Fortive (FTV)
Market Price (9/5/2026): $56.93 | Market Cap: $17.3 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Fortive (FTV)
Market Price (9/5/2026): $56.93Market Cap: $17.3 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Attractive yieldFCF Yield is 6.0% Stock buyback supportStock Buyback 3Y Total is 3.3 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Automation & Robotics, Autonomous Technologies, and Cloud Computing. Themes include Factory Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -76% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.4% Key risksFTV key risks include [1] intense competition across its diversified portfolio and [2] navigating extensive regulations, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Attractive yieldFCF Yield is 6.0% |
| Stock buyback supportStock Buyback 3Y Total is 3.3 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Autonomous Technologies, and Cloud Computing. Themes include Factory Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -76% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.4% |
| Key risksFTV key risks include [1] intense competition across its diversified portfolio and [2] navigating extensive regulations, Show more. |
Qualitative Assessment
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Updated on 9/1/2026
Fortive (FTV) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Gross Margin Compression and Regional Weakness Despite Earnings Beat.
Fortive reported strong financial results for fiscal Q2 2026 (ended July 3, 2026), with adjusted earnings per share of $0.74 against a consensus estimate of $0.70-$0.71, and revenue of $1,096.8 million surpassing the $1.07 billion forecast. The company also raised its full-year 2026 adjusted EPS guidance to a range of $2.95 to $3.05. However, Fortive's shares experienced a significant decline, falling 7.08% on the day of the earnings release, July 29, 2026. This market reaction was primarily driven by investor concerns regarding "gross margin compression" and "regional weakness." Specifically, the adjusted gross margin decreased by 100 basis points to 63%, and the Advanced Healthcare Solutions segment's adjusted EBITDA margin contracted by 80 basis points to 26.1%.
2. Perceived Overvaluation Amidst Elevated Multiples.
Despite the company's solid performance in fiscal Q2 2026, the stock was potentially perceived as overvalued by the market, making it vulnerable to a pullback. Fortive's trailing price-to-earnings (P/E) ratio of 33.6x was "significantly above its 5-year median of 24.2x." This elevated multiple suggested that market expectations for future growth were already largely factored into the share price, potentially limiting further upside and increasing sensitivity to any perceived operational weaknesses.
Show more
Fortive (FTV) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Gross Margin Compression and Regional Weakness Despite Earnings Beat.
Fortive reported strong financial results for fiscal Q2 2026 (ended July 3, 2026), with adjusted earnings per share of $0.74 against a consensus estimate of $0.70-$0.71, and revenue of $1,096.8 million surpassing the $1.07 billion forecast. The company also raised its full-year 2026 adjusted EPS guidance to a range of $2.95 to $3.05. However, Fortive's shares experienced a significant decline, falling 7.08% on the day of the earnings release, July 29, 2026. This market reaction was primarily driven by investor concerns regarding "gross margin compression" and "regional weakness." Specifically, the adjusted gross margin decreased by 100 basis points to 63%, and the Advanced Healthcare Solutions segment's adjusted EBITDA margin contracted by 80 basis points to 26.1%.
2. Perceived Overvaluation Amidst Elevated Multiples.
Despite the company's solid performance in fiscal Q2 2026, the stock was potentially perceived as overvalued by the market, making it vulnerable to a pullback. Fortive's trailing price-to-earnings (P/E) ratio of 33.6x was "significantly above its 5-year median of 24.2x." This elevated multiple suggested that market expectations for future growth were already largely factored into the share price, potentially limiting further upside and increasing sensitivity to any perceived operational weaknesses.
Show more
Updated on 9/1/2026
Fortive (FTV) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Gross Margin Compression and Regional Weakness Despite Earnings Beat.
Fortive reported strong financial results for fiscal Q2 2026 (ended July 3, 2026), with adjusted earnings per share of $0.74 against a consensus estimate of $0.70-$0.71, and revenue of $1,096.8 million surpassing the $1.07 billion forecast. The company also raised its full-year 2026 adjusted EPS guidance to a range of $2.95 to $3.05. However, Fortive's shares experienced a significant decline, falling 7.08% on the day of the earnings release, July 29, 2026. This market reaction was primarily driven by investor concerns regarding "gross margin compression" and "regional weakness." Specifically, the adjusted gross margin decreased by 100 basis points to 63%, and the Advanced Healthcare Solutions segment's adjusted EBITDA margin contracted by 80 basis points to 26.1%.
2. Perceived Overvaluation Amidst Elevated Multiples.
Despite the company's solid performance in fiscal Q2 2026, the stock was potentially perceived as overvalued by the market, making it vulnerable to a pullback. Fortive's trailing price-to-earnings (P/E) ratio of 33.6x was "significantly above its 5-year median of 24.2x." This elevated multiple suggested that market expectations for future growth were already largely factored into the share price, potentially limiting further upside and increasing sensitivity to any perceived operational weaknesses.
3. Macroeconomic and Segment-Specific Headwinds.
Ongoing concerns about broader macroeconomic factors and specific challenges within Fortive's operating segments also contributed to the negative stock movement. Investors continue to monitor potential impacts from "U.S. and China trade friction," "government spending," and overall "healthcare demand" on the company's margins. The Advanced Healthcare Solutions segment, in particular, is facing scrutiny due to the prospect of a "longer period of weak hospital spending" and "healthcare reimbursement pressures," which could weigh on its performance.
