Fortive Corporation (FTV)

The portfolio is assembled on one principle: every business sells something bought repeatedly — consumables, service, a software subscription. That is a deliberate choice against a purely machinery model, where income arrives in bursts when equipment is sold.

The company spun some lines into a separate listed structure in order to keep the more profitable half — operations software and medical sterilisation. Growth comes from acquiring niche leaders and raising their efficiency. Risks: the industrial cycle, acquisition prices and hospital budgets. What is watched is the share of recurring revenue, which management has raised deliberately over the years. The dividend is token.