FirmAtlas
Company handbook · VLTO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
VLTO · CIK 1967680 · LATEST FILING: 10-Q JUL '26 · FILED JUL 29, 2026
VERALTO CORPORATION
$101.04
+0.08 (+0.08%)
Close, Oct 16, 2026 · 52-week $80–106
Last fiscal year
VERALTO CORPORATION reported revenue of $5.5B for the year ended Dec 31, 2025 (FY25), up 6.0% from FY24. Net income was $940M, operating cash flow $1.1B and free cash flow $1.0B. Source: 10-K filed Feb 20, 2026.
Market cap
$25.1B
P/E
25.9
EV/EBITDA
19.5x
P/B
8.3
Div yield
0.51%
ROIC
25.6%
Revenue 1Y
6.0%/yr
EPS 1Y
12.6%/yr
Shares 1Y
+0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJennifer L. Honeycutt
HQWaltham, MA
AuditorErnst & Young LLP
Employees17,000
Year endsDecember
Revenue by segment · FY25
Water Quality60%
Product And Quality Innovation40%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
—
10.8%
−0.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$679M deployed
Capex
$118M
17.4%
Acquisitions
$363M
53.5%
Dividends
$198M
29.2%
Operating cash flow over the period: $2.0B. Total debt changed by +$774M. R&D of $519M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Apr '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,193
5,503+6.0%
5,593
YoY
+6.0%
Gross profit
3,105
3,299+6.2%
3,348
Gross margin
59.8%
59.9%+0.2 pp
—
Operating income
1,208
1,277+5.7%
1,293
Operating margin
23.3%
23.2%−0.1 pp
—
EBITDA
1,286
1,355+5.4%
—
EBITDA margin
24.8%
24.6%−0.1 pp
—
Interest expense
113
96−15.0%
—
Interest coverage
11.38x
14.11x+2.73x
—
Net income
833
940+12.8%
969
YoY
+12.8%
Net margin
16.0%
17.1%+1.0 pp
—
EPS (diluted, $)
3.34
3.76+12.6%
3.88
YoY
+12.6%
Balance sheet
Total assets
6,406
7,693+20.1%
7,653
Cash & short-term investments
1,101
2,031+84.5%
—
Accounts receivable
812
897+10.5%
—
Inventory
288
307+6.6%
—
Net PP&E
268
294+9.7%
—
Other assets
3,937
4,164+5.8%
—
Total liabilities
4,368
4,588+5.0%
4,648
Total debt
2,599
3,373+29.8%
3,362
Other liabilities
1,769
1,215−31.3%
—
Shareholders’ equity
2,038
3,105+52.4%
3,005
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
875
1,077+23.1%
1,102
Net income
833
940+12.8%
—
Depreciation & amortization
78
78+0.0%
—
Stock-based compensation
65
74+13.8%
—
Working capital & other
(101)
(15)n/m
—
Cash from investing
(434)
(98)n/m
—
Capex
(55)
(63)n/m
—
PP&E sold
0
—
—
Acquisitions
(363)
0n/m
—
Investments bought
(15)
(7)n/m
—
Other investing
(1)
(28)n/m
—
Cash from financing
(65)
(102)n/m
—
Dividends
(89)
(109)n/m
—
Shares issued
34
35+2.9%
—
Other financing
(10)
(28)n/m
—
Net change in cash
339
930+174.3%
—
Free cash flow (OCF − capex)
820
1,014+23.7%
1,042
Where the cash went
Operating cash flow
875
1,077+23.1%
1,102
Reinvested in the business
418
63−84.9%
—
% of operating cash flow
47.8%
5.8%
Capex
55
63+14.5%
60
Acquisitions
363
0−100.0%
—
R&D (memo, already in costs)
253
266+5.1%
—
Free cash flow
820
1,014+23.7%
1,042
YoY
+23.7%
Returned to shareholders
89
109+22.5%
—
% of free cash flow
10.9%
10.7%
Dividends
89
109+22.5%
—
Change in total debt
—
774
—
Cash left over
—
1,679
—
FCF conversion (FCF ÷ net income)
98.4%
107.9%+9.4 pp
—
Owner earnings
—
851
—
Owner earnings margin
—
15.5%
—
Returns & ratios
ROIC (all capital)
26.2%
25.6%−0.6 pp
—
ROIC (operating)
67.7%
71.4%+3.7 pp
—
Net debt / EBITDA
1.16x
0.99x−0.17x
—
Debt / equity
1.28x
1.09x−0.19x
—
ROE
40.9%
30.3%−10.6 pp
—
ROA
13.0%
12.2%−0.8 pp
—
ROCE
23.4%
22.7%−0.8 pp
—
NOPAT
927
1,023+10.4%
—
Invested capital (operating)
1,368
1,498+9.5%
—
Invested capital (all)
3,536
4,447+25.8%
—
Reinvestment rate
—
12.7%
—
Debtor days
57
59+2 d
—
Inventory days
50
51+0 d
—
Income
Jul '25
Oct '25
Dec '25
Apr '26
Revenue
1,371
1,404
1,396
1,422
vs year-ago quarter
Gross profit
822
844
828
854
Gross margin
60.0%
60.1%
59.3%
60.1%
Operating income
313
326
316
338
Net income
222
239
254
254
vs year-ago quarter
Net margin
16.2%
17.0%
18.2%
17.9%
EPS (diluted, $)
0.89
0.95
1.02
1.02
vs year-ago quarter
Balance sheet
Jul '25
Oct '25
Dec '25
Apr '26
Total assets
7,171
7,429
7,693
7,653
Cash & equivalents
1,559
1,775
2,031
1,431
Total debt
2,672
3,372
3,373
3,362
Shareholders’ equity
2,653
2,847
3,105
3,005
Cash flow
Jul '25
Oct '25
Dec '25
Apr '26
Operating cash flow
339
270
311
182
Capex
16
12
20
12
Free cash flow
323
258
291
170
vs year-ago quarter