Latest Ratios: P/E Ratio 36.6x · EV/EBITDA 18.1x · 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 | $19.6B | $17.6B | $19.9B | $19.7B | $17.5B | $20.3B | $19.2B | $16.4B | $15.0B | $16.1B | $11.7B |
| Enterprise Value | $22.4B | $20.5B | $23.0B | $21.7B | $20.2B | $23.6B | $21.8B | $21.7B | $17.2B | $19.2B | $14.3B |
| P/E Ratio → | 36.55 | 31.73 | 23.94 | 22.84 | 23.17 | 35.27 | 12.41 | 22.20 | 5.13 | 15.41 | 13.47 |
| P/S Ratio | 3.81 | 3.43 | 3.20 | 3.25 | 3.00 | 3.85 | 4.13 | 3.59 | 2.32 | 2.79 | 1.89 |
| P/B Ratio | 3.14 | 2.73 | 1.96 | 1.91 | 1.80 | 2.13 | 2.14 | 2.21 | 2.26 | 4.22 | 4.36 |
| P/FCF | 20.02 | 18.03 | 14.17 | 15.84 | 14.47 | 22.23 | 14.08 | 14.13 | 12.15 | 15.46 | 11.66 |
| P/OCF | 18.08 | 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 | 18.15 | 16.57 | 13.37 | 13.61 | 13.72 | 19.22 | 21.05 | 24.89 | 11.90 | 14.53 | 9.90 |
| EV / EBIT | 24.66 | 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 | 2.60 | 2.60 | 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 | 2.29 | 2.29 | 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 | 0.5% | 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 | 2.7% | 3.2% | 4.2% | 4.4% | 4.3% | 2.8% | 8.1% | 4.5% | 19.5% | 6.5% | 7.4% |
| FCF Yield | 5.0% | 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 | 8.7% | 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 |
Organic revenue contraction pressure
According to current market data, Fortive trades at a 35.33x TTM P/E, which appears elevated relative to its recent organic revenue contraction, suggesting that investors are pricing in a recovery trajectory that may not yet be supported by the company's underlying fundamental performance metrics.
The forward P/E of 20.55 implies a significant expectation for earnings expansion, yet this valuation sits at a premium compared to peers like Roper Technologies. This discrepancy suggests the market may be overvaluing the transition to software-led recurring revenue while underestimating the cyclical risks inherent in the legacy hardware portfolio.
Based on reported financial statements, Fortive's ROIC has trended downward to 1.6% in 2026Q1, a significant compression from historical levels that indicates the company is struggling to generate adequate returns on its invested capital during this period of aggressive portfolio pruning and divestiture activity.
The persistent decline in ROIC suggests that the capital deployed into recent acquisitions or internal initiatives is not yet yielding the expected productivity gains. Investors should monitor whether this decay is a temporary byproduct of restructuring or a structural issue with the company's ability to integrate and optimize acquired assets.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 28 days in 2026Q1, which reflects the operational challenges of managing inventory and receivables during a period of substantial revenue contraction and shifting product mix across the company's three primary segments.
The variability in DSO and DIO suggests that the company's working capital management is being tested by the current demand environment. This inconsistency in efficiency metrics may indicate that the firm is struggling to align its supply chain and collection processes with the realities of a shrinking top-line.
According to the latest quarterly data, Fortive's current ratio has compressed to 0.71 in 2026Q1, down from a peak of 2.05 in 2023Q4, suggesting a tightening of short-term liquidity that may limit the company's flexibility in responding to unexpected operational shocks or market volatility.
The rapid decline in the current ratio warrants further investigation, as it may indicate that the company is utilizing cash for aggressive share repurchases or debt reduction at the expense of its short-term safety margin. This trend suggests a more vulnerable liquidity position than is typical for a diversified industrial firm.
The most commonly misapplied metric for Fortive is the traditional P/E ratio, which obscures the company's ongoing transition toward a software-enabled business model and fails to account for the significant non-cash amortization expenses that artificially depress reported earnings relative to actual cash-generating capacity.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the underlying cash flow generation, as these metrics are less distorted by the accounting impacts of the company's serial acquisition strategy. Relying on P/E alone risks misinterpreting the firm's true earning power during this complex operational pivot.
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 36.6x. The historical average is 20.6x. This places it at the 100th percentile of its historical range.
Fortive Corporation's current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
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 36.6x. This is at the 100th 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 0.45% 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 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.