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Veralto Corporation Financials

VLTO
FY2025 annual
Revenue $5.5B +6.0% YoY
Net Income $940.0M +12.8% YoY
EPS (Diluted) $3.76 +12.6% YoY
Free Cash Flow $1.0B +23.7% YoY
Source SEC Filings (10-K/10-Q) Data as of Apr 3, 2026 Currency USD FYE December

Veralto Corporation (VLTO) reported $5.5B in revenue for fiscal year 2025, up 6.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VLTO FY2025

Veralto’s asset-light cash engine turns steady revenue growth into deleveraging and liquidity instead of heavy reinvestment demands.

In the latest year, operating cash flow reached $1.08B while capex was only $63M, so most operating cash remained available after maintenance spending rather than being trapped in equipment. That cash pattern helps explain the move from net debt two years ago to slight net cash now, with cash at $2.03B and long-term debt at $1.97B.

The recent margin shape suggests the company is still reinvesting efficiency gains rather than simply harvesting them at the operating line. Gross margin improved from 57.8% to 60.0%, yet operating margin barely moved, which implies better production economics were largely absorbed by higher operating spending.

The balance sheet also looks more acquisition-influenced than plant-heavy: goodwill stands at $2.84B against total assets of $7.69B. That larger asset base helps explain why return on assets sits at 12.2%; acquisitions and retained cash have expanded the denominator faster than operating profit.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 76 / 100
Financial Health Score 76/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Veralto Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
93

Veralto Corporation has an operating margin of 23.2%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 93/100, reflecting efficient cost management and pricing power. This is down from 23.3% the prior year.

Growth
49

Veralto Corporation's revenue grew 6.0% year-over-year to $5.5B, a solid pace of expansion. This earns a growth score of 49/100.

Leverage
91

Veralto Corporation carries a low D/E ratio of 0.64, meaning only $0.64 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
47

Veralto Corporation's current ratio of 1.67 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
84

Veralto Corporation converts 18.4% of revenue into free cash flow ($1.0B). This strong cash generation earns a score of 84/100.

Returns
92

Veralto Corporation earns a strong 30.3% return on equity (ROE), meaning it generates $30 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 92/100. This is down from 40.9% the prior year.

Altman Z-Score Safe
4.94

Veralto Corporation scores 4.94, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($24.1B) relative to total liabilities ($4.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral
5/9

Veralto Corporation passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.15x

For every $1 of reported earnings, Veralto Corporation generates $1.15 in operating cash flow ($1.1B OCF vs $940.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
13.30x

Veralto Corporation earns $13.30 in operating income for every $1 of interest expense ($1.3B vs $96.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$5.5B
YoY+6.0%

Veralto Corporation generated $5.5B in revenue in fiscal year 2025. This represents an increase of 6.0% from the prior year.

EBITDA
$1.4B
YoY+5.4%

Veralto Corporation's EBITDA was $1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.4% from the prior year.

Net Income
$940.0M
YoY+12.8%

Veralto Corporation reported $940.0M in net income in fiscal year 2025. This represents an increase of 12.8% from the prior year.

EPS (Diluted)
$3.76
YoY+12.6%

Veralto Corporation earned $3.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 12.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.0B
YoY+23.7%

Veralto Corporation generated $1.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 23.7% from the prior year.

Cash & Debt
$2.0B
YoY+84.5%

Veralto Corporation held $2.0B in cash against $2.0B in long-term debt as of fiscal year 2025.

Shares Outstanding
248M
YoY+0.1%

Veralto Corporation had 248M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
60.0%
YoY+0.2pp

Veralto Corporation's gross margin was 60.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.

Operating Margin
23.2%
YoY-0.1pp

Veralto Corporation's operating margin was 23.2% in fiscal year 2025, reflecting core business profitability. This is down 0.1 percentage points from the prior year.

Net Margin
17.1%
YoY+1.0pp

Veralto Corporation's net profit margin was 17.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.

Return on Equity
30.3%
YoY-10.6pp

Veralto Corporation's ROE was 30.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.6 percentage points from the prior year.

Capital Allocation

R&D Spending
$266.0M
YoY+5.1%

Veralto Corporation invested $266.0M in research and development in fiscal year 2025. This represents an increase of 5.1% from the prior year.

Capital Expenditures
$63.0M
YoY+14.5%

Veralto Corporation invested $63.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 14.5% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

VLTO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VLTO annual income statement
MetricFY25FY24FY23FY22FY21
Revenue$5.5B+6.0%$5.2B+3.4%$5.0B+3.1%$4.9B+3.6%$4.7B
Cost of Revenue$2.2B+5.6%$2.1B-1.5%$2.1B+0.5%$2.1B+6.2%$2.0B
Gross Profit$3.3B+6.2%$3.1B+7.0%$2.9B+5.1%$2.8B+1.7%$2.7B
R&D Expenses$266.0M+5.1%$253.0M+12.4%$225.0M+3.7%$217.0M-11.1%$244.0M
SG&A Expenses$1.8B+6.8%$1.6B+7.0%$1.5B+7.3%$1.4B+0.2%$1.4B
Operating Income$1.3B+5.7%$1.2B+6.0%$1.1B+2.5%$1.1B+6.8%$1.0B
Interest Expense$96.0M-15.0%$113.0M+276.7%$30.0M$0$0
Income Tax$233.0M-7.9%$253.0M-1.6%$257.0M-4.1%$268.0M+44.1%$186.0M
Net Income$940.0M+12.8%$833.0M-0.7%$839.0M-0.7%$845.0M-1.9%$861.0M
EPS (Diluted)$3.76+12.6%$3.34-1.8%$3.40$3.43-2.0%$3.50

