Veralto

Industrials Environmental & Facilities Services Waltham, Massachusetts Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.5B
                    3y CAGR +4.2%
                    
                    P40
                    
                    +6.0%
                    
                    Net income
                    FY2025
                
$940.0M
                    Net margin +17.1%
                    
                    P76
                    
                    +12.8%
                    
                    Total assets
                    FY2025
                
$7.7B
                    ROA +12.2%
                    
                    P74
                    
                    +20.1%
                    
                    Operating cash flow
                    FY2025
                
$1.1B
                    FCF margin +18.4%
                    
                    P85
                    
                    +23.1%

5 yrs · FY2021–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

24 accounts · 3 years

Total assets $7.7B

Total liabilities ~$4.6B

Shareholders equity $3.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$2.0B 84.5%	$1.1B 44.5%	$762.0M
Accounts Receivable	$897.0M 10.5%	$812.0M -1.7%	$826.0M
Inventory	$307.0M 6.6%	$288.0M -3.0%	$297.0M
Prepaid Expenses	$197.0M 5.9%	$186.0M -1.1%	$188.0M
Total Current Assets	$3.4B 43.8%	$2.4B 15.1%	$2.1B
Property,Plant and Equipment	$294.0M 9.7%	$268.0M 2.3%	$262.0M
Goodwill	$2.8B 5.4%	$2.7B 6.3%	$2.5B
Intangible Assets	$524.0M -2.1%	$535.0M 25.3%	$427.0M
Other Noncurrent Assets	$605.0M 15.7%	$523.0M 31.4%	$398.0M
Total Assets	$7.7B 20.1%	$6.4B 12.5%	$5.7B
Liabilities
Accounts Payable	$416.0M 5.3%	$395.0M -8.4%	$431.0M
Accrued Liabilities	$940.0M 10.6%	$850.0M 1.9%	$834.0M
Current Portion of Long Term Debt	$700.0M	$0	—
Total Current Liabilities	$2.1B 65.1%	$1.2B -1.6%	$1.3B
Long Term Debt	$2.0B -24.1%	$2.6B -1.1%	$2.6B
Other Noncurrent Liabilities	$558.0M 7.9%	$517.0M 26.1%	$410.0M
Equity
Preferred Stock	$0	$0	$0
Common Stock	$2.0M 0.0%	$2.0M 0.0%	$2.0M
Additional Paid In Capital	$2.3B 3.7%	$2.2B 1.5%	$2.2B
Retained Earnings	$1.7B 90.2%	$917.0M 415.2%	$178.0M
Accumulated Other Comprehensive Income	$-913.0M 14.8%	$-1.1B -12.3%	$-954.0M
Total Stockholders Equity	$3.1B 52.4%	$2.0B 47.4%	$1.4B
Noncontrolling Interest	$1.0M -85.7%	$7.0M 16.7%	$6.0M
Total Liabilitiesand Equity	$7.7B 20.1%	$6.4B 12.5%	$5.7B

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $5.5B

Operating income $1.3B

Net income $940.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$5.5B 6.0%	$5.2B 3.4%	$5.0B
Expenses Cost of Revenue	$2.2B 5.6%	$2.1B -1.5%	$2.1B
Other Income Expense Gross Profit	$3.3B 6.2%	$3.1B 7.0%	$2.9B
Expenses Research and Development	$266.0M 5.1%	$253.0M 12.4%	$225.0M
Expenses Selling,General and Administrative	$1.8B 6.8%	$1.6B 7.0%	$1.5B
Other Income Expense Operating Income	$1.3B 5.7%	$1.2B 6.0%	$1.1B
Other Income Expense Interest Expense	$96.0M -15.0%	$113.0M 276.7%	$30.0M
Other Income Expense Other Income/expense	$-8.0M 11.1%	$-9.0M 35.7%	$-14.0M
Other Income Expense Income Before Tax	$1.2B 8.0%	$1.1B -0.9%	$1.1B
Income Tax Income Tax Expense	$233.0M -7.9%	$253.0M -1.6%	$257.0M
net Income net Income	$940.0M 12.8%	$833.0M -0.7%	$839.0M
net Income Comprehensive Income	$1.1B 53.4%	$716.0M -14.7%	$839.0M
Earnings Per Share Basic Eps	$4 12.5%	$3 -1.2%	$3
Earnings Per Share Diluted Eps	$4 12.6%	$3 -1.8%	$3
Earnings Per Share Weighted Average Shares Diluted	$250.3M 0.3%	$249.6M 1.1%	$246.8M

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 3 years

Operating cash flow $1.1B

Investing cash flow $-98.0M

Financing cash flow $-102.0M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$940.0M 12.8%	$833.0M -0.7%	$839.0M
Operating Activities Depreciation and Amortization	$78.0M 0.0%	$78.0M -10.3%	$87.0M
Operating Activities Stock Based Compensation	$74.0M 13.8%	$65.0M 18.2%	$55.0M
Operating Activities Deferred Income Taxes	$-49.0M 33.8%	$-74.0M -196.0%	$-25.0M
Operating Activities Changes In Operating Assets and Liabilities	$22.0M 152