2024
Annual
Report
Essential technology
for the people who
accelerate progress.
ABOUT FORTIVE
Fortive Corporation delivers essential technology and connected workflow solutions
across a range of attractive end markets. The company’s businesses and strategic
segments—Intelligent Operating Solutions, Advanced Healthcare Solutions, and
Precision Technologies—are built on leading brand names, innovative technologies,
and established market positions. Fortive is based in Everett, Washington, with
research and development, manufacturing, sales, distribution, service, and
administrative operations in more than 50 countries. Fortive’s global team of more
than 18,000 team members is united by a powerful shared purpose, delivering
essential technology for the people who accelerate progress.
$3.89
Adjusted Net
Earnings Per Share
$1.4B
Adjusted Net
Earnings
2024
AT A GLANCE
~27%
Adjusted Operating
Profit Margin
$0.32
Cash Dividend
Per Share
$1.4B
Free Cash Flow
$75.00
Share Price
as of 12/31/2024
~12M
Shares Repurchased
Financial
Highlights
For Fiscal Year Ended December 31, 2024*
23% Healthcare
21% Industrial & Manufacturing
9% Government
7% Utilities & Power
6% Communication, Electronics
& Semiconductor
5% Retail & Consumer
5% Aerospace & Defense
5% Oil & Gas
6% Distributors
13% Other End Markets
* This report presents certain financial metrics using non-GAAP measures. Reconciliations for these financial
metrics can be found at the end of this report. End market data based on management’s estimates.
$6.2B
F Y 20 24 TOTA L SA LE S
10%
China
19%
Rest of the World
57%
North America
14%
Western Europe
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
Fellow
Shareholders,
We stand on the threshold of one of the most transformative year in
Fortive’s history. When we started Fortive almost a decade ago, we
embraced a vision that extended beyond achieving exceptional financial
results. We believed deeply in the power of better — that by empowering
our team members, we would make a significant impact on the world.
Our commitment from day one was to drive progress, not only for our
customers and shareholders, but also for the communities where we live,
leveraging our innovations and technologies to improve the world. Over the
years, we have stayed true to this mission, and our achievements reflect that
dedication. This is our why—the core purpose that fuels everything we do.
As we reflect on our journey and the incredible impact we have made over
the past decade, we are on the cusp of an exciting new chapter. Our past
has laid a strong foundation, and our future holds boundless potential as
we continue to build on our legacy of distinction and impact.
Long Term Track Record
2024 was another year where optimism and vision once again met
relentless execution, marking another year of consistent compounding
that included the achievement of several record financial metrics.
Since our inception, we have evolved our portfolio and leveraged the
Fortive Business System (FBS) to drive growth and push the envelope on
innovation, expand market share and profitability, and forge the leadership
skills we need for the future. Our proven ability to deliver is reflected in our
sustained multi-year performance, including an acceleration to mid-single-
digit core growth on average the last five years, approximately 600 basis
points of adjusted operating margin expansion and approximately 350
basis points of adjusted gross margin expansion amidst unprecedented
inflation during this period. In addition, we grew free cash flow by an
average of 18 percent over the last five years.
Our accretive capital deployment has contributed to higher growth and
higher returns. As a result, we grew free cash flow an average of 18% per
year over this time, underpinned by industry-leading net working capital
performance demonstrating the power of our unique, enterprise-wide
business system.
What is extraordinary and truly differentiated about Fortive is the breadth
of results that are compounding over time relative to peers. The reason for
this five-year track record of success, and our exceptional performance
in 2024, is our passion for continuous improvement and the strategic
evolution of our portfolio.
“As we look ahead,
our teams around
the world are
dreaming bigger —
to achieve
more, grow
faster, and drive
unprecedented
value for our
stakeholders as
two independent,
publicly-traded
companies.”
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
James A. Lico
President and CEO
Facing Challenges Head On
In an era where uncertainty is the new normal, our culture
of high expectations and world-class business system (FBS)
allows us to navigate challenges, seize opportunities, and
unlock the full potential of our teams.
Our strategic and operational readiness ensured that we
could adapt and thrive again in 2024. From robust recurring
revenue growth to record adjusted earnings and free cash
flow, our performance in 2024 underscores our resilience
and strategic acumen amidst the mixed macro environment:
• Revenues grew 3 percent, 1 percent core, driven by
consistent mid-single-digit core growth in the combined
Intelligent Operating Solutions (IOS) and Advanced
Healthcare Solutions (AHS) segments, partially offset
by lower Precision Technologies (PT) revenue, down (4)
percent core given continued industry headwinds.
