Fortive Corp (FTV) is overvalued and Garmin Ltd (GRMN) is undervalued.
Against our estimates of intrinsic value, GRMN trades at the wider discount: a margin of safety of +28%, against -170% for FTV.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $20.74; the price of $55.95 is 170% above that value, and 74% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
A 9.7x revenue multiple, adjusted for growth and margin, values the shares at $397.96; the price of $284.67 is 28% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | FTV | GRMN |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $55.95 | $284.67 |
| Intrinsic value | $20.74 | $397.96 |
| Margin of safety | -170% | +28% |
| Leak Score | 27/100 (3/12) | 100/100 (3/12) |
| Market cap | $16.9B | $54.9B |
| Revenue growth, 5 years | -2.1% | 11.6% |
| Operating margin | 18.2% | 27.6% |
| Net margin | 12.4% | 24.5% |
| Return on equity | 7.3% | 21.9% |
| Debt to equity | 0.58 | 0.02 |
| P/E | 33.0x | 29.4x |
| Forward P/E | 17.2x | 25.4x |
| P/B | 2.8x | 6.1x |
| Dividend yield | 0.4% | 1.4% |