Loading…
Makes water quality testing instruments (Hach) and product identification/marking systems (Videojet), spun off from Danaher.
Makes water quality testing instruments (Hach) and product identification/marking systems (Videojet), spun off from Danaher.
Sells analytical instruments and marking equipment, then keeps earning from the consumables, test reagents and service contracts those installed machines need over their working life, so the water and marking businesses together carry the company. Separated from Danaher in 2023 and now runs as an independent group with its own costs.
Moat: narrow (installed base, switching costs, brand). Instrument installed base drives recurring high-margin consumables and service revenue, a classic Danaher-style model.
Headquarters: Waltham, Massachusetts, US · Founded: 2023 · Employees: 17,000
Size Veralto (VLTO) is a United States Industrials company (Industrial Machinery) with a market value of $28.5B, the 382nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $117.09 on 6 Nov 2026.
Performance Over six months the shares gained 35.0%, against -11.2% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +8.1%); the operating margin is 21.9% (peer median 18.1%).
Valuation It trades at 24.6× forward earnings against a peer median of 23.7× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 15.0 points above its cost of capital (7.9% WACC).
Backlog Backlog (remaining performance obligations) was $340M at 2 Oct 2026, up 6% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Veralto has 3 bonds outstanding ($2.12B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 72 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.80B | $5.50B | $5.19B | $5.02B | $4.87B |
| Revenue growth | — | +6% | +3% | +3% | — |
| Gross profit | $3.44B | $3.26B | $3.07B | $2.85B | $2.71B |
| EBITDA | $1.37B | $1.35B | $1.29B | $1.24B | $1.21B |
| Net income | $1.00B | $940M | $833M | $839M | $845M |
| Free cash flow | $1.09B | $1.01B | $820M | $909M | $836M |
| Capital expenditure | $63.0M | $63.0M | $55.0M | $54.0M | $34.0M |
| Total debt | $2.92B | $2.88B | $2.77B | $2.78B | $123M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Veralto VLTO | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% |
| Xylem XYL | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Mettler Toledo MTD | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% |
| Horiba 6856.T | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VLTO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.4% | -4.6% | 2nd highest of 21 |
| 6-month return | +35.0% | -11.2% | highest of 20 |
| Distance from 52-week high | -1.6% | -30.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +6.4% | +8.1% | 8th lowest of 21 |
| Operating margin | 21.9% | 18.1% | 7th highest of 21 |
| Forward P/E | 24.6× | 23.7× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 16.6% | 5th least demanding of 19 |
| Growth delivered (Del g) | +4.8% | +9.2% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | +3.5 pp | +7.0 pp | 9th least demanding of 19 |
| ROIC minus cost of capital | +15.0 pp | +3.7 pp | 3rd highest of 20 |
| EV / EBITDA | 21.6× | 16.6× | 3rd most expensive of 15 |
| Net debt / EBITDA | 0.8× | 0.8× | 9th least indebted of 17 |
| Bond spread | 72 bp | 76 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
Veralto has 3 bonds outstanding with $2.12B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.30%, a spread of 72 bp over government bonds.
Veralto reported $340M of remaining performance obligations at 2 Oct 2026, up 6% from a year earlier and down 4% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.