• Adjusted operating margins expanded 100 basis points to
a record 26.9 percent, contributing to 13 percent adjusted
net earnings and free cash flow growth.
• Free cash flow margins expanded 200 basis points to 23
percent, with net working capital as a percent of revenues
down to 6 percent, more than half what it was just five
years ago.
• Consistent with our commitment to allocate capital
effectively to the most value-enhancing opportunities,
we returned approximately $1 billion to shareholders
in 2024, including repurchasing approximately
12 million shares.
Reflecting on the remarkable progress we’ve made over
the past decade to establish Fortive’s leading market
positions, it’s time to adopt a more balanced approach. This
strategy will emphasize sustained share buybacks as a core
component, while our M&A activities will focus on executing
a disciplined series of bolt-on acquisitions to our existing
growth platforms.
A great example of this highly accretive strategy is the four
bolt-on acquisitions we executed in the IOS segment in 2023.
Over the last year, these deals demonstrated impressive
growth rates, collectively achieving 25% revenue growth in
2024. The acquisition profile features a high mix of recurring
and durable revenue, benefiting significantly from FBS and
delivering double-digit returns on invested capital in year
two. This approach sets the expectation for continued
shareholder benefits moving forward.
Bold Thinking Wins
The Fortive Business System and our culture of continuous
improvement is at the heart of everything we do. We are
infusing leading-edge innovation into FBS by integrating the
Fort, our emerging technology Center of Excellence for AI
and machine learning. This unique approach is delighting
our customers and extending our leadership positions in the
markets we serve. Our efforts resulted in a record year for
new product innovations in 2024, and 2025 promises to be
even bigger. For example:
• Fluke launched a record 20 major new products in 2024,
extending their leadership position in sustainability with
new solar and energy storage tools.
• Facilities & Asset Lifecycle solutions launched 15 NPIs
in the last year.
• ASP launched a record 6 new products in 2024 with
510(k) approvals.
• Tektronix launched 4 new products to their best-in-class
electronic test and measurement offering, serving their
fastest growing markets.
• Qualitrol continues its double-digit pace of growth with
new electric grid monitoring and energy storage solutions
to support the expansion of global power infrastructure.
Our teams are committed to pushing the boundaries of
what’s possible. The power of collective growth across
Fortive’s global enterprise ensures we will continue to be held
accountable to high expectations and profitable growth.
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
FAVORABLE SECULAR TRENDS
Safety & Productivity
From factory floors to operating rooms, the
demand for safety and productivity has
never been greater. Our innovations propel
enhancements within vital workflows by
optimizing essential resources, contributing to
a better, safer, and more productive future.
Electrification & Digitization
We empower engineers by streamlining and
digitizing their workflows in an increasingly
electrified world, leveraging our deep expertise in
hardware, software, and AI-driven data analytics.
Our focus on continuous innovation and our
extensive product portfolio will position us as a
key enabler of technologies necessary to drive
electrification and digitization.
From left to right: Tami Newcombe, James Lico and Olumide Soroye
assets productive, up, and running. We enable high
quality patient outcomes and provider experiences in the
healthcare setting.
• Ralliant will thrive as a global technology leader, enabling
the engineers who count on us for our precision
technologies to drive the next breakthroughs in
electrification and digitization. Ralliant is positioned at the
forefront of innovation, and together with its customers,
will create the future, from AI-powered data centers and
expansion of the energy grid to robotics, the digital factory,
and our next frontier in space.
Our greatest strength as we embark on this new chapter
is our teams. We take great pride in our ability to foster the
leadership potential in all our teammates, and we have been
intentional about growing our next generation of leaders —
people who exemplify humility, transparency, accountability to
high expectations, and are enthusiastic about the road ahead.
We stand at this pivotal moment together united by our
inclusive culture, where every perspective brings value,
and we are resolute in our commitment to progress and
unstoppable in our execution. As I turn over the responsibility
of this tremendous company to Olumide and Tami, I am
deeply grateful and humbled by what we have accomplished
together. Looking ahead, I am incredibly excited about the
future and confident that both companies will unlock their
true potential in the years to come.
Thank you for your trust and partnership as we embark on the
future of Fortive.
James A. Lico
President and CEO
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
Transformative Year Ahead
As we look ahead, our teams around the world are
dreaming bigger — to achieve more, grow faster, and
drive unprecedented value for our stakeholders as two
independent, publicly-traded companies.
