Industrials · Environmental & Facilities Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$101.04
52-week range
$79.80 – $105.16
Market cap
$25.2B
P/E (trailing)
26.1×
EV / EBITDA
19.2×
Free-cash-flow yield
4.1%
Dividend yield
0.5%
Revenue (last 12 months)
$5.6B
Revenue growth (3y a year)
4.2%
Operating margin
23.1%
Return on invested capital
23.4%
Net debt / EBITDA
1.0×
Fair value
Blended fair value$104.61 range $99 – $110
Versus priceFair+4% to fair value
Peer multiples
$107.26
Fundamentals-adjusted multiple
$105.11
10-year DCF (market-scaled)
$101.47
Earnings power value (floor, not blended)
$42.95
Model uncertainty
Medium
X-Ray Score
55/ 100 · High confidence · ahead of 65% of sector peers
Valuation58
Growth50
Profitability71
Financial health46
Dividends39
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Veralto provides water analytics, water treatment, and product identification and marking solutions. Its businesses supply instruments, chemicals, consumables and software that help customers test and treat water and label and trace products. Revenue comes from equipment sales and, to a large extent, from repeat purchases of consumables, parts and services used with the installed equipment. Customers include municipalities, industrial plants and consumer goods makers.
Trailing twelve-month revenue stands at $5.6 billion. The three-year revenue growth rate is 4.2% a year. Profitability shows an operating margin of 23.1% and a return on invested capital of 23%. Net debt stands at 1.0 times EBITDA. Shareholders receive a dividend, yielding 0.5%. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
StocksXray gives Veralto Corp an X-Ray Score of 55 out of 100 (high confidence), ahead of 65% of the S&P 500 stocks in its sector. Its strongest lens is profitability (71) and its weakest is dividends (39).
Our fair value blend is $104.61 (range $99.46 to $109.94). At $101.04 the stock trades 3% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Veralto Corp (VLTO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
–
–
$81.22
$100.95
$99.35
$101.04
Market cap
–
–
$20.0B
$25.2B
$24.9B
$25.2B
P/E
–
–
23.9×
30.2×
26.4×
26.1×
EV / revenue
–
–
4.4×
5.1×
4.6×
4.7×
EV / EBITDA
–
–
17.9×
20.8×
18.8×
19.2×
Price / free cash flow
–
–
22.1×
30.7×
24.5×
24.2×
Free-cash-flow yield
–
–
4.5%
3.3%
4.1%
4.1%
Price / book
–
–
14.5×
12.4×
8.0×
8.4×
Dividend yield
–
–
–
–
–
0.51%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.7%Bad
Free-cash-flow yield4.1%Average
Risk models
Altman Z score3.5×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)3.1%Average
Free-cash-flow growth (3y)6.6%Bad
Revenue growth (3y)4.2%Average
Growth consistency100%Good
Balance sheet
Current ratio1.5×Average
Net debt / EBITDA1.0×Good
Interest cover13.9×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.9%Average
Profitability
Return on invested capital23.4%Good
Operating margin23.1%Good
Gross profitability43.7%Good
XStocksXray
Veralto Corp (VLTO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,700
4,870
5,021
5,193
5,503
5,593
Gross profit
2,713
2,760
2,901
3,105
3,299
3,348
Operating income
1,041
1,112
1,140
1,208
1,277
1,293
Net income
861
845
839
833
940
969
Diluted EPS ($)
3.50
3.43
3.40
3.34
3.76
3.88
Free cash flow
842
836
909
820
1,014
1,042
Gross margin
57.7%
56.7%
57.8%
59.8%
59.9%
59.9%
Operating margin
22.1%
22.8%
22.7%
23.3%
23.2%
23.1%
Net margin
18.3%
17.4%
16.7%
16.0%
17.1%
17.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,840
4,825
5,693
6,406
7,693
7,653
Cash
0
0
762
1,101
2,031
1,431
Total debt
–
0
2,629
2,599
2,673
2,662
Equity
–
3,235
1,383
2,038
3,105
3,005
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.