Fortive Gross profit (Q2, 2018)938.9 M

Fortive Gross profit margin (Q2, 2018), %50.6%

Fortive Net income (Q2, 2018)295 M

Fortive EBIT (Q2, 2018)356 M

Fortive Cash, 29-Jun-20182.4 B

Fortive EV28 B

Fortive revenue was $6.66 b in FY, 2017 which is a 6.9% year over year increase from the previous period.

Fortive revenue breakdown by business segment: 52.8% from Industrial Technologies and 47.2% from Professional Instrumentation

Fortive revenue breakdown by geographic segment: 31.6% from All Others, 9.2% from China, 54.6% from United States and 4.6% from Other

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 6.3b | 6.2b | 6.2b | 6.7b |

| (2%) | 1% | 7% | |

## Cost of goods sold | 3.3b | 3.2b | 3.2b | 3.4b |

## Gross profit | 3.0b | 3.0b | 3.0b | 3.3b |

| 48% | 49% | 49% | 50% |

## R&D expense | 387.6m | 377.7m | 384.8m | 406.0m |

## General and administrative expense | 1.4b | 1.4b | 1.4b | 1.5b |

## Operating expense total | 1.8b | 1.7b | 1.8b | 1.9b |

## EBIT | 1.2b | 1.3b | 1.2b | 1.4b |

| 20% | 21% | 20% | 20% |

## Interest expense | 49.0m | 86.0m | ||

## Pre tax profit | 1.3b | 1.3b | 1.2b | 1.3b |

## Income tax expense | 395.8m | 405.9m | 324.7m | 239.7m |

## Net Income | 883.4m | 863.8m | 872.3m | 1.0b |

USD | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.6b | 1.5b | 695.2m | 1.6b | 1.6b | 744.0m | 1.6b | 1.7b | 1.7b | 1.9b |

## Cost of goods sold | 800.1m | 777.4m | 779.5m | 787.0m | 794.5m | 791.2m | 823.7m | 845.9m | 869.9m | 917.1m |

## Gross profit | 764.8m | 747.2m | (84.3m) | 768.1m | 772.9m | (47.2m) | 805.1m | 839.4m | 870.8m | 938.9m |

| 49% | 49% | (12%) | 49% | 49% | (6%) | 49% | 50% | 50% | 51% |

## R&D expense | 95.9m | 95.7m | 93.7m | 96.7m | 95.2m | 96.2m | 99.1m | 102.0m | 108.9m | 111.0m |

## General and administrative expense | 333.2m | 349.7m | 338.5m | 349.3m | 354.5m | 352.9m | 357.7m | 381.5m | 423.7m | 445.5m |

