Fortive (FTV) FY2023 results: revenue $3.9 billion, down 32.8% on the year
Fortive Corp. (FTV) reported revenue of $3.9 billion for fiscal 2023, the year ended 31 December 2023, down 32.8% on the year before. Net income was $866 million, up 14.6%, and diluted earnings per share $2.43. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$3.9 billion
-32.8% on the year
FY2016FY2023
Operating margin
14.7%
16.9% a year earlier
FY2016FY2023
Net income
$866 million
+14.6% on the year
FY2016FY2023
Diluted EPS
$2.43
+15.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,354
1,303
961
+3.9%
Capital expenditure
78.6
95.8
50.0
-18.0%
Free cash flow
1,275
1,207
911
+5.6%
Free cash flow margin
32.6%
20.7%
17.3%
Cash from investing
-195
-102
-2,616
Cash from financing
32.3
-1,273
652
Depreciation and amortisation
426
466
396
-8.5%
Share-based compensation
94.5
93.8
77.4
+0.7%
Buybacks
273
443
0.0
-38.4%
Dividends paid
102
99.5
97.7
+2.5%
Dividend per share
$0.29
$0.28
$0.28
+3.6%
Diluted shares, weighted
356m
361m
352m
-1.4%
Shares outstanding at period end
351m
353m
359m
-0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,319
9,683
9,512
+6.6%
Non-controlling interest
6.4
5.2
4.8
+23.1%
Debt
3,646
3,251
3,959
+12.1%
Operating lease liabilities
126
131
140
-3.6%
Other liabilities
2,814
2,820
2,850
-0.2%
Total liabilities and equity
16,912
15,891
16,466
+6.4%
Fixed assets
440
422
396
+4.2%
Goodwill
7,265
9,048
9,152
-19.7%
Intangible assets
3,160
3,487
3,890
-9.4%
Cash and equivalents
1,889
709
819
+166.3%
Receivables
961
958
930
+0.2%
Inventory
537
537
513
+0.0%
Other assets
2,660
728
766
+265.3%
Total assets
16,912
15,891
16,466
+6.4%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.