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AI核心结论
FTV (Fortive) posted modest revenue growth of +1.9% to $4.16B in FY2025, but net income fell sharply by 30.5% to $579.2M, largely driven by non-operating headwinds, while the balance sheet contracted significantly due to a major corporate restructuring or divestiture that reduced total assets by 31%.
营业收入
$4.16B
同比 ++1.92%
每股收益（基本）
$1.74
同比 -27.20%
毛利率
63.5%
同比 -0.68%
营业利润
$720.2M
同比 ++0.54%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Fortive (FTV) FY2025 营收 $4.16B，同比增长 1.9%。 净利润 $579.2M，同比下降 30.5%，稀释每股收益 $1.73。 毛利率 63.5%。
FTV grew total revenue by 1.9% year-over-year to $4.16B in FY2025, up from $4.08B in the prior year. This incremental growth suggests stable demand across core business segments despite a challenging macro environment.
来源: Source: 10-K Income Statement, Financial Data
Net income dropped 30.5% to $579.2M from $832.9M in the prior year, while operating income was nearly flat at $720.2M (+0.5%). The divergence between operating and net income suggests significant non-operating charges, such as losses on divestitures, impairments, or higher interest/tax expenses.
来源: Source: 10-K Income Statement, Financial Data
FTV repurchased $1.61B in shares during FY2025, an 81% increase from $889.6M in the prior year. This aggressive buyback program, funded partly by operating cash flow and balance sheet proceeds, reflects management's confidence in intrinsic value and commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement, Financial Data
Total assets fell 31% to $11.74B from $17.02B, and stockholders' equity declined 36.7% to $6.45B from $10.19B. This dramatic contraction, combined with a near-halving of cash ($375.5M vs. $813.3M) and reduced long-term debt ($3.21B vs. $3.71B), is consistent with a major divestiture or spin-off transaction completed during FY2025.
来源: Source: 10-K Balance Sheet, Financial Data
Operating cash flow fell 29.1% to $1.08B from $1.53B in the prior year, which may partly reflect the impact of divested operations no longer contributing cash flows. Free cash flow (operating cash flow minus capex implied by investing activities) remains meaningful relative to net income, indicating good earnings quality.
来源: Source: 10-K Cash Flow Statement, Financial Data
The significant reduction in total assets (−31%) and equity (−36.7%) strongly suggests FTV completed a major divestiture or spin-off in FY2025. As a result, the company is now more concentrated in its remaining businesses, increasing exposure to segment-specific downturns. Revenue diversification has likely decreased, making future results more sensitive to conditions in fewer end markets.
来源: Source: 10-K Balance Sheet, Financial Data
FTV's current ratio stands at 0.71, meaning current liabilities of $2.25B exceed current assets of $1.61B. This sub-1.0 ratio indicates the company cannot cover near-term obligations with liquid assets alone, relying on operating cash generation or credit facilities. A deterioration in operating performance could tighten liquidity meaningfully.
来源: Source: 10-K Balance Sheet, Financial Data
FTV spent $1.61B on share repurchases in FY2025, which exceeds its operating cash flow of $1.08B. Funding buybacks beyond operating cash flow requires drawing on cash reserves or debt, which contributed to the 53.8% decline in cash and equivalents to $375.5M. Sustaining this pace of buybacks is not feasible without additional liquidity sources.
来源: Source: 10-K Cash Flow Statement, Financial Data
Cost of revenue grew 3.8% year-over-year, outpacing revenue growth of 1.9%, causing gross margin to compress by approximately 70 basis points to 63.5%. If input cost pressures persist or pricing power weakens, further gross margin erosion could pressure operating profitability.
来源: Source: 10-K Income Statement, Financial Data
Basic EPS fell 27.2% to $1.74 from $2.39, and diluted EPS declined 26.7% to $1.73. While part of this decline reflects non-operating items, the magnitude of the drop may concern investors and affect the company's valuation multiple. Sustained EPS pressure could limit the stock's re-rating potential.
来源: Source: 10-K Income Statement, Financial Data
FY2025 实际 EPS $0.90，分析师一致预期 $0.85，超预期 +6.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.16B | $4.08B | +1.92% |
营业成本 | $1.52B | $1.46B | +3.84% |
毛利润 | $2.64B | $2.62B | +0.84% |
营业利润 | $720.2M | $716.3M | +0.54% |
净利润 | $579.2M | $832.9M | -30.46% |
每股收益（基本） | $1.74 | $2.39 | -27.20% |
每股收益（稀释） | $1.73 | $2.36 | -26.69% |
研发费用 | $259.2M | $251.3M | +3.14% |
销售及管理费用 | $1.66B | $1.65B | +0.62% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.74B | $17.02B | -31.02% |
流动资产 | $1.61B | $2.59B | -38.06% |
流动负债 | $2.25B | $2.24B | +0.37% |
股东权益 | $6.45B | $10.19B | -36.66% |
现金及等价物 | $375.5M | $813.3M | -53.83% |
长期债务 | $3.21B | $3.71B | -13.52% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.08B | $1.53B | -29.05% |
投资活动现金流 | $-135.4M | $-1.8B | +92.46% |
筹资活动现金流 | $-1.39B | $-792.7M | -74.92% |
股票回购 | $1.61B | $889.6M | +80.99% |
折旧及摊销 | $437.6M | $430.9M | +1.55% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 63.5% | 64.2% | -0.68% |
营业利润率 | 17.3% | 17.6% | -0.24% |
净利率 | 13.9% | — | — |
净资产收益率 | 9.0% | — | — |
总资产收益率 | 4.9% | — | — |
流动比率 | $0.715 | — | — |
Industrial Machinery & Supplies & Components 行业其他公司
FTV's FY2025 results showed modest revenue growth of 1.9% to $4.16B, but net income fell sharply by 30.5% to $579.2M due to significant non-operating charges likely related to a major divestiture. The company aggressively returned capital to shareholders, repurchasing $1.61B in stock — more than its $1.08B in operating cash flow for the year.
While operating income was nearly flat at $720.2M (+0.5%), net income fell 30.5% to $579.2M, suggesting large non-operating charges such as losses on asset sales, impairments, or higher interest and tax costs. The dramatic 31% decline in total assets points to a major divestiture or spin-off that likely triggered these charges.
FTV's total assets fell 31% to $11.74B from $17.02B, and stockholders' equity dropped 36.7% to $6.45B, strongly suggesting a significant divestiture or spin-off was completed during the year. Cash and equivalents also declined 53.8% to $375.5M, partly due to the $1.61B in share buybacks executed during FY2025.
FTV remains operationally sound with a 63.5% gross margin and $1.08B in operating cash flow, but its current ratio of 0.71 signals that current liabilities exceed current assets, creating near-term liquidity reliance on cash generation. Long-term debt of $3.21B is manageable relative to equity of $6.45B, but the aggressive buyback pace exceeding operating cash flow warrants monitoring.
FTV repurchased $1.61B in shares during FY2025, an 81% increase from $889.6M in the prior year. This buyback program exceeded the company's operating cash flow of $1.08B, contributing to a 53.8% decline in cash and equivalents to $375.5M by year-end.