Upside case
Bull case
$116+91.4%
FTV would need investors to value it at roughly 39x earnings — about 19x more generous than today's 20x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Fortive Corporation (FTV) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
30
analysts
10 bullish · 2 bearish · 30 covering FTV
Strong Buy
0
Buy
10
Hold
18
Sell
2
Strong Sell
0
Consensus Target
$61
+0.4% vs today
Scenario Range
$38 – $116
Model bear to bull value window
Coverage
30
Published analyst ratings
Valuation Context
20.4x
Forward P/E · Market cap $18.6B
FTV price targets
Three scenarios for where FTV stock could go
Current
~$60
Confidence
59 / 100
Updated
May 1, 2026
Where we are now
Current · $60
Bear
$38
Base
$72
Bull
$116
Market caseClosest to today
Base case
$72+19.2%
At 24x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$38-37.5%
If investor confidence fades or macro conditions deteriorate, a 8x multiple contraction could push FTV down roughly 38% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Fortive Corporation
FTV · NYSETechnologyHardware, Equipment & PartsDecember year-end
Fortive is a diversified industrial technology company that provides professional instrumentation, software, and services for critical workflow applications. It generates revenue primarily through two segments: Intelligent Operating Solutions (around 60% of sales) offering connected reliability tools and enterprise software, and Precision Technologies (around 40%) providing test and measurement instruments and sensor solutions. The company's competitive advantage lies in its portfolio of essential, mission-critical products—particularly its Fluke brand—that create recurring revenue streams through software subscriptions and service contracts.
Market Cap
$18.6B
Revenue TTM
$4.7B
Net Income TTM
$544M
Net Margin
11.5%
FTV Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
+7.6%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.58/$0.58
Revenue
$1.5B/$1.0B
Q4 2025
EPS
$0.68/$0.57
Revenue
$1.0B/$1.0B
Q1 2026
EPS
$0.90/$0.84
Revenue
$1.1B/$1.1B
Q2 2026
EPS
$0.70/$0.64
Revenue
$1.1B/$1.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.58/$0.58 | -0.9% | $1.5B/$1.0B | +49.9% |
| Q4 2025 | $0.68/$0.57 | +19.5% | $1.0B/$1.0B | +1.9% |
| Q1 2026 | $0.90/$0.84 | +7.4% | $1.1B/$1.1B | +2.6% |
| Q2 2026 | $0.70/$0.64 | +9.4% | $1.1B/$1.0B | +3.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$4.3B
-9.3% YoY
FY2
$4.0B
-6.0% YoY
EPS Outlook
FY1
$2.14
+22.9% YoY
FY2
$2.07
-2.9% YoY
Trailing FCF (TTM)$971M
FCF Margin: 20.5%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
FTV beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
FTV Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $4.2B
Product Mix
Latest annual revenue by segment or product family
Intelligent Operating Solutions
68.7%
+5.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Intelligent Operating Solutions is the largest disclosed segment at 68.7% of FY 2025 revenue, up 5.2% YoY.
FTV Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $65 — implies +10.6% from today's price.
