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Fortive (FTV)

Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. The company holds leading positions in intelligent operating solutions, precision technologies, and advanced healthcare solutions. Fortive is headquartered in Everett, Washington and employs a team of more than 17,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System.

Company profile

Ticker
FTV
Exchange
Website
CEO
James Lico
Employees
Incorporated
Location
Fiscal year end
Former names
TGA Holding Corp.
SEC CIK
Subsidiaries
Accruent, LLC • Advanced Sterilization Products Services Inc. • Advanced Sterilization Products, Inc. • Anderson Instrument Co., Inc. • Anhui Shifu Instruments Co., Ltd. • ASP Global Manufacturing GmbH • ASP Japan G.K. • Athena SuperHoldCo, Inc. • Beaverton LLC • BlueCielo ECM Solutions B.V. ...

FTV stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

28 Jul 22
28 Sep 22
31 Dec 22
Quarter (USD) Jul 22 Apr 22 Dec 21 Oct 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 682.9M 682.9M 682.9M 682.9M 682.9M 682.9M
Cash burn (monthly) 466.67K 73.58M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 1.36M 214.89M n/a n/a n/a n/a
Cash remaining 681.54M 468.01M n/a n/a n/a n/a
Runway (months of cash) 1460.4 6.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Aug 22 Mulhall Christopher M. Common Stock Grant Acquire A Yes No 0 1,588 0 4,189
29 Jul 22 Murphy Patrick K Common Stock Payment of exercise Dispose F No No 64.45 1,601 103.18K 62,929
25 Jul 22 McLaughlin Charles E Common Stock Payment of exercise Dispose F No No 58.31 12,899 752.14K 101,974
25 Jul 22 McLaughlin Charles E Common Stock Option exercise Acquire M No No 20.73 21,176 438.98K 114,873
25 Jul 22 McLaughlin Charles E Employee Stock Option Common Stock Option exercise Dispose M No No 20.73 21,176 438.98K 0
24 Jun 22 Lico James A Executive Deferred Incentive Program - Fortive Stock Fund Common Stock Grant Acquire A No No 56.28 169.01 9.51K 136,053.31
24 Jun 22 Edward Read Simmons Executive Deferred Incentive Program - Fortive Stock Fund Common Stock Grant Acquire A No No 56.28 2.36 132.82 1,899.84
93.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 691 731 -5.5%
Opened positions 67 77 -13.0%
Closed positions 107 109 -1.8%
Increased positions 220 229 -3.9%
Reduced positions 268 294 -8.8%
13F shares Current Prev Q Change
Total value 18.01B 20.51B -12.2%
Total shares 331.29M 336.66M -1.6%
Total puts 168.6K 197K -14.4%
Total calls 422.7K 279.1K +51.5%
Total put/call ratio 0.4 0.7 -43.5%
Largest owners Shares Value Change
TROW T. Rowe Price 40.73M $2.21B +48.2%
Vanguard 39.27M $2.14B +4.6%
BLK Blackrock 28.92M $1.57B -2.6%
Wellington Management 19.34M $1.05B -10.3%
RY Royal Bank Of Canada 17.45M $948.87M -0.8%
STT State Street 13.47M $732.51M -3.5%
Flossbach Von Storch 13.1M $712.11M +4.8%
Viking Global Investors 11.8M $641.63M -1.9%
FMR 11.76M $639.5M +22.8%
Geode Capital Management 6.93M $376.01M +3.7%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 40.73M +13.24M +48.2%
Citadel Advisors 4.85K -6.63M -99.9%
Artisan Partners Limited Partnership 2.64M -2.98M -53.0%
Wellington Management 19.34M -2.22M -10.3%
FMR 11.76M +2.18M +22.8%
Balyasny Asset Management 1.01M -1.93M -65.7%
Vanguard 39.27M +1.71M +4.6%
Boston Partners 1.74M +1.69M +3827.7%
Ceredex Value Advisors 2.7M +1.31M +94.3%
Parametric Portfolio Associates 0 -1.26M EXIT