As previously announced, I will be retiring as President, CEO,
and director upon the completion of the PT spin-off, targeting
early in the third quarter of 2025. Olumide Soroye, currently
President and CEO of Fortive’s IOS and AHS segments,
will succeed me in these roles. Olumide brings extensive
expertise in product leadership, software, data-driven digital
workflows, and strategic acquisitions. Throughout his tenure
at Fortive, he has leveraged FBS to achieve market success,
driving higher returns on R&D and bolt-on acquisitions, while
expanding the pipeline of new growth opportunities.
Our PT segment will become a standalone publicly traded
company named Ralliant Corporation, to be led by Tami
Newcombe, current President and CEO of Fortive’s PT
segment. Tami has held several leadership positions,
including President & CEO of PT and AHS. In her tenure, she
has led FBS innovation, enterprise responsibility of India
and China growth markets, and has inspired engagement
across the PT segment’s global teams to drive results and
accelerate innovation.
Both Fortive and Ralliant are well-positioned to outperform
as more focused businesses with tailored and balanced
capital allocation strategies to drive shareholder returns, and
with exciting opportunities to make an even bigger impact in
the world:
• Fortive is poised to accelerate progress by innovating
essential technologies to keep the world safe and
productive. We prevent injury and preserve life in the
workplace. We keep the world’s systems, facilities, and
5-YEAR TRACK RECORD
Our extraordinary teams achieved outstanding
results in 2024, creating exceptional value for
our shareholders as reflected in our sustained
multi-year performance including:
~120 bps/yr
Adjusted Operating Margin
Expansion since 2019
MSD
5-year Core Revenue
Growth CAGR
>50%
Reduction in Net
Working Capital as a %
of Sales over 5 years
14%
5-year Adjusted
EPS CAGR
18%
5-year Free Cash
Flow CAGR
FINANCIAL PERFORMANCE*
Revenue
2020
2021
2022
$4,634
$5,255
$ 5,826
2023
2024
$6,065
$6,232
Adjusted Operating Profit Margin
2020
2021
2022
21.0%
23.1%
24.3%
2023
2024
25.9%
26.9%
Adjusted Net Earnings Per Share
2020
2021
2022
$2.09
$2.75
$3.15
2023
2024
$3.43
$3.89
Free Cash Flow
2020
2021
2022
$902
$942
$1,207
2023
2024
$1,246
$1,406
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
*The financial results are presented on a continuing operations basis.
All dollar figures are shown in millions except per share values.
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
Intelligent Operating Solutions
Our Intelligent Operating Solutions segment provides advanced instrumentation, software, and services to tens
of thousands of customers, enabling their mission-critical workflows. These offerings include electrical test &
measurement, facility and asset lifecycle software applications, and connected worker safety and compliance
solutions across a range of vertical end markets including manufacturing, process industries, healthcare, utilities
and power, and communications and electronics.
Typical users of these safety, productivity, and sustainability solutions include electrical engineers, electricians,
electronic technicians, EHS professionals, network technicians, facility managers, first responders, and
maintenance professionals.
Game-Changing Safety and Productivity
Enhancements
Industrial Scientific’s iNet Control+ safety productivity
software helps site managers proactively mitigate risk,
increase equipment uptime, and manage key resources
from an easy-to-use dashboard. AI-driven alarm
aggregation enables faster response times, improved
safety oversight, and more efficient resource allocation.
$2.7B
F Y 2024 TOTAL SALE S
60%
North America
15%
Western Europe
8%
China
17%
Rest of the World
INDUSTRIAL SAFETY & PRODUCTIVITY
Accruent Optimizes Space Usage with
AI-Driven Analytics
Accruent Space Intelligence (ASI) uses advanced AI to
give businesses valuable new insights into their global
real estate footprint. Real-time data helps optimize space
usage, reduce costs, and drive operational efficiencies
— and the subscription model delivers annual recurring
revenue for Fortive.
INDUSTRIAL PRODUCTIVITY
INDUSTRIAL SAFETY
Fluke Health Solutions Launches Breakthrough
Testing Technology
The IDA-6 delivers significantly faster, simpler, and
more accurate infusion testing so busy healthcare
professionals can focus on protecting lives. Innovative
technology supports simultaneous testing of four
infusion pumps and delivers low-flow stable readings
many times faster than IDA-5.
Advanced Healthcare Solutions
Our Advanced Healthcare Solutions segment supplies critical workflow solutions enabling healthcare providers to
deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument
tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity
software and solutions.
Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are
working at peak performance, and complex procedures are followed accurately in these high-stakes healthcare
environments.
