FTV FY 2023 Earnings Report — Fortive Corporation Revenue & Financial Results | Market Cap Arena

Fortive CorporationFTV

FY 2023 Earnings

Reported February 27, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$6.1B	—	$5.8B	—	4.1%
Op. Income	$1.1B	—	$1.0B	—	12.8%
Gross Margin	59.3%	—	57.7%	—	1.5pp
Net Margin	14.3%	—	13.0%	—	1.3pp
EPS (Diluted)	$2.43	—	$2.09	—	16.3%
Free Cash Flow	$1.2B	—	$1.2B	—	3.2%

Revenue Flow

Item	Amount
REVENUE	$6.1B
Cost of Revenue	$2.5B
GROSS PROFIT	$3.6B
R&D Expenses	$398M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.1B
Other Expenses	$0
Operating Expenses	$2.5B
Cost & Expenses	$4.9B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$124M
Other Income/Expenses	-$143M
INCOME BEFORE TAX	$991M
Income Tax Expense	$125M
Net Income from Continuing Ops	$866M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$866M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$866M
D&A	$457M
EBIT	$1.1B
EBITDA	$1.6B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$6.1B
Cost of Revenue	$2.5B
GROSS PROFIT	$3.6B
R&D Expenses	$398M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.1B
Other Expenses	$0
Operating Expenses	$2.5B
Cost & Expenses	$4.9B
OPERATING INCOME	$1.1B
Interest Income	$0
Interest Expense	$124M
Other Income/Expenses	-$143M
INCOME BEFORE TAX	$991M
Income Tax Expense	$125M
Net Income from Continuing Ops	$866M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$866M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$866M
D&A	$457M
EBIT	$1.1B
EBITDA	$1.6B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$866M
Depreciation & Amortization	$457M
Stock-Based Compensation	$113M
Deferred Income Tax	-$104M
Other Non-Cash Items	$0
Change in Working Capital	$22M
OPERATING CASH FLOW	$1.4B
Capital Expenditure	-$108M
Acquisitions (Net)	-$96M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$8M
NET CASH FROM INVESTING	-$195M
Net Debt Issuance	$389M
Common Stock Repurchased	-$273M
Common Dividends Paid	-$102M
Other Financing Activities	$18M
NET CASH FROM FINANCING	$32M
FREE CASH FLOW	$1.2B
Net Change in Cash	$1.2B

Balance Sheet

Item	Amount
Cash & Equivalents	$1.9B
Short-Term Investments	$0
Net Receivables	$961M
Inventory	$537M
Other Current Assets	$285M
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$440M
Goodwill	$9.1B
Intangible Assets	$3.2B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$519M
TOTAL NON-CURRENT ASSETS	$13.2B
TOTAL ASSETS	$16.9B
Account Payables	$609M
Short-Term Debt	$0
Deferred Revenue	$545M
Other Current Liabilities	$427M
TOTAL CURRENT LIABILITIES	$1.8B
Long-Term Debt	$3.6B
Deferred Revenue NC	$46M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$977M
TOTAL NON-CURRENT LIABILITIES	$4.8B
TOTAL LIABILITIES	$6.6B
Common Stock	$4M
Additional Paid-In Capital	$3.9B
Retained Earnings	$7.5B
Treasury Stock	-$716M
Accum. Other Comp. Income	-$326M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$10.3B
Minority Interest	$6M
TOTAL EQUITY	$10.3B
TOTAL LIABILITIES & EQUITY	$16.9B
Total Debt	$3.8B
Net Debt	$1.9B