Veralto
VLTO NYSE Environmental & Facilities Services Financials FY2021–FY2025
Veralto's revenue rose 6.0% to $5.5 billion in fiscal 2025. Its operating margin was 23.2%, about the same as 23.3% a year earlier. Free cash flow was $1.0 billion, up 23.7%. It paid out $109 million in dividends and buybacks, 11% of free cash flow. The diluted share count rose 0.3%.
Revenue
Total sales reported in the income statement.
$5.5B
6.0%
vs prior year
Operating margin
Operating income as a share of revenue.
23.2%
0.1 pts
Net income
Profit after all expenses, interest and tax.
$940M
12.8%
Free cash flow
Cash from operations minus capital spending.
$1.0B
23.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.1%
0.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$26.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
26.9x
On $3.88 EPS (TTM)
What Veralto does
No business description yet.
- Legal name
- VERALTO CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001967680-26-000011
0001967680
Revenue and margins
Veralto had $5.5B of revenue in fiscal 2025, up 6.0% on the year before.
FY21
Revenue $4.7B
FY22
Revenue $4.9B
FY23
Revenue $5.0B
FY24
Revenue $5.2B
FY25
Revenue $5.5B
Q1 '24
Revenue $1.2B
Q2 '24
Revenue $1.3B
Q3 '24
Revenue $1.3B
Q4 '24
Revenue $1.3B
Q1 '25
Revenue $1.3B
Q2 '25
Revenue $1.4B
Q3 '25
Revenue $1.4B
Q4 '25
Revenue $1.4B
Q1 '26
Revenue $1.4B
FY21
Gross 57.7%
Operating 22.2%
Net 18.3%
FCF 17.9%
FY22
Gross 56.7%
Operating 22.8%
Net 17.4%
FCF 17.2%
FY23
Gross 57.8%
Operating 22.7%
Net 16.7%
FCF 18.1%
FY24
Gross 59.8%
Operating 23.3%
Net 16.0%
FCF 15.8%
FY25
Gross 60.0%
Operating 23.2%
Net 17.1%
FCF 18.4%
Gross
Operating
Net
FCF
Q1 '24
Gross 60.0%
Operating 23.5%
Net 14.8%
FCF 8.2%
Q2 '24
Gross 60.1%
Operating 23.2%
Net 15.8%
FCF 18.6%
Q3 '24
Gross 59.6%
Operating 23.4%
Net 16.7%
FCF 16.4%
Q4 '24
Gross 59.6%
Operating 22.9%
Net 16.9%
FCF 19.6%
Q1 '25
Gross 60.4%
Operating 24.2%
Net 16.9%
FCF 10.7%
Q2 '25
Gross 60.0%
Operating 22.8%
Net 16.2%
FCF 23.6%
Q3 '25
Gross 60.1%
Operating 23.2%
Net 17.0%
FCF 18.4%
Q4 '25
Gross 59.3%
Operating 22.6%
Net 18.2%
FCF 20.9%
Q1 '26
Gross 60.1%
Operating 23.8%
Net 17.9%
FCF 12.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew 1.8% a year. Loss periods are shown in red.
FY21
Net income $861M
FY22
Net income $845M
FY23
Net income $839M
FY24
Net income $833M
FY25
Net income $940M
Q1 '24
Net income $184M
Q2 '24
Net income $203M
Q3 '24
Net income $219M
Q4 '24
Net income $227M
Q1 '25
Net income $225M
Q2 '25
Net income $222M
Q3 '25
Net income $239M
Q4 '25
Net income $254M
Q1 '26
Net income $254M
FY21
Diluted EPS $3.50
FY22
Diluted EPS $3.43
FY23
Diluted EPS $3.40
FY24
Diluted EPS $3.34
FY25
Diluted EPS $3.76
Q1 '24
Diluted EPS $0.74
Q2 '24
Diluted EPS $0.81
Q3 '24
Diluted EPS $0.88
Q4 '24
Diluted EPS $0.91
Q1 '25
Diluted EPS $0.90
Q2 '25
Diluted EPS $0.89
Q3 '25
Diluted EPS $0.95
Q4 '25
Diluted EPS $1.02
Q1 '26
Diluted EPS $1.02
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital —
Return on equity —
Return on assets 17.5%
FY23
Return on capital 26.9%
Return on equity 36.3%
Return on assets 16.0%
FY24
Return on capital 27.3%
Return on equity 48.7%
Return on assets 13.8%
FY25
Return on capital 28.1%
Return on equity 36.6%
Return on assets 13.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $1.0B in fiscal 2025, 18.4% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $842M
FY22
Free cash flow $836M
FY23
Free cash flow $909M
FY24
Free cash flow $820M
FY25
Free cash flow $1.0B
Q1 '24
Free cash flow $102M
Q2 '24
Free cash flow $240M
Q3 '24
Free cash flow $215M
Q4 '24