Financial report summary

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Risks
  • The effect of the COVID-19 pandemic on our global operations and the operations of our customers, suppliers, and vendors is continuing to have a material, adverse impact on our business and results of operations.
  • Our growth could suffer if the markets into which we sell our products and services decline, do not grow as anticipated, or experience cyclicality.
  • We face intense competition and if we are unable to compete effectively, we may experience decreased demand and decreased market share. Even if we compete effectively, we may be required to reduce prices for our products and services.
  • Our growth depends in part on the timely development and commercialization and customer acceptance of new and enhanced products and services based on technological innovation.
  • If we are unable to recruit and retain key employees, our business may be harmed.
  • A significant disruption in, or breach in security of, our information technology systems could adversely affect our business.
  • Defects and unanticipated use or inadequate disclosure with respect to our products (including software) or services could adversely affect our business, reputation, and financial statements.
  • Adverse changes in our relationships with, or the financial condition, performance, purchasing patterns, or inventory levels of, key distributors and other channel partners could adversely affect our financial statements.
  • Our restructuring activities could have long-term adverse effects on our business.
  • Work stoppages, works council campaigns, and other labor disputes could adversely impact our productivity and results of operations.
  • If we suffer loss to our facilities, supply chains, distribution systems, or information technology systems due to catastrophe or other events, our operations could be seriously harmed.
  • If we do not or cannot adequately protect our intellectual property, or if third parties infringe our intellectual property rights, we may suffer competitive injury or expend significant resources enforcing our rights.
  • Third parties may claim that we are infringing or misappropriating their intellectual property rights and we could suffer significant litigation expenses, losses, or licensing expenses or be prevented from selling products or services.
  • We are subject to a variety of litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our financial statements.
  • International economic, political, legal, compliance, and business factors could negatively affect our financial statements.
  • Trade relations between China and the United States could have a material adverse effect on our business and financial statements.
  • Foreign currency exchange rates may adversely affect our financial statements.
  • Any inability to consummate acquisitions at our anticipated rate and at appropriate prices could negatively impact our growth rate and stock price.
  • Our acquisition of businesses, joint ventures, and strategic relationships could negatively impact our financial statements.
  • The indemnification provisions of acquisition agreements by which we have acquired companies may not fully protect us and as a result we may face unexpected liabilities.
  • Divestitures or other dispositions could negatively impact our business, and contingent liabilities from businesses that we have sold could adversely affect our financial statements.
  • Potential indemnification liabilities to Vontier pursuant to the separation agreement could materially and adversely affect our businesses, financial condition, results of operations, and cash flows.
  • Changes in industry standards and governmental regulations may reduce demand for our products or services or increase our expenses.
  • Our reputation, ability to do business, and financial statements may be impaired by improper conduct by any of our employees, agents, or business partners.
  • Our operations, products, and services expose us to the risk of environmental, health, and safety liabilities, costs, and violations that could adversely affect our reputation and financial statements.
  • Our businesses are subject to extensive regulation; failure to comply with those regulations could adversely affect our financial statements and reputation.
  • Changes in our effective tax rates or exposure to additional income tax liabilities or assessments could affect our profitability. In addition, audits by tax authorities could result in additional tax payments for prior periods.
  • Changes in U.S. GAAP could adversely affect our reported financial results and may require significant changes to our internal accounting systems and processes.
  • We may be required to recognize impairment charges for our goodwill and other intangible assets.
  • We have incurred a significant amount of debt, and our debt will increase further if we incur additional debt and do not retire existing debt.
  • Certain provisions in our amended and restated certificate of incorporation and bylaws, and of Delaware law, may prevent or delay an acquisition of our company, which could decrease the trading price of our common stock.
  • Our amended and restated certificate of incorporation designates the state courts in the State of Delaware or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could discourage lawsuits against us and our directors and officers.
Management Discussion
  • Operating profit margin was 15.9% for the second quarter ended July 1, 2022 , a decrease of 10 basis points as compared to 16.0% in the comparable period of 2021. Year-over-year changes in operating profit margin were comprised of the following:
  • Operating profit margin was 15.7% for the year-to-date period ended July 1, 2022, a decrease of 20 basis points as compared to 15.9% in the comparable period of 2021. Year-over-year changes in operating profit margin were comprised of the following:

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: aged, assurance, began, blocked, CODM, diagnostic, drew, durability, encryption, Euribor, Euro, forward, free, FSB, incident, issuer, knowingly, macro, notice, OFAC, ordinarily, point, registered, requesting, resilience, resumption, roll, shown, TOFR, Tokyo, TORF, variable, volume, wind, Yen
Removed: closing, convert, deployed, ending, filing, implemented, incurrence, macroeconomic, magnitude, momentum, noncancelable, notably, preliminary, provisional, quantify, recently, regular, rollforward, surgical, temporarily, unit

Patents

Utility
Unified Measurement System for Static and Dynamic Characterization of a Device Under Test
15 Sep 22
A test and measurement system includes a power device having an interface to allow connection to one or more devices under test (DUTs), and one or more processors configured to execute code that, when executed, causes the one or more processors to receive a selection between static and dynamic characterization, and to configure the power device to perform the selected one of static or dynamic characterization of the one or more DUTs, a measurement device, having a user interface, one or more processors configured to execute code that, when executed, causes the one or more processors to: receive user inputs through the user interface, the user inputs including at least the selection between static and dynamic characterization, and send the selected one of static or dynamic characterization to the power device, and a connector to connect the power device to the measurement device.
Utility
Fast current transient suppression in a test system
13 Sep 22
A current transient suppression circuit includes an inductor electrically connected to a test signal by an input of the inductor, at least one switching device electrically connected to an output of the inductor, and an output of the at least one switching device connected to a shunt path.
Utility
Visual liquid level indicator
6 Sep 22
A tank and liquid level indicator has first housing that holds a liquid and a second elongated housing in fluid communication with the first elongated housing so that a liquid level in the second housing is approximately equal to the level in the first housing.
Utility
Reprocessor Having a Variable Orifice Device
11 Aug 22
A decontamination system suitable for cleaning a medical device having lumens of varying diameters that join together may include a variable-orifice devices (e.g., air proportional valves).
Utility
Endoscope reprocessor
9 Aug 22
An endoscope reprocessor having a tube and nozzles may be used to increase the effectiveness of an endoscope reprocessor.