$1.3B
F Y 2024 TOTAL SALE S
58%
North America
9%
Western Europe
8%
China
25%
Rest of the World
HEALTHCARE SAFETY & PRODUCTIVITY
Financial
Highlights
Letter to
Shareholders
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
HEALTHCARE PRODUCTIVITY
HEALTHCARE SAFETY
Intelligent Procedure Documentation and
Patient Charting
Provation, a leading healthcare SaaS solution, equips
medical professionals with deep clinical content,
intuitive workflows, and streamlined procedure
documentation. Our cloud-based platform delivers
real-time insights into clinical quality and productivity
benchmarks, empowering healthcare organizations to
make data-driven decisions with confidence.
Financial
Highlights
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
Letter to
Shareholders
Precision Technologies
$2.2B
F Y 2024 TOTAL SALE S
53%
North America
16%
Western Europe
15%
Greater China
16%
Rest of the World
FOR ENGINEERS, BY ENGINEERS
Powering Precision Electronics with
Industry-First Technology
Tektronix introduced its groundbreaking new oscilloscope probe, the
TICP IsoVu™ Isolated Current Probe, featuring industry-first RF isolation
technology. Designed to deliver exceptional accuracy when measuring
fast-changing electrical current in high-efficiency power designs, such
as electric vehicles, data center servers, and renewable energy systems,
this new probe expands the company’s market-leading solutions,
empowering engineers who are digitizing and electrifying our world.
Advancing Aerospace Innovation
With output equivalents matching the NASA
Standard Initiator and a 100% success
rate for satellite releases, PacSci EMC’s
EMI Smart Initiator sets a new benchmark
for aerospace innovation. An integrated
microelectronic board enables exact digital
command execution, making aerospace
applications safer and more precise.
SENSORS & SAFETY SYSTEMS
TEST & MEASUREMENT
Our Precision Technologies segment helps solve tough technical challenges to speed breakthroughs in a wide
range of applications, from food and beverage production and manufacturing to next-generation electric
vehicles and clean energy, as our customers seek new test solutions to enable the electrification and connectivity
of everything. Our expertise in materials, methods, and measurements are reflected in our electrical test &
measurement and sensing and material technologies offered to a broad set of customers and vertical end markets
including industrial, power and energy, automotive, medical equipment, food and beverage, aerospace and
defense, semiconductor, and other general industries.
Customers for these products and services include design engineers for advanced electronic devices and
equipment, process and quality engineers focused on improved process capability and productivity, facility
maintenance managers driving increased uptime, and other customers for whom precise measurement, reliability,
and compliance are critical in their applications.
1,000+
participants, representing over 70
teams across 12 global locations,
came together for the largest-ever
CEO Kaizen
+25%
efficiency gains yielded
from new R&D AI Efficiency
Kaizen toolkit, combining
Process Mapping and AI
experimentation
Increasing Our Impact
by Living Our Values
Kaizen is our way of life
We know we can always do and be better. Grounded in FBS, our commitment to
continuous improvement drives our curiosity, growth, and learning.
76%
productivity improvement
across completed 2024
CEO Kaizen projects
The lean but mighty team at Hengster Dynapar exemplifies
our value of “kaizen is our way of life.” By embracing the
power of FBS, teamwork, and creativity, the team doubled
their units per hour labor, winning the CEO Kaizen in the
Lean category for a second year in a row.
CORE VALUE
AWARD WINNER:
The Hengstler-Dynapar team exemplifies our value of
“kaizen is our way of life.” By embracing the power of FBS,
teamwork, and creativity, the team doubled their units per
hour labor, winning the CEO Kaizen in the Lean category
for a second year in a row.
CORE VALUE
AWARD WINNER:
Financial
Highlights
Letter to
Shareholders
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
CORE VALUE AWARD WINNER:
This year’s CEO Kaizen Growth winner
demonstrates how an exceptional
employee experience drives outstanding
business results. ASP has undergone an
intentional transformation over the past
two years, earning the highest employee
engagement scores across operating
companies, reducing turnover and
strengthening and uniting global teams,
and delivering its best results in over a
decade with multi-year consistency of
MSD core growth.
We build extraordinary teams for
extraordinary results.
We are more together. We are committed to a strong and inclusive
culture, and we come together to solve problems no one could
solve alone.
