
The business in plain English
Fortive makes professional instruments, safety equipment and workflow software for technical workers and hospitals. It is based in Everett, Washington, and employs more than 10,000 people in about 50 countries. Danaher spun Fortive off in 2016. On June 28, 2025, Fortive spun off its own Precision Technologies segment as a separate company, Ralliant. The figures below cover the business that remained.
Intelligent Operating Solutions is the larger segment. It brought in $2.86 billion, or 68.7% of 2025 revenue of $4.16 billion. It sells instruments for maintenance, repair, measurement and equipment monitoring. It also sells worker-safety tools and software for managing facilities and assets. Its brands include Fluke, ServiceChannel, Gordian, Accruent, Industrial Scientific and Intelex. Typical users are electricians, engineers, technicians, safety staff, facility managers and first responders. Advanced Healthcare Solutions made up 31.3% of revenue. It supplies healthcare providers with instrument sterilization and tracking, biomedical test tools, radiation monitoring and clinical software. Its brands include Advanced Sterilization Products, Censis, Fluke Biomedical, Landauer and Provation.
Products made up 80.3% of 2025 sales and services 19.7%. North America supplied 59.9% of revenue, Asia-Pacific 17.6%, Europe, the Middle East and Africa 17.5%, and Latin America 5.1%. Gross margin, the share of sales left after the direct costs of making what it sells, was 63.5%. Operating margin, the share left after all operating costs, was 17.3%.
Price history
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FTV +33.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $3.34B | 80.3% |
| Services | $817.8M | 19.7% |
By business segment
| Intelligent Operating Solutions | $2.86B | 68.7% |
| Advanced Healthcare Solutions | $1.30B | 31.3% |
By geography
| North America | $2.49B | 59.9% |
| Asia-Pacific | $730.1M | 17.6% |
| Europe, Middle East, and Africa | $725.8M | 17.5% |
| Latin America | $212.1M | 5.1% |
Latest results
- In Q3 FY2026 (ended Oct 2, 2026), revenue was $1.11B, up 7.8% from a year earlier, and net income was $172.5M (+213.6%).
- For fiscal 2025, revenue was $4.16B (+1.9% year over year) with a 13.9% net margin.
Financial health check
| Operating margin | 17.3% good |
|---|---|
| Free cash flow margin | 23.5% good |
| Return on equity (FY2025) | 9% watch |
| Return on assets (FY2025) | 4.9% watch |
| Net cash (cash minus debt) | $-3.14B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.63B | $1.54B | $1.36B |
| FY2021 | $5.25B | $573.9M | $911.1M |
| FY2022 | $5.83B | $755.2M | $1.21B |
| FY2023 | $3.91B | $865.8M | $1.27B |
| FY2024 | $4.08B | $832.9M | $1.44B |
| FY2025 | $4.16B | $579.2M | $978.1M |
Valuation snapshot
| Market value | $19.89B |
|---|---|
| P/E ratio | 38.6 |
| Dividend yield | 0.37% |
Rank among 1514 US companies
Market value at each year end
Fortive’s market value went from $11.64B at the end of 2016 to $19.89B on Nov 2, 2026, up 71%; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $19.89B | +13.5% |
| 2025 | $17.54B | -10.6% |
| 2024 | $19.61B | +0.6% |
| 2023 | $19.50B | +13.8% |
| 2022 | $17.13B | -16.9% |
| 2021 | $20.61B | +14.6% |
| 2020 | $18.00B | +11.7% |
| 2019 | $16.11B | +13.5% |
| 2018 | $14.19B | -10.1% |
| 2017 | $15.79B | +35.6% |
| 2016 | $11.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FTV price data to Nov 2, 2026 | +21.5% | +33.4% | +11.2% | +3.3% | +8.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.5% |
| 2025 | -1.8% |
| 2024 | +2.3% |
| 2023 | +15.1% |
| 2022 | -15.4% |
| 2021 | +8.1% |
| 2020 | +11.7% |
| 2019 | +13.3% |
| 2018 | -6.1% |
| 2017 | +35.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.3% over that stretch · deepest drop along the way 45.3%, back to its old high 5.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.5% over that stretch · deepest drop along the way 27.3%, back to its old high 12.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($8.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 30, 2026 | Peter C Underwood SVP - Chief Legal Officer | sell | $3.1M |
| May 4, 2026 | Peter C Underwood SVP - Chief Legal Officer | sell | $2.9M |
| Oct 30, 2026 | Christopher M. Mulhall VP - Chief Accounting Officer | sell | $1.2M |
| Aug 10, 2026 | Peter C Underwood SVP - Chief Legal Officer | sell | $533K |
| Oct 30, 2026 | Christopher M. Mulhall VP - Chief Accounting Officer | sell | $531K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 13.9% | Dec 31, 2025 |
| T. Rowe Price Associates, Inc. | 7.7% | Mar 31, 2026 |
| BlackRock, Inc. | 7.6% | Mar 31, 2025 |
| Vanguard Capital Management | 7.59% | Mar 31, 2026 |
| VIKING GLOBAL INVESTORS LP | 7.1% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.8% | May 31, 2025 |
ETFs with the most weight in FTV
| BOTT Themes Robotics & Automation ETF | 3.41% |
| CZAR Themes Natural Monopoly ETF | 3.28% |
| AIVL WisdomTree U.S. AI Enhanced Value Fund | 2.91% |
| TCAF T. Rowe Price Capital Appreciation Equity ETF | 2.1% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.06% |
| MADE iShares U.S. Manufacturing ETF | 2% |
| PAVE Global X US Infrastructure Development ETF | 1.98% |
| CZA Invesco Zacks Mid-Cap ETF | 1.52% |
What could go wrong
- Tax bills and liabilities from past spin-offs. Fortive could face large tax bills if its separations from Danaher, Vontier or Ralliant were ruled taxable. It may also have to pay costs it agreed to cover for Ralliant and Vontier.
