Latest Ratios: P/E Ratio 30.5x · EV/EBITDA 17.2x · ROE 7.0%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.7B | $17.6B | $19.9B | $19.7B | $17.5B | $20.3B | $19.2B | $16.4B | $15.0B | $16.1B | $11.7B |
| Enterprise Value | $22.6B | $20.5B | $23.0B | $21.7B | $20.2B | $23.6B | $21.8B | $21.7B | $17.2B | $19.2B | $14.3B |
| P/E Ratio → | 30.47 | 31.73 | 23.94 | 22.84 | 23.17 | 35.27 | 12.41 | 22.20 | 5.13 | 15.41 | 13.47 |
| P/S Ratio | 4.49 | 3.43 | 3.20 | 3.25 | 3.00 | 3.85 | 4.13 | 3.59 | 2.32 | 2.79 | 1.89 |
| P/B Ratio | 3.23 | 2.73 | 1.96 | 1.91 | 1.80 | 2.13 | 2.14 | 2.21 | 2.26 | 4.22 | 4.36 |
| P/FCF | 18.19 | 18.03 | 14.17 | 15.84 | 14.47 | 22.23 | 14.08 | 14.13 | 12.15 | 15.46 | 11.66 |
| P/OCF | 18.23 | 16.28 | 13.06 | 14.58 | 13.41 | 21.07 | 13.34 | 12.88 | 11.13 | 13.67 | 10.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.98 | 3.69 | 3.57 | 3.46 | 4.49 | 4.70 | 4.75 | 2.67 | 3.33 | 2.30 |
| EV / EBITDA | 17.19 | 15.20 | 13.37 | 13.61 | 13.72 | 19.22 | 21.05 | 24.89 | 11.90 | 14.53 | 9.90 |
| EV / EBIT | 24.84 | 23.40 | 20.49 | 19.43 | 20.77 | 30.20 | 13.14 | 45.22 | 14.65 | 16.50 | 11.48 |
| EV / FCF | — | 20.92 | 16.35 | 17.38 | 16.71 | 25.88 | 15.99 | 18.70 | 13.97 | 18.44 | 14.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.0% | 61.0% | 59.9% | 59.3% | 57.7% | 57.3% | 56.5% | 54.7% | 51.5% | 50.8% | 48.9% |
| Operating Margin | 17.7% | 17.7% | 18.9% | 18.7% | 17.3% | 15.8% | 14.0% | 11.6% | 18.4% | 20.2% | 20.4% |
| Net Profit Margin | 11.3% | 11.3% | 13.4% | 14.3% | 13.0% | 11.6% | 34.8% | 16.2% | 45.2% | 18.1% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.0% | 7.0% | 8.1% | 8.7% | 7.9% | 6.6% | 19.7% | 10.5% | 55.9% | 32.1% | 22.2% |
| ROA | 4.0% | 4.0% | 4.9% | 5.3% | 4.7% | 3.7% | 9.6% | 4.9% | 24.9% | 11.2% | 11.3% |
| ROIC | 6.0% | 6.0% | 6.9% | 6.9% | 6.0% | 5.1% | 4.0% | 3.7% | 11.3% | 14.3% | 18.2% |
| ROCE | 7.5% | 7.5% | 7.9% | 8.0% | 7.8% | 6.4% | 4.8% | 4.3% | 12.1% | 14.9% | 20.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.38 | 0.37 | 0.35 | 0.44 | 0.49 | 0.88 | 0.52 | 1.07 | 1.25 |
| Debt / EBITDA | 2.38 | 2.38 | 2.25 | 2.40 | 2.33 | 3.38 | 4.28 | 7.47 | 2.37 | 3.07 | 2.32 |
| Net Debt / Equity | — | 0.44 | 0.30 | 0.19 | 0.28 | 0.35 | 0.29 | 0.72 | 0.34 | 0.81 | 0.95 |
| Net Debt / EBITDA | 2.10 | 2.10 | 1.78 | 1.21 | 1.84 | 2.71 | 2.52 | 6.08 | 1.56 | 2.34 | 1.77 |
| Debt / FCF | — | 2.89 | 2.18 | 1.54 | 2.25 | 3.65 | 1.92 | 4.57 | 1.83 | 2.97 | 2.54 |
| Interest Coverage | 7.26 | 7.26 | 7.35 | 9.02 | 9.89 | 7.56 | 11.15 | 3.36 | 12.12 | 13.10 | 25.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 1.16 | 2.05 | 0.91 | 0.68 | 1.55 | 1.06 | 1.45 | 1.83 | 1.70 |
| Quick Ratio | 0.58 | 0.58 | 0.91 | 1.75 | 0.71 | 0.54 | 1.40 | 0.88 | 1.18 | 1.47 | 1.33 |
| Cash Ratio | 0.17 | 0.17 | 0.36 | 1.05 | 0.26 | 0.22 | 1.03 | 0.35 | 0.54 | 0.60 | 0.55 |
| Asset Turnover | — | 0.44 | 0.37 | 0.36 | 0.37 | 0.32 | 0.29 | 0.26 | 0.50 | 0.55 | 0.76 |
| Inventory Turnover | 6.88 | 6.88 | 4.59 | 4.60 | 4.59 | 4.38 | 4.43 | 3.23 | 5.45 | 4.88 | 5.85 |
| Days Sales Outstanding | — | 48.52 | 55.37 | 57.82 | 60.05 | 64.61 | 63.82 | 71.23 | 67.60 | 64.71 | 55.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.5% | 0.6% | 0.5% | 0.6% | 0.5% | 0.5% | 0.6% | 0.6% | 0.6% | 26.0% |
| Payout Ratio | 15.9% | 15.9% | 13.4% | 11.8% | 13.2% | 16.1% | 5.9% | 12.7% | 3.3% | 9.3% | 349.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.2% | 4.2% | 4.4% | 4.3% | 2.8% | 8.1% | 4.5% | 19.5% | 6.5% | 7.4% |
| FCF Yield | 5.5% | 5.5% | 7.1% | 6.3% | 6.9% | 4.5% | 7.1% | 7.1% | 8.2% | 6.5% | 8.6% |
| Buyback Yield | 8.2% | 9.1% | 4.5% | 1.4% | 2.5% | 0.0% | 0.0% | 0.0% | 9.9% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.6% | 9.7% | 5.0% | 1.9% | 3.1% | 0.5% | 0.5% | 0.6% | 10.6% | 0.6% | 26.0% |
| Shares Outstanding | — | $319M | $353M | $356M | $361M | $352M | $359M | $340M | $351M | $353M | $347M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying FTV stock.
