Explain this page
Arphra AIPlain-English read on Fortive Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +57.28% | +57.73% | +59.26% | +59.87% | +60.96% | +58.40% | +60.70% | +61.55% | +61.41% |
| Operating margin | +15.82% | +17.26% | +18.69% | +18.88% | +17.67% | +18.31% | +18.33% | +18.28% | +18.33% |
| EBITDA margin | +22.38% | +24.67% | +25.90% | +26.74% | +23.34% | +24.57% | +25.08% | +24.89% | +25.70% |
| EBIT margin | +14.86% | +16.68% | +18.37% | +18.01% | +17.00% | +17.56% | +17.98% | +17.60% | +17.58% |
| Pre-tax margin | +12.89% | +14.99% | +16.34% | +15.56% | +14.66% | +15.13% | +15.10% | +15.91% | +15.34% |
| Net margin | +11.58% | +12.96% | +14.27% | +13.37% | +11.26% | +12.63% | +12.83% | +13.32% | +13.25% |
| Cost structure | |||||||||
| Cost of revenue / sales | +42.72% | +42.27% | +40.74% | +40.13% | +39.04% | +39.46% | +39.12% | +39.31% | +40.78% |
| R&D intensity | +6.75% | +6.89% | +6.56% | +6.64% | +6.66% | +6.57% | +6.60% | +6.61% | +6.64% |
| SG&A intensity | +34.70% | +33.59% | +34.01% | +34.34% | +36.63% | +34.74% | +34.93% | +34.19% | +34.81% |
| Effective tax rate | +9.34% | +13.54% | +12.62% | +14.10% | +14.95% | +14.32% | +14.38% | +13.46% | +14.45% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +6.39% | +7.79% | +8.39% | +8.17% | +8.96% | +8.31% | +8.22% | +8.91% | +8.47% |
| Return on assets (ROA) | +3.69% | +4.75% | +5.12% | +4.89% | +4.93% | +4.96% | +5.03% | +5.25% | +5.19% |
| Return on capital (ROC) | +6.09% | +7.67% | +8.02% | +8.36% | +9.40% | +8.55% | +8.43% | +8.62% | +8.32% |
| Return on invested capital (ROIC) | +4.45% | +5.76% | +6.13% | +5.92% | +5.99% | +5.90% | +5.90% | +6.28% | +6.01% |
| Asset turnover | +31.91% | +36.66% | +35.86% | +36.62% | +43.81% | +39.29% | +39.19% | +39.45% | +39.17% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.58% | +12.96% | +14.27% | +13.37% | +11.26% | +12.63% | +12.83% | +13.32% | +13.25% |
| Asset turnover (× revenue / assets) | +31.91% | +36.66% | +35.86% | +36.62% | +43.81% | +39.29% | +39.19% | +39.45% | +39.17% |
| Equity multiplier (× assets / equity) | +173.01% | +164.01% | +163.79% | +166.90% | +181.67% | +167.43% | +163.47% | +169.57% | +163.17% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.32 | 0.37 | 0.36 | 0.37 | 0.44 | 0.39 | 0.39 | 0.39 | 0.39 |
| Fixed-asset turnover | 13.29 | 13.81 | 13.79 | 14.39 | 19.06 | — | — | — | — |
| Inventory turnover | 4.38 | 4.59 | 4.60 | 4.59 | 6.88 | — | — | — | — |
| Receivables turnover | 5.65 | 6.08 | 6.31 | 6.59 | 7.52 | — | — | — | — |
| Payables turnover | 4.02 | 3.95 | 4.06 | 3.69 | 4.60 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 64.61 | 60.05 | 57.82 | 55.37 | 48.52 | — | — | — | — |
| Days inventory outstanding (DIO) | 83.36 | 79.56 | 79.30 | 79.52 | 53.04 | — | — | — | — |
| Days payables outstanding (DPO) | 90.71 | 92.35 | 89.89 | 98.87 | 79.33 | — | — | — | — |
| Cash conversion cycle | 57.26 | 47.26 | 47.23 | 36.02 | 22.23 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.58 | 1.73 | 1.56 | 1.83 | 1.87 | 1.78 | 1.78 | 1.73 | 1.69 |
| FCF / Net income | 1.50 | 1.60 | 1.44 | 1.69 | 1.69 | 1.60 | 1.60 | 1.56 | 1.52 |
| FCF margin | +17.34% | +20.73% | +20.54% | +22.57% | +19.02% | +20.18% | +20.48% | +20.78% | +20.18% |
| OCF margin | +18.29% | +22.37% | +22.32% | +24.50% | +21.06% | +22.47% | +22.81% | +23.02% | +22.39% |
| CapEx / Revenue | +0.95% | +1.64% | +1.78% | +1.93% | +2.04% | +1.96% | +1.93% | +1.89% | +1.95% |
| CapEx / D&A | 0.13 | 0.21 | 0.24 | 0.22 | 0.24 | — | — | — | — |