75% open leadership roles filled from within the company
100% operating company participation in our annual
Day of Caring, contributing 24,000 volunteer hours across
170+ global sites
84% inclusion and belonging score, reflecting our inclusive
culture and the strides made through our Inclusive Leader program
CORE VALUE AWARD WINNER:
Fluke earned the Customer Success award
after investing in and launching a record 20
new products in the last two years. Driven by
customer-inspired innovation and FBS-led
Lean Portfolio Management, Fluke extended
its leadership position in solar and energy
storage tools and contributed 200 basis
points to growth in 2024.
*Lean Portfolio Management (LPM) is an FBS process for
prioritizing and optimizing our R&D investment in the
right portfolio of products that deliver differentiated
value to our customers and drive greater returns
Customer success inspires our innovation.
We believe our most important breakthroughs are the ones that
help our customers succeed. We break down barriers and have
increased innovation velocity to move our customers forward.
Since 2021:
2x innovation investment
3x increase in innovation revenue opportunities through
Lean Portfolio Management (LPM) approach
6x new product innovations for customers by applying
LPM principles
*Data shown since 2019
CORE VALUE AWARD WINNER:
PacSci EMC drove exceptional shareholder
value with high-teens core growth in 2024
and an impressive mid-thirties over the
last two years. As part of their remarkable
growth story, the team also led in working
capital improvement.
MSD
Revenue
5-year CAGR
14%
Adjusted EPS
5-year CAGR
18%
Free Cash Flow
5-year CAGR
We compete for shareholders.
We prioritize trust, sustainability, and positive impact to create long-
term value for all of our stakeholders, including our shareholders,
employees, customers, and communities.*
Financial
Highlights
Letter to
Shareholders
Advanced Healthcare
Solutions
Intelligent Operating
Solutions
Our
Values
Precision
Technologies
* Except for the Core Value Award Winners, the numbers on these pages reflect results for
Total Fortive.
2024 Form
10-K
Computershare manages a
variety of shareholder services
such as: change of address,
lost stock certificates, transfer
of stock to another person, and
other administrative transactions.
Computershare can be reached at:
P.O. Box 43006
Providence, RI 02940-3006
Toll-free: 800.568.3476
Outside the U.S.: +1.781.575.3120
www.computershare.com
Our Transfer Agent
This annual report, along with a
variety of other financial materials,
can be viewed at www.fortive.com.
Additional inquiries can be directed
to Fortive’s Investor Relations team:
6920 Seaway Boulevard
Everett, WA 98203
Phone: 425.446.5000
E-mail: investors@fortive.com
Investor Relations
Fortive’s annual shareholder
meeting will be held on
June 3, 2025. For more
information, contact Fortive’s
Investor Relations team by calling
425.446.5000 or emailing
investors@fortive.com.
Annual Meeting
Ernst & Young, LLP | Seattle, WA
Auditors
New York Stock Exchange
Symbol: FTV
Stock Listing
SHARMISTHA DUBEY
Chair of the Board
Fortive Corporation
ERIC BRANDERIZ
Former Executive Vice
President and Chief
Financial Officer
Enphase Energy, Inc.
DANIEL L. COMAS
Former Executive Vice
President and Chief
Financial Officer
Danaher Corporation
REJJI P. HAYES
Executive Vice President
and Chief Financial Officer
CMS Energy Corporation
WRIGHT L. LASSITER III
Chief Executive Officer
CommonSpirit Health
JAMES A. LICO
President and Chief
Executive Officer
Fortive Corporation
KATE D. MITCHELL
Founding Partner
Scale Venture Partners
GREGORY MOORE,
M.D., PH.D
Former Corporate Vice
President of Microsoft
Health & Life Sciences
Microsoft Corporation
JEANNINE P. SARGENT
Operating Partner
G2 Venture Partners
ALAN G. SPOON
Former Partner
Polaris Partners
JAMES A. LICO
President and Chief
Executive Officer
TAMARA S. NEWCOMBE
President and Chief Executive
Officer, Precision Technologies
MARK D. OKERSTROM
Senior Vice President,
Chief Financial Officer
JONATHAN L. SCHWARZ
Senior Vice President, Strategic
and Corporate Development
OLUMIDE O. SOROYE
President and Chief Executive
Officer, Intelligent Operating
Solutions and Advanced
Healthcare Solutions
PETER C. UNDERWOOD
Senior Vice President,
Chief Legal Officer
STACEY A. WALKER
Senior Vice President,
Chief People Officer
Directors
Executive Officers
This page is representative of the Directors and Executives Officers as of April 1, 2025.
Fortive Corporation
6920 Seaway Boulevard, Everett, WA 98203
425.446.5000 | www.fortive.com