Show less
Fortive (FTV) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Gross Margin Compression and Regional Weakness Despite Earnings Beat.
Fortive reported strong financial results for fiscal Q2 2026 (ended July 3, 2026), with adjusted earnings per share of $0.74 against a consensus estimate of $0.70-$0.71, and revenue of $1,096.8 million surpassing the $1.07 billion forecast. The company also raised its full-year 2026 adjusted EPS guidance to a range of $2.95 to $3.05. However, Fortive's shares experienced a significant decline, falling 7.08% on the day of the earnings release, July 29, 2026. This market reaction was primarily driven by investor concerns regarding "gross margin compression" and "regional weakness." Specifically, the adjusted gross margin decreased by 100 basis points to 63%, and the Advanced Healthcare Solutions segment's adjusted EBITDA margin contracted by 80 basis points to 26.1%.
2. Perceived Overvaluation Amidst Elevated Multiples.
Despite the company's solid performance in fiscal Q2 2026, the stock was potentially perceived as overvalued by the market, making it vulnerable to a pullback. Fortive's trailing price-to-earnings (P/E) ratio of 33.6x was "significantly above its 5-year median of 24.2x." This elevated multiple suggested that market expectations for future growth were already largely factored into the share price, potentially limiting further upside and increasing sensitivity to any perceived operational weaknesses.
3. Macroeconomic and Segment-Specific Headwinds.
Ongoing concerns about broader macroeconomic factors and specific challenges within Fortive's operating segments also contributed to the negative stock movement. Investors continue to monitor potential impacts from "U.S. and China trade friction," "government spending," and overall "healthcare demand" on the company's margins. The Advanced Healthcare Solutions segment, in particular, is facing scrutiny due to the prospect of a "longer period of weak hospital spending" and "healthcare reimbursement pressures," which could weigh on its performance.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -2.2% change in FTV stock from 5/31/2026 to 9/4/2026 was primarily driven by a -3.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.19 | 56.94 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,235 | 4,316 | 1.9% |
| Net Income Margin (%) | 12.8% | 12.4% | -3.5% |
| P/E Multiple | 33.1 | 32.4 | -2.2% |
| Shares Outstanding (Mil) | 310 | 304 | 1.8% |
| Cumulative Contribution | -2.2% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| FTV | -2.2% | |
| Market (SPY) | 1.8% | 30.9% |
| Sector (XLI) | 1.2% | 62.3% |
Fundamental Drivers
The -3.5% change in FTV stock from 2/28/2026 to 9/4/2026 was primarily driven by a -11.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.01 | 56.94 | -3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,159 | 4,316 | 3.8% |
| Net Income Margin (%) | 13.9% | 12.4% | -11.1% |
| P/E Multiple | 32.2 | 32.4 | 0.6% |
| Shares Outstanding (Mil) | 316 | 304 | 4.0% |
| Cumulative Contribution | -3.5% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| FTV | -3.5% | |
| Market (SPY) | 12.6% | 36.0% |
| Sector (XLI) | -0.8% | 51.5% |
Fundamental Drivers
The 19.6% change in FTV stock from 8/31/2025 to 9/4/2026 was primarily driven by a 54.2% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.59 | 56.94 | 19.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,086 | 4,316 | 5.6% |
| Net Income Margin (%) | 18.8% | 12.4% | -34.2% |
| P/E Multiple | 21.0 | 32.4 | 54.2% |
| Shares Outstanding (Mil) | 340 | 304 | 11.6% |
| Cumulative Contribution | 19.6% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| FTV | 19.6% | |
| Market (SPY) | 20.4% | 30.5% |
| Sector (XLI) | 16.5% | 45.2% |
Fundamental Drivers
The -4.5% change in FTV stock from 8/31/2023 to 9/4/2026 was primarily driven by a -27.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.62 | 56.94 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,973 | 4,316 | -27.7% |
| Net Income Margin (%) | 13.4% | 12.4% | -7.5% |
| P/E Multiple | 26.3 | 32.4 | 23.2% |
| Shares Outstanding (Mil) | 353 | 304 | 16.0% |
| Cumulative Contribution | -4.5% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| FTV | -4.5% | |
| Market (SPY) | 77.1% | 56.0% |
| Sector (XLI) | 68.7% | 64.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FTV Return | 8% | -15% | 15% | 2% | -3% | 4% | 9% |
| Peers Return | 18% | -10% | 20% | 9% | 14% | 6% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FTV Win Rate | 58% | 33% | 67% | 50% | 50% | 33% | |
| Peers Win Rate | 62% | 42% | 57% | 55% | 57% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| FTV Max Drawdown | -10% | -30% | -19% | -22% | -27% | -13% | |
| Peers Max Drawdown | -18% | -32% | -16% | -15% | -22% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AME, ROP, DOV, XYL, ESE. See FTV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | FTV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.5% | -18.8% |
| % Gain to Breakeven | 32.5% | 23.1% |
| Time to Breakeven | 454 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.8% | -9.5% |
| % Gain to Breakeven | 14.7% | 10.5% |
| Time to Breakeven | 90 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.0% | -24.5% |
| % Gain to Breakeven | 37.0% | 32.4% |
| Time to Breakeven | 377 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.8% | 50.9% |
| Time to Breakeven | 172 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.9% | -19.2% |
| % Gain to Breakeven | 31.5% | 23.8% |
| Time to Breakeven | 87 days | 105 days |
In The Past
Fortive's stock fell -24.5% during the 2025 US Tariff Shock. Such a loss loss requires a 32.5% gain to breakeven.
