Fortive (FTV) FY2024 10-K Annual Report
Fortive (FTV) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fortive FY2024 10-K Analysis
Business Overview
- • Core business: provider of essential technologies for connected workflow solutions via three segments—Intelligent Operating Solutions, Precision Technologies, Advanced Healthcare Solutions
- • New initiative: announced planned spin-off of Precision Technologies segment into separate publicly-traded company “Ralliant” targeted by Q3 2025
- • Strategic shift: separation intended to create two focused technology companies—Fortive retaining Intelligent Operating and Healthcare, Ralliant focused on Precision instruments
- • Workforce: global employee base over 18,000 across more than 50 countries supporting R&D, manufacturing, sales, and services
- • Noteworthy fact: execution of Fortive Business System enhanced with AI/ML integration to drive faster growth, productivity, and disciplined acquisition strategy
Management Discussion & Analysis
- • Revenue $6.23B, up 2.7% YoY including 1.3% core growth; acquisitions added 2.0%, FX translation reduced revenue 0.6%
- • Operating margin 19.4% vs 18.7%, up 70 bps driven by pricing, volume growth in IOS/AHS, productivity, partially offset by PT volume decline and acquisition costs
- • Best performing segment IOS: sales $2.71B (+3.9%), operating margin 26.0% vs 24.1% (+190 bps); worst performing segment PT: sales $2.23B (+0.3%), operating margin 22.4% vs 24.5% (-210 bps)
- • Cash: incurred $25.6M divestiture loss from Invetech; interest expense $152.8M (up $29.3M); raised $1.72B for EA acquisition; restructuring charges $19.7M in 2024; no buybacks/dividends detailed
- • 2025 outlook: sales growth ~0-2% with 1.5-3.5% organic growth; FX volatility and geopolitical risks ongoing; Separation of PT segment (Ralliant) targeted Q3 2025 completion
Risk Factors
- • Regulatory risk: foreign remittance taxes on cumulative foreign earnings, exposure uncertain due to local laws and potential changes in foreign tax law
- • Macroeconomic risk: 88% of $813 million cash held outside U.S., subject to foreign currency and geopolitical risks impacting liquidity
- • Operational risk: $1.72 billion cash used for acquisitions in 2024, increasing integration complexity and associated execution risks
- • Competitive risk: goodwill and intangible assets of $1.86 billion from EA acquisition sensitive to future economic conditions affecting impairment risk
- • Financial risk: $3.72 billion long-term debt principal due with $376.3 million due within one year, creating near-term refinancing pressure
Fortive FY2024 Key Financial MetricsXBRL
Revenue
$6.2B
▲ +2.7% YoY
Net Income
$833M
▼ -3.8% YoY
Gross Margin
59.9%
▲ +61bp YoY
Operating Margin
19.4%
▲ +67bp YoY
Net Margin
13.4%
▼ -91bp YoY
ROE
8.2%
▼ -22bp YoY
Total Assets
$17.0B
▲ +0.6% YoY
EPS (Diluted)
$2.36
▼ -2.9% YoY
Operating Cash Flow
$1.5B
▲ +12.8% YoY
Source: XBRL data from Fortive FY2024 10-K filing on SEC EDGAR. All figures in USD.
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