Veralto Corp VLTO
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | 3.79 | 3.37 | 3.41 | 3.43 | 3.50 | — |
| EPS, diluted | 3.76 | 3.34 | 3.40 | 3.43 | 3.50 | — |
| Shares, diluted (wtd. avg.) | $250.3M | $249.6M | $246.8M | $246.3M | $246.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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.
Others in SIC 3825
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| ITRI | ITRON, INC. | $4.25B | 14.9x | -3.0% |
| AEHR | AEHR TEST SYSTEMS | $2.81B | — | -15.2% |
| COHU | COHU INC | $2.40B | — | 12.7% |
| ALNT | ALLIENT INC | $1.61B | 71.7x | 4.6% |
| TRNS | TRANSCAT INC | $800.1M | 150.0x | 19.2% |
| FEIM | FREQUENCY ELECTRONICS INC | $598.8M | — | -9.4% |
| INTT | INTEST CORP | $140.2M | — | -12.9% |