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Arphra AIPlain-English read on Fortive Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.25B | $5.83B | $6.07B | $6.23B | $5.14B | $4.33B | $4.5B | $4.68B | $4.91B |
| Cost of revenue | $2.24B | $2.46B | $2.47B | $2.5B | $2.01B | $1.71B | $1.76B | $1.84B | $2B |
| Gross profit | $3.01B | $3.36B | $3.59B | $3.73B | $3.13B | $2.53B | $2.73B | $2.88B | $3.01B |
| Gross margin | +57.28% | +57.73% | +59.26% | +59.87% | +60.96% | +58.40% | +60.70% | +61.55% | +61.41% |
| Operating | |||||||||
| Research & development | $354.8M | $401.5M | $397.8M | $414M | $342.3M | $284.51M | $296.76M | $309.04M | $325.82M |
| Selling, general & administrative | $1.82B | $1.96B | $2.06B | $2.14B | $1.88B | $1.5B | $1.57B | $1.6B | $1.71B |
| Total operating expenses | $2.18B | $2.36B | $2.46B | $2.55B | $2.23B | $1.81B | $1.85B | $1.92B | $2.03B |
| Operating income | $831.5M | $1.01B | $1.13B | $1.18B | $908.9M | $792.9M | $824.38M | $854.99M | $899.31M |
| Operating margin | +15.82% | +17.26% | +18.69% | +18.88% | +17.67% | +18.31% | +18.33% | +18.28% | +18.33% |
| EBITDA | $1.18B | $1.44B | $1.57B | $1.67B | $1.2B | $1.06B | $1.13B | $1.16B | $1.26B |
| EBIT | $780.7M | $971.8M | $1.11B | $1.12B | $874.4M | $760.63M | $808.59M | $823.23M | $862.06M |
| Below the line | |||||||||
| Interest expense | $103.2M | $98.3M | $123.5M | $152.8M | $120.5M | $97.57M | $99.89M | $109.26M | $108.98M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$154M | -$131.8M | -$142.9M | -$207.1M | -$155M | — | — | — | — |
| Pre-tax income | $677.5M | $873.5M | $990.8M | $969.6M | $753.9M | $655.43M | $679.06M | $744.01M | $752.29M |
| Income tax expense | $63.3M | $118.3M | $125M | $136.7M | $112.7M | $93.83M | $97.66M | $100.13M | $108.69M |
| Earnings | |||||||||
| Net income | $608.4M | $755.2M | $865.8M | $832.9M | $579.2M | $547.17M | $577.22M | $622.76M | $649.9M |
| Net income · continuing ops | $614.2M | $755.2M | $865.8M | $832.9M | $641.2M | $589.42M | $611.53M | $643.96M | $651.74M |
| Net margin | +11.58% | +12.96% | +14.27% | +13.37% | +11.26% | +12.63% | +12.83% | +13.32% | +13.25% |
| EPS · basic | $1.64 | $2.12 | $2.46 | $2.39 | $1.75 | $2.98 | $3.27 | $3.55 | $3.92 |
| EPS · diluted | $1.63 | $2.09 | $2.43 | $2.36 | $1.74 | $2.99 | $3.21 | $3.48 | $3.92 |
| EPS · low estimate | — | — | — | — | — | $2.93 | $3.09 | $3.25 | $3.87 |
| EPS · high estimate | — | — | — | — | — | $3.03 | $3.32 | $3.62 | $3.97 |
| Shares · basic | 349M | 356.4M | 352.5M | 349.2M | 316.4M | 314.69M | 317.88M | 319.21M | 316.54M |
| Shares · diluted | 352.3M | 360.8M | 355.6M | 352.8M | 319.4M | 319.81M | 318.05M | 318.68M | 317.62M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 12 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 9 | 10 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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