Fortive Corp (FTV)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	3,646,200	1,982,100	1,978,200	2,094,600	2,251,600	2,559,000	2,682,200	2,738,900	1,807,300	1,442,100	1,441,800	1,441,500	2,830,300	4,699,200	4,686,200	5,826,100	4,826,200	5,015,600	5,196,500	4,728,300
Total stockholders’ equity	US$ in thousands	10,318,900	10,077,800	9,965,800	9,869,900	9,683,400	9,390,800	9,444,300	9,561,400	9,512,200	9,318,000	9,205,000	9,009,000	8,964,200	7,676,100	7,395,300	7,242,100	7,387,000	7,151,700	7,011,600	6,850,700
Debt-to-capital ratio		0.26	0.16	0.17	0.18	0.19	0.21	0.22	0.22	0.16	0.13	0.14	0.14	0.24	0.38	0.39	0.45	0.40	0.41	0.43	0.41

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,646,200K ÷ ($3,646,200K + $10,318,900K)
= 0.26

The debt-to-capital ratio for Fortive Corp has shown some fluctuations over the past eight quarters. The ratio decreased from 0.28 in Q1 2022 to 0.21 in Q3 2023, indicating a lower level of debt relative to the company's capital during this period. Subsequently, the ratio increased to 0.26 in Q4 2023, suggesting a slight rise in debt compared to capital at the end of the year.

Overall, the debt-to-capital ratio has generally remained within a relatively narrow range between 0.21 and 0.28 over the observed period. This indicates that Fortive Corp has maintained a conservative approach to financing its operations through a mix of debt and equity. It is important to continue monitoring changes in this ratio to assess the company's leverage and financial risk going forward.