Veralto vs Waste Connections
Waste Connections is the larger business, with $9.47bn of revenue in fiscal 2025 against $5.50bn for Veralto (1.7 times as much). Waste Connections grew faster (6.1% against 6.0%). Veralto kept more of each dollar of sales as profit: a net margin of 17.1% against 11.4%. Veralto carries less debt relative to equity (86.1% against 107.8%).
| Latest fiscal year | VeraltoVLTO, 2025 | Waste ConnectionsWCN, 2025 |
|---|---|---|
| Revenue | $5.50bn | $9.47bn |
| Revenue growth | 6.0% | 6.1% |
| Net income | $940m | $1.08bn |
| Operating margin | 23.2% | 18.1% |
| Net margin | 17.1% | 11.4% |
| Return on equity | 36.6% | 13.4% |
| Free cash flow | $1.01bn | $1.23bn |
| Cash | $2.03bn | $46.0m |
| Total debt | $2.67bn | $8.89bn |
| Debt to equity | 86.1% | 107.8% |
| Dividend per share | — | $1.29 |
| Dividend yield | 0.4% | 0.8% |
| Share buybacks | — | $506m |
| Employees | 17,000 | 24,214 |
| Market value | $28.36bn | $46.78bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | — | 78 (Strong) |
| Insider trades, 12 months | 0 buys, 9 sales | 1 buys, 19 sales |