Veralto CorporationVLTO
NYSE•Industrials•Pollution & Treatment Controls
Veralto Corporation provides water analytics, water treatment, marking and coding, and packaging and color solutions worldwide. It operates through two segments, Water Quality (WQ) and Product Quality & Innovation (PQI). The WQ segment offers precision instrumentation and water treatment technologies to measure, analyze, and treat water in residential, commercial, municipal, industrial, research, and natural resource applications under the Hach, Trojan Technologies, ChemTreat, and other brands. This segment also provides water solutions, including chemical reagents, services, and software solutions. The PQI segment offers marking and coding for packaged goods and related consumables; a software solution that provides digital asset management, marketing resource management, and product information management; inline printing solutions for products and packaging with marking and coding systems; design software and imaging systems for the creation of new packaging designs; color management solutions for printed packages and consumer and industrial products; and color standard services for the design industry. This segment sells its products and services through the Videojet, Linx, Esko, X-Rite, and Pantone brands. The company serves industries, such as municipal utilities, food and beverage, pharmaceutical, and industrials. The company was formerly known as DH EAS Holding Corp. and changed its name to Veralto Corporation in February 2023. Veralto Corporation was incorporated in 2022 and is headquartered in Waltham, Massachusetts.
Veralto Corp (VLTO) reported trailing twelve months revenue of $5.59B as of April 2026, a 5.9% increase year-over-year. Quarterly revenue reached $1.42B, reflecting continued top-line momentum.
Veralto Corp generated $969.00M in TTM net income, with quarterly EBITDA of $362.00M. The operating margin contracted from 24.2% to 23.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (23.8%) and net margin (17.9%) indicates moderate non-operating costs. Net margin has improved from 16.9% a year ago, signaling stronger bottom-line efficiency.
VLTO trades at a P/E of 22.5x (in line with broad market averages) and a P/S of 3.9x. The price-to-book ratio of 7.3x indicates a significant premium over book value.
The company generated $170.00M in free cash flow over the trailing twelve months, a 19.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $7.65B in total assets with $1.96B in long-term debt against $3.00B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 11 quarters of fundamental data
Operating margins are stable at ~23.3%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 43.0% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 11 quarters
Margins are stable or improving at ~23.1% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
TTM revenue has contracted 14.6% — significant decline indicating deteriorating demand.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation