FTVFortive Corp

Industrial Instruments For Measurement, Display, And Control

Revenue: $4.2B; 1.9% YoY
Operating margin: 17.3%; 1.3% YoY
EBITDA: $1.2B; 0.9% YoY
Market cap: $19.4B
Employees: 10,000; $416K revenue each
Net debt / EBITDA: 2.7×; $3.1B net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
203% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
157% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
64% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$416K · 56th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$19.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.3B	$5.8B	$3.9B	$4.1B	$4.2B	1.9%
Operating income	$813M	$987M	$574M	$716M	$720M	0.5%
Net income	$608M	$755M	$866M	$833M	$533M	36%
Operating cash flow	$961M	$1.3B	$1.4B	$1.5B	$1.1B	29%
Capex	$50M	$96M	$79M	$86M	$105M	22%
Stock-based comp	$77M	$94M	$95M	$90M	$117M	30%
Buybacks	$0	$443M	$273M	$890M	$1.6B	81%
Dividends	$98M	$100M	$102M	$111M	$92M	17%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 22, 2020	RALES STEVEN M	SC 13D/A	4.9%	Passive
May 5, 2020	RALES MITCHELL P	SC 13D/A	3.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 4
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	106	190
FY2024	—	—	108	159
FY2023	—	—	105	135
FY2022	—	—	91	114
FY2021	—	—	108	121