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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

Ratios

Percentages worked out from the filed figures; debt to equity in times. 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
Margins
57.7% 56.7% 57.8% 59.8% 59.9%
22.1% 22.8% 22.7% 23.3% 23.2%
22.3% 22.9% 21.8% 20.9% 21.3%
18.3% 17.4% 16.7% 16.0% 17.1%
17.9% 17.2% 18.1% 15.8% 18.4%
Spending
5.2% 4.5% 4.5% 4.9% 4.8%
30.4% 29.4% 30.6% 31.7% 31.9%
1.1% 0.7% 1.1% 1.1% 1.1%
17.8% 24.1% 23.4% 23.3% 19.9%
Returns
n/a 26.1% 60.7% 40.9% 30.3%
17.8% 17.5% 14.7% 13.0% 12.2%
Balance and payout
n/a 0.00 1.90 1.28 0.86
n/a 0.0% 0.0% 10.7% 11.6%
n/a 0.0% 0.0% 10.9% 10.7%