Veralto
VLTO · NYSEInstruments For Meas & Testing of Electricity & Elec Signals · Fiscal year ends Dec 31
Veralto reported revenue of $5.5B in the fiscal year ended Dec 2025, up 6.0% from the year before. Operating income was $1.3B, an operating margin of 23.2%, and net income was $940M. Operating cash flow of $1.1B less capital expenditure of $63M left free cash flow of $1B. Net debt was $642M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7B | $4.9B | $5B | $5.2B | $5.5B |
| Cost of revenue | $2B | $2.1B | $2.1B | $2.1B | $2.2B |
| Gross profit | $2.7B | $2.8B | $2.9B | $3.1B | $3.3B |
| Research & development | $244M | $217M | $225M | $253M | $266M |
| Selling, general & admin | $1.4B | $1.4B | $1.5B | $1.6B | $1.8B |
| Operating income | $1B | $1.1B | $1.1B | $1.2B | $1.3B |
| Interest expense | $0 | $0 | $30M | $113M | $96M |
| Pre-tax income | $1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Income tax | $186M | $268M | $257M | $253M | $233M |
| Net income | $861M | $845M | $839M | $833M | $940M |
| Diluted EPS | 3.50 | 3.43 | 3.40 | 3.34 | 3.76 |
| Diluted shares | 246M | 246M | 247M | 250M | 250M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $0 | $0 | $762M | $1.1B | $2B |
| Receivables | – | $816M | $826M | $812M | $897M |
| Inventory | – | $345M | $297M | $288M | $307M |
| Current assets | – | $1.3B | $2.1B | $2.4B | $3.4B |
| Net PP&E | $260M | $247M | $262M | $268M | $294M |
| Goodwill | $2.5B | $2.5B | $2.5B | $2.7B | $2.8B |
| Total assets | $4.8B | $4.8B | $5.7B | $6.4B | $7.7B |
| Deferred revenue | – | $192M | $208M | $237M | $267M |
| Current liabilities | – | $1.1B | $1.3B | $1.2B | $2.1B |
| Short-term debt | – | – | – | $0 | $700M |
| Long-term debt | – | $0 | $2.6B | $2.6B | $2B |
| Shareholders' equity | – | $3.2B | $1.4B | $2B | $3.1B |
| Backlog (remaining obligations) | – | – | $290M | $293M | $325M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $896M | $870M | $963M | $875M | $1.1B |
| Capital expenditure | $54M | $34M | $54M | $55M | $63M |
| Free cash flow | $842M | $836M | $909M | $820M | $1B |
| Depreciation & amortisation | $106M | $90M | $87M | $78M | $78M |
| Stock-based compensation | $34M | $41M | $55M | $65M | $74M |
| Acquisitions | $60M | $55M | $0 | $363M | $0 |
| Dividends paid | – | $0 | $0 | $89M | $109M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.6% | 3.1% | 3.4% | 6.0% |
| Operating income growth (YoY) | – | 6.8% | 2.5% | 6.0% | 5.7% |
| EPS growth (YoY) | – | −2.0% | −0.9% | −1.8% | 12.6% |
| 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% |
| Return on equityBlank when equity is negative | – | 26.1% | 60.7% | 40.9% | 30.3% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 30.0% | 25.7% | 23.4% | 22.7% |
| Free cash flow margin | 17.9% | 17.2% | 18.1% | 15.8% | 18.4% |
| Cash conversion (CFO ÷ net income) | 1.04x | 1.03x | 1.15x | 1.05x | 1.15x |
| Receivable days | – | 61 | 60 | 57 | 59 |
| Inventory days | – | 60 | 51 | 50 | 51 |
| Interest cover | – | – | 38.0x | 10.7x | 13.3x |
| Debt ÷ equity | – | 0.00x | 1.90x | 1.28x | 0.86x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $0 | $1.9B | $1.5B | $642M |
| Current ratio | – | 1.14x | 1.64x | 1.92x | 1.67x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.