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VLTOVeralto

Industrials · Test & Measurement · NYSE

Veralto Corporation’s unifying purpose is Safeguarding the World’s Most Vital ResourcesTM. Our diverse group of leading operating companies provide essential technology solutions that monitor, enhance and protect key resources around the globe. 10-K, Item 1

VLTO quote by TradingView
Employees
17,000
Headquarters
Waltham, MA
CEO
Jennifer Honeycutt
Next results
around Feb 2, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.05Sales (ttm)5.8BNet income (ttm)1.0BSales growth+6.0%EPS growth+12.6%Sales Q/Q+7.5%
Free cash flow1.1BGross margin60.2%Oper. margin21.8%Net margin17.3%FCF margin18.8%ROE31.0%
ROA12.2%R&D / sales4.8%Dividend-Debt/Eq0.98Curr. ratio2.03Cash1.8B
Op. cash flow (ttm)1.2BEBITDA1.4BEBITDA margin24.6%Net debt1.4BQuick ratio1.84Interest cover13.30
ROIC16.0%Tax rate19.9%Stock pay / sales1.3%Shares out.243.1MShares Y/Y+0.3%Book / share13.29
Cash / share7.34Sales / share23.86Asset turnover0.71Inventory turns7.18Days sales out.59Sales 3Y CAGR+4.2%
EPS 3Y CAGR+3.1%Employees17,000Sales / employee341K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

VLTO against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
VLTOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+6.0%35th of 82 · median +4.8%
Net margin
17.3%19th of 82 · median 13.0%
Return on equity
31.0%28th of 77 · median 24.9%
Free cash flow margin
18.8%15th of 79 · median 13.0%
Debt / equity (less is better)
0.9847th of 72 · median 0.72
VLTO and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VLTO Veralto$5.8B +6.0%60.2%17.3%31.0%18.8%0.98
HUBB Hubbell Incorporated$6.6B +3.8%35.4%13.8%22.1%14.1%1.25
EFX Equifax$6.6B +6.9%-11.3%16.6%16.7%1.16
ODFL Old Dominion$5.8B -5.5%-20.1%24.9%20.3%0.00
LII Lennox International$5.4B -2.7%32.6%13.8%56.9%15.3%1.23
SNA Snap-on$5.3B +0.9%-19.2%16.6%-0.20

From $4.7B of sales to $861.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.7BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $861.0MOperating profit to Tax & other: $180.0MOperating expenses to R&D: $244.0MOperating expenses to SG&A: $1.4B Revenue: $4.7B Revenue$4.7B Gross profit: $2.7B · 58% margin Gross profit$2.7B58% margin Cost of revenue: $2.0B · 42% of revenue Cost of revenue$2.0B42% of revenue Operating profit: $1.0B · 22% margin Operating profit$1.0B22% margin Operating expenses: $1.7B · 36% of revenue Operating expenses$1.7B36% of revenue Net profit: $861.0M · 18% margin Net profit$861.0M18% margin Tax & other: $180.0M · 4% of revenue Tax & other$180.0M4% of revenue R&D: $244.0M · 5% of revenue R&D$244.0M5% of revenue SG&A: $1.4B · 30% of revenue SG&A$1.4B30% of revenue

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From $4.9B of sales to $845.0M of profit

FY2022, from the 10-K income statement and revenue by product
Recurring to Revenue: $2.9BNonrecurring to Revenue: $2.0BRevenue to Gross profit: $2.8BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.6BOperating profit to Net profit: $845.0MOperating profit to Tax: $267.0MOperating expenses to R&D: $217.0MOperating expenses to SG&A: $1.4B Recurring: $2.9B · 59% Recurring$2.9B59% Nonrecurring: $2.0B · 41% Nonrecurring$2.0B41% Revenue: $4.9B Revenue$4.9B +4% Y/Y Gross profit: $2.8B · 57% margin Gross profit$2.8B57% margin +2% Y/Y Cost of revenue: $2.1B · 43% of revenue Cost of revenue$2.1B43% of revenue Operating profit: $1.1B · 23% margin Operating profit$1.1B23% margin +7% Y/Y Operating expenses: $1.6B · 34% of revenue Operating expenses$1.6B34% of revenue Net profit: $845.0M · 17% margin Net profit$845.0M17% margin −2% Y/Y Tax: $267.0M · 5% of revenue Tax$267.0M5% of revenue R&D: $217.0M · 4% of revenue R&D$217.0M4% of revenue SG&A: $1.4B · 29% of revenue SG&A$1.4B29% of revenue

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From $5.0B of sales to $839.0M of profit