VLTO Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VLTO annual balance sheet
MetricFY25FY24FY23FY22FY21
Total Assets$7.7B+20.1%$6.4B+12.5%$5.7B+18.0%$4.8B-0.3%$4.8B
Current Assets$3.4B+43.8%$2.4B+15.1%$2.1B+62.0%$1.3BN/A
Cash & Equivalents$2.0B+84.5%$1.1B+44.5%$762.0M$0$0
Inventory$307.0M+6.6%$288.0M-3.0%$297.0M-13.9%$345.0MN/A
Accounts Receivable$897.0M+10.5%$812.0M-1.7%$826.0M+1.2%$816.0MN/A
Goodwill$2.8B+5.4%$2.7B+6.3%$2.5B+2.3%$2.5B-1.0%$2.5B
Total Liabilities$4.6B+5.0%$4.4B+1.3%$4.3B+171.1%$1.6BN/A
Current Liabilities$2.1B+65.1%$1.2B-1.6%$1.3B+12.6%$1.1BN/A
Long-Term Debt$2.0B-24.1%$2.6B-1.1%$2.6B$0N/A
Total Equity$3.1B+52.4%$2.0B+47.4%$1.4B-57.2%$3.2BN/A
Retained Earnings$1.7B+90.2%$917.0M+415.2%$178.0M$0N/A

VLTO Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VLTO annual cash flow statement
MetricFY25FY24FY23FY22FY21
Operating Cash Flow$1.1B+23.1%$875.0M-9.1%$963.0M+10.7%$870.0M-2.9%$896.0M
Capital Expenditures$63.0M+14.5%$55.0M+1.9%$54.0M+58.8%$34.0M-37.0%$54.0M
Free Cash Flow$1.0B+23.7%$820.0M-9.8%$909.0M+8.7%$836.0M-0.7%$842.0M
Investing Cash Flow-$98.0M+77.4%-$434.0M-689.1%-$55.0M+38.2%-$89.0M+8.2%-$97.0M
Financing Cash Flow-$102.0M-56.9%-$65.0M+51.9%-$135.0M+82.7%-$781.0M+2.3%-$799.0M
Dividends Paid$109.0M+22.5%$89.0M$0$0N/A

Not reported in any period shown, so not listed: Share Buybacks.

VLTO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VLTO annual financial ratios
MetricFY25FY24FY23FY22FY21
Gross Margin60.0%+0.2pp59.8%+2.0pp57.8%+1.1pp56.7%-1.1pp57.7%
Operating Margin23.2%-0.1pp23.3%+0.6pp22.7%-0.1pp22.8%+0.7pp22.1%
Net Margin17.1%+1.0pp16.0%-0.7pp16.7%-0.6pp17.3%-1.0pp18.3%
Return on Equity30.3%-10.6pp40.9%-19.8pp60.7%+34.6pp26.1%N/A
Return on Assets12.2%-0.8pp13.0%-1.7pp14.7%-2.8pp17.5%-0.3pp17.8%
Current Ratio1.67-0.2x1.92+0.3x1.64+0.5x1.14N/A
Debt-to-Equity0.64-0.6x1.28-0.6x1.90+1.9x0.00N/A
FCF Margin18.4%+2.6pp15.8%-2.3pp18.1%+0.9pp17.2%-0.7pp17.9%

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Frequently Asked Questions

What is Veralto Corporation's annual revenue?

Veralto Corporation (VLTO) reported $5.5B in total revenue for fiscal year 2025. This represents a 6.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Veralto Corporation's revenue growing?

Veralto Corporation (VLTO) revenue grew by 6.0% year-over-year, from $5.2B to $5.5B in fiscal year 2025.

Is Veralto Corporation profitable?

Yes, Veralto Corporation (VLTO) reported a net income of $940.0M in fiscal year 2025, with a net profit margin of 17.1%.

Veralto Corporation (VLTO) reported diluted earnings per share of $3.76 for fiscal year 2025. This represents a 12.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Veralto Corporation (VLTO) had EBITDA of $1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Veralto Corporation (VLTO) had $2.0B in cash and equivalents against $2.0B in long-term debt.

Veralto Corporation (VLTO) had a gross margin of 60.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Veralto Corporation (VLTO) had an operating margin of 23.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Veralto Corporation (VLTO) had a net profit margin of 17.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Veralto Corporation (VLTO) has a return on equity of 30.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Veralto Corporation (VLTO) generated $1.0B in free cash flow during fiscal year 2025. This represents a 23.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Veralto Corporation (VLTO) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Veralto Corporation (VLTO) had $7.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Veralto Corporation (VLTO) invested $63.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Veralto Corporation (VLTO) invested $266.0M in research and development during fiscal year 2025.

Veralto Corporation (VLTO) had 248M shares outstanding as of fiscal year 2025.

Veralto Corporation (VLTO) had a current ratio of 1.67 as of fiscal year 2025, which is generally considered healthy.

Veralto Corporation (VLTO) had a debt-to-equity ratio of 0.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Veralto Corporation (VLTO) had a return on assets of 12.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Veralto Corporation (VLTO) has an Altman Z-Score of 4.94, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Veralto Corporation (VLTO) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Veralto Corporation (VLTO) has an earnings quality ratio of 1.15x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Veralto Corporation (VLTO) has an interest coverage ratio of 13.30x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Veralto Corporation (VLTO) scores 76 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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