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Asset Allocation
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| Event | FTV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.5% | -18.8% |
| % Gain to Breakeven | 32.5% | 23.1% |
| Time to Breakeven | 454 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.0% | -24.5% |
| % Gain to Breakeven | 37.0% | 32.4% |
| Time to Breakeven | 377 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.8% | 50.9% |
| Time to Breakeven | 172 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.9% | -19.2% |
| % Gain to Breakeven | 31.5% | 23.8% |
| Time to Breakeven | 87 days | 105 days |
In The Past
Fortive's stock fell -24.5% during the 2025 US Tariff Shock. Such a loss loss requires a 32.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Fortive (FTV)
Fortive Corporation (FTV) is a global industrial technology company that designs, develops, manufactures, markets, and services a broad portfolio of professional and engineered products, software, and services. The company's core mission is to provide essential tools, software solutions, and specialized services that help its diverse customer base enhance operational efficiency, ensure safety, maintain compliance, and optimize asset management across various critical industries worldwide.
The company operates through distinct segments that cater to specific needs. Its Intelligent Operating Solutions segment offers connected reliability tools, enterprise software for environmental health, safety, and quality (EHS&Q), facility and asset lifecycle management, and construction procurement solutions. This segment also provides ruggedized professional test and calibration tools and portable gas detection, serving industries such as manufacturing, healthcare, utilities, and communications. The Precision Technologies segment focuses on high-precision electrical test and measurement instruments, sensor and control systems, and energetic material devices, which are crucial for sectors like power and energy, aerospace and defense, semiconductors, medical equipment, and general industrial applications.
Additionally, Fortive's Advanced Healthcare Solutions segment delivers specialized hardware and software products and services tailored for the healthcare industry. These include solutions for instrument and device reprocessing, instrument tracking, biomedical test tools, radiation safety monitoring, and asset management services. This segment also offers subscription-based surgical inventory management systems, assisting healthcare providers with inventory control and regulatory compliance. In essence, Fortive equips professionals across a wide array of industrial, operational, and healthcare settings with advanced technology and software to improve productivity, ensure safety, and optimize critical operations globally.
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Here are 1-2 brief analogies for Fortive (FTV):
- It's like a focused Danaher, providing specialized professional tools, sensors, and operational software for industrial, healthcare, and commercial markets.
- Think of it as a specialized Honeywell, focusing on precision instruments, sensors, and operational software that helps industrial, healthcare, and commercial businesses run efficiently.
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- Professional Test & Measurement Tools: Includes ruggedized electrical, pressure, temperature, and general purpose test and calibration instruments for industrial and utility applications.
- EHS&Q Enterprise Software: Software solutions for managing environment, health, safety, and quality compliance and operations for various industries.
- Facility & Asset Lifecycle Software: Enterprise software for managing the lifecycle of physical facilities and assets, including maintenance and service.
- Construction Planning & Procurement Solutions: Solutions supporting pre-construction planning, procurement, and project cost management for the construction industry.
- Sensor & Control System Solutions: Provides a range of sensors, control systems, and associated devices for industrial automation and precision applications.
- Medical Device Reprocessing & Tracking Systems: Hardware, software, and services for the sterilization, reprocessing, and tracking of medical instruments and devices.
- Biomedical Test Tools: Specialized instruments for testing, calibration, and maintenance of medical and biomedical equipment.
- Radiation Safety & Monitoring Solutions: Products and services for monitoring radiation exposure, ensuring safety, and compliance in healthcare and other industries.
- Surgical Inventory Management Systems: Subscription-based software systems designed to manage surgical inventory and facilitate regulatory compliance in healthcare settings.
- Portable Gas Detection Tools: Professional tools for detecting various gases to ensure safety in industrial and hazardous environments.
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Fortive (FTV) primarily sells its professional and engineered products, software, and services to other companies and organizations (Business-to-Business or B2B) across a diverse range of industries.
The provided background information describes the broad vertical markets and sectors that Fortive serves, rather than listing specific customer company names. Therefore, specific customer company names with their symbols cannot be provided from the given text.
Fortive's major customer categories, based on the industries and markets it serves, include:
- Industrial, Manufacturing, and Process Industries: This broad category includes customers involved in general manufacturing, various process industries, off-highway vehicles, and other general industrial markets. These customers utilize Fortive's connected reliability tools, ruggedized professional test and calibration tools, and sensor and control system solutions.
- Healthcare and Medical Sector: Customers in this segment include healthcare providers, hospitals, and medical equipment manufacturers. They benefit from Fortive's hardware and software products for instrument and device reprocessing, surgical inventory management systems, biomedical test tools, and radiation safety monitoring.
