Fortive (FTV)
Industrials · NYSE · US
Fundamentals
Valuation and ratings
Fortive trades at $62.45, which is 60% above the $24.88 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 61 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 36.6 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Fortive
Fortive Corporation designs, develops, manufactures, and markets products, software, and services in the United States, China, and internationally. It operates through Intelligent Operating Solutions and Advanced Healthcare Solutions segments. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including maintenance, repair, measurement and condition monitoring, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries. This segment markets its products and services under the ACCRUENT, FLUKE, GORDIAN, INDUSTRIAL SCIENTIFIC, INTELEX, and SERVICECHANNEL brand names. The Advanced Healthcare Solutions segment provides critical workflow solutions comprising instrument sterilization, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions under the ASP, CENSIS, FLUKE BIOMEDICAL, LANDAUER, and PROVATION brand names. Fortive Corporation was incorporated in 2015 and is headquartered in Everett, Washington.
FTV passes 1 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
14 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Dodge & Cox, DODGE & COX$2.39B · 1.3% of book
- Andreas Halvorsen, VIKING GLOBAL INVESTORS LP$1.24B · 3.5% of book
- Select Equity Group, Select Equity Group, L.P.$94.69M · 0.5% of book
- D. E. Shaw, D. E. Shaw & Co., Inc.$76.22M · 0.1% of book
- Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$62.39M · 0.1% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Fortive (FTV) undervalued?
Against our discounted cash flow estimate of $24.88, FTV at $62.45 is 60% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own FTV?
14 of the institutions we track reported a position in FTV in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is FTV's P/E ratio?
FTV trades at 36.6 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for FTV, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.