Veralto Corp VLTO

Technology SIC 3825 - Instruments For Meas & Testing of Electricity & Elec Signals NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals derived 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. We are committed to the advancement of public health and safety and believe we are positioned to support our customers as they address large global challenges including environmental resource sustainability, water scarcity, management of severe weather events, food and pharmaceutical security, and the impact of an aging workforce. For decades, we have used our scientific expertise and innovative technologies to address complex challenges our customers face across regulated industries – including municipal utilities, food and beverage, pharmaceutical and industrials – where the consequence of failure is high. Through our core offerings in water analytics, water treatment, marking and coding, and packaging and color, customers look to our solutions to help ensure the safety, quality, efficiency and reliability of their products, processes and people globally. Veralto is headquartered in Waltham, Massachusetts with a workforce of nearly 17,000 employees (whom we refer to as "associates") as of December 31, 2025, of whom approximately 6,500 were employed in North America, 5,000 were employed in Western Europe, 500 were employed in other developed markets and 5,000 were employed in high-growth markets. Veralto defines high-growth markets as developing markets of the world which include Asia (with the exception of Japan, Australia and New Zealand), Latin America (including Mexico), the Middle East, Eastern Europe and Africa. Veralto defines developed markets as all markets of the world that are not high-growth markets.

Last close 104.33 2026-10-23
Market cap $25.62B 2026-04-03 share count
52-week range 80.03 - 105.61

Valuation FY2025 figures against the last close

P/S4.7x
P/E27.7x
P/FCF25.3x
EV/EBITDA19.4x
Dividend yield0.4%
Diluted EPS3.76

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • North America
  • High-growth markets
  • Western Europe
  • Other developed markets
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 North America, FY2025: 2.6B (48.0%) 48% North America High-growth markets, FY2025: 1.5B (27.3%) 27% High-growth markets Western Europe, FY2025: 1.2B (22.6%) 23% Western Europe Other developed markets, FY2025: 118M (2.1%) FY2024 North America, FY2024: 2.5B (48.0%) 48% High-growth markets, FY2024: 1.4B (27.7%) 28% Western Europe, FY2024: 1.1B (22.1%) 22% Other developed markets, FY2024: 115M (2.2%) FY2023 North America, FY2023: 2.4B (46.9%) 47% High-growth markets, FY2023: 1.4B (28.5%) 28% Western Europe, FY2023: 1.1B (22.3%) 22% Other developed markets, FY2023: 118M (2.4%)
Region FY2025FY2024FY2023
North America $2.64B $2.49B $2.35B
High-growth markets $1.50B $1.44B $1.43B
Western Europe $1.24B $1.15B $1.12B
Other developed markets $118.0M $115.0M $118.0M

As the company reported it, from the “Revenue (Revenue Disaggregation by Geographical Region and Revenue Type) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Water Quality
  • Product Quality & Innovation
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Water Quality, FY2025: 3.3B (60.3%) 60% Water Quality Product Quality & Innovation, FY2025: 2.2B (39.7%) 40% Product Quality & Innovation FY2024 Water Quality, FY2024: 3.1B (60.4%) 60% Product Quality & Innovation, FY2024: 2.1B (39.6%) 40% FY2023 Water Quality, FY2023: 3B (60.5%) 61% Product Quality & Innovation, FY2023: 2B (39.5%) 39%
Segment FY2025FY2024FY2023
Water Quality $3.32B $3.14B $3.04B
Product Quality & Innovation $2.18B $2.06B $1.98B

As the company reported it, from the “Segment Information (Reconciliation of Total Segment Sales) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $5.50B$5.19B$5.02B$4.87B$4.70B—
Cost of revenue $2.20B$2.09B$2.12B$2.11B$1.99B—
Gross profit $3.30B$3.10B$2.90B$2.76B$2.71B—
R&D $266.0M$253.0M$225.0M$217.0M$244.0M—
SG&A $1.76B$1.64B$1.54B$1.43B$1.43B—
Operating income $1.28B$1.21B$1.14B$1.11B$1.04B—
Interest expense $96.0M$113.0M$30.0M$0$0—
Pre-tax income $1.17B$1.09B$1.10B$1.11B$1.05B—
Income tax $233.0M$253.0M$257.0M$268.0M$186.0M—
Net income $940.0M$833.0M$839.0M$845.0M$861.0M—
EPS, basic 3.793.373.413.433.50—
EPS, diluted 3.763.343.403.433.50—
Shares, diluted (wtd. avg.) 250.3M249.6M246.8M246.3M246.3M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $2.03B$1.10B$762.0M$0$0$0
Receivables $897.0M$812.0M$826.0M$816.0M——
Inventory $307.0M$288.0M$297.0M$345.0M——
Total current assets $3.43B$2.39B$2.07B$1.28B——
Property, plant and equipment $294.0M$268.0M$262.0M$247.0M$260.0M—
Goodwill $2.84B$2.69B$2.53B$2.48B$2.50B—
Other intangibles $524.0M$535.0M$427.0M$479.0M——
Total assets $7.69B$6.41B$5.69B$4.83B$4.84B—
Short-term debt $700.0M$0————
Total current liabilities $2.06B$1.25B$1.26B$1.12B——
Long-term debt $1.97B$2.60B$2.63B$0——
Retained earnings $1.74B$917.0M$178.0M$0——
Total equity $3.10B$2.04B$1.38B$3.23B——

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $1.08B$875.0M$963.0M$870.0M$896.0M—
Depreciation and amortisation $78.0M$78.0M$87.0M$90.0M$106.0M—
Stock-based compensation $74.0M$65.0M$55.0M$41.0M$34.0M—
Capital expenditure $63.0M$55.0M$54.0M$34.0M$54.0M—
Investing cash flow -$98.0M-$434.0M-$55.0M-$89.0M-$97.0M—
Financing cash flow -$102.0M-$65.0M-$135.0M-$781.0M-$799.0M—
Dividends paid $109.0M$89.0M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001967680-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2021: 4.7B Gross profit, FY2021: 2.7B Net income, FY2021: 861M Revenue, FY2022: 4.9B Gross profit, FY2022: 2.8B Net income, FY2022: 845M Revenue, FY2023: 5B Gross profit, FY2023: 2.9B Net income, FY2023: 839M Revenue, FY2024: 5.2B Gross profit, FY2024: 3.1B Net income, FY2024: 833M Revenue, FY2025: 5.5B Gross profit, FY2025: 3.3B Net income, FY2025: 940M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $4.70B $4.87B $5.02B $5.19B $5.50B
Gross profit — $2.71B $2.76B $2.90B $3.10B $3.30B
Net income — $861.0M $845.0M $839.0M $833.0M $940.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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