- Utilities, Power, Energy, and Electronics: This category encompasses customers in utilities, power and energy sectors, communications, electronics, and semiconductor industries. They rely on Fortive's electrical test and measurement instruments, energetic material devices, and sensor and control system solutions.
- Aerospace and Defense: Specialized customers in aerospace and defense markets use Fortive's precision technologies, including sensor and control systems and energetic material devices.
- Cross-Industry Facility & Asset Management: Organizations across various sectors leverage Fortive's enterprise software products for environment, health, safety, and quality; facility and asset lifecycle management; and pre-construction planning and construction procurement solutions.
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Olumide Soroye, President & Chief Executive Officer
Olumide Soroye was appointed President and Chief Executive Officer of Fortive in June 2025. Previously, he served as President & CEO of Fortive's Intelligent Operating Solutions and Advanced Healthcare Solutions Segments. Before joining Fortive, Mr. Soroye was a Managing Director at CoreLogic and a Partner at McKinsey & Company. He holds an MBA from Harvard Business School and a JD from Loyola Law School.
Mark Okerstrom, Senior Vice President & Chief Financial Officer
Mark Okerstrom became Fortive's Chief Financial Officer on March 24, 2025. Prior to joining Fortive, he served as an external advisor at Bain & Company and Advent International, a global private equity firm. His past experience includes serving as President and COO at Convoy, Inc., and holding various executive positions, including CEO, at Expedia Group, Inc., where he accumulated over 13 years of experience. Mr. Okerstrom has expertise in capital allocation and M&A strategies. He earned an MBA from Harvard Business School and a JD from the University of British Columbia.
Tamara Newcombe, President and Chief Executive Officer, Precision Technologies and Advanced Healthcare Solutions
Tamara Newcombe holds the position of President and Chief Executive Officer for Fortive's Precision Technologies and Advanced Healthcare Solutions segments. In this role, she oversees segments that provide electrical test and measurement instruments, energetic material devices, sensor and control system solutions, instrument and device reprocessing, instrument tracking, and radiation safety monitoring services.
Chris Mulhall, Chief Accounting Officer
Chris Mulhall leads Fortive's accounting and reporting functions, with responsibilities spanning global financial planning and analysis, accounting policies and procedures, and external and SEC reporting. Before becoming Chief Accounting Officer in 2019, he was the CFO of Sensing Technologies at Fortive. His career includes financial leadership roles at Danaher, 3M, and PwC. Mr. Mulhall holds an MBA from the University of Connecticut and a BS in accounting from Central Connecticut State University.
Parker Burke, President of Fluke and Group President, Connected Reliability Group (CRG)
Parker Burke serves as the President of Fluke and Group President of the Connected Reliability Group, which encompasses Fluke and Fluke Reliability Systems. With 15 years of experience at Fortive, he has led global cross-functional teams and integrated the Fortive Business System throughout the company. His previous roles include President of Industrial Scientific and leadership positions at Gilbarco Veeder-Root. Mr. Burke earned an MBA from Northwestern University's Kellogg School of Management and a Bachelor of Science in Systems Engineering from the United States Naval Academy.
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Key Risks to Fortive (FTV)
- Economic Cyclicality and Demand Headwinds: Fortive's diverse portfolio, particularly its Precision Technologies and parts of its Intelligent Operating Solutions segments, serves industrial and manufacturing markets that are highly sensitive to macroeconomic conditions and capital expenditure cycles. A downturn or slowdown in global economic activity, including factors like China demand softness or macro capital expenditure swings, can directly impact customer demand for Fortive's products and services, leading to reduced bookings and revenue. Analysts have projected potential revenue declines for Fortive, indicating anticipated demand headwinds in its core businesses.
- Intense Competition and Technological Disruption: Fortive operates in highly competitive markets across its segments, facing challenges from both large industrial conglomerates and specialized technology providers. The company's strategic shift towards software-enabled, recurring-revenue platforms increases its exposure to competition from major SaaS vendors and hyperscaler platforms. Furthermore, the accelerating pace of technological evolution, including advancements in artificial intelligence (AI), poses a risk of commoditization of analytics and requires continuous innovation to maintain market leadership and adapt to dynamic market demands.
- Cybersecurity Risks, especially in Healthcare and Connected Solutions: As Fortive increasingly offers connected reliability tools, enterprise software products, and healthcare technology solutions, it faces significant cybersecurity threats. The Advanced Healthcare Solutions segment, in particular, operates in an industry that is a prime target for cyberattacks and data breaches, which can result in substantial financial losses, reputational damage, and patient safety risks. The reliance on digital systems and potentially legacy medical devices in healthcare settings creates vulnerabilities that hackers can exploit, while rising cybersecurity costs can also impact Fortive's cost-to-serve and sales cycles.
