CGNX vs FTV: Cognex and Fortive compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Fortive is the larger company, worth $17.1B, about 1.6 times Cognex.
- Cognex grew revenue faster over the last year (+16.9% vs +7.7%).
- Cognex keeps more of each dollar of revenue as operating profit (21.9% vs 17.6%).
- On earnings, Fortive is the cheaper stock (34.3x vs 74.7x).
- Cognex's price assumes faster free cash flow growth: about 16% a year, against 3% for Fortive (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CGNX | FTV |
|---|---|---|
| Market cap | $10.6B | $17.1B |
| Share price | $62.92 | $57.26 |
| Revenue (last fiscal year) | $994M | $4.2B |
| Free cash flow (last fiscal year) | $237M | $978M |
| Revenue growth, last year | +16.9% | +7.7% |
| Revenue growth per year, last 5 fiscal years | -1.0% | -5.7% |
| Operating margin | 21.9% | 17.6% |
| Net margin | 16.1% | 12.8% |
| Return on equity | 10.7% | 8.9% |
| P/E (trailing) | 74.7x | 34.3x |
| Price / free cash flow | 44.7x | 17.5x |
| EV / EBITDA | 36.9x | 15.8x |
| FCF growth the price implies | 15.5% | 3.2% |
| Dividend yield | 0.51% | 0.35% |
| Debt / equity | 0.34x | 0.90x |
| Fundamental grade | B | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cognex
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.0B | $299M | 30.4% |
| 2022 | $1.0B | $224M | 24.5% |
| 2023 | $838M | $90M | 15.6% |
| 2024 | $915M | $134M | 12.6% |
| 2025 | $994M | $237M | 16.3% |
Fortive
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.3B | $911M | 15.5% |
| 2022 | $5.8B | $1.2B | 16.9% |
| 2023 | $3.9B | $1.3B | 14.7% |
| 2024 | $4.1B | $1.4B | 17.6% |
| 2025 | $4.2B | $978M | 17.3% |
Where the revenue comes from
Cognex · by products, 2025
Standard products and services (1)$880M89%
Application-specific customer solutions$114M11%
Fortive · by segments, 2025
Intelligent Operating Solutions$2.9B69%
Advanced Healthcare Solutions$1.3B31%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CGNX in InvestinglyQuestions
Which is bigger, Cognex or Fortive?
Fortive (FTV), at $17.1B against $10.6B.
Is CGNX or FTV cheaper?
By trailing P/E, Fortive (34.3x) is cheaper than Cognex (74.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CGNX or FTV?
Cognex: revenue grew +16.9% over the last year, against +7.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.