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Veralto (VLTO) stock

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NYSE: VLTO NYSE Environmental & Facilities Services Next results ~February 2, 2027

B Fundamentals grade

Veralto is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$83

Cash-flow model

Base case. Range ~$61–$110 across our lower- and higher-growth cases (0.8%–10.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 29% below it.

Price used: $116.50, November 3, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Veralto files

10-Q filed October 30: Veralto

Veralto's trailing twelve-month revenue to October 2026 reached $5.80bn, a 6.4% rise on the prior year and little changed from the growth rate seen a quarter earlier. Free-cash-flow margin stayed steady at 18.8%. The fundamentals grade improves from C+ to B, yet this has not shifted our valuation much: model value sits at $78.09 a share, well below the $103 market price. Sell remains our rating. At the current price, the market appears to be pricing in cash-flow growth of about 10.4% a year over five years, considerably faster than the 4.3% a year revenue growth the company has actually delivered. That gap between implied expectations and recent performance underpins our caution on the shares.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Veralto stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $5.70bn, up 6.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 18.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $73.39 a share, against a share price of $102. At that price, our model says the market is pricing in about 11.1% a year of cash-flow growth for five years, faster than the 3.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Veralto's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of 18.8%. Where it stands out: gross margin of 60.2% ranks 1 of 15 environmental & facilities services companies we cover.

Our discounted-cash-flow model values the business at ~$83 per share in the base case (~$61–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Long-term debt rising: Long-term debt rose 35% year over year, to 32% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $115.70 is 28% above our value per share of $83.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.18 against an average estimate of $1.09: beat by 8.3%
Revenue
$1.51bn, up 7.5% on a year earlier
Share reaction
+8.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
non-GAAP core sales growth growth 4% to 5% (third quarter of 2026); adjusted operating profit margin expansion (year-over-year, basis points) 25% (third quarter of 2026)
Next report
October 29, 2026; average EPS estimate $1.13

Veralto's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+12.9%
  • 1 month+23.1%
  • This year+16.5%
  • 1 year+18.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.8B
Operating margin
21.8%
Net margin
17.3%
EPS (TTM, diluted)
$4.04

Growth

Revenue growth
+6.4%
Change in growth rate
+0.2 pts
Share count change
−1.0%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
18.8%
Stock pay % of revenue
1.3%

Earnings

Last results
October 29, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Dividend
  5. Announcement
  6. Deal
  7. Results
  8. Guidance
  9. Deal
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

What the price is pricing in

The share price implies about 11.7% a year of cash-flow growth for five years.That is faster than the 4.3% a year revenue growth Veralto has delivered.

  • Priced in11.7%
  • Last 12 months6.4%
  • 3 years a year5.2%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($116.45, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$83
Price used
$116.45close November 3, 2026
Implied change
▼ 29%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Veralto's free cash flow after stock-based pay with after-tax interest added back ($1B, FY2026 Q3 TTM), growing 6.2% and 5.8% in the next two years (forecasts, guidance and its record), then back to 5.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$61–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Veralto's free cash flow after stock-based pay ( $1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Veralto as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$83 ~$61–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$110–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$60 ~$51–$73 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$84 ~$60–$110 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Veralto with Environmental & Facilities Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +4%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $56$78$107$145$194$259
8.5% $42$58$79$106$141$187
10% $33$46$62$82$109$144

Valuation multiples over time Market data may be delayed

Veralto: market value and multiples by fiscal year
At fiscal year end 202320242025Now
Share price$81.22$100.95$99.35$115.70
Market value$20.0bn$25.2bn$24.9bn$28.7bn
+ Net debt (− = net cash)$1.9bn$1.5bn$642m$1.1bn
Enterprise value$21.9bn$26.7bn$25.5bn$29.8bn
Multiples
Price / sales 4.0x4.9x4.5x4.9x
Price / earnings 23.9x30.2x26.5x28.6x
Price / free cash flow 22.1x30.7x24.5x26.2x
EV / EBITDA 17.9x20.8x18.8x21.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Veralto: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $4.40 +13% $5.9bn +7%
Next $4.79 +9% $6.3bn +6%

Next year's EPS estimate has moved +2.6% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.3% on 90 days ago. In the last 30 days, 1 analyst raised Veralto's forecast and 1 cut it.