| Stock-based comp / Revenue | +1.47% | +1.61% | +1.87% | +1.75% | +2.27% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.63 | 2.09 | 2.43 | 2.36 | 1.74 | 2.99 | 3.21 | 3.48 | 3.92 |
| EPS · basic | 1.64 | 2.12 | 2.46 | 2.39 | 1.75 | 2.98 | 3.27 | 3.55 | 3.92 |
| Book value / share | 27.01 | 26.85 | 29.04 | 28.90 | 20.23 | 20.59 | 22.08 | 21.94 | 24.16 |
| Tangible BV / share | -10.01 | -7.89 | -5.50 | -9.35 | -9.47 | 20.59 | 22.08 | 21.94 | 24.16 |
| Sales / share | 14.92 | 16.15 | 17.06 | 17.66 | 16.10 | 13.54 | 14.14 | 14.68 | 15.44 |
| Operating CF / share | 2.73 | 3.61 | 3.81 | 4.33 | 3.39 | 3.04 | 3.23 | 3.38 | 3.46 |
| Free cash flow / share | 2.59 | 3.35 | 3.50 | 3.99 | 3.06 | 2.73 | 2.90 | 3.05 | 3.12 |
| Dividends / share | 0.28 | 0.28 | 0.29 | 0.32 | 0.29 | 0.24 | 0.25 | 0.25 | 0.26 |
| Payout ratio | +16.06% | +13.18% | +11.78% | +13.35% | +15.92% | +14.14% | +13.60% | +12.97% | +12.90% |
| Retention ratio | +83.94% | +86.82% | +88.22% | +86.65% | +84.08% | +85.86% | +86.40% | +87.03% | +87.10% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +10.87% | +4.11% | +2.75% | -17.48% | -15.78% | +3.86% | +3.98% | +4.87% | -0.86% |
| Gross profit · YoY | — | +11.74% | +6.86% | +3.81% | -15.98% | -19.32% | +7.96% | +5.43% | +4.64% | +0.01% |
| Profit | ||||||||||
| Operating income · YoY | — | +20.90% | +12.77% | +3.79% | -22.76% | -12.76% | +3.97% | +3.71% | +5.18% | +0.98% |
| EBITDA · YoY | — | +22.21% | +9.30% | +6.06% | -27.96% | -11.35% | +6.03% | +3.18% | +8.30% | +0.87% |
| Net income · YoY | — | +24.13% | +14.65% | -3.80% | -30.46% | -5.53% | +5.49% | +7.89% | +4.36% | +0.83% |
| Operating | ||||||||||
| EBIT · YoY | — | +24.48% | +14.66% | +0.73% | -22.10% | -13.01% | +6.30% | +1.81% | +4.72% | +1.25% |
| R&D · YoY | — | +13.16% | -0.92% | +4.07% | -17.32% | -16.88% | +4.30% | +4.14% | +5.43% | -1.06% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +28.22% | +16.27% | -2.88% | -26.27% | +71.82% | +7.50% | +8.35% | +12.72% | +11.61% |
| EPS · basic · YoY | — | +29.27% | +16.04% | -2.85% | -26.78% | +70.01% | +9.79% | +8.64% | +10.60% | +11.52% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $4.14B | $3.42B | $3.81B | $3.88B | $3.21B | $2.69B | $2.76B | $2.92B | $3.13B |
| Net debt | $3.32B | $2.71B | $1.92B | $3.06B | $2.83B | $1.95B | $2B | $2.14B | $2.29B |
| Net debt / EBITDA | 2.83 | 1.89 | 1.22 | 1.84 | 2.36 | 1.83 | 1.77 | 1.83 | 1.82 |
| Debt / equity | 0.44 | 0.35 | 0.37 | 0.38 | 0.50 | 0.41 | 0.39 | 0.42 | 0.41 |
| Debt / assets | +25.16% | +21.53% | +22.53% | +22.78% | +27.31% | +24.37% | +24.04% | +24.66% | +25.01% |
| Equity / assets | +57.80% | +60.97% | +61.05% | +59.92% | +55.05% | +59.73% | +61.17% | +58.97% | +61.29% |
| Coverage | |||||||||
| EBITDA / interest expense | 11.40 | 14.62 | 12.72 | 10.91 | 9.96 | 10.91 | 11.30 | 10.66 | 11.57 |
| Operating income / interest | 8.06 | 10.23 | 9.18 | 7.70 | 7.54 | 8.13 | 8.25 | 7.83 | 8.25 |
| Interest expense | $103.2M | $98.3M | $123.5M | $152.8M | $120.5M | $97.57M | $99.89M | $109.26M | $108.98M |
| Liquidity | |||||||||
| Current ratio | 0.68 | 0.91 | 2.05 | 1.16 | 0.71 | — | — | — | — |
| Quick ratio | 0.47 | 0.61 | 1.59 | 0.79 | 0.47 | — | — | — | — |
| Cash ratio | 0.22 | 0.26 | 1.05 | 0.36 | 0.17 | — | — | — | — |
| Working capital | -$1.2B | -$250.1M | $1.88B | $353.9M | -$640.9M | — | — | — | — |
| Working capital / revenue | -22.84% | -4.29% | +31.00% | +5.68% | -12.46% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).