Fortive (FTV) FY2020 results: revenue $4.6 billion, up 1.5% on the year
Fortive Corp. (FTV) reported revenue of $4.6 billion for fiscal 2020, the year ended 31 December 2020, up 1.5% on the year before. Net income was $1.5 billion, up 130.5%, and diluted earnings per share $4.49. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$4.6 billion
+1.5% on the year
FY2014FY2020
Operating margin
11.6%
9.7% a year earlier
FY2014FY2020
Net income
$1.5 billion
+130.5% on the year
FY2014FY2020
Diluted EPS
$4.49
+127.9% on the year
FY2014FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,634
4,564
3,800
+1.5%
Cost of revenue
2,026
2,081
1,614
-2.6%
Gross profit
2,608
2,483
2,186
+5.0%
Gross margin
56.3%
54.4%
57.5%
Research and development
321
320
278
+0.1%
Selling, general and administrative
1,748
1,719
1,263
+1.7%
Operating income
539
444
645
+21.5%
Operating margin
11.6%
9.7%
17.0%
Interest expense
148
143
77.2
+4.1%
Pre-tax income
1,508
337
566
+347.8%
Income tax
55.5
68.6
75.6
-19.1%
Effective tax rate
3.7%
20.4%
13.4%
Net income
1,544
670
2,879
+130.5%
Net margin
33.3%
14.7%
75.8%
Diluted EPS
$4.49
$1.97
$8.21
+127.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,437
1,271
1,344
+13.0%
Capital expenditure
75.7
74.5
69.9
+1.6%
Free cash flow
1,361
1,197
1,274
+13.7%
Free cash flow margin
29.4%
26.2%
33.5%
Cash from investing
-148
-4,055
-1,967
Cash from financing
-696
2,803
879
Depreciation and amortisation
384
342
174
+12.4%
Share-based compensation
62.6
52.5
40.6
+19.2%
Buybacks
0.0
n/a
n/a
Dividends paid
94.4
93.8
96.6
+0.6%
Dividend per share
$0.28
$0.28
$0.28
0.0%
Diluted shares, weighted
359m
340m
351m
+5.6%
Shares outstanding at period end
338m
336m
334m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,964
7,387
6,596
+21.4%
Non-controlling interest
8.5
13.2
17.4
-35.6%
Debt
4,230
6,328
3,430
-33.2%
Operating lease liabilities
154
134
0.0
+15.3%
Other liabilities
2,694
3,577
2,862
-24.7%
Total liabilities and equity
16,052
17,439
12,906
-8.0%
Fixed assets
422
416
396
+1.4%
Goodwill
7,359
7,242
4,994
+1.6%
Intangible assets
3,291
3,571
2,476
-7.8%
Cash and equivalents
1,825
1,205
1,178
+51.4%
Receivables
810
891
1,195
-9.0%
Inventory
456
416
574
+9.4%
Other assets
1,889
3,699
2,092
-48.9%
Total assets
16,052
17,439
12,906
-8.0%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.