Veralto CorporationVLTONYSE

Overview Intelligence Charts News Fundamentals Key Metrics Earnings Growth Financials Insiders

Revenue (LTM)

$5.5B

+6.0% YoY

Net Income (LTM)

$940M

+12.8% YoY

Free Cash Flow

$1.0B

Revenue CAGR (5Y)

+4.8%

—Marginsstable

FCF$1.0B

Profitable

Watch on earnings:Organic revenue growth by segment (Water Quality vs Product Quality) and geographic mix (developed vs high-growth markets)Recurring revenue percentage and consumable attachment rates on installed equipment baseCore operating margin expansion (targeting 50-100bps annually) and incremental margins on revenue growthFree cash flow conversion (targeting >100% of net income) and capital deployment priorities (M&A vs buybacks)Backlog trends in Water Quality equipment orders and Product Quality serialization projects

Key metrics:EPA PFAS regulatory timeline and state-level drinking water standards adoption rates driving municipal treatment equipment demand · U.S. municipal water infrastructure spending from State Revolving Funds (SRF) and IIJA grant disbursements · Industrial production indices in food/beverage and pharmaceutical manufacturing (primary Product Quality end markets) · Consumable pull-through rates (inks, reagents, test kits) as percentage of installed equipment base revenue

Income Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	4,700	4,870↑3.6%	5,021↑3.1%	5,193↑3.4%	5,503↑6.0%
Gross Profit	2,713	2,769↑2.1%	2,901↑4.8%	3,105↑7.0%	3,299↑6.2%
Operating Income	1,041	1,112↑6.8%	1,140↑2.5%	1,208↑6.0%	1,277↑5.7%
Net Income	861	845↓1.9%	839↓0.7%	833↓0.7%	940↑12.8%
EBITDA	1,145	1,203↑5.1%	1,213↑0.8%	1,277↑5.3%	1,347↑5.5%
EPS Diluted	3.50	3.43↓2.0%	3.41↓0.6%	3.34↓2.1%	3.76↑12.6%

Balance Sheet

⚠ Moderate leverage at 0.86x debt/equity provides $1-2B acquisition capacity but limits financial flexibility if organic growth decelerates below 4-5% and requires debt-funded M&A to meet growth targets

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	0	0	762	1,101↑44.5%	2,031↑84.5%
Total Current Assets	1,205	1,280↑6.2%	2,073↑62.0%	2,387↑15.1%	3,432↑43.8%
Total Assets	4,840	4,825↓0.3%	5,693↑18.0%	6,406↑12.5%	7,693↑20.1%
Total Current Liabilities	1,121	1,123↑0.2%	1,265↑12.6%	1,245↓1.6%	2,056↑65.1%
Total Liabilities	1,639	1,585↓3.3%	4,304↑171.5%	4,361↑1.3%	4,587↑5.2%
Total Equity	3,197	3,235↑1.2%	1,383↓57.2%	2,038↑47.4%	3,106↑52.4%
Total Debt	135	123↓8.9%	2,777↑2157.7%	2,767↓0.4%	2,673↓3.4%
Net Debt	135	123↓8.9%	2,015↑1538.2%	1,666↓17.3%	642↓61.5%

Cash Flow Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	896	870↓2.9%	963↑10.7%	875↓9.1%	1,077↑23.1%
Capital Expenditure	-54	-34↑37.0%	-54↓58.8%	-55↓1.9%	-63↓14.5%
Free Cash Flow	842	836↓0.7%	909↑8.7%	820↓9.8%	1,014↑23.7%
Stock-Based Comp	34	41↑20.6%	55↑34.1%	65↑18.2%	74↑13.8%
Net Change in Cash	0	0	762	339↓55.5%	930↑174.3%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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