Fortive vs Valmont Industries
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The short version
- Fortive is the larger business, with $4.2B of revenue in fiscal 2025 against $4.1B for Valmont Industries.
- Fortive grew revenue faster (1.9%, against 0.7%).
- Fortive kept more of each dollar of sales as operating profit (17.3% operating margin, against 10.1%).
- Fortive turned more of its sales into free cash flow (23.5% FCF margin, against 7.6%).
- Valmont Industries earned a higher return on the capital invested in it (17.9%, against 5.7%).
- Investors pay more for each dollar of Fortive’s earnings: a P/E of 36.1x against 17.0x for Valmont Industries.
| Latest fiscal year | FTV · FY25 | VMI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.8B | $8.5B |
| Revenue | $4.2B | $4.1B |
| Free cash flow | $978M | $311M |
| Net income | $579M | $350M |
| Growth | ||
| Revenue growth | 1.9% | 0.7% |
| 5-year growth | −2.1% | 7.2% |
| Share count change | −5.2% | −1.6% |
| Profitability | ||
| Gross margin | 63.5% | 30.2% |
| Operating margin | 17.3% | 10.1% |
| Net margin | 13.9% | 8.5% |
| FCF margin | 23.5% | 7.6% |
| Return on capital | 5.7% | 17.9% |
| Return on equity | 7.0% | 22.1% |
| Balance sheet | ||
| Net debt | $2.8B | $609M |
| Net debt / EBITDA | 2.4x | 1.2x |
| Dividends and buybacks | $1.7B | $251M |
| Valuation & quality | ||
| P/E | 36.1x | 17.0x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
FTV $5.4B
VMI $2.5B
FY17
FTV $5.8B
VMI $2.7B
FY18
FTV $6.5B
VMI $2.8B
FY19
FTV $4.6B
VMI $2.8B
FY20
FTV $4.6B
VMI $2.9B
FY21
FTV $5.3B
VMI $3.5B
FY22
FTV $5.8B
VMI $4.3B
FY23
FTV $3.9B
VMI $4.2B
FY24
FTV $4.1B
VMI $4.1B
FY25
FTV $4.2B
VMI $4.1B
FTV
VMI
Operating margin
FY16
FTV 19.7%
VMI 9.7%
FY17
FTV 19.9%
VMI 9.7%
FY18
FTV 10.0%
VMI 7.7%
FY19
FTV 9.7%
VMI 8.2%
FY20
FTV 11.6%
VMI 7.8%
FY21
FTV 15.5%
VMI 8.2%
FY22
FTV 17.0%
VMI 10.0%
FY23
FTV 14.7%
VMI 7.0%
FY24
FTV 17.6%
VMI 12.9%
FY25
FTV 17.3%
VMI 10.1%
FTV
VMI
Free cash flow
FY16
FTV $1.0B
VMI $175M
FY17
FTV $1.1B
VMI $77.9M
FY18
FTV $1.3B
VMI $81.0M
FY19
FTV $1.2B
VMI $210M
FY20
FTV $1.4B
VMI $210M
FY21
FTV $911M
VMI −$41.9M
FY22
FTV $1.2B
VMI $233M
FY23
FTV $1.3B
VMI $210M
FY24
FTV $1.4B
VMI $493M
FY25
FTV $978M
VMI $311M
FTV
VMI
Return on capital
FY16
FTV 14.9%
VMI 14.6%
FY17
FTV 15.5%
VMI 10.3%
FY18
FTV 7.1%
VMI 9.8%
FY19
FTV 3.3%
VMI 10.8%
FY20
FTV 4.4%
VMI 10.7%
FY21
FTV 6.1%
VMI 11.8%
FY22
FTV 6.9%
VMI 13.5%
FY23
FTV 4.5%
VMI 7.9%
FY24
FTV 5.4%
VMI 18.0%
FY25
FTV 5.7%
VMI 17.9%
FTV
VMI
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.