FY2023, from the 10-K income statement and revenue by product
Recurring to Revenue: $3.0BNonrecurring to Revenue: $2.1BRevenue to Gross profit: $2.9BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $839.0MOperating profit to Tax & other: $301.0MOperating expenses to R&D: $225.0MOperating expenses to SG&A: $1.5B Recurring: $3.0B · 59% Recurring$3.0B59% Nonrecurring: $2.1B · 41% Nonrecurring$2.1B41% Revenue: $5.0B Revenue$5.0B +3% Y/Y Gross profit: $2.9B · 58% margin Gross profit$2.9B58% margin +5% Y/Y Cost of revenue: $2.1B · 42% of revenue Cost of revenue$2.1B42% of revenue Operating profit: $1.1B · 23% margin Operating profit$1.1B23% margin +3% Y/Y Operating expenses: $1.8B · 35% of revenue Operating expenses$1.8B35% of revenue Net profit: $839.0M · 17% margin Net profit$839.0M17% margin −1% Y/Y Tax & other: $301.0M · 6% of revenue Tax & other$301.0M6% of revenue R&D: $225.0M · 4% of revenue R&D$225.0M4% of revenue SG&A: $1.5B · 31% of revenue SG&A$1.5B31% of revenue

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From $5.2B of sales to $833.0M of profit

FY2024, from the 10-K income statement and revenue by product
Recurring to Revenue: $3.1BNonrecurring to Revenue: $2.0BRevenue to Gross profit: $3.1BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $1.9BOperating profit to Net profit: $833.0MOperating profit to Tax & other: $375.0MOperating expenses to R&D: $253.0MOperating expenses to SG&A: $1.6B Recurring: $3.1B · 61% Recurring$3.1B61% Nonrecurring: $2.0B · 39% Nonrecurring$2.0B39% Revenue: $5.2B Revenue$5.2B +3% Y/Y Gross profit: $3.1B · 60% margin Gross profit$3.1B60% margin +7% Y/Y Cost of revenue: $2.1B · 40% of revenue Cost of revenue$2.1B40% of revenue Operating profit: $1.2B · 23% margin Operating profit$1.2B23% margin +6% Y/Y Operating expenses: $1.9B · 37% of revenue Operating expenses$1.9B37% of revenue Net profit: $833.0M · 16% margin Net profit$833.0M16% margin −1% Y/Y Tax & other: $375.0M · 7% of revenue Tax & other$375.0M7% of revenue R&D: $253.0M · 5% of revenue R&D$253.0M5% of revenue SG&A: $1.6B · 32% of revenue SG&A$1.6B32% of revenue

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From $5.5B of sales to $940.0M of profit

FY2025, from the 10-K income statement and revenue by product
Recurring to Revenue: $3.4BNonrecurring to Revenue: $2.1BRevenue to Gross profit: $3.3BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $940.0MOperating profit to Tax & other: $337.0MOperating expenses to R&D: $266.0MOperating expenses to SG&A: $1.8B Recurring: $3.4B · 61% Recurring$3.4B61% Nonrecurring: $2.1B · 39% Nonrecurring$2.1B39% Revenue: $5.5B Revenue$5.5B +6% Y/Y Gross profit: $3.3B · 60% margin Gross profit$3.3B60% margin +6% Y/Y Cost of revenue: $2.2B · 40% of revenue Cost of revenue$2.2B40% of revenue Operating profit: $1.3B · 23% margin Operating profit$1.3B23% margin +6% Y/Y Operating expenses: $2.0B · 37% of revenue Operating expenses$2.0B37% of revenue Net profit: $940.0M · 17% margin Net profit$940.0M17% margin +13% Y/Y Tax & other: $337.0M · 6% of revenue Tax & other$337.0M6% of revenue R&D: $266.0M · 5% of revenue R&D$266.0M5% of revenue SG&A: $1.8B · 32% of revenue SG&A$1.8B32% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median17.3% vs 13.0%
  • ✓
    Gross margin up over 4 years57.7% → 59.9%
  • ✓
    Return on equity above 15%31.0%
  • ✓
    A profit in every one of 5 years
Net margin, FY2021 to FY2025: 18.3% → 17.1%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 13.3× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.98 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.03
  • ✓
    Net debt under 3 years of free cash flow$1.4B net debt, 1.3 years
Debt / equity at each year end, FY2021 to FY2025: 0.00 → 0.86
What the debt is made of ↓

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 5 years$1.0B last year
  • !
    Share count up over 4 years+1.6%
  • ✓
    Cash from operations above net income$1.1B vs $940.0M
Free cash flow, FY2021 to FY2025: 842.0M → 1.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Oct 2, 2026
Debt: $3.2B Debt$3.2B Long-term debt: $2.2B · 70% Long-term debt$2.2B · 70% Due within a year: $700.0M · 22% Due within a year$700.0M · 22% Year 2: $700.0M · 22% Year 2$700.0M · 22%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
5.50% Senior Unsecured Notes Due September 2026 (Senior Notes)Secured5.50%not stated$700.0M
5.35% Senior Unsecured Notes Due September 2028 (Senior Notes)Secured5.35%not stated$696.0M
5.45% Senior Unsecured Notes Due September 2033 (Senior Notes)Secured5.45%not stated$693.0M
4.15% Senior Unsecured Notes Due September 2031 (Senior Notes)Secured4.15%not stated$584.0M

From the debt note in the 10-K's XBRL (0001967680-26-000011), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2021 to FY2025

