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Veralto

VLTO Clue Score49
United States Fiscal year ends December CIK 0001967680
$96.93 +0.47% Close, 9 Oct 2026
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Price $96.93 +29.92% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 2 Oct 2023. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue4,700.0Operating income1,041.0Net income861.0EPS, diluted3.50Fiscal year 2022Revenue4,870.0 +3.6%Operating income1,112.0Net income845.0 −1.9%EPS, diluted3.43 −2.0%Fiscal year 2023Revenue5,021.0 +3.1%Operating income1,140.0Net income839.0 −0.7%EPS, diluted3.40 −0.9%Fiscal year 2024Revenue5,193.0 +3.4%Operating income1,208.0Net income833.0 −0.7%EPS, diluted3.34 −1.8%Fiscal year 2025Revenue5,503.0 +6.0%Operating income1,277.0Net income940.0 +12.8%EPS, diluted3.76 +12.6%
FY2021FY2022FY2023FY2024FY2025
Revenue 4,700.0 4,870.0 5,021.0 5,193.0 5,503.0
Growth +3.6% +3.1% +3.4% +6.0%
Operating income 1,041.0 1,112.0 1,140.0 1,208.0 1,277.0
Net income 861.0 845.0 839.0 833.0 940.0
Growth −1.9% −0.7% −0.7% +12.8%
EPS, diluted 3.50 3.43 3.40 3.34 3.76
Growth −2.0% −0.9% −1.8% +12.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2021Gross margin57.7%Operating margin22.1%Net margin18.3%Free cash flow margin17.9%Fiscal year 2022Gross margin56.7%Operating margin22.8%Net margin17.4%Free cash flow margin17.2%Fiscal year 2023Gross margin57.8%Operating margin22.7%Net margin16.7%Free cash flow margin18.1%Fiscal year 2024Gross margin59.8%Operating margin23.3%Net margin16.0%Free cash flow margin15.8%Fiscal year 2025Gross margin59.9%Operating margin23.2%Net margin17.1%Free cash flow margin18.4%
FY2021FY2022FY2023FY2024FY2025
Gross margin 57.7% 56.7% 57.8% 59.8% 59.9%
Operating margin 22.1% 22.8% 22.7% 23.3% 23.2%
Net margin 18.3% 17.4% 16.7% 16.0% 17.1%
Free cash flow margin 17.9% 17.2% 18.1% 15.8% 18.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow896.0Capital expenditure−54.0Free cash flow842.0Fiscal year 2022Operating cash flow870.0Capital expenditure−34.0Free cash flow836.0 −0.7%Dividends paid0.0Fiscal year 2023Operating cash flow963.0Capital expenditure−54.0Free cash flow909.0 +8.7%Dividends paid0.0Fiscal year 2024Operating cash flow875.0Capital expenditure−55.0Free cash flow820.0 −9.8%Dividends paid−89.0Fiscal year 2025Operating cash flow1,077.0Capital expenditure−63.0Free cash flow1,014.0 +23.7%Dividends paid−109.0
FY2021FY2022FY2023FY2024FY2025
Operating cash flow 896.0 870.0 963.0 875.0 1,077.0
Capital expenditure −54.0 −34.0 −54.0 −55.0 −63.0
Free cash flow 842.0 836.0 909.0 820.0 1,014.0
Growth −0.7% +8.7% −9.8% +23.7%
Dividends paid n/a 0.0 0.0 −89.0 −109.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash0.0Fiscal year 2022Cash0.0Total debt0.0Net cash (debt)0.0Shareholders’ equity3,235.0Debt to equity0.00Fiscal year 2023Cash762.0Total debt2,629.0Net cash (debt)−1,867.0Shareholders’ equity1,383.0Debt to equity1.90Fiscal year 2024Cash1,101.0Total debt2,599.0Net cash (debt)−1,498.0Shareholders’ equity2,038.0Debt to equity1.28Fiscal year 2025Cash2,031.0Total debt2,673.0Net cash (debt)−642.0Shareholders’ equity3,105.0Debt to equity0.86
FY2021FY2022FY2023FY2024FY2025
Cash 0.0 0.0 762.0 1,101.0 2,031.0
Total debt n/a 0.0 2,629.0 2,599.0 2,673.0
Net cash (debt) n/a 0.0 −1,867.0 −1,498.0 −642.0
Shareholders’ equity n/a 3,235.0 1,383.0 2,038.0 3,105.0
Debt to equity n/a 0.00 1.90 1.28 0.86

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4,700.0 4,870.0 5,021.0 5,193.0 5,503.0
Growth +3.6% +3.1% +3.4% +6.0%
1,987.0 2,110.0 2,120.0 2,088.0 2,204.0
2,713.0 2,760.0 2,901.0 3,105.0 3,299.0
Growth +1.7% +5.1% +7.0% +6.2%
244.0 217.0 225.0 253.0 266.0
1,428.0 1,431.0 1,536.0 1,644.0 1,756.0
1,041.0 1,112.0 1,140.0 1,208.0 1,277.0
Growth +6.8% +2.5% +6.0% +5.7%
1,047.0 1,113.0 1,096.0 1,086.0 1,173.0
186.0 268.0 257.0 253.0 233.0
861.0 845.0 839.0 833.0 940.0
Growth −1.9% −0.7% −0.7% +12.8%
Per share
3.50 3.43 3.41 3.37 3.79
3.50 3.43 3.40 3.34 3.76
Growth −2.0% −0.9% −1.8% +12.6%
246.3 246.3 246.4 247.3 248.3
246.3 246.3 246.8 249.6 250.3
Growth +0.0% +0.2% +1.1% +0.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Profitable in every one of the 5 years on file.