Veralto
VLTO · Environmental & Facilities Services
$104.33
0.5%Waste Management
WM · Environmental & Facilities Services
$239.38
0.1%The short version
- Waste Management is the larger business, with $25.2B of revenue in fiscal 2025 against $5.5B for Veralto, about 4.6 times as much.
- Waste Management grew revenue faster (14.2%, against 6.0%).
- Veralto kept more of each dollar of sales as operating profit (23.2% operating margin, against 17.1% operating margin).
- Veralto turned more of its sales into free cash flow (18.4% FCF margin, against 11.2% FCF margin).
- Veralto earned a higher return on the capital invested in it (28.1%, against 10.9%).
- Investors pay more for each dollar of Waste Management’s earnings: a P/E of 33.9x against 26.9x for Veralto.
| Latest fiscal year | VLTO · FY25 | WM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.0B | $96.3B |
| Revenue | $5.5B | $25.2B |
| Free cash flow | $1.0B | $2.8B |
| Net income | $940M | $2.7B |
| Growth | ||
| Revenue growth | 6.0% | 14.2% |
| 5-year growth | — | 10.6% |
| Share count change | 0.3% | 0.2% |
| Profitability | ||
| Gross margin | 60.0% | 40.4% |
| Operating margin | 23.2% | 17.1% |
| Net margin | 17.1% | 10.7% |
| FCF margin | 18.4% | 11.2% |
| Return on capital | 28.1% | 10.9% |
| Return on equity | 36.6% | 29.7% |
| Balance sheet | ||
| Net debt | $642M | $22.0B |
| Net debt / EBITDA | 0.5x | 3.1x |
| Dividends and buybacks | $109M | $1.3B |
| Valuation & quality | ||
| P/E | 26.9x | 33.9x |
| Piotroski F-score | 6 | 6 |
FY16
VLTO —
WM $13.6B
FY17
VLTO —
WM $14.5B
FY18
VLTO —
WM $14.9B
FY19
VLTO —
WM $15.5B
FY20
VLTO —
WM $15.2B
FY21
VLTO $4.7B
WM $17.9B
FY22
VLTO $4.9B
WM $19.7B
FY23
VLTO $5.0B
WM $20.4B
FY24
VLTO $5.2B
WM $22.1B
FY25
VLTO $5.5B
WM $25.2B
VLTO
WM
FY16
VLTO —
WM 16.9%
FY17
VLTO —
WM 18.2%
FY18
VLTO —
WM 18.7%
FY19
VLTO —
WM 17.5%
FY20
VLTO —
WM 16.0%
FY21
VLTO 22.2%
WM 16.5%
FY22
VLTO 22.8%
WM 17.1%
FY23
VLTO 22.7%
WM 17.5%
FY24
VLTO 23.3%
WM 18.4%
FY25
VLTO 23.2%
WM 17.1%
VLTO
WM
FY16
VLTO —
WM $1.7B
FY17
VLTO —
WM $1.6B
FY18
VLTO —
WM $1.9B
FY19
VLTO —
WM $2.1B
FY20
VLTO —
WM $1.8B
FY21
VLTO $842M
WM $2.3B
FY22
VLTO $836M
WM $1.7B
FY23
VLTO $909M
WM $1.8B
FY24
VLTO $820M
WM $2.2B
FY25
VLTO $1.0B
WM $2.8B
VLTO
WM
FY16
VLTO —
WM —
FY17
VLTO —
WM 16.2%
FY18
VLTO —
WM 14.8%
FY19
VLTO —
WM 13.2%
FY20
VLTO —
WM 10.4%
FY21
VLTO —
WM 11.5%
FY22
VLTO —
WM 12.7%
FY23
VLTO 26.9%
WM 12.4%
FY24
VLTO 27.3%
WM 12.2%
FY25
VLTO 28.1%
WM 10.9%
VLTO
WM
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.