Veralto (VLTO)
Industrials · $23.1B market cap · SEC CIK 0001967680
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $1.11 in earnings per share.
The case for VLTO
- Earns 33% back on shareholder equity.
- Generated $1.0B of free cash flow in FY2025, 18% of revenue.
- Holds more cash ($2.0B) than long-term debt ($2.0B).
- Gross margin of 60% absorbs cost shocks.
- Moves less than the market (beta 0.79).
The case against
- Weakest against its peers: price/sales of 4.1× is higher than 64% of Industrials companies.
- Its weakest area is growth (44/100): revenue +6.2%, EPS +11.1%, +4.8% a year over five years.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 56 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 44 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 83 |
| Momentumhow the price has behaved lately | 55 |
| Stabilityhow violently it moves, what it owes and what it pays you | 75 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 23.4× |
|---|---|
| Price / book | 7.33× |
| Price / sales | 4.1× |
| Revenue growth (YoY) | +6.2% |
| EPS growth (YoY) | +11.1% |
| Gross margin | 60% |
| Operating margin | 23% |
| Net margin | 17% |
| Return on equity | 33% |
| Debt / equity | 1.09× |
| Current ratio | 1.78 |
| Dividend yield | 0.51% |
| Beta | 0.79 |
| 52-week range | $80.03 – $108.00 |
| Position in that range | 56% of the way up |
| 3-month return | +13.3% |
| 1-year return | -11.0% |
Five years of financials, as filed
Pulled from Veralto's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.5B | $5.2B | $5.0B | $4.9B | $4.7B |
| Gross profit | $3.3B | $3.1B | $2.9B | $2.8B | $2.7B |
| Operating income | $1.3B | $1.2B | $1.1B | $1.1B | $1.0B |
| Net income | $940M | $833M | $839M | $845M | $861M |
| Operating cash flow | $1.1B | $875M | $963M | $870M | $896M |
| Capital expenditure | $63.0M | $55.0M | $54.0M | $34.0M | $54.0M |
| Total assets | $7.7B | $6.4B | $5.7B | $4.8B | $4.8B |
| Shareholder equity | $3.1B | $2.0B | $1.4B | $3.2B | — |
| Cash | $2.0B | $1.1B | $762M | $0 | $0 |
| Long-term debt | $2.0B | $2.6B | $2.6B | $0 | — |
| Free cash flow | $1.0B | $820M | $909M | $836M | $842M |
| Gross margin | 59.9% | 59.8% | 57.8% | 56.7% | 57.7% |
| Operating margin | 23.2% | 23.3% | 22.7% | 22.8% | 22.1% |
| Net margin | 17.1% | 16.0% | 16.7% | 17.4% | 18.3% |
| Diluted shares | 250M | 250M | 247M | 246M | 246M |
Share count is essentially flat over 4 years.
What Veralto says it does
—Competition" for additional details. In order to compete effectively, we must retain longstanding relationships with major customers and continue to grow our business by establishing relationships with new customers, continually developing new products and services to maintain and expand our brand recognition and leadership position in various product and service categories and penetrating new markets, including high-growth markets. Our ability to compete can also be impacted by changing customer preferences and requirements (for example increased demand for products incorporating digital capabilities or more environmentally-friendly products and supplier practices). Cost containment efforts by governments and the private sector are also resulting in increased emphasis on products that reduce costs and improve efficiency and effectiveness. In addition, significant shifts in industry demand have occurred and may in the future occur in…
Risk factors VLTO lists in its 10-K
- 2025 vs. 2024 operating profit margin comparisons were unfavorably impacted by
- 2025 vs. 2024 operating profit margin comparisons were favorably impacted by
- Water Quality Selected Financial Data
- Product Quality & Innovation Selected Financial Data
- Overview of Cash Flows and Liquidity
- Report of Management on Veralto Corporation’s Internal Control Over Financial Reporting
- Report of Independent Registered Public Accounting Firm
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- Opinion on the Financial Statements
- How We Addressed the Matter in Our Audit
- ($ in millions, except per share amounts)
- ($ and shares in millions, except per share amounts)
- Accumulated Other Comprehensive Income (Loss)