Fortive Corporation's current P/E ratio is 30.5x. The historical average is 20.6x. This places it at the 80th percentile of its historical range.
Fortive Corporation's current EV/EBITDA is 17.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
Fortive Corporation's return on equity (ROE) is 7.0%. The historical average is 17.6%.
Based on historical data, Fortive Corporation is trading at a P/E of 30.5x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fortive Corporation's current dividend yield is 0.44% with a payout ratio of 15.9%.
Fortive Corporation has 61.0% gross margin and 17.7% operating margin. Operating margin between 10-20% is typical for established companies.
Fortive Corporation's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Goodwill-heavy balance sheet concentration
Metrics are mathematically derived from official filings.
Premium Multiples Price in Margin Recovery
Based on reported figures, FTV trades at 37.6x trailing P/E and 18.3x EV/EBITDA, a premium to the 17.6x to 34.8x P/E range of most industrial peers, implying investors are pricing in sustained margin expansion rather than current earnings.
The gap between trailing P/E of 37.6x and forward P/E of 21.2x suggests consensus expects earnings to rise sharply from depressed 2025 levels, which is consistent with the recovery in operating margin from 15.5% to 21.3%. The P/B of 3.2x against ROE of 2.9% indicates the market is valuing franchise economics and cash generation well above book value. Investors should monitor whether the forward earnings path holds, since a shortfall would leave the multiple difficult to sustain.
Operating Margin Recovery Outpaces Net Margin
As reported in quarterly income statements, FTV's operating margin rose from 15.5% in 2025Q3 to 21.3% in 2026Q3, while net margin reached only 15.6%, a gap that signals below-the-line charges still absorbing earnings.
Gross margin has held in a narrow 63% to 64% band, indicating pricing and mix have been stable through the revenue volatility. The persistent spread between operating and net margin, particularly the 2025Q3 net margin of 5.4%, suggests non-operating items or tax effects warrant further investigation before treating operating margin as true earning power. Adjusted for these items, the sustainable profitability base may sit below the headline recovery.
Returns Remain Depressed Despite Margin Gains
Based on reported figures, FTV's ROIC has stayed between 1.1% and 1.9% over the past ten quarters, well below the 12.0% and 29.0% ROIC posted by AMETEK and Illinois Tool Works, implying weak capital efficiency relative to peers.
ROE of 2.9% in 2026Q3 is inflated relative to ROIC because of the leverage-driven equity base, and the gap is not a sign of underlying strength. The low asset turnover of roughly 0.10 on a quarterly basis reflects the goodwill-heavy asset base, which dilutes returns on invested capital. Whether returns can compound depends on margin gains translating into better asset productivity rather than further acquisitions.
Rising Leverage Against a Shrinking Equity Base
As reported in the balance sheets, FTV's debt-to-equity rose from 0.38 in 2024Q4 to 0.59 in 2026Q3 while interest coverage remained above 6x, suggesting debt service is comfortable even as the equity cushion narrows.
The increase in D/E appears driven more by equity contraction than new borrowing, as total debt has held near $3.5B since 2026Q1. Interest coverage of 6.2x in 2026Q3 versus 9.5x to 9.8x in earlier 2025 quarters indicates that coverage has compressed, warranting monitoring as operating income cycles. Goodwill equal to roughly 1.2x total equity means any impairment could materially lift reported leverage.
Working Capital Metrics Flatter Cash Conversion
Based on reported figures, the cash conversion cycle of 29 days in 2026Q3 is well below the 50 days seen in 2025Q3, but this improvement may partly reflect timing swings in payables rather than structural efficiency.
DPO of 98 days against DSO of 55 days suggests FTV relies on supplier financing to fund a substantial share of its working capital, which may not be durable if suppliers tighten terms. The sharp swing in DIO and DPO between 2025Q3 and 2026Q3 implies the CCC improvement is sensitive to timing. The most commonly misapplied metric here is ROE, since the shrinking equity base inflates it relative to economic returns on invested capital.