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Clear Emerging Threats for Fortive (FTV):
-
Shift to Disposable Medical Instruments:
The increasing adoption of single-use or disposable surgical instruments and medical devices by healthcare providers, driven by factors such as infection control, efficiency, and reduced reprocessing costs, poses a direct threat to Fortive's Advanced Healthcare Solutions segment. Specifically, demand for Fortive's instrument and device reprocessing hardware and services (e.g., under brands like ASP and STERRAD) could significantly diminish if hospitals opt out of sterilizing and tracking reusable instruments. -
Emergence of Integrated, AI-Driven Industrial and Healthcare Operational Platforms:
Large enterprise software providers and industrial automation giants are increasingly developing comprehensive, highly integrated, and AI-powered platforms that consolidate a wide array of operational functionalities. These platforms could offer superior or more cost-effective solutions for facility management, asset lifecycle management, environment, health, safety, and quality (EHS&Q) compliance, predictive maintenance, and surgical inventory management. This trend directly threatens Fortive's specialized software brands within its Intelligent Operating Solutions (e.g., ACCRUENT, INTELEX, SERVICECHANNEL, GORDIAN) and Advanced Healthcare Solutions (e.g., CENSIS, CENSITRAC) segments by making standalone solutions less competitive or potentially redundant within a broader, unified ecosystem. -
Software-Defined and Virtualized Test and Measurement Solutions:
The accelerating trend in the electronics and industrial sectors towards software-defined instrumentation and virtualization, leveraging powerful, general-purpose computing hardware combined with advanced software, could challenge Fortive's Precision Technologies segment. This shift could enable the creation of flexible, customizable, and often lower-cost virtual instruments that replicate or surpass the capabilities of Fortive's dedicated, specialized hardware test and measurement devices (e.g., under brands like TEKTRONIX and KEITHLEY), potentially leading to commoditization of hardware and a shift in value towards software.
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Fortive Corporation (FTV) operates in diverse markets, providing professional and engineered products, software, and services. The addressable markets for its main products and services are sized as follows:
- Industrial Internet of Things (IIoT) / Connected Reliability Tools: The global Industrial IoT market was valued at approximately USD 276.6 billion in 2025 and is projected to reach USD 964.16 billion by 2035, growing at a compound annual growth rate (CAGR) of 13.3% from 2026 to 2035. North America is identified as the largest region in this market. Another estimate places the global Industrial IoT market size at USD 325.7 billion in 2025, with a projection to reach USD 944.8 billion by 2034, exhibiting a CAGR of 12.18% between 2026 and 2034. The number of connected IoT devices globally is expected to grow to 21.1 billion by the end of 2025 and 39 billion in 2030.
- Environment, Health, Safety (EHS) Software: The global Environmental Health and Safety Software market is valued at USD 7.5 billion, based on a five-year historical analysis. More recent projections estimate the global EHS software market size at USD 7.06 billion in 2025, expected to increase to USD 14.52 billion in 2035 with a CAGR of 7.4% between 2026 and 2035. Another source indicates the global EHS software market size was USD 2.26 billion in 2025, estimated to grow from USD 2.48 billion in 2026 to reach USD 3.92 billion by 2031, at a CAGR of 9.64% during the forecast period (2026-2031).
- Test and Measurement Equipment: The global test and measurement equipment market size was estimated at USD 35,316.5 million in 2025 and is projected to reach USD 50,627.9 million by 2033, growing at a CAGR of 4.8% from 2026 to 2033. The Asia Pacific region is noted to dominate this market, holding a 41.7% share in 2025. Other estimates place the global market value at USD 38.06 billion in 2025, projected to reach USD 62.55 billion by 2034, expanding at a 5.70% CAGR from 2026 to 2034.
- Calibration Services and Tools: The global calibration services market size reached USD 6.5 billion in 2025 and is expected to reach USD 9.4 billion by 2034, exhibiting a CAGR of 4.30%. Similarly, the global Calibration Management Tools market size was USD 6124.2 million in 2024 and is expected to reach USD 8059.0 million by 2031, with a CAGR of 4.00% globally. North America held a significant share, accounting for over 40% of the global revenue at USD 2449.68 million in 2024.
- Portable Gas Detection Tools: The global gas detection equipment market size was estimated at USD 5.60 billion in 2024 and is projected to reach USD 10.66 billion by 2030, growing at a CAGR of 11.7%. The Asia Pacific market held the largest share in 2024, accounting for 33.40% of the overall global market. Specifically for portable gas detectors, the global market size is estimated at USD 1.15 billion in 2025 and is predicted to increase to approximately USD 1.73 billion by 2034, growing at a CAGR of 4.63%.
- Industrial Sensors and Control Systems: The global industrial sensor market was valued at USD 53.7 billion in 2025 and is expected to grow to USD 98.1 billion in 2035, at a CAGR of 6.4% from 2026 to 2035. North America is currently the largest market, while Asia Pacific is the fastest-growing region. Other reports indicate the Industrial Sensors Market size is projected to be USD 27.39 billion in 2025, growing to USD 47.35 billion by 2031 at a CAGR of 9.55%.
- Medical Device Reprocessing: The global medical device reprocessing market size was valued at USD 4.50 billion in 2025 and is projected to grow from USD 4.84 billion in 2026 to USD 7.80 billion by 2034, exhibiting a CAGR of 6.1%. North America dominated the global market with a 44.66% share in 2025. Another report states the global market was valued at USD 4.94 billion in 2024 and is expected to reach USD 17.45 billion by 2032, growing at a CAGR of 17.1%.
