Fortive (FTV) Financials

$27.1 B

Mkt cap, 21-May-2018

$6.7 B

Revenue FY, 2017
Revenue growth (FY, 2016 - FY, 2017), %7%
Gross profit (FY, 2017)3.3 B
Gross profit margin (FY, 2017), %49.6%
Net income (FY, 2017)1 B
EBIT (FY, 2017)1.4 B
Cash, 31-Dec-2017962.1 M
EV30.1 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

6.3 b6.2 b6.2 b6.7 b

Revenue growth, %

(2%)1%7%

Cost of goods sold

3.3 b3.2 b3.2 b3.4 b

Gross profit

3 b3 b3 b3.3 b

Gross profit Margin, %

48%49%49%50%

R&D expense

387.6 m377.7 m384.8 m406 m

General and administrative expense

1.4 b1.4 b1.4 b1.5 b

Operating expense total

1.8 b1.7 b1.8 b1.9 b

EBIT

1.2 b1.3 b1.2 b1.4 b

EBIT margin, %

20%21%20%20%

Interest expense

49 m86 m

Pre tax profit

1.3 b1.3 b1.2 b1.3 b

Income tax expense

395.8 m405.9 m324.7 m239.7 m

Net Income

883.4 m863.8 m872.3 m1 b

Quarterly

USDQ2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

1.6 b1.5 b695.2 m1.6 b1.6 b744 m1.6 b1.7 b

Cost of goods sold

800.1 m777.4 m779.5 m787 m794.5 m791.2 m823.7 m845.9 m

Gross profit

764.8 m747.2 m(84.3 m)768.1 m772.9 m(47.2 m)805.1 m839.4 m

Gross profit Margin, %

49%49%(12%)49%49%(6%)49%50%

R&D expense

95.9 m95.7 m93.7 m96.7 m95.2 m96.2 m99.1 m102 m

General and administrative expense

333.2 m349.7 m338.5 m349.3 m354.5 m352.9 m357.7 m381.5 m

Operating expense total

429.1 m445.4 m432.2 m446 m449.7 m449.1 m456.8 m483.5 m

EBIT

335.7 m301.8 m263 m322.1 m323.2 m294.9 m348.3 m355.9 m

EBIT margin, %

21%20%38%21%21%40%21%21%

Interest expense

2.7 m23.4 m22.6 m22.7 m22.9 m

Pre tax profit

335.7 m301.8 m263 m319.4 m299.8 m272.3 m325.6 m348.3 m

Income tax expense

108.3 m105.2 m81 m80.5 m72.9 m72.6 m85.5 m80.5 m

Net Income

227.4 m196.6 m182 m238.9 m226.9 m199.7 m240.1 m267.8 m

Balance Sheet

Annual

USDFY, 2015FY, 2016FY, 2017

Cash

803.2 m962.1 m

Accounts Receivable

979.3 m945.4 m1.1 b

Prepaid Expenses

91.9 m195.5 m250.5 m

Inventories

522.9 m544.6 m580.6 m

Current Assets

1.6 b2.5 b2.9 b

PP&E

514.8 m547.6 m712.5 m

Goodwill

3.9 b4 b5.1 b

Total Assets

7.2 b8.2 b10.5 b

Accounts Payable

657.1 m666.2 m727.5 m

Current Liabilities

1.3 b1.5 b1.6 b

Long-term debt

3.4 b4.1 b

Total Debt

3.4 b4.1 b

Common Stock

3.5 m3.5 m

Additional Paid-in Capital

2.4 b2.4 b

Retained Earnings

403 m1.4 b

Total Equity

5.2 b3 b3.8 b

Debt to Equity Ratio

1.1 x

Debt to Assets Ratio

0.4 x

Financial Leverage

1.4 x2.8 x2.8 x

Quarterly

USDQ2, 2017Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

487.2 m724.8 m817.6 m968.4 m910.9 m

Accounts Receivable

948.2 m972 m944.1 m985 m1.1 b

Prepaid Expenses

169.1 m104.3 m184.1 m187.7 m133.1 m

