Donaldson vs Fortive
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The short version
- Fortive is the larger business, with $4.2B of revenue in fiscal 2025 against $3.9B for Donaldson.
- Donaldson grew revenue faster (5.3%, against 1.9%).
- Fortive kept more of each dollar of sales as operating profit (17.3% operating margin, against 15.4%).
- Fortive turned more of its sales into free cash flow (23.5% FCF margin, against 11.0%).
- Donaldson earned a higher return on the capital invested in it (19.4%, against 5.7%).
| Latest fiscal year | DCI · FY26 | FTV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.0B | $18.8B |
| Revenue | $3.9B | $4.2B |
| Free cash flow | $426M | $978M |
| Net income | $454M | $579M |
| Growth | ||
| Revenue growth | 5.3% | 1.9% |
| 5-year growth | 6.4% | −2.1% |
| Share count change | −2.1% | −5.2% |
| Profitability | ||
| Gross margin | 34.6% | 63.5% |
| Operating margin | 15.4% | 17.3% |
| Net margin | 11.7% | 13.9% |
| FCF margin | 11.0% | 23.5% |
| Return on capital | 19.4% | 5.7% |
| Return on equity | 28.2% | 7.0% |
| Balance sheet | ||
| Net debt | $1.1B | $2.8B |
| Net debt / EBITDA | 1.5x | 2.4x |
| Dividends and buybacks | $252M | $1.7B |
| Valuation & quality | ||
| P/E | — | 36.1x |
| Piotroski F-score | 7 | 5 |
Revenue
FY17
DCI $2.4B
FTV $5.8B
FY18
DCI $2.7B
FTV $6.5B
FY19
DCI $2.8B
FTV $4.6B
FY20
DCI $2.6B
FTV $4.6B
FY21
DCI $2.9B
FTV $5.3B
FY22
DCI $3.3B
FTV $5.8B
FY23
DCI $3.4B
FTV $3.9B
FY24
DCI $3.6B
FTV $4.1B
FY25
DCI $3.7B
FTV $4.2B
FY26
DCI $3.9B
FTV —
DCI
FTV
Operating margin
FY17
DCI 13.6%
FTV 19.9%
FY18
DCI 13.8%
FTV 10.0%
FY19
DCI 13.7%
FTV 9.7%
FY20
DCI 13.2%
FTV 11.6%
FY21
DCI 13.5%
FTV 15.5%
FY22
DCI 13.4%
FTV 17.0%
FY23
DCI 14.0%
FTV 14.7%
FY24
DCI 15.2%
FTV 17.6%
FY25
DCI 13.4%
FTV 17.3%
FY26
DCI 15.4%
FTV —
DCI
FTV
Free cash flow
FY17
DCI $252M
FTV $1.1B
FY18
DCI $165M
FTV $1.3B
FY19
DCI $195M
FTV $1.2B
FY20
DCI $263M
FTV $1.4B
FY21
DCI $343M
FTV $911M
FY22
DCI $167M
FTV $1.2B
FY23
DCI $426M
FTV $1.3B
FY24
DCI $407M
FTV $1.4B
FY25
DCI $340M
FTV $978M
FY26
DCI $426M
FTV —
DCI
FTV
Return on capital
FY17
DCI 20.8%
FTV 15.5%
FY18
DCI 16.0%
FTV 7.1%
FY19
DCI 21.7%
FTV 3.3%
FY20
DCI 19.1%
FTV 4.4%
FY21
DCI 20.6%
FTV 6.1%
FY22
DCI 22.3%
FTV 6.9%
FY23
DCI 21.7%
FTV 4.5%
FY24
DCI 23.5%
FTV 5.4%
FY25
DCI 19.8%
FTV 5.7%
FY26
DCI 19.4%
FTV —
DCI
FTV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.