- Surgical Instrument Tracking Systems / Hospital Asset Tracking & Inventory Management Systems: The global surgical instrument tracking systems market size was valued at USD 316.3 million in 2025. This market is projected to grow from USD 356.9 million in 2026 to USD 878.5 million by 2034, exhibiting a CAGR of 11.90%. North America held the largest share, at 47.80% in 2025. The broader global hospital asset tracking and inventory management systems market size is projected to expand from USD 29.43 billion in 2025 to USD 40.58 billion by 2031, registering a CAGR of 5.5%. North America commanded a 40.78% market share in this segment in 2025.
- Radiation Safety Monitoring: The global radiation detection, monitoring and safety market size accounted for USD 1.8 billion in 2025 and is predicted to increase from USD 1.93 billion in 2026 to approximately USD 3.44 billion by 2034, expanding at a CAGR of 7.44%. North America led the global market with the largest share. Another assessment estimates the market size at USD 3.85 billion in 2026, projected to reach USD 5.23 billion by 2031, growing at a 6.32% CAGR.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Fortive (FTV) over the next 2-3 years:
- Increased Focus on Intelligent Operating Solutions (IOS) and Advanced Healthcare Solutions (AHS) Segments: Fortive's planned separation of its Precision Technologies segment into a new entity, Ralliant, anticipated for early Q3 2025, will allow the company to concentrate its efforts on its core Intelligent Operating Solutions and Advanced Healthcare Solutions segments. This sharpened strategic focus is expected to accelerate profitable organic growth within these key areas. Fortive expects all IOS businesses to contribute to segment growth in 2026.
- Expansion of Recurring Revenue and Software Offerings: Fortive is strategically increasing its mix of recurring revenue businesses, with a projection for approximately 50% recurring revenue for the "New Fortive" by Q3 2025. This growth is driven by double-digit annual recurring revenue (ARR) growth from subscription services at brands like Fluke and strong net dollar retention in IOS software renewals. The company is also implementing AI-enabled customer experience improvements to enhance net dollar retention and customer lifetime value.
- Accelerated Product Innovation and New Product Introductions (NPIs), leveraging AI Integration: Fortive is committed to continuous innovation and plans for over 20 new product introductions at Fluke over an 18-month period, targeting high-growth vehicles and end markets. This includes expanding addressable markets with new products such as Fluke's solar and thermal imaging tools and ASP's steam monitoring products. Furthermore, Fortive is integrating Artificial Intelligence (AI) across its operations and product offerings, infusing its Fortive Business System with AI capabilities, and establishing an AI center of excellence. This includes the release of AI-powered products by ServiceChannel and AI assistance in healthcare workflows.
- Strategic Acquisitions: Fortive actively pursues strategic acquisitions to strengthen its market presence and expand its technological capabilities. An example of this strategy is the acquisition of EA Elektro-Automatik in January 2024, which enhanced its electronic test and measurement capabilities. The company continues to seek acquisitions in industries with market-leading positions.
- Targeted Commercial Investments and Geographic Expansion: The company is making surgical commercial investments in high-growth verticals and expanding its geographic reach. These targeted investments, such as those made in India for Fluke and other brands, have already resulted in double-digit growth due to increased sales capacity and local presence.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Fortive deployed $1.6 billion towards share repurchases in fiscal year 2025.
- In the second half of 2025, approximately $1.3 billion was repurchased, representing about 26 million shares or 8% of diluted shares outstanding.
- As of May 27, 2025, 20 million shares were available for future repurchase under the general share repurchase program, and approximately $78.2 million remained under a separate $550 million special purpose share repurchase program as of November 2025.
Share Issuance
- No significant share issuances for capital raising purposes were explicitly detailed within the last 3-5 years.
Inbound Investments
- No large inbound investments by third-parties were detailed within the last 3-5 years.
Outbound Investments
- Fortive acquired EA Elektro-Automatik for $1.45 billion in October 2023.
- In December 2021, Fortive acquired ProVation Medical for $1.4 billion.
- Fortive acquired ServiceChannel and TeamSense in July 2021 for undisclosed amounts.
Capital Expenditures
- No specific dollar values for Fortive's own capital expenditures over the last 3-5 years are available in the provided information. Customer deferral of U.S.-based hospital capital expenditures was noted as impacting Fortive's Advanced Healthcare Solutions segment.
Peer Outperformance in Industrial Machinery & Supplies & Components
FTV has trailed 71% of its 70 Industrial Machinery & Supplies & Components peers over 5Y. Industrial Machinery & Supplies & Components ranks 7th of 23 industries in Industrials by median 5Y return.