Consensus EPS forecast Veralto, last 90 days
$4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.26 Current fiscal year, 60 days ago: $4.40 Current fiscal year, 30 days ago: $4.40 Current fiscal year, 7 days ago: $4.40 Current fiscal year, Now: $4.40 $4.40 Next fiscal year, 90 days ago: $4.67 Next fiscal year, 60 days ago: $4.78 Next fiscal year, 30 days ago: $4.78 Next fiscal year, 7 days ago: $4.79 Next fiscal year, Now: $4.79 $4.79

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.26$4.67
60 days ago $4.40$4.78
30 days ago $4.40$4.78
7 days ago $4.40$4.79
Now $4.40$4.79

Earnings against estimates

Veralto: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $1.09 $1.18 +8.3%
Jun 2026 $1.01 $1.11 +10.3%
Mar 2026 $1.01 $1.07 +6.4%
Dec 2025 $0.98 $1.04 +6.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • non-GAAP core sales growth full year 2026 4% growth to 4.5% growth Non-GAAP Raised
    “For the full year 2026, the Company raised its non-GAAP core sales growth to a range of 4.0% to 4.5% year-over-year, up from the prior guidance range of 3.0% to 4.5%.” source
  • non-GAAP core sales growth third quarter of 2026 4% growth to 5% growth Non-GAAP
    “For the third quarter of 2026, the Company anticipates non-GAAP core sales growth in the range of 4.0% to 5.0% year-over-year with adjusted operating profit margin expansion of approximately 25 basis points year-over-year.” source
  • adjusted diluted earnings per share third quarter of 2026 $1.06 to $1.09 Non-GAAP
    “The Company's third quarter adjusted diluted earnings per share guidance is in the range of $1.06 to $1.09 per share.” source
  • adjusted operating profit margin expansion (year-over-year, basis points) third quarter of 2026 about 25% Non-GAAP
    “For the third quarter of 2026, the Company anticipates non-GAAP core sales growth in the range of 4.0% to 5.0% year-over-year with adjusted operating profit margin expansion of approximately 25 basis points year-over-year.” source
  • free cash flow conversion (free cash flow to GAAP net earnings ratio) full year 2026 about 100% Non-GAAP Raised
    “Free cash flow conversion guidance has been increased to greater than 100% of GAAP net earnings.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Veralto's revenue by +6.2% next year and +5.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.4%, weight 69%) and the company's own record (+5.8%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1165%
Hold635%
Sell00%

Monthly trend

  1. Oct 202629617
  2. Sep 202628616
  3. Aug 202628616
  4. Jul 202629819

Counts of recommendations published by analysts covering Veralto, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
3.27
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
17,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +17.9%

$98.13 on October 31, 2025 to $115.70

Veralto: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $5.4bn $5.7bn +6.2%
Net margin 16.7% 17.3% +4.2%
P/E multiple 27.5x 29.2x +6.1%
Share count 250m 249m +0.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Veralto: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202420252026 to date
Return
VLTO+24%−2%+17%
Industry peers (median)+15%−12%+0%
S&P 500+25%+18%+11%
Months that ended higher
VLTO58%58%46%
S&P 50075%75%46%
Largest fall from a high during the year
VLTO−11%−18%−20%
S&P 500−8%−19%−9%

Worst fall since October 4, 2023: 27% from October 18, 2024 to May 29, 2026. Getting back needed a 37% gain, reached on November 2, 2026, 157 days after the low.

