Fortive Corporation (FTV) Balance Sheet

Total equity fell from roughly $10.2B to $5.9B over the period while total debt stayed in a $3.2B to $3.5B range after the 2025Q2 peak, so the rise in leverage appears driven by book equity compression. This suggests large capital returns or portfolio-related reductions in equity, though investors should monitor whether further equity erosion narrows the buffer available to absorb impairments.

Debt peaked near $4.8B in 2025Q2 before falling back, which coincides with the larger asset base prior to the portfolio reduction. The current ratio's recovery suggests reclassification or repayment of short-term obligations, which may reduce near-term refinancing risk, though the supplied data does not include maturity schedules needed to confirm this.

Goodwill has been flat at $7.3B since 2025Q4 after falling from $10.4B in 2025Q2, indicating the portfolio reduction removed a substantial acquired-intangible balance. Net PP&E of roughly $279M is small relative to total assets, which points to a light physical footprint, but a goodwill share this high warrants monitoring for impairment exposure if segment performance weakens.

Cash peaked near $1.8B in 2025Q2 and has since drawn down to the mid-$300M range, consistent with deployment into acquisitions and buybacks. The current ratio near 1.2 suggests adequate short-term coverage, but the modest cash balance implies liquidity depends on continued free cash flow generation rather than a large reserve.