Upside to Fair Value
10.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
FTV
34.7x
vs
S&P 500
25.2x
+38% premium
vs Technology Trailing P/E
FTV
34.7x
vs
Technology
27.5x
+26% premium
vs FTV 5Y Avg P/E
Today
34.7x
vs
5Y Average
27.4x
+27% premium
Forward PE
20.4x
S&P 500
19.1x
+7%
Technology
21.7x
-6%
5Y Avg
—
—
Trailing PE
34.7x
S&P 500
25.2x
+38%
Technology
27.5x
+26%
5Y Avg
27.4x
+27%
PEG Ratio
—
S&P 500
1.75x
—
Technology
1.47x
—
5Y Avg
—
—
EV/EBITDA
17.3x
S&P 500
15.3x
+14%
Technology
17.4x
-0%
5Y Avg
15.3x
+13%
Price/FCF
19.0x
S&P 500
21.3x
-11%
Technology
19.8x
-4%
5Y Avg
16.9x
+12%
Price/Sales
3.6x
S&P 500
3.1x
+15%
Technology
2.4x
+50%
5Y Avg
3.3x
+8%
Dividend Yield
0.48%
S&P 500
1.88%
-75%
Technology
1.18%
-59%
5Y Avg
0.53%
-10%
| Metric | FTV | S&P 500 | Technology | 5Y Avg FTV |
|---|---|---|---|---|
| Forward PE | 20.4x | 19.1x | 21.7x | — |
| Trailing PE | 34.7x | 25.2x+38% | 27.5x+26% | 27.4x+27% |
| PEG Ratio | — | 1.75x | 1.47x | — |
| EV/EBITDA | 17.3x | 15.3x+14% | 17.4x | 15.3x+13% |
| Price/FCF | 19.0x | 21.3x-11% | 19.8x | 16.9x+12% |
| Price/Sales | 3.6x | 3.1x+15% | 2.4x+50% | 3.3x |
| Dividend Yield | 0.48% | 1.88% | 1.18% | 0.53% |
FTV trades above S&P 500 benchmarks on 3 of 5 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolFTV Financial Health
Verdict
Strong
FTV generates $971M in free cash flow at a 20.5% margin — returns 9.1% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$4.7B
Revenue Growth
TTM vs prior year
-23.4%
Gross Margin
Gross profit as a share of revenue
61.8%
Operating Margin
Operating income divided by revenue
17.7%
Net Margin
Net income divided by revenue
11.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.74
Free Cash Flow (TTM)
Cash generation after capex
$971M
FCF Margin
FCF as share of revenue — the primary cash quality signal
20.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.0%
ROA
Return on assets, trailing twelve months
4.1%
Cash & Equivalents
Liquid assets on the balance sheet
$376M
Net Debt
Total debt minus cash
$2.8B
Debt Serviceability
Net debt as a multiple of annual free cash flow
2.9× FCF
~2.9 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
7.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
9.1%
Dividend
0.5%
Buyback
8.7%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.6B
Dividend / Share
Annualized trailing dividend per share
$0.29
Payout Ratio
Share of earnings distributed as dividends
15.9%
Shares Outstanding
Declining as buybacks retire shares
308M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageFTV Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Slow Organic Growth
Fortive's organic revenue growth has averaged only 1.8% year-over-year over the last two years, indicating potential waning demand in its core business. This modest growth suggests a pressing need for improvements in products, pricing, or go-to-market strategies.
High Risk
Revenue Projections
Analysts project a revenue decline of 3.8% over the next 12 months, following a trend of annualized declines over the past five years. This forecast highlights potential demand headwinds for Fortive's products and services.
High Risk
Declining Margins
Fortive has experienced a decrease in adjusted gross profit margins, which has been partly attributed to tariff costs not being fully offset by revenue growth. This trend raises concerns about the company's profitability moving forward.
Medium
Market Volatility
With a beta of 1.10, Fortive's stock is more sensitive to market fluctuations compared to the broader market. This increased volatility can lead to significant price swings, impacting investor sentiment and stock performance.
Medium
Geopolitical Risks
Growing geopolitical risks can lead to uneven demand across regions, potentially impacting Fortive's business operations and financial performance. This uncertainty may affect strategic planning and market positioning.
Medium
Healthcare Policy Uncertainty
Fluctuations in healthcare policy can adversely affect the profitability of Fortive's AHS segment. Changes in regulations or funding can lead to unpredictable revenue streams in this critical area.
Lower
Insider Selling
Recent insider sales of stock without corresponding purchases have raised concerns among investors. This activity could signal potential issues or lack of confidence from those with inside knowledge of the company's operations.
Lower
Valuation Concerns
Some analysts believe that Fortive's stock may be trading above its intrinsic value, with valuation multiples becoming stretched in recent months. This could lead to downward pressure on the stock price if market sentiment shifts.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why FTV Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Transformation and Focus
Fortive has shed more capital-intensive, cyclical divisions, evolving into a high-margin, software-centric engine of industrial productivity. Its recurring revenue streams are growing and now represent 50% of the business.
Financial Performance
The company has demonstrated solid revenue growth, with reported increases in segments like AHS and IOS. In Q4 2025, Fortive reported 3% core growth, 8% Adjusted EBITDA growth, and 13% Adjusted EPS growth.
Growth Areas
Fortive's exposure to high-growth areas such as data centers and its strength in North American sales, particularly in professional instrumentation and healthcare equipment, contribute positively to its outlook.
Operational Excellence
The Fortive Business System is highlighted as a key driver for compounding earnings, enhancing operational efficiency and profitability.
