NYSE: VLTO
Veralto
Industrials · Instruments For Meas & Testing of Electricity & Elec Signals
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$23.0B
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| Period | Market cap |
|---|---|
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | $20.3B |
| FY2024, ended Dec 31, 2024 | $25.2B |
| FY2025, ended Dec 31, 2025 | $24.7B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $23.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$5.80B
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| Period | Revenue |
|---|---|
| FY2021, ended Dec 31, 2021 | $4.70B |
| FY2022, ended Dec 31, 2022 | $4.87B |
| FY2023, ended Dec 31, 2023 | $5.02B |
| FY2024, ended Dec 31, 2024 | $5.19B |
| FY2025, ended Dec 31, 2025 | $5.50B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $5.80B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2021, ended Dec 31, 2021 | $861M | $842M |
| FY2022, ended Dec 31, 2022 | $845M | $836M |
| FY2023, ended Dec 31, 2023 | $839M | $909M |
| FY2024, ended Dec 31, 2024 | $833M | $820M |
| FY2025, ended Dec 31, 2025 | $940M | $1.01B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $1.00B | $1.09B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$1.78B
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| Period | Cash and cash equivalents |
|---|---|
| FY2021, ended Dec 31, 2021 | $0 |
| FY2022, ended Dec 31, 2022 | $0 |
| FY2023, ended Dec 31, 2023 | $762M |
| FY2024, ended Dec 31, 2024 | $1.10B |
| FY2025, ended Dec 31, 2025 | $2.03B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $1.78B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$2.92B
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| Period | Total debt |
|---|---|
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | $0 |
| FY2023, ended Dec 31, 2023 | $2.63B |
| FY2024, ended Dec 31, 2024 | $2.60B |
| FY2025, ended Dec 31, 2025 | $2.67B |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $2.92B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 1.3% since 2021.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.243M
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| Period | Shares outstanding |
|---|---|
| FY2021, ended Dec 31, 2021 | 246M |
| FY2022, ended Dec 31, 2022 | 100 |
| FY2023, ended Dec 31, 2023 | 247M |
| FY2024, ended Dec 31, 2024 | 248M |
| FY2025, ended Dec 31, 2025 | 248M |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | 243M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Oct 2, 2026. Hover or tap a column for another year.$74.0M
Net: $74.0M more issued than bought back
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| Period | Paid to employees |
|---|---|
| FY2021, ended Dec 31, 2021 | $34.0M |
| FY2022, ended Dec 31, 2022 | $41.0M |
| FY2023, ended Dec 31, 2023 | $55.0M |
| FY2024, ended Dec 31, 2024 | $65.0M |
| FY2025, ended Dec 31, 2025 | $74.0M |
| Trailing 12 months to Oct 2, 2026 (through Q3 FY2026) | $74.0M |
Revenue (TTM)
$5.80B
+6.4% YoY
Net income (TTM)
$1.00B
+9.7% YoY
Cash
$1.78B
+0.6% YoY
Total debt
$2.92B
+9.3% YoY
Valuation
At current price- Market Cap
- $27.0B
- P/E
- 27.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.7×
- Price / Book
- 8.4×
- EV / EBITDA
- 20.6×
Growth
Trailing 12 months- Revenue (TTM)
- $5.80B
- Revenue Growth YoY
- 6.4%
- Revenue CAGR 3Y
- 4.2%
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- 11.0%
- Net Income Growth YoY
- 9.7%
Profitability
Trailing 12 months- Gross Margin
- 60.2%
- Operating Margin
- 21.8%
- Net Margin
- 17.3%
- FCF Margin
- 18.8%
- Return on Equity
- 33.0%
Earnings
Trailing 12 months- Net Income
- $1.00B
- EPS (diluted)
- $4.05
- EBITDA
- $1.37B
- Operating Income
- $1.27B
Balance Sheet
As of Oct 2, 2026- Cash and cash equivalents
- $1.78B
- Total Debt
- $2.92B
- Net Debt
- $1.14B
- Total Assets
- $8.22B
- Total Liabilities
- $4.99B
- Shareholders' Equity
- $3.23B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.16B
- Capital Expenditure
- $63.0M
- Free Cash Flow
- $1.09B
Dividends and risk
Last 12 months- Dividend Yield
- 0.5%
- Dividend / Share
- $0.52
- Beta (5Y)
- 0.62
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.4% year over year, at $5.80B.
Note
Net margin of 17.3% over the last 12 months.
Note
Net debt of $1.14B is 0.8× EBITDA, a manageable load.
Strength
Turns 18.8% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Oct 2, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K68Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 20, 2026 · Read the filing on EDGAR
- Sales rose 6.0% to $5.50 billion, and net earnings rose to $940 million from $833 million, helped by price increases, higher volumes and lower interest and tax.
- Operating cash flow jumped 23% to $1.08 billion, and year-end cash reached about $2.0 billion against about $2.7 billion of debt.
- Veralto bought In-Situ for about $427 million in January 2026 and approved its first share buyback program, for up to $750 million.
- Management expects both segments to grow in 2026 but says the effects of tariffs and trade policy changes remain uncertain.
Business momentum
Improving
“The Company’s overall revenues for the year ended December 31, 2025 increased 6.0% as compared to 2024.”
Outlook
Positive
“we expect continued global growth driven by steady demand in the consumer packaged goods market globally”
Financial stress
Low
“The Company continues to generate substantial cash from operating activities and believes that its operating cash flow and other sources of liquidity will be sufficient”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Net earnings grew faster than sales
“Net earnings for the year ended December 31, 2025 totaled approximately $940 million, or $3.76 per diluted common share, compared to approximately $833 million, or $3.34 per diluted common share”
Operating cash flow rose strongly
“Operating cash flows increased $202 million, or 23%, during 2025 as compared to 2024, primarily due to higher net income, partially offset by changes in net working capital.”
Water Quality, the largest segment, became more profitable
“Operating profit margins were 25.4% for the year ended December 31, 2025 as compared to 24.5% in 2024.”
Concerns
Product Quality & Innovation margin slipped on higher costs and growth spending
“Operating profit margins were 25.2% for the year ended December 31, 2025 as compared to 25.7% in 2024.”
Tariff and trade policy effects remain unclear for 2026
“The potential effects of tariffs and prospective changes in trade policies remain uncertain.”
Water Quality sales in China are still declining
“partially offset by low-single digit core sales declines in China”
New risks since the previous report
New US tariffs and retaliation could raise costs and reduce demand
“These tariffs and other trade actions could increase the cost of, and reduce demand for, our products and services, which would adversely impact our business.”
Using artificial intelligence in products and operations could cause errors, costs or legal problems
“Uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products may result in harm to our business and financial statements.”
Labor shortages and rising wages are adding to costs
“In addition, in 2025 we faced labor availability challenges and labor cost inflation in certain areas of our business.”
Biggest risks named
- Economic slowdown and weak end markets
- US tariffs and trade restrictions
- Intense competition and pricing pressure
- Debt of about $2.7 billion and its covenants
- Cyberattacks and data privacy failures
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 20, 2026 | 68 | Improving | None | |
| 10-K | Feb 25, 2025 | 70 | Improving | None | |
| 10-K | Feb 28, 2024 | 60 | Stable | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Oct 2, 2026), filed Oct 30, 2026. View filings on SEC EDGAR