Fortive Corp.: 2Q Wrap and Model Update

研报英文原文证据摘录

Fortive Corp.: 2Q Wrap and Model Update

J P M O R G A N North America Equity Research

30 July 2026

Fortive Corp. Underweight

FTV, FTV US

2Q Wrap and Model Update Price (29 Jul 26):$59.54

Price Target (Dec-26):$64.00

FTV reported a beat on organic growth while margins missed impacted by mix Electrical Equipment & Multi-

headwinds from resumed growth in the capital equipment business in ASP, Industry

strength in a strategic lower margin product in ServiceChannel, and strategic Chigusa Katoku AC

investments against some larger accounts in ASP. Importantly, EPS guide is (1-212) 622-0855

essentially unchanged at $2.95-$3.05 (upper half of $2.90-$3.00 prior, Street chigusa.katoku@jpmchase.com

already at $3.00 before print) as better organic growth trends are offset by lower Piyush Khaitan

margins as FTV is reinvesting top line overperformance back into the business. Our (1-212) 622-0605

EPS estimate is tweaked up by 3c driven by lower share count and lower tax rate piyush.khaitan@jpmchase.com

J.P. Morgan Securities LLC

while our profit estimate remains unchanged, with EBITDA margins implied at the

lower end of the 50-100bps expansion framework this year. Upgraded organic

growth guide of 4% (2-3% prior, JPMe 4.2%) reflects normal seasonality adjusted Quarterly Forecasts (FYE Dec)

for the selling days impact in 4Q in our view, and to the extent demand accelerates Adj. EPS ($)

to above seasonal trends, there is upside in our view. On capital allocation, in 2025A 2026E 2027E

Q1 0.55 0.70A

addition to $200mm in share buybacks, this quarter FTV spent $58mm on a bolt Q2 0.58 0.74A

on acquisition in the ASP segment. FTV’s upper limit of share repurchase is 75% Q3 0.68 0.71

of FCF after dividends, but FTV is currently at 2.7x gross leverage vs their investor Q4 0.90 0.89