Revenue 5.5B Net income 940.0M
FY2021 revenue 4.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001967680-24-000033 FY2021 net income 861.0M · NetIncomeLoss, 0001967680-24-000033 4.7B FY2021 FY2022 revenue 4.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001967680-25-000008 FY2022 net income 845.0M · NetIncomeLoss, 0001967680-25-000008 4.9B FY2022 FY2023 revenue 5.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001967680-26-000011 FY2023 net income 839.0M · NetIncomeLoss, 0001967680-26-000011 5.0B FY2023 FY2024 revenue 5.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001967680-26-000011 FY2024 net income 833.0M · NetIncomeLoss, 0001967680-26-000011 5.2B FY2024 FY2025 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001967680-26-000011 FY2025 net income 940.0M · NetIncomeLoss, 0001967680-26-000011 5.5B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

VLTO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue5.5B
FY2021: 4.7BFY2022: 4.9BFY2023: 5.0BFY2024: 5.2BFY2025: 5.5B FY2021FY2022FY2023FY2024FY2025
Net income940.0M
FY2021: 861.0MFY2022: 845.0MFY2023: 839.0MFY2024: 833.0MFY2025: 940.0M FY2021FY2022FY2023FY2024FY2025
Free cash flow1.0B
FY2021: 842.0MFY2022: 836.0MFY2023: 909.0MFY2024: 820.0MFY2025: 1.0B FY2021FY2022FY2023FY2024FY2025
EPS (diluted)3.76
FY2021: 3.50FY2022: 3.43FY2023: 3.40FY2024: 3.34FY2025: 3.76 FY2021FY2022FY2023FY2024FY2025
Diluted shares250.3M
FY2021: 246.3MFY2022: 246.3MFY2023: 246.8MFY2024: 249.6MFY2025: 250.3M FY2021FY2022FY2023FY2024FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Water Quality 3.3B60.3% +5.8%
Product And Quality Innovation 2.2B39.7% +6.2%

10-K 0001967680-26-000011, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Recurring 3.4B61.0% +6.7%
Nonrecurring 2.1B39.0% +4.9%

10-K 0001967680-26-000011, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 2.6B48.0% +5.9%
High-growth markets 1.5B27.3% +4.8%
Western Europe 1.2B22.6% +8.0%
Other developed markets 118.0M2.1% +2.6%

10-K 0001967680-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Revenue4.7B4.9B5.0B5.2B5.5B
Cost of revenue2.0B2.1B2.1B2.1B2.2B
Gross profit2.7B2.8B2.9B3.1B3.3B
R&D244.0M217.0M225.0M253.0M266.0M
SG&A1.4B1.4B1.5B1.6B1.8B
Operating income1.0B1.1B1.1B1.2B1.3B
Interest expense0030.0M113.0M96.0M
Pretax income1.0B1.1B1.1B1.1B1.2B
Income tax186.0M268.0M257.0M253.0M233.0M
Net income861.0M845.0M839.0M833.0M940.0M
EPS (diluted)3.503.433.403.343.76
Diluted shares246.3M246.3M246.8M249.6M250.3M
Depreciation & amortization106.0M90.0M87.0M78.0M78.0M
EBITDA1.1B1.2B1.2B1.3B1.4B
Gross margin57.7%56.7%57.8%59.8%59.9%
Operating margin22.1%22.8%22.7%23.3%23.2%
Net margin18.3%17.4%16.7%16.0%17.1%
Revenue growth-+3.6%+3.1%+3.4%+6.0%
EPS growth--2.0%-0.9%-1.8%+12.6%

Balance sheet

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Cash00762.0M1.1B2.0B
Receivables-816.0M826.0M812.0M897.0M
Inventory-345.0M297.0M288.0M307.0M
Current assets-1.3B2.1B2.4B3.4B
Property & equipment260.0M247.0M262.0M268.0M294.0M
Goodwill2.5B2.5B2.5B2.7B2.8B
Total assets4.8B4.8B5.7B6.4B7.7B
Current liabilities-1.1B1.3B1.2B2.1B
Total debt-02.6B2.6B2.7B
Shareholders' equity-3.2B1.4B2.0B3.1B
Retained earnings-0178.0M917.0M1.7B

Cash flow

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Operating cash flow896.0M870.0M963.0M875.0M1.1B
Capital spending54.0M34.0M54.0M55.0M63.0M
Free cash flow842.0M836.0M909.0M820.0M1.0B
Stock-based pay (added back)34.0M41.0M55.0M65.0M74.0M
Dividends paid-0089.0M109.0M
Acquisitions60.0M55.0M0363.0M0
Debt raised002.6B--
Investing cash flow-97.0M-89.0M-55.0M-434.0M-98.0M
Financing cash flow-799.0M-781.0M-135.0M-65.0M-102.0M

Stock-based pay and leases

From EDGAR
FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)34.0M41.0M55.0M65.0M74.0M
Stock-based pay / revenue0.7%0.8%1.1%1.3%1.3%
Operating lease cost45.0M40.0M43.0M51.0M59.0M
Operating lease cash paid46.0M40.0M41.0M49.0M57.0M
Right-of-use assets-117.0M144.0M159.0M195.0M
Operating lease liabilities-123.0M148.0M168.0M206.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on VLTO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/VLTO/export.csv") into a cell.