Share of Industrial Machinery & Supplies & Components constituents that FTV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
59%
of 75 industry peers · 20.3% return
3Y
22%
of 73 industry peers · -2.7% return
5Y
29%
of 70 industry peers · 0.7% return
No Industrial Machinery & Supplies & Components peer with a comparable growth profile has beaten FTV by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Industrial Machinery & Supplies & Components is FTV's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 18.0% | 111.1% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 72.8% | 70.4% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.7% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.3% | 57.5% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.4% | 41.2% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 30.7% | 72.2% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components ← | 71 | 8.8% | 49.3% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 35.6% | 5.9% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 0.7% | 39.0% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services | 33 | 13.1% | 32.4% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 19.1% | 51.3% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products | 33 | -9.7% | 7.2% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -9.7% | -20.5% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery | 17 | 14.0% | -1.4% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.4% | 15.4% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.8% | 16.4% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.6% | -12.8% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 3.6% | -1.0% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.7% | 23.7% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 5.8% | -18.3% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -6.0% | -22.3% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -33.9% | 5.0% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -66.4% | -76.9% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 215.30 |
| Mkt Cap | 25.5 |
| Rev LTM | 8,072 |
| Op Inc LTM | 1,420 |
| FCF LTM | 1,106 |
| FCF 3Y Avg | 1,095 |
| CFO LTM | 1,346 |
| CFO 3Y Avg | 1,287 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 9.6% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 11.1% |
| Op Inc Chg 3Y Avg | 10.2% |
| Op Mgn LTM | 17.5% |
| Op Mgn 3Y Avg | 16.6% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 21.6% |
| CFO/Rev 3Y Avg | 21.4% |
| FCF/Rev LTM | 19.2% |
| FCF/Rev 3Y Avg | 18.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.5 |
| P/S | 4.5 |
| P/Op Inc | 20.2 |
| P/EBIT | 20.6 |
| P/E | 23.7 |
| P/CFO | 18.9 |
| Total Yield | 5.0% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.6% |
| 3M Rtn | -4.9% |
| 6M Rtn | 1.2% |
| 12M Rtn | 14.8% |
| 3Y Rtn | 25.5% |
| 1M Excs Rtn | -7.4% |
| 3M Excs Rtn | -9.5% |
| 6M Excs Rtn | -13.3% |
| 12M Excs Rtn | -3.9% |
| 3Y Excs Rtn | -50.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Intelligent Operating Solutions | 2,856 | 2,793 | 2,684 | 2,466 | 2,169 |
| Advanced Healthcare Solutions | 1,303 | 1,288 | 1,229 | 1,207 | 1,236 |
| Unallocated Corporate Costs and Other | 0 | 0 | 0 | 0 | |
| Precision Technologies | 2,152 | 1,849 | |||
| Total | 4,159 | 4,081 | 3,914 | 5,826 | 5,255 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Intelligent Operating Solutions | 738 | 708 | 630 | 519 | 408 |
| Advanced Healthcare Solutions | 139 | 138 | 84 | 96 | 102 |
| Unallocated Corporate Costs and Other | -157 | -130 | -140 | -131 | |
| Precision Technologies | 504 | 408 | |||
| Other | -106 | ||||
| Russia exit and wind down costs | 0 | ||||
| Total | 720 | 716 | 574 | 987 | 813 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Intelligent Operating Solutions | 6,346 | 6,324 | 6,550 | 6,583 | 6,769 |
| Advanced Healthcare Solutions | 4,862 | 5,009 | 5,310 | 5,498 | 5,737 |
| Other | 509 | 973 | 2,086 | 826 | 965 |
| Assets of Discontinued Operations | 21 | 4,710 | |||
| Precision Technologies | 2,966 | 2,983 | 2,994 | ||
| Total | 11,738 | 17,016 | 16,912 | 15,891 | 16,466 |
Price Behavior
Price Behavior
| Market Price | $56.94 | |
| Market Cap ($ Bil) | 17.3 | |
| First Trading Date | 06/13/2016 | |
| Distance from 52W High | -11.0% | |
| 50 Days | 200 Days | |
| DMA Price | $60.58 | $57.92 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -6.0% | -1.7% |
| 3M | 1YR | |
| Volatility | 27.7% | 26.7% |
| Downside Capture | 105.14 | 58.91 |
| Upside Capture | 51.61 | 68.03 |
| Correlation (SPY) | 31.3% | 30.7% |
FTV Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.71 | 0.78 | 0.56 | 0.62 | 0.62 | 0.92 |
| Up Beta | 0.81 | -0.28 | -0.66 | 0.29 | 0.34 | 0.82 |
| Down Beta | 0.72 | 2.11 | 1.39 | 1.11 | 0.94 | 1.07 |
| Up Capture | 47% | 58% | 66% | 45% | 57% | 55% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 34 | 61 | 127 | 379 |
| Down Capture | 99% | 124% | 70% | 72% | 62% | 100% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 30 | 66 | 123 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FTV | |
|---|---|---|---|---|