## Operating expense total | 429.1m | 445.4m | 432.2m | 446.0m | 449.7m | 449.1m | 456.8m | 483.5m | 532.6m | 556.5m |

## EBIT | 335.7m | 301.8m | 263.0m | 322.1m | 323.2m | 294.9m | 348.3m | 355.9m | 338.2m | 356.0m |

| 21% | 20% | 38% | 21% | 21% | 40% | 21% | 21% | 19% | 19% |

## Interest expense | 2.7m | 23.4m | 22.6m | 22.7m | 22.9m | 24.6m | 25.3m | |||

## Pre tax profit | 335.7m | 301.8m | 263.0m | 319.4m | 299.8m | 272.3m | 325.6m | 348.3m | 312.9m | 356.0m |

## Income tax expense | 108.3m | 105.2m | 81.0m | 80.5m | 72.9m | 72.6m | 85.5m | 80.5m | 51.7m | 61.0m |

## Net Income | 227.4m | 196.6m | 182.0m | 238.9m | 226.9m | 199.7m | 240.1m | 267.8m | 261.2m | 295.0m |

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Cash | 803.2m | 962.1m | |

## Accounts Receivable | 979.3m | 945.4m | 1.1b |

## Prepaid Expenses | 91.9m | 195.5m | 250.5m |

## Inventories | 522.9m | 544.6m | 580.6m |

## Current Assets | 1.6b | 2.5b | 2.9b |

## PP&E | 514.8m | 547.6m | 712.5m |

## Goodwill | 3.9b | 4.0b | 5.1b |

## Total Assets | 7.2b | 8.2b | 10.5b |

## Accounts Payable | 657.1m | 666.2m | 727.5m |

## Current Liabilities | 1.3b | 1.5b | 1.6b |

## Long-term debt | 3.4b | 4.1b | |

## Total Debt | 3.4b | 4.1b | |

## Common Stock | 3.5m | 3.5m | |

## Additional Paid-in Capital | 2.4b | 2.4b | |

## Retained Earnings | 403.0m | 1.4b | |

## Total Equity | 5.2b | 3.0b | 3.8b |

## Debt to Equity Ratio | 1.1 x | 1.1 x | |

## Debt to Assets Ratio | 0.4 x | 0.4 x | |

## Financial Leverage | 1.4 x | 2.8 x | 2.8 x |

USD | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|

## Cash | 487.2m | 724.8m | 817.6m | 968.4m | 910.9m | 1.0b | 2.4b |

## Accounts Receivable | 948.2m | 972.0m | 944.1m | 985.0m | 1.1b | 1.2b | 1.2b |

## Prepaid Expenses | 169.1m | 104.3m | 184.1m | 187.7m | 133.1m | 276.0m | 305.1m |

## Inventories | 557.5m | 558.1m | 571.6m | 560.6m | 576.2m | 615.9m | 642.3m |

## Current Assets | 2.2b | 2.4b | 2.5b | 2.7b | 2.7b | 3.1b | 4.5b |

## PP&E | 534.0m | 538.3m | 552.9m | 562.8m | 673.2m | 709.8m | 690.4m |

## Goodwill | 4.0b | 4.0b | 4.0b | 4.0b | 4.6b | 5.1b | 5.1b |

## Total Assets | 7.8b | 8.1b | 8.2b | 8.5b | 9.3b | 10.7b | 12.0b |

## Accounts Payable | 644.2m | 619.4m | 623.3m | 648.6m | 646.1m | 711.7m | 763.5m |

## Short-term debt | 799.3m | ||||||

## Current Liabilities | 1.4b | 1.4b | 1.4b | 1.4b | 1.4b | 1.5b | 2.3b |

## Long-term debt | 3.4b | 3.5b | 3.3b | 3.2b | 3.7b | 1.1b | 2.9b |

## Total Debt | 3.4b | 3.5b | 3.3b | 3.2b | 3.7b | 1.1b | 3.7b |

## Common Stock | 3.5m | 3.5m | 3.5m | 3.5m | 3.5m | 3.5m | 3.5m |

## Additional Paid-in Capital | 2.4b | 2.4b | 2.4b | 2.4b | 2.5b | 3.8b | |

## Retained Earnings | 202.7m | 578.5m | 794.2m | 1.0b | 1.6b | 1.9b | |

## Total Equity | 2.4b | 2.6b | 2.9b | 3.2b | 3.5b | 4.1b | 5.6b |

## Debt to Equity Ratio | 1.4 x | 1.4 x | 1.1 x | 1 x | 1.1 x | 0.3 x | 0.7 x |

## Debt to Assets Ratio | 0.4 x | 0.4 x | 0.4 x | 0.4 x | 0.4 x | 0.1 x | 0.3 x |

## Financial Leverage | 3.3 x | 3.2 x | 2.8 x | 2.7 x | 2.7 x | 2.6 x | 2.1 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | 883.4m | 863.8m | 872.3m | 1.0b |

## Depreciation and Amortization | 178.0m | 176.9m | 176.4m | 174.1m |

## Accounts Receivable | (74.0m) | (51.8m) | 24.8m | (65.4m) |

## Inventories | (22.2m) | (27.7m) | (28.7m) | 14.3m |

## Accounts Payable | 28.8m | 53.6m | 17.2m | 24.9m |

## Cash From Operating Activities | 946.7m | 1.0b | 1.1b | 1.2b |

## Purchases of PP&E | (102.6m) | (120.1m) | (129.6m) | (136.1m) |

## Cash From Investing Activities | (291.1m) | (174.1m) | (310.8m) | (1.7b) |

## Short-term Borrowings | 375.2m | 557.6m | ||

## Dividends Paid | (3.0b) | (97.2m) | ||

## Cash From Financing Activities | (655.6m) | (834.9m) | 3.8m | 599.7m |

## Net Change in Cash | 803.2m | 158.9m |

USD | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 431.1m | 627.7m | 182.0m | 420.9m | 647.8m | 199.7m | 439.8m | 707.6m | 261.2m | 556.2m |

## Depreciation and Amortization | 88.6m | 132.2m | 43.9m | 88.8m | 133.9m | 36.7m | 73.8m | 113.7m | 60.0m | 118.2m |

## Accounts Receivable | (13.2m) | (36.2m) | 61.0m | 29.9m | 9.9m | 10.0m | (20.7m) | (30.8m) | (20.1m) | (54.0m) |

## Inventories | (41.9m) | (52.8m) | (24.6m) | (36.3m) | (34.9m) | (24.2m) | (7.9m) | 8.2m | (31.9m) | (68.4m) |

## Accounts Payable | 13.4m | 500.0k | (39.0m) | (12.0m) | (37.4m) | (47.5m) | (28.8m) | (51.2m) | (22.2m) | 41.0m |

## Cash From Operating Activities | 384.8m | 621.1m | 177.2m | 487.8m | 819.4m | 148.3m | 394.0m | 713.0m | 171.0m | 512.8m |

## Purchases of PP&E | (52.4m) | (87.0m) | (28.4m) | (61.4m) | (90.0m) | (26.8m) | (55.6m) | (87.7m) | (31.4m) | (58.7m) |

## Cash From Investing Activities | (49.7m) | (83.9m) | (39.2m) | (69.8m) | (276.3m) | (27.4m) | (58.6m) | (888.3m) | (39.0m) | (64.1m) |

## Short-term Borrowings | 525.6m | (95.5m) | (158.8m) | 176.8m | (74.3m) | (326.0m) | ||||

## Dividends Paid | (3.0b) | (3.0b) | (24.2m) | (48.6m) | (72.8m) | (24.3m) | (48.7m) | |||

## Cash From Financing Activities | (335.1m) | (537.2m) | (138.0m) | 69.2m | 180.8m | (119.4m) | (200.1m) | 240.8m | (94.2m) | 978.8m |

## Net Change in Cash | 487.2m | 724.8m | 14.4m | 165.2m | 107.7m | 53.6m | 1.4b |

USD | Y, 2018 |
---|---|

## EV/EBIT | 78.7 x |

## EV/CFO | 54.7 x |

## Debt/Equity | 0.7 x |

## Debt/Assets | 0.3 x |

## Financial Leverage | 2.1 x |

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Fortive's Backlog was reported to be $1.3b in FY, 2017.

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