Free cash flow $263M
Q1 '25
Free cash flow $142M
Q2 '25
Free cash flow $323M
Q3 '25
Free cash flow $258M
Q4 '25
Free cash flow $291M
Q1 '26
Free cash flow $170M
FY21
Cash from operations $896M
Capital spending $54.0M
FY22
Cash from operations $870M
Capital spending $34.0M
FY23
Cash from operations $963M
Capital spending $54.0M
FY24
Cash from operations $875M
Capital spending $55.0M
FY25
Cash from operations $1.1B
Capital spending $63.0M
Cash from operations
Capital spending
Q1 '24
Cash from operations $115M
Capital spending $13.0M
Q2 '24
Cash from operations $251M
Capital spending $11.0M
Q3 '24
Cash from operations $224M
Capital spending $9.0M
Q4 '24
Cash from operations $285M
Capital spending $22.0M
Q1 '25
Cash from operations $157M
Capital spending $15.0M
Q2 '25
Cash from operations $339M
Capital spending $16.0M
Q3 '25
Cash from operations $270M
Capital spending $12.0M
Q4 '25
Cash from operations $311M
Capital spending $20.0M
Q1 '26
Cash from operations $182M
Capital spending $12.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Veralto returned $109M to shareholders in fiscal 2025, 11% of free cash flow. The diluted share count rose 0.3%.
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $89.0M
Buybacks $0.0M
FY25
Dividends $109M
Buybacks $0.0M
Dividends
Buybacks
Q1 '24
Dividends $22.0M
Buybacks $0.0M
Q2 '24
Dividends $22.0M
Buybacks $0.0M
Q3 '24
Dividends $23.0M
Buybacks $0.0M
Q4 '24
Dividends $22.0M
Buybacks $0.0M
Q1 '25
Dividends $27.0M
Buybacks $0.0M
Q2 '25
Dividends $27.0M
Buybacks $0.0M
Q3 '25
Dividends $28.0M
Buybacks $0.0M
Q4 '25
Dividends $27.0M
Buybacks $0.0M
Q1 '26
Dividends $32.0M
Buybacks $300M
Dividends
Buybacks
FY21
Diluted shares 0.25B
FY22
Diluted shares 0.25B
FY23
Diluted shares 0.25B
FY24
Diluted shares 0.25B
FY25
Diluted shares 0.25B
Value Veralto yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$642M and divides by 250.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.9x · peers 25.7x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Veralto can carry it.
FY21
Cash $0.0M
Debt —
FY22
Cash $0.0M
Debt $0.0M
FY23
Cash $762M
Debt $2.6B
FY24
Cash $1.1B
Debt $2.6B
FY25
Cash $2.0B
Debt $2.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.0M | $0.0M | $762M | $1.1B | $2.0B |
| Debt incl. finance leases | — | $0.0M | $2.6B | $2.6B | $2.7B |
| Net debt / EBITDA | — | 0.0x | 1.5x | 1.2x | 0.5x |
| Debt / equity | — | 0.0x | 1.9x | 1.3x | 0.9x |
| Interest coverage | — | — | 38.0x | 10.7x | 13.3x |
| Current ratio | — | 1.1x | 1.6x | 1.9x | 1.7x |
| Quick ratio | — | 0.8x | 1.4x | 1.7x | 1.5x |
| Total assets | $4.8B | $4.8B | $5.7B | $6.4B | $7.7B |
| Total liabilities | — | $1.6B | $4.3B | $4.4B | $4.6B |
| Shareholders' equity | — | $3.2B | $1.4B | $2.0B | $3.1B |
| Net debt (− = net cash) | — | $0.0M | $1.9B | $1.5B | $642M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$3.1M
5 insiders
Of sales under plans
49%
$1.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Surekha TrivediSVP, Strategy & Sustainability | Sold plan | 986 | $97.05 | $0.1M | Form 4 |
| Jul 29, 2026 | Jennifer HoneycuttPresident and CEO, Director | Sold plan | 7,097 | $101.52 | $0.7M | Form 4 |
| Jul 17, 2026 | Jennifer HoneycuttPresident and CEO, Director | Sold plan | 7,097 | $95.00 | $0.7M | Form 4 |
| May 1, 2026 | Bernard M SkeeteChief Accounting Officer | Sold | 300 | $88.21 | $0.0M | Form 4 |
| Feb 27, 2026 | Melissa KapitySVP, Water Quality | Sold | 14,840 | $96.60 | $1.4M | Form 4 |
| Dec 1, 2025 | Mattias BystromSVP, Pqi | Sold | 1,000 | $101.73 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 6 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −2.4% | −0.7% | −1.9% |