| FTV | 20.4% | 26.7% | 0.67 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 45.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 30.5% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 7.5% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -14.0% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 35.5% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 2.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FTV | |
|---|---|---|---|---|
| FTV | 0.5% | 25.5% | 0.00 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 71.5% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 65.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 6.6% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 8.3% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 55.1% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 22.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FTV | |
|---|---|---|---|---|
| FTV | 6.0% | 26.5% | 0.24 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 74.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 68.2% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 2.9% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 17.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 56.9% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -7.1% | -5.6% | -6.0% |
| 4/30/2026 | -3.2% | -2.2% | -5.6% |
| 2/4/2026 | 10.6% | 13.9% | 6.8% |
| 10/29/2025 | 2.4% | 2.4% | 8.3% |
| 6/30/2025 | -5.0% | -3.7% | -9.5% |
| 5/1/2025 | -4.2% | -2.4% | 0.8% |
| 2/7/2025 | -0.9% | 2.3% | -6.1% |
| 10/30/2024 | -3.4% | -4.3% | 6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 12 |
| # Negative | 14 | 11 | 12 |
| Median Positive | 3.9% | 5.6% | 6.3% |
| Median Negative | -4.6% | -4.3% | -5.0% |
| Max Positive | 10.6% | 13.9% | 14.1% |
| Max Negative | -8.2% | -7.2% | -15.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -7.1% | -5.6% | -6.0% |
| 4/30/2026 | -3.2% | -2.2% | -5.6% |
| 2/4/2026 | 10.6% | 13.9% | 6.8% |
| 10/29/2025 | 2.4% | 2.4% | 8.3% |
| 6/30/2025 | -5.0% | -3.7% | -9.5% |
| 5/1/2025 | -4.2% | -2.4% | 0.8% |
| 2/7/2025 | -0.9% | 2.3% | -6.1% |
| 10/30/2024 | -3.4% | -4.3% | 6.4% |
| 7/24/2024 | -8.2% | -7.1% | -5.6% |
| 4/24/2024 | -5.8% | -6.7% | -4.5% |
| 1/31/2024 | 4.7% | 9.2% | 14.1% |
| 10/25/2023 | -8.0% | -7.1% | -3.3% |
| 7/26/2023 | 3.5% | 5.6% | 4.9% |
| 4/26/2023 | -3.5% | -2.2% | -2.3% |
| 2/1/2023 | -3.2% | 1.9% | -0.4% |
| 10/26/2022 | -2.0% | 0.0% | 6.2% |
| 7/28/2022 | 5.0% | 9.7% | 12.6% |
| 4/28/2022 | 1.6% | 8.6% | 5.1% |
| 2/3/2022 | -7.8% | -7.2% | -15.3% |
| 10/28/2021 | 1.0% | 4.1% | 1.8% |
| 7/29/2021 | 5.2% | 6.5% | 7.3% |
| 4/29/2021 | -5.4% | -3.2% | -3.0% |
| 2/4/2021 | 4.3% | 6.7% | 4.3% |
| 11/10/2020 | 0.3% | 2.7% | -1.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 12 |
| # Negative | 14 | 11 | 12 |
| Median Positive | 3.9% | 5.6% | 6.3% |
| Median Negative | -4.6% | -4.3% | -5.0% |
| Max Positive | 10.6% | 13.9% | 14.1% |
| Max Negative | -8.2% | -7.2% | -15.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted EPS | Reported | 2.95 | 3 | 3.05 | Raised | Guidance: 2.95 for 2026 | ||
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted Net Earnings Per Share | Reported | 2.9 | 2.95 | 3 | 11.3% | Higher New | Guidance: 2.65 for 2025 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Diluted Net Earnings Per Share | Reported | 2.9 | 2.95 | 3 | 11.3% | Higher New | Guidance: 2.65 for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Diluted Net Earnings Per Share | Reported | 2.63 | 2.65 | 2.67 | 3.9% | Raised | Guidance: 2.55 for 2025 | |
Insider Activity
Updated 8/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Underwood, Peter C | SVP - Chief Legal Officer | Direct | Sell | 8112026 | 61.59 | 8,662 | 533,493 | 4,872,878 | Form |
| 2 | Underwood, Peter C | SVP - Chief Legal Officer | Direct | Sell | 5062026 | 60.81 | 47,557 | 2,891,941 | 5,337,902 | Form |
| 3 | Mitchell, Kate | Direct | Sell | 2192026 | 58.34 | 7,131 | 416,023 | 1,853,754 | Form | |
| 4 | Underwood, Peter C | SVP - Chief Legal Officer | Direct | Sell | 11122025 | 51.28 | 58,133 | 2,981,060 | 4,106,246 | Form |
| 5 | Walker, Stacey A | SVP - Chief People Officer | Direct | Sell | 11032025 | 50.35 | 2,192 | 110,367 | 2,995,221 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Underwood, Peter C | SVP - Chief Legal Officer | Direct | Sell | 8112026 | 61.59 | 8,662 | 533,493 | 4,872,878 | Form |
| 2 | Underwood, Peter C | SVP - Chief Legal Officer | Direct | Sell | 5062026 | 60.81 | 47,557 | 2,891,941 | 5,337,902 | Form |
| 3 | Mitchell, Kate | Direct | Sell | 2192026 | 58.34 | 7,131 | 416,023 | 1,853,754 | Form | |
| 4 | Underwood, Peter C | SVP - Chief Legal Officer | Direct | Sell | 11122025 | 51.28 | 58,133 | 2,981,060 | 4,106,246 | Form |
| 5 | Walker, Stacey A | SVP - Chief People Officer | Direct | Sell | 11032025 | 50.35 | 2,192 | 110,367 | 2,995,221 | Form |
| 6 | Okerstrom, Mark D | Chief Financial Officer | Direct | Buy | 8042025 | 47.03 | 21,300 | 1,001,739 | 4,450,073 | Form |
Investor Activity (13F)
Updated Sep 5, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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