Fortive Corporation (FTV.N): Solid 2Q Results Offset by Modest FY26 EPS Guidance Increase

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Fortive Corporation (FTV.N): Solid 2Q Results Offset by Modest FY26 EPS Guidance Increase

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29 Jul 2026 18:35:17 ET │ 14 pages

Fortive Corporation (FTV.N)

Solid 2Q Results Offset by Modest FY26 EPS Guidance Increase

CITI'S TAKE

Neutral FTV reported solid 2Q results that exceeded our pre-print expectations

and are suggestive of a broadly healthy underlying demand environment Price (29 Jul 26 16:00) US$59.54

as well as FTV’s ongoing “self-help” actions. That said, a relatively modest Target price US$65.00

raise to EPS ’26 guidance (our 2H26 EPS modestly went down vs. our pre- Expected share price return 9.2%

print expectations), while suggesting some conservatism, also points to a Expected dividend yield 0.4%

still dynamic macro backdrop and some ongoing margin pressure, which Expected total return 9.6%

we think is contributing to FTV’s stock underperformance (-7% vs.

Market Cap US$18,151M S&P500 -1.5%). We do think demand trends across much of FTV’s

portfolio appear to be stabilizing/improving (exposure to attractive/high-

growth end-markets such as data-center supportive), which, combined

with FTV’s focus on new product introductions, should position FTV for Andrew KaplowitzAC

durable growth over time. While ongoing growth investments and +1-212-816-0642

moderating 2H26 growth (vs. 1H26) are impacting FTV’s near-term margin andrew.kaplowitz@citi.com

performance, we think operating leverage and structural cost savings

should support FTV’s margin expansion potential over the longer term.

Changes to our model — Following FTV’s 2Q results and updated ‘26 guidance, we

modestly raise our ‘26 EPS estimate to $3.02 (from $3.00) but maintain our ’27 EPS

estimate of $3.25. Our price target remains $65 based on 20x our unchanged ’27

EPS estimate.