Strong Cash Flow and Share Repurchases
Despite some headwinds, Fortive's strong cash flow and aggressive share repurchases are seen as compelling factors that support its stock performance.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
FTV Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$60.40
52W Range Position
85%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$46.34
+30.3% from the low
52-Week High
$62.81
-3.8% from the high
1 Month
+6.51%
3 Month
+0.47%
YTD
+9.0%
1 Year
+19.2%
3Y CAGR
+7.3%
5Y CAGR
+2.0%
10Y CAGR
+7.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
FTV vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
20.4x
vs 20.7x median
-2% below peer median
Revenue Growth
-9.3%
vs +2.4% median
-495% below peer median
Net Margin
11.5%
vs 19.3% median
-41% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
FTV FTV Fortive Corporation | $18.6B | 20.4x | -9.3% | 11.5% | Hold | +0.4% |
DHR DHR Danaher Corporation | $123.8B | 20.7x | +1.8% | 14.9% | Buy | +41.2% |
AME AME AMETEK, Inc. | $55.3B | 29.9x | +6.6% | 20.1% | Buy | +1.9% |
ROP ROP Roper Technologies, Inc. | $36.1B | 16.0x | +9.7% | 21.1% | Buy | +30.7% |
ITW ITW Illinois Tool Works Inc. | $75.1B | 23.1x | +1.8% | 19.3% | Hold | +5.0% |
PNR PNR Pentair plc | $12.9B | 14.9x | +2.4% | 16.0% | Hold | +42.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FTV Dividend and Capital Return
FTV returns capital mainly through $1.6B/year in buybacks (8.7% buyback yield), with a modest 0.48% dividend — combining for 9.1% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
9.1%
Dividend + buyback return per year
Buyback Yield
8.7%
Dividend Yield
0.48%
Payout Ratio
15.9%
How FTV Splits Its Return
Buyback 8.7%
Dividend 0.48%Buybacks 8.7%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.29
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
4.5%
5Y Div CAGR
5.4%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.6B
Estimated Shares Retired
27M
Approx. Share Reduction
8.7%
Shares Outstanding
Current diluted share count from the screening snapshot
308M
At 8.7%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.06 | — | — | — |
| 2025 | $0.24 | -0.2% | 9.1% | 9.7% |
| 2024 | $0.24 | +10.3% | 4.5% | 5.0% |
| 2023 | $0.22 | +3.6% | 1.4% | 1.9% |
| 2022 | $0.21 | 0.0% | 2.5% | 3.1% |
FAQ
7 questionsFTV Investor Questions
Common questions answered from live analyst data and company financials.
01Is Fortive Corporation (FTV) stock a buy or sell in 2026?
Fortive Corporation (FTV) is rated Hold by Wall Street analysts as of 2026. Of 30 analysts covering the stock, 10 rate it Buy or Strong Buy, 18 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $61, implying +0.4% from the current price of $60. The bear case scenario is $38 and the bull case is $116.
02What is the FTV stock price target for 2026?
The Wall Street consensus price target for FTV is $61 based on 30 analyst estimates. The high-end target is $70 (+15.9% from today), and the low-end target is $51 (-15.6%). The base case model target is $72.
03Is Fortive Corporation (FTV) stock overvalued in 2026?
FTV trades at 20.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Fortive Corporation (FTV) stock in 2026?
The primary risks for FTV in 2026 are: (1) Slow Organic Growth — Fortive's organic revenue growth has averaged only 1. (2) Revenue Projections — Analysts project a revenue decline of 3. (3) Declining Margins — Fortive has experienced a decrease in adjusted gross profit margins, which has been partly attributed to tariff costs not being fully offset by revenue growth. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Fortive Corporation's revenue and earnings forecast?
Analyst consensus estimates FTV will report consensus revenue of $4.3B (-9.3% year-over-year) and EPS of $2.14 (+22.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.0B in revenue.
06When does Fortive Corporation (FTV) report its next earnings?
A confirmed upcoming earnings date for FTV is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Fortive Corporation generate?
Fortive Corporation (FTV) generated $971M in free cash flow over the trailing twelve months — a free cash flow margin of 20.5%. FTV returns capital to shareholders through dividends (0.5% yield) and share repurchases ($1.6B TTM).