| Altman Z'' | 2.72 | 3.40 | 3.74 |
Similar companies
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5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $4.7B | $4.9B | $5.0B | $5.2B | $5.5B |
| Gross profit | $2.7B | $2.8B | $2.9B | $3.1B | $3.3B |
| Research and development | $244M | $217M | $225M | $253M | $266M |
| Operating income | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B |
| Interest expense | $0.0M | $0.0M | $30.0M | $113M | $96.0M |
| Pretax income | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B |
| Income tax | $186M | $268M | $257M | $253M | $233M |
| Net income | $861M | $845M | $839M | $833M | $940M |
| Diluted EPS | $3.50 | $3.43 | $3.40 | $3.34 | $3.76 |
| Diluted shares | 0.25B | 0.25B | 0.25B | 0.25B | 0.25B |
| Cash flow | |||||
| Cash from operations | $896M | $870M | $963M | $875M | $1.1B |
| Capital expenditure | $54.0M | $34.0M | $54.0M | $55.0M | $63.0M |
| Free cash flow | $842M | $836M | $909M | $820M | $1.0B |
| Depreciation and amortization | $106M | $90.0M | $87.0M | $78.0M | $78.0M |
| Stock-based compensation | $34.0M | $41.0M | $55.0M | $65.0M | $74.0M |
| Acquisitions | $60.0M | $55.0M | $0.0M | $363M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $89.0M | $109M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $89.0M | $109M |
| Balance sheet | |||||
| Cash and short-term investments | $0.0M | $0.0M | $762M | $1.1B | $2.0B |
| Total debt | — | $0.0M | $2.6B | $2.6B | $2.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $1.3B | $2.1B | $2.4B | $3.4B |
| Current liabilities | — | $1.1B | $1.3B | $1.2B | $2.1B |
| Inventory | $0.0M | $345M | $297M | $288M | $307M |
| Property and equipment, net | $260M | $247M | $262M | $268M | $294M |
| Total assets | $4.8B | $4.8B | $5.7B | $6.4B | $7.7B |
| Total liabilities | — | $1.6B | $4.3B | $4.4B | $4.6B |
| Shareholders' equity | — | $3.2B | $1.4B | $2.0B | $3.1B |
| Margins | |||||
| Gross margin | 57.7% | 56.7% | 57.8% | 59.8% | 60.0% |
| Operating margin | 22.2% | 22.8% | 22.7% | 23.3% | 23.2% |
| EBITDA margin | 24.4% | 24.7% | 24.4% | 24.8% | 24.6% |
| Net margin | 18.3% | 17.4% | 16.7% | 16.0% | 17.1% |
| FCF margin | 17.9% | 17.2% | 18.1% | 15.8% | 18.4% |
| Returns | |||||
| Return on capital | — | — | 26.9% | 27.3% | 28.1% |
| Return on capital employed | — | — | 28.0% | 25.2% | 23.7% |
| Return on equity | — | — | 36.3% | 48.7% | 36.6% |
| Return on assets | — | 17.5% | 16.0% | 13.8% | 13.3% |
| Growth | |||||
| Revenue growth | — | 3.6% | 3.1% | 3.4% | 6.0% |
| Net income growth | — | −1.9% | −0.7% | −0.7% | 12.9% |
| EPS growth | — | −2.0% | −0.9% | −1.8% | 12.6% |
| FCF growth | — | −0.7% | 8.7% | −9.8% | 23.7% |
| Share count change | — | 0.0% | 0.2% | 1.1% | 0.3% |
| Financial health | |||||
| Net debt / EBITDA | — | 0.0x | 1.5x | 1.2x | 0.5x |
| Debt / equity | — | 0.0x | 1.9x | 1.3x | 0.9x |
| Interest coverage | — | — | 38.0x | 10.7x | 13.3x |
| Current ratio | — | 1.1x | 1.6x | 1.9x | 1.7x |
| Quick ratio | — | 0.8x | 1.4x | 1.7x | 1.5x |
| Capital allocation | |||||
| Capex / revenue | 1.2% | 0.7% | 1.1% | 1.1% | 1.1% |
| Stock comp / revenue | 0.7% | 0.8% | 1.1% | 1.3% | 1.3% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | 10.9% | 10.8% |
| Quality scores | |||||
| Piotroski F-score | — | — | 6.0 | 6.0 | 6.0 |
| Altman Z'' | — | 3.9 | 2.7 | 3.4 | 3.7 |
| Accruals ratio | — | −0.5% | −2.4% | −0.7% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001967680). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.