Price behaviour

52-week range
$82.00 – $115.70
From 52-week high
0.0%
vs 50-day average
+17.5%
vs 200-day average
+24.6%
Volatility (1 year)
24%
Beta vs S&P 500
0.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.9%
After a week
7 up, 4 down
typical move ±4.5%
After a month
6 up, 5 down
typical move ±7.0%
Veralto: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +8.1% −2.1% — —
July 28, 2026 +4.8% −1.3% +2.3% +4.7%
April 28, 2026 +2.7% −0.5% +1.1% −4.2%
February 3, 2026 −9.9% −1.3% −8.5% −6.2%
October 28, 2025 −4.4% +0.3% −4.3% −2.7%
July 28, 2025 +1.7% −0.3% +3.6% +3.7%
April 29, 2025 +4.2% +0.7% +3.6% +10.0%
February 4, 2025 −5.3% +1.1% −1.3% −3.2%
October 23, 2024 −5.4% −0.7% −7.6% −5.2%
July 25, 2024 +5.6% +0.6% +7.5% +12.6%
April 24, 2024 +0.1% −0.4% +0.7% +6.6%
February 6, 2024 +7.1% +1.1% +8.5% +17.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Veralto’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Veralto in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Veralto
$5B $5.2B $5.4B $5.6B $5.8B $6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5B Revenue (TTM), FY24 Q1: $5B Revenue (TTM), FY24 Q2: $5.1B Revenue (TTM), FY24 Q3: $5.1B Revenue (TTM), FY24 Q4: $5.2B Revenue (TTM), FY25 Q1: $5.3B Revenue (TTM), FY25 Q2: $5.4B Revenue (TTM), FY25 Q3: $5.5B Revenue (TTM), FY25 Q4: $5.5B Revenue (TTM), FY26 Q1: $5.6B Revenue (TTM), FY26 Q2: $5.7B Revenue (TTM), FY26 Q3: $5.8B $5.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5B
FY24 Q1 $5B
FY24 Q2 $5.1B
FY24 Q3 $5.1B
FY24 Q4 $5.2B
FY25 Q1 $5.3B
FY25 Q2 $5.4B
FY25 Q3 $5.5B
FY25 Q4 $5.5B
FY26 Q1 $5.6B
FY26 Q2 $5.7B
FY26 Q3 $5.8B
Revenue growth, TTM YoY Veralto
2% 3% 4% 5% 6% 7% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q3 Revenue growth, TTM YoY, FY24 Q2: 2.7% Revenue growth, TTM YoY, FY24 Q3: 3.1% Revenue growth, TTM YoY, FY24 Q4: 3.4% Revenue growth, TTM YoY, FY25 Q1: 4.7% Revenue growth, TTM YoY, FY25 Q2: 5.6% Revenue growth, TTM YoY, FY25 Q3: 6.2% Revenue growth, TTM YoY, FY25 Q4: 6.0% Revenue growth, TTM YoY, FY26 Q1: 5.9% Revenue growth, TTM YoY, FY26 Q2: 6.2% Revenue growth, TTM YoY, FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 2.7%
FY24 Q3 3.1%
FY24 Q4 3.4%
FY25 Q1 4.7%
FY25 Q2 5.6%
FY25 Q3 6.2%
FY25 Q4 6.0%
FY26 Q1 5.9%
FY26 Q2 6.2%
FY26 Q3 6.4%
Operating margin (TTM) Veralto
21.5% 22% 22.5% 23% 23.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.7% Operating margin (TTM), FY24 Q1: 22.6% Operating margin (TTM), FY24 Q2: 22.7% Operating margin (TTM), FY24 Q3: 23.1% Operating margin (TTM), FY24 Q4: 23.3% Operating margin (TTM), FY25 Q1: 23.4% Operating margin (TTM), FY25 Q2: 23.3% Operating margin (TTM), FY25 Q3: 23.3% Operating margin (TTM), FY25 Q4: 23.2% Operating margin (TTM), FY26 Q1: 23.1% Operating margin (TTM), FY26 Q2: 22.7% Operating margin (TTM), FY26 Q3: 21.8% 21.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.7%
FY24 Q1 22.6%
FY24 Q2 22.7%
FY24 Q3 23.1%
FY24 Q4 23.3%
FY25 Q1 23.4%
FY25 Q2 23.3%
FY25 Q3 23.3%
FY25 Q4 23.2%
FY26 Q1 23.1%
FY26 Q2 22.7%
FY26 Q3 21.8%
FCF margin (TTM) Veralto
15% 16% 17% 18% 19% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 18.1% FCF margin (TTM), FY24 Q1: 17.1% FCF margin (TTM), FY24 Q2: 16.1% FCF margin (TTM), FY24 Q3: 15.5% FCF margin (TTM), FY24 Q4: 15.8% FCF margin (TTM), FY25 Q1: 16.3% FCF margin (TTM), FY25 Q2: 17.6% FCF margin (TTM), FY25 Q3: 18.1% FCF margin (TTM), FY25 Q4: 18.4% FCF margin (TTM), FY26 Q1: 18.6% FCF margin (TTM), FY26 Q2: 18.4% FCF margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 18.1%
FY24 Q1 17.1%
FY24 Q2 16.1%
FY24 Q3 15.5%
FY24 Q4 15.8%
FY25 Q1 16.3%
FY25 Q2 17.6%
FY25 Q3 18.1%
FY25 Q4 18.4%
FY26 Q1 18.6%
FY26 Q2 18.4%
FY26 Q3 18.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Veralto took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.5B
  2. Cost of revenue $2.2B · 40.1%
  3. Gross profit $3.3B · 59.9%
  4. Research and development $266M · 4.8%
  5. Selling, general and admin $1.8B · 31.9%
  6. Operating income $1.3B · 23.2%
  7. Income tax $233M · 4.2%
  8. Interest and other $104M · 1.9%
  9. Net income $940M · 17.1%
Where Veralto's revenue went, FY2025
Revenue $5.5B
Cost of revenue $2.2B 40.1% of revenue
Gross profit $3.3B 59.9% of revenue
Research and development $266M 4.8% of revenue
Selling, general and admin $1.8B 31.9% of revenue
Operating income $1.3B 23.2% of revenue
Income tax $233M 4.2% of revenue
Interest and other $104M 1.9% of revenue
Net income $940M 17.1% of revenue

Shares of revenue. Source: Veralto's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Veralto: annual financial statements
Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Oct 2026
Income
Revenue 4,700 4,870 5,021 5,193 5,503 5,801
Gross profit 2,713 2,760 2,901 3,105 3,299 3,492
EBITDA 1,147 1,202 1,227 1,286 1,355 1,368
Operating income 1,041 1,112 1,140 1,208 1,277 1,267
Net income 861 845 839 833 940 1,002
Diluted EPS $3.50 $3.43 $3.40 $3.34 $3.76 $4.04
Growth (year on year)
Revenue — +3.6% +3.1% +3.4% +6.0% +6.4%
EBITDA — +4.8% +2.1% +4.8% +5.4% +1.6%
Operating income — +6.8% +2.5% +6.0% +5.7% −0.2%
Net income — −1.9% −0.7% −0.7% +12.8% +9.7%
Diluted EPS — −2.0% −0.9% −1.8% +12.6% +10.9%
Margins
Gross margin 57.7% 56.7% 57.8% 59.8% 59.9% 60.2%
EBITDA margin 24.4% 24.7% 24.4% 24.8% 24.6% 23.6%
Operating margin 22.1% 22.8% 22.7% 23.3% 23.2% 21.8%
Net margin 18.3% 17.4% 16.7% 16.0% 17.1% 17.3%
Free-cash-flow margin 17.9% 17.2% 18.1% 15.8% 18.4% 18.8%
Cash flow
Cash from operations 896 870 963 875 1,077 1,156
Capital spending 54 34 54 55 63 63
Free cash flow 842 836 909 820 1,014 1,093
Stock-based pay 34 41 55 65 74 74
Free cash flow after stock pay 808 795 854 755 940 1,019
Balance sheet
Cash 0 0 762 1,101 2,031 1,785
Total debt 0 0 2,629 2,599 2,673 2,920
Net debt (negative = net cash) 0 0 1,867 1,498 642 1,135
Diluted shares 246m 246m 247m 250m 250m 248m
Returned to shareholders
Dividends — 0 0 89 109 123
Total returned — 0 0 89 109 123

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · October 2, 2026
What it owns · $8.2bn
Short-term assets $3.3bnLonger-term assets $4.9bn
What it owes, and who funded it · $4.9bn
Short-term liabilities $1.6bnShareholders' equity $3.2bn
  • Short-term assets cover short-term liabilities $3.3bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.8bn of cash against $2.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1.2bn of operating cash flow against $2.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.3bn against $96m of interest.

From Veralto's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$123M
Returned to shareholders
11%
of free cash flow
Diluted share count
−1.0%
year over year
Total shareholder yield
0.4%
dividends 0.4% + buybacks 0.0% of market value
Dividend payout ratio
12%
of net income paid out
R&D spending
4.8%
of revenue
Sales & admin spending
33.6%
of revenue
Days sales outstanding
58 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in environmental & facilities services
Growth, margins and cash generation against peers
Last 12 months unless stated VLTO CLH ROL ABM WCN BV Median
Revenue, last 12 months $5.8bn $6.6bn $4.0bn $9.1bn $9.9bn $2.7bn $2.0bn
Revenue growth, last 12 months 6.4% 10.1% 8.3% 6.0% 6.3% 1.5% 6.0%
Revenue growth, 3-year average 5.2% 7.1% 10.2% 4.5% 8.2% −0.7% 4.8%
Revenue growth, latest quarter 7.5% 20.7% 6.2% 4.2% 7.3% 1.3% 7.4%
Gross margin 60.2% 33.1% 52.1% 12.0% 42.6% 21.2% 33.4%
Operating margin 21.8% 13.2% 18.3% 3.5% 17.7% 3.5% 3.5%
Operating margin, 3-year average 22.7% 11.9% 19.1% 3.4% 15.5% 4.7% 4.4%
Net margin 17.3% 8.0% 13.2% 1.8% 11.4% 0.7% 0.7%
Cash from operations / revenue 19.9% 15.5% 17.5% 4.5% 25.4% 7.8% 5.4%
Free-cash-flow margin 18.8% 7.6% 16.8% 3.4% 12.6% −0.9% 3.4%
Free-cash-flow margin, 3-year average 17.5% 6.5% 17.1% 2.5% 13.3% 1.7% 3.6%
Stock pay / revenue 1.3% 0.7% 1.0% 0.4% 0.8% 0.6% 0.7%
Change in share count −1.0% −1.6% −0.7% −4.5% −1.6% −1.8% −0.3%

Median of all 17 companies we cover in environmental & facilities services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 environmental & facilities services companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 6.4% 6.0% 7 of 17
Change in growth rate Growth +0.2pp +0.6pp 10 of 17
Gross margin Profitability 60.2% 33.1% 1 of 15
Operating margin Profitability 21.8% 3.5% 1 of 16
Net margin Profitability 17.3% 0.7% 1 of 17
Free-cash-flow margin Cash generation 18.8% 3.4% 1 of 17
Stock pay as % of revenue Cash generation 1.3% 0.7% 12 of 17
Long-term debt as % of assets Balance sheet 32.5% 32.5% 8 of 15
Change in share count Balance sheet -1.0% -0.3% 7 of 16
Days sales outstanding Balance sheet 58 days 64 days 8 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Revenuefrom Contractwith Customer Measurement Recurring $3.4B 61.0% ▲ 6.7%
Revenuefrom Contractwith Customer Measurement Nonrecurring $2.1B 39.0% ▲ 4.9%
Geography
Region Revenue Share YoY
North America $2.6B 48.0% ▲ 5.9%
High Growth Markets $1.5B 27.3% ▲ 4.8%
Western Europe $1.2B 22.6% ▲ 8.0%
Other Developed Markets $118M 2.1% ▲ 2.6%

