Fortive Corp
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+ FollowMarket Cap$20.17B
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Earnings Call Q2 2025
July 30, 2025 - AI Summary
Fortive “new Fortive” launched after Ralliant spin; strong cash returns despite choppy demand
- Spin-off completion: Ralliant separated June 28, 2025; Q2 figures discussed thereafter are continuing operations (Precision Technologies results deferred to Ralliant’s Aug 12 call).
- Q2 2025 (continuing ops): Adjusted EPS $0.58, +4% YoY.
- Free cash flow: $180M in Q2; trailing 12-month FCF $939M, +14% YoY (FCF conversion 107% of adjusted net income).
Core financial performance was resilient, but Q2 revenue missed due to end-of-quarter demand dislocations
- Q2 revenue: ~$1.0B, -0.4% YoY (core -0.7%).
- Biggest driver of shortfall: late-quarter customer pull-forward/deferral tied to:
- Tariff uncertainty → customers deferred some Fluke professional instrumentation spend; mix shifted to longer lead-time products, increasing backlog and temporarily reducing revenue recognition.
- U.S. government spending pressure at Gordian → less “use-it-or-lose-it” behavior near fiscal year-end (state/local).
- Health care equipment deferrals → Advanced Healthcare Solutions (AHS) saw precautionary deferrals by hospitals as they navigated reimbursement policy uncertainty in late June.
Tariffs: updated outlook shows meaningful near-term headwind but “mitigated” by Q4 (with margin/EPS timing effects)
- Updated tariff impacts for continuing operations:
- 2H 2025 gross tariff impact: $40M–$55M
- Annualized basis: $80M–$120M
- Management says gross tariffs should be fully mitigated by Q4 (assuming current tariff path holds).
- Expectation: Q3 will still feel headwinds—modest gross margin and EPS headwind as countermeasures phase in.
- If trade/fiscal volatility worsens: expect continued near-term revenue visibility challenges.
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$52.49
22.7% downside
Current Fair Value
22.7% downsideOvervalued by 22.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $20.17 Billion |
|---|---|
| Enterprise Value | $23.30 Billion |
| Annual dividend | $0.25 |
| Dividend yield | 0.37% |
| Earnings per Share | $1.75 |
| Beta | 0.99 |
| Outstanding Shares | 300,400,000 |
Return
| Return on Equity | 10.82% |
|---|---|
| Return on Assets | 5.65% |
| Return on Invested Capital | 8.41% |
Valuation & Multiples
| P/E Ratio | 32.04 |
|---|---|
| PEG | 14.52 |
| Price to Sales | 4.85 |
| Price to Book Ratio | 3.4 |
| Enterprise Value to Revenue | 5.27 |
| Enterprise Value to EBIT | 26.84 |
| Enterprise Value to Net Income | 35 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.58 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.71
Consensus analyst estimateRevenue Estimate
$1.06 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$0.91
Consensus analyst estimateRevenue Estimate
$1.16 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 137.03% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 16.33%▼ 92.75% |
|---|---|
| Total Invested | $2.72B▼ 86.57% |
| Investors Holding | 380▼ 440.00% |
About Fortive Corp
17,000 employees
CEO: James Lico
Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. The company holds leading positions in intelligent operating solutions, precision technologies, and advanced healt...