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Side-by-side financial comparison of Fortive (FTV) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Fortive is the larger business by last-quarter revenue ($1.0B vs $614.5M, roughly 1.7× Cloudflare, Inc.). Fortive runs the higher net margin — 5.4% vs -2.0%, a 7.3% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -33.1%). Fortive produced more free cash flow last quarter ($153.1M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -19.5%).
Fortive Corporation is an American industrial technology conglomerate company headquartered in Everett, Washington. The company specializes in providing essential technologies for connected workflow solutions; designing, developing, manufacturing and distributing professional and engineered products, software and services. Their products and services are split into three strategic segments; Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. As of Decem...
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
FTV vs NET — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $614.5M |
| Net Profit | $55.0M | $-12.1M |
| Gross Margin | 63.2% | 73.6% |
| Operating Margin | 15.5% | -8.0% |
| Net Margin | 5.4% | -2.0% |
| Revenue YoY | -33.1% | 33.6% |
| Net Profit YoY | -75.2% | 6.0% |
| EPS (diluted) | $0.16 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $614.5M | ||
| Q3 25 | $1.0B | $562.0M | ||
| Q2 25 | $1.5B | $512.3M | ||
| Q1 25 | $1.5B | $479.1M | ||
| Q4 24 | $1.6B | $459.9M | ||
| Q3 24 | $1.5B | $430.1M | ||
| Q2 24 | $1.6B | $401.0M | ||
| Q1 24 | $1.5B | $378.6M |
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $55.0M | $-1.3M | ||
| Q2 25 | $166.6M | $-50.4M | ||
| Q1 25 | $171.9M | $-38.5M | ||
| Q4 24 | $208.8M | $-12.8M | ||
| Q3 24 | $221.6M | $-15.3M | ||
| Q2 24 | $195.1M | $-15.1M | ||
| Q1 24 | $207.4M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | 63.2% | 74.0% | ||
| Q2 25 | 59.0% | 74.9% | ||
| Q1 25 | 59.8% | 75.9% | ||
| Q4 24 | 60.3% | 76.4% | ||
| Q3 24 | 60.0% | 77.7% | ||
| Q2 24 | 59.8% | 77.8% | ||
| Q1 24 | 59.3% | 77.5% |
| Q4 25 | — | -8.0% | ||
| Q3 25 | 15.5% | -6.7% | ||
| Q2 25 | 14.6% | -13.1% | ||
| Q1 25 | 15.8% | -11.1% | ||
| Q4 24 | 19.0% | -7.5% | ||
| Q3 24 | 19.3% | -7.2% | ||
| Q2 24 | 19.4% | -8.7% | ||
| Q1 24 | 19.8% | -14.4% |
| Q4 25 | — | -2.0% | ||
| Q3 25 | 5.4% | -0.2% | ||
| Q2 25 | 11.0% | -9.8% | ||
| Q1 25 | 11.7% | -8.0% | ||
| Q4 24 | 12.9% | -2.8% | ||
| Q3 24 | 14.4% | -3.6% | ||
| Q2 24 | 12.6% | -3.8% | ||
| Q1 24 | 13.6% | -9.4% |
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $0.16 | $0.00 | ||
| Q2 25 | $0.49 | $-0.15 | ||
| Q1 25 | $0.50 | $-0.11 | ||
| Q4 24 | $0.60 | $-0.05 | ||
| Q3 24 | $0.63 | $-0.04 | ||
| Q2 24 | $0.55 | $-0.04 | ||
| Q1 24 | $0.58 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $430.8M | $943.5M |
| Total DebtLower is stronger | $3.3B | — |
| Stockholders' EquityBook value | $6.5B | $1.5B |
| Total Assets | $11.9B | $6.0B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $943.5M | ||
| Q3 25 | $430.8M | $1.1B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $892.1M | $204.5M | ||
| Q4 24 | $813.3M | $147.7M | ||
| Q3 24 | $811.3M | $182.9M | ||
| Q2 24 | $644.1M | $157.0M | ||
| Q1 24 | $704.6M | $254.4M |
| Q4 25 | — | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.9B | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $6.5B | $1.3B | ||
| Q2 25 | $10.4B | $1.2B | ||
| Q1 25 | $10.2B | $1.4B | ||
| Q4 24 | $10.2B | $1.0B | ||
| Q3 24 | $10.6B | $973.1M | ||
| Q2 24 | $10.5B | $881.5M | ||
| Q1 24 | $10.5B | $797.2M |
| Q4 25 | — | $6.0B | ||
| Q3 25 | $11.9B | $5.8B | ||
| Q2 25 | $18.2B | $5.6B | ||
| Q1 25 | $17.1B | $3.7B | ||
| Q4 24 | $17.0B | $3.3B | ||
| Q3 24 | $17.5B | $3.1B | ||
| Q2 24 | $17.3B | $2.9B | ||
| Q1 24 | $17.5B | $2.8B |
| Q4 25 | — | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.38× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 0.37× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.38× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $164.4M | $190.4M |
| Free Cash FlowOCF − Capex | $153.1M | $105.2M |
| FCF MarginFCF / Revenue | 14.9% | 17.1% |
| Capex IntensityCapex / Revenue | 1.1% | 13.9% |
| Cash ConversionOCF / Net Profit | 2.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $190.4M | ||
| Q3 25 | $164.4M | $167.1M | ||
| Q2 25 | $311.2M | $99.8M | ||
| Q1 25 | $241.7M | $145.8M | ||
| Q4 24 | $502.2M | $127.3M | ||
| Q3 24 | $459.0M | $104.7M | ||
| Q2 24 | $308.9M | $74.8M | ||
| Q1 24 | $256.7M | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | $153.1M | $82.5M | ||
| Q2 25 | $274.5M | $39.9M | ||
| Q1 25 | $215.0M | $59.9M | ||
| Q4 24 | $465.2M | $54.2M | ||
| Q3 24 | $431.2M | $54.5M | ||
| Q2 24 | $279.7M | $45.2M | ||
| Q1 24 | $230.3M | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | 14.9% | 14.7% | ||
| Q2 25 | 18.1% | 7.8% | ||
| Q1 25 | 14.6% | 12.5% | ||
| Q4 24 | 28.7% | 11.8% | ||
| Q3 24 | 28.1% | 12.7% | ||
| Q2 24 | 18.0% | 11.3% | ||
| Q1 24 | 15.1% | 11.0% |
| Q4 25 | — | 13.9% | ||
| Q3 25 | 1.1% | 15.1% | ||
| Q2 25 | 2.4% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | 2.3% | 15.9% | ||
| Q3 24 | 1.8% | 11.7% | ||
| Q2 24 | 1.9% | 7.4% | ||
| Q1 24 | 1.7% | 8.5% |
| Q4 25 | — | — | ||
| Q3 25 | 2.99× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.41× | — | ||
| Q4 24 | 2.41× | — | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 1.58× | — | ||
| Q1 24 | 1.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTV
| Advanced Healthcare Solutions | $328.3M | 32% |
| Industrial Manufacturing | $287.9M | 28% |
| Energy And Infrastructure | $166.7M | 16% |
| Government | $88.0M | 9% |
| Retail | $82.7M | 8% |
| Other Direct End Markets | $79.6M | 8% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