- Strict healthcare rules and product defects. The healthcare segment, 31.3% of revenue, sells sterilization and safety products under heavy regulation. Compliance failures or product defects could hurt sales, bring legal claims and damage its reputation.
- Leadership changes after the Ralliant split. Fortive says it is critical to manage its leadership transition after the Ralliant separation and keep senior leaders and key staff. Losing key people, or failing to hire them, could slow its plans.
- A large debt load. As of October 2, 2026, Fortive had about $3.5 billion of debt and $377 million in cash. Interest costs could rise if rates climb, its credit rating falls or it borrows more.
- Acquisitions that fail to deliver. Fortive's strategy relies on disciplined use of cash for acquisitions and investments. Overpaying or poor integration could hurt results and force write-downs of goodwill, the premium paid above an acquired company's asset value.
- Tariffs and swings in global trade. Tariffs raise the cost of materials and parts Fortive imports into the US. North America supplied 59.9% of 2025 revenue, and sales elsewhere are exposed to trade disputes and currency swings.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Fortive pays a dividend, but it is small and has not grown. Dividends per share stayed at $0.28 from 2020 to 2022 and rose to about $0.32 by 2024. They fell back to about $0.28 in 2025, the year Ralliant was spun off, so there is no streak of annual increases. The 2025 dividend used about 16% of earnings and 9% of free cash flow (cash left after running and investing in the business). The yield was 0.39% as of October 28, 2026, so the stock provides little income on its own. Fortive returns far more cash through buybacks: $3.2 billion over 2021–2025, against $503 million in dividends. The share count fell 17% in the five years to October 2026.
In the 2020 COVID crash, the shares fell 45.3% and recovered in about six months. In the 2022 bear market they fell 27.3% and took about a year to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Fortive make money?
Fortive makes money mainly by selling instruments, software and services to industrial and healthcare customers. In 2025, its Intelligent Operating Solutions segment, home to brands such as Fluke, Gordian and Accruent, brought in 68.7% of its $4.16 billion revenue. Advanced Healthcare Solutions sells instrument sterilization products, biomedical test tools, radiation monitoring and clinical software. It supplied 31.3%. Products made up 80.3% of sales and services 19.7%. North America accounted for 59.9% of revenue.
Does Fortive raise its dividend every year?
No. Fortive has no streak of annual dividend increases. Dividends per share stayed at $0.28 from 2020 to 2022, rose to about $0.32 by 2024, then fell to about $0.28 in 2025. Over 2020 to 2025, the dividend shrank about 0.3% a year on average. The payout is small, at about 16% of 2025 earnings, and the yield was 0.39% as of October 28, 2026. Fortive spent $3.2 billion on buybacks over 2021–2025, far more than the $503 million it paid in dividends.
What is Ralliant and how is it related to Fortive?
Ralliant is Fortive's former Precision Technologies segment. On June 28, 2025, Fortive spun it off as a separate publicly traded company. The deal was structured to be tax-free for Fortive shareholders for US federal income tax purposes. In a spin-off, existing shareholders receive shares in the new company. Since then, Fortive has reported two segments: Intelligent Operating Solutions and Advanced Healthcare Solutions. Its annual report flags a risk: Fortive could owe taxes if the separation were ruled taxable, or costs it agreed to cover for Ralliant.
How has Fortive stock performed over the long term?
Fortive's share price rose 112% over the 10 years to October 28, 2026, or about 7.8% a year. Over five years it gained 16%, about 3% a year, and over one year it rose 31%. In 2026 through October 28, it was up 16.5%. The path was uneven: the stock fell 15.4% in 2022, and its deepest decline from a peak was 52.6%. These figures track share price only and leave out dividends.
What is Fortive's P/E ratio?
About 37. As of October 28, 2026, the share price was 37.1 times Fortive's 2025 earnings per share of $1.73. The company's market value was about $19.1 billion. This price-to-earnings (P/E) ratio is high partly because 2025 net income fell 30.5% from 2024. In the third quarter of fiscal 2026, net income rose 213.6% from a year earlier, and revenue grew 7.8%. A ratio based on 2025 earnings does not capture that improvement.