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Friday 6 November 2026
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Veralto Corporation
VLTO Industrials Pollution & Treatment Controls
Veralto Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.5 billion, up 5.97% from fiscal 2024.
- Revenue
- +7.48%
- EPS
- +8.33%
- Free cash flow
- +17.8%
- Total debt
- +9.28%
Quarter to September 2026, against a year earlier
116.44
0.58
−0.50%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 4,348 | 4,700 | 4,870 | 5,021 | 5,193 | 5,503 | 5,801 | +4.8% | 5,926 | 6,253 | 6,605 | +6.3% | |
| Gross margin, % | — | — | — | — | 57.73 | 57.72 | 56.67 | 57.78 | 59.79 | 59.95 | 60.20 | +2.2 pt | ||||||
| EBT | — | — | — | — | 950 | 1,047 | 1,113 | 1,096 | 1,086 | 1,173 | 1,176 | +4.3% | ||||||
| EBT margin, % | — | — | — | — | 21.85 | 22.28 | 22.85 | 21.83 | 20.91 | 21.32 | 20.27 | (0.5) pt | ||||||
| Net income | — | — | — | — | 724 | 861 | 845 | 839 | 833 | 940 | 1,002 | +5.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 17.67 | 19.08 | 19.77 | 20.38 | 21.00 | 22.16 | 23.79 | +4.6% | |||||
| Earnings | — | — | — | — | 2.94 | 3.50 | 3.43 | 3.41 | 3.37 | 3.79 | 4.07 | +5.2% | ||||||
| Cash flow | — | — | — | — | 4.07 | 3.64 | 3.53 | 3.91 | 3.54 | 4.34 | 4.74 | +1.3% | ||||||
| Capex | — | — | — | — | (0.15) | (0.11) | (0.14) | (0.22) | (0.22) | (0.25) | (0.26) | +11.6% | ||||||
| Free cash flow | — | — | — | — | 3.92 | 3.52 | 3.39 | 3.69 | 3.32 | 4.08 | 4.48 | +0.8% | ||||||
| Book value | — | — | — | — | 0.00 | 13.00 | 13.15 | 5.64 | 8.27 | 12.51 | 13.26 | n/m | ||||||
| Shares, m | — | — | — | — | 246 | 246 | 246 | 246 | 247 | 248 | 246 | +0.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 22.47 | 22.47 | 22.47 | 23.81 | 30.13 | 26.40 | 28.61 | 24.6 | |||||
| P/S | — | — | — | — | 4.03 | 4.03 | 4.03 | 3.98 | 4.85 | 4.50 | 4.89 | 4.2 | ||||||
| P/B | — | — | — | — | 6.04 | 6.04 | 6.04 | 14.37 | 12.32 | 7.98 | 8.78 | 8.8 | ||||||
| EV/Sales | — | — | — | — | 4.03 | 4.03 | 4.03 | 4.35 | 5.14 | 4.62 | 5.09 | 4.4 | ||||||
| EV/FCF | — | — | — | — | 19.54 | 19.54 | 19.54 | 24.02 | 32.54 | 25.07 | 27.01 | 23.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 1,001 | 896 | 870 | 963 | 875 | 1,077 | 1,156 | +1.5% | |||||
| Capex | — | — | — | — | (36) | (28) | (34) | (54) | (55) | (63) | (63) | +11.8% | ||||||
| Free cash flow | — | — | — | — | 965 | 868 | 836 | 909 | 820 | 1,014 | 1,093 | +1.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 84 | 157 | 808 | 1,142 | 1,376 | 1,687 | +101.2% | |||||
| Net debt | — | — | — | — | — | 135 | 123 | 1,867 | 1,498 | 642 | 1,135 | +47.7% | ||||||
| Shareholders’ equity | — | — | — | — | — | 3,201 | 3,240 | 1,389 | 2,045 | 3,106 | 3,232 | (0.8%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 35.58 | 17.49 | 15.95 | 13.77 | 13.33 | 12.80 | +13.3 pt | |||||
| ROIC | — | — | — | — | 0.00 | 19.50 | 20.67 | 21.88 | 21.31 | 21.29 | 18.13 | +21.3 pt | ||||||
| ROE | — | — | — | — | 0.00 | 0.00 | 26.24 | 36.25 | 48.51 | 36.50 | 32.96 | +36.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 16,000 | 16,000 | 17,000 | 17,000 | — | +2.0% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.30 | 0.31 | 0.31 | 0.32 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Water Quality | 3,321 | 60.35% |
|---|---|---|
| Product Quality & Innovation | 2,182 | 39.65% |
| Gross margin | 59.95% | |
| Operating margin | 23.21% | |
| Pre-tax margin | 21.32% |
Veralto Corporation vs peers in Pollution & Treatment Controls (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VLTO Veralto Corporation | $28.3B | 28.6× | 27.2× | +7.48% (above 0%: growing) | +8.33% (above 0%: growing) | +17.83% (above 0%: growing) | 60.17% | 19.75% | |