Inventories

557.5 m558.1 m571.6 m560.6 m576.2 m

Current Assets

2.2 b2.4 b2.5 b2.7 b2.7 b

PP&E

534 m538.3 m552.9 m562.8 m673.2 m

Goodwill

4 b4 b4 b4 b4.6 b

Total Assets

7.8 b8.1 b8.2 b8.5 b9.3 b

Accounts Payable

644.2 m619.4 m623.3 m648.6 m646.1 m

Current Liabilities

1.4 b1.4 b1.4 b1.4 b1.4 b

Long-term debt

3.4 b3.5 b3.3 b3.2 b3.7 b

Total Debt

3.4 b3.5 b3.3 b3.2 b3.7 b

Common Stock

3.5 m3.5 m3.5 m3.5 m3.5 m

Additional Paid-in Capital

2.4 b2.4 b2.4 b2.4 b

Retained Earnings

202.7 m578.5 m794.2 m1 b

Total Equity

2.4 b2.6 b2.9 b3.2 b3.5 b

Debt to Equity Ratio

1.4 x1.4 x1.1 x1 x1.1 x

Debt to Assets Ratio

0.4 x0.4 x0.4 x0.4 x0.4 x

Financial Leverage

3.3 x3.2 x2.8 x2.7 x2.7 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

883.4 m863.8 m872.3 m1 b

Depreciation and Amortization

178 m176.9 m176.4 m174.1 m

Accounts Receivable

(74 m)(51.8 m)24.8 m(65.4 m)

Inventories

(22.2 m)(27.7 m)(28.7 m)14.3 m

Accounts Payable

28.8 m53.6 m17.2 m24.9 m

Cash From Operating Activities

946.7 m1 b1.1 b1.2 b

Purchases of PP&E

(102.6 m)(120.1 m)(129.6 m)(136.1 m)

Cash From Investing Activities

(291.1 m)(174.1 m)(310.8 m)(1.7 b)

Dividends Paid

(3 b)(97.2 m)

Cash From Financing Activities

(655.6 m)(834.9 m)3.8 m599.7 m

Net Change in Cash

803.2 m158.9 m

Quarterly

USDQ2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

431.1 m627.7 m182 m420.9 m647.8 m199.7 m439.8 m707.6 m

Depreciation and Amortization

88.6 m132.2 m43.9 m88.8 m133.9 m36.7 m73.8 m113.7 m60 m

Accounts Receivable

(13.2 m)(36.2 m)61 m29.9 m9.9 m10 m(20.7 m)(30.8 m)

Inventories

(41.9 m)(52.8 m)(24.6 m)(36.3 m)(34.9 m)(24.2 m)(7.9 m)8.2 m

Accounts Payable

13.4 m500 k(39 m)(12 m)(37.4 m)(47.5 m)(28.8 m)(51.2 m)

Cash From Operating Activities

384.8 m621.1 m177.2 m487.8 m819.4 m148.3 m394 m713 m171 m

Purchases of PP&E

(52.4 m)(87 m)(28.4 m)(61.4 m)(90 m)(26.8 m)(55.6 m)(87.7 m)

Cash From Investing Activities

(49.7 m)(83.9 m)(39.2 m)(69.8 m)(276.3 m)(27.4 m)(58.6 m)(888.3 m)(39 m)

Short-term Borrowings

(95.5 m)(158.8 m)

Dividends Paid

(3 b)(3 b)(24.2 m)(48.6 m)(72.8 m)

Cash From Financing Activities

(335.1 m)(537.2 m)(138 m)69.2 m180.8 m(119.4 m)(200.1 m)240.8 m

Net Change in Cash

487.2 m724.8 m14.4 m165.2 m107.7 m
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Operating Metrics

Fortive's Backlog was reported to be $1.3b in FY, 2017.
FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017Mar, 2018

Backlog

$1.02 b$1.08 b$1.07 b$1.20 b$1.33 b

Brands

4

Countries

40 50

Facilities

100 110

Manufacturing Facilities

22
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