From Veralto's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$21B
Institutions reporting
964
Shares held vs prior quarter
▲ 3.0%
Positions opened / closed
62 / 116

Top buyers and sellers, Q2 2026: 375 institutions bought and 500 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+5.8M shares) and the biggest seller Brown Advisory Inc (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2B 22.6M 9.5% ▼ 9.2%
Vanguard Capital Management LLC $1.4B 16.0M 6.8% ▲ 2.1%
T. Rowe Price Investment Management, Inc. $1.2B 13.7M 5.8% ▲ 74.1%
Vanguard Portfolio Management LLC $1.1B 12.1M 5.1% ▲ 3.1%
State Street Corp $989M 11.1M 4.7% ▲ 1.9%
First Trust Advisors LP $726M 8.2M 3.5% ▲ 33.2%
Geode Capital Management, LLC $653M 7.4M 3.1% ▼ 1.4%
Invesco Ltd. $491M 5.5M 2.3% ▲ 8.6%
Impax Asset Management Group PLC $460M 5.2M 2.2% ▲ 53.6%
Goldman Sachs Group Inc $358M 4.0M 1.7% ▲ 22.6%
Alliancebernstein L.P. $330M 3.7M 1.6% ▼ 4.6%
Amundi $313M 3.5M 1.5% ▼ 7.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Veralto's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Honeycutt Jennifer President and CEO October 23, 2026 Sell pre-set plan 7,098 $105.00 $745,290
Trivedi Surekha SVP, Strategy & Sustainability August 17, 2026 Sell pre-set plan 986 $97.05 $95,691
Honeycutt Jennifer President and CEO July 29, 2026 Sell pre-set plan 7,097 $101.52 $720,487
Honeycutt Jennifer President and CEO July 17, 2026 Sell pre-set plan 7,097 $95.00 $674,215
Skeete Bernard M Chief Accounting Officer May 1, 2026 Sell 300 $88.21 $26,463
Kapity Melissa SVP, Water Quality February 27, 2026 Sell 5,096 $96.60 $492,274
Kapity Melissa SVP, Water Quality February 27, 2026 Sell 7,105 $96.60 $686,343
Kapity Melissa SVP, Water Quality February 27, 2026 Sell 2,639 $96.60 $254,927
Bystrom Mattias SVP, PQI December 1, 2025 Sell 1,000 $101.73 $101,730

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 2 members of Congress disclosed 5 purchases and 4 sales of Veralto shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 21, 2026, filed September 1, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded August 14, 2026, filed September 1, 2026
  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 10, 2026, filed September 1, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 28, 2026
  • April 28, 2026
  • February 3, 2026
  • October 28, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Veralto was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Veralto in brief

What does Veralto do?
Veralto is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.
What is Veralto's stock ticker?
Veralto trades under the ticker VLTO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Veralto's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Veralto reported revenue of $5.8B, 6.4% higher than a year earlier, according to its SEC filings.
What is Veralto's free cash flow?
Veralto's free-cash-flow margin is 18.8% of revenue over the trailing twelve months, ranking 1 of the 17 environmental & facilities services companies we cover.
What is Veralto's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Veralto's free cash flow after stock-based pay gives ~$83 per share in the base case, and ~$61–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Veralto's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Veralto's market cap?
On November 2, 2026, Veralto's market capitalisation was about $28.7B, with a price-to-earnings ratio of 28.6 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Veralto pay a dividend?
Yes: Veralto paid $123M in dividends over the trailing twelve months, a dividend yield of 0.44% and a payout ratio of 12.3%.
How much debt does Veralto have?
Veralto's debt-to-equity ratio is 90.4%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Veralto's competitors?
In our Environmental & Facilities Services peer group, the companies closest to Veralto are Clean Harbors Inc, Rollins, Inc., ABM Industries Inc, Waste Connections, Inc. and Brightview Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Veralto's.
Are insiders buying or selling Veralto stock?
Over the last 12 months, Veralto's directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Veralto's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Veralto announces its own schedule.