| ZWS Zurn Elkay Water Solutions Cor | $7.2B | 25.2× | 26.2× | +8.72% (above 0%: growing) | +27.47% (above 0%: growing) | +9.05% (above 0%: growing) | 49.65% | 21.85% | Compare |
| CECO CECO Environmental Corp. | $2.2B | — (loss-making) | 151× | +53.71% (above 0%: growing) | n/m | −177.98% (below 0%: shrinking) | 30.34% | (11.64%) | Compare |
| PCT PureCycle Technologies, Inc. | $377.7M | — (loss-making) | — (loss-making) | −3.33% (below 0%: shrinking) | n/m | +7.59% (above 0%: growing) | 0.00% | (1,594.68%) | Compare |
| ERII Energy Recovery, Inc. | $342.5M | 66.7× | — (loss-making) | −65.01% (below 0%: shrinking) | n/m | −166.25% (below 0%: shrinking) | 37.49% | (87.49%) | Compare |
| ADUR Aduro Clean Technologies Inc. | $325.6M | — (loss-making) | — | −97.97% (below 0%: shrinking) | n/m | +23.13% (above 0%: growing) | 100.00% | 0.00% | Compare |
| CDZI Cadiz, Inc. | $306.1M | — (loss-making) | — (loss-making) | −76.27% (below 0%: shrinking) | n/m | −66.49% (below 0%: shrinking) | (2.45%) | (902.45%) | Compare |
| ARQ Arq, Inc. | $104.8M | — (loss-making) | — (loss-making) | +8.94% (above 0%: growing) | n/m | +106.38% (above 0%: growing) | 39.70% | 8.18% | Compare |
| FTEK Fuel Tech, Inc. | $41.5M | — (loss-making) | — (loss-making) | +15.83% (above 0%: growing) | n/m | −159.84% (below 0%: shrinking) | 45.01% | (6.03%) | Compare |
| Median of peers | $334.1M | — | — | +2.69% | — | −29.45% | 38.60% | (8.83%) |
From the latest earnings call
- CEO Jennifer Honeycutt said Water Quality demand was supported by recurring sales and facility upgrades, while some packaging and color hardware projects had shifted in timing.
- CFO Sameer Ralhan said the cost optimization program was on track, with savings expected in 2026 and roughly half of total savings by 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
96.50%
Held by the ten largest
46.59%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 30.75m | 12.61% | +737.10k |
| BlackRock | 22.65m | 9.29% | −2.28m |
| T. Rowe Price | 14.36m | 5.89% | +5.66m |
| State Street | 11.13m | 4.57% | +205.60k |
| First Trust | 8.19m | 3.36% | +2.04m |
| Geode Capital Management | 7.39m | 3.03% | −104.67k |
| Invesco | 5.54m | 2.27% | +440.13k |
| Impax Asset Management Group plc | 5.19m | 2.13% | +1.81m |
| UBS | 4.36m | 1.79% | −354.61k |
| Goldman Sachs | 4.04m | 1.66% | +744.91k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.80m | 10.55m | 119.12 |
| 2024 | 11.53m | 18.55m | 121.04 |
| 2023 | 9.39m | 5.52m | 97.39 |
Ownership
Directors and executive officers, together
less than 1% of the votes
The Vanguard Group
11.80% of the votes
BlackRock, Inc.
9.60% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Veralto Corporation (VLTO) Latest News
31 Oct
30 Oct
29 Oct
28 Oct
23 Sep
VLTO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Veralto Corporation sells technologies and services that help customers monitor and treat water, identify products and manage packaging quality. It was incorporated in 2023 and is headquartered in Waltham, Massachusetts. Jennifer L. Honeycutt is its president and chief executive officer.
The company operates through two segments. Water Quality supplies instruments that measure water conditions, chemicals used in treatment, and systems that disinfect water or remove contaminants. Customers include public and private water utilities, industrial companies, laboratories and others that need to test or treat water. Its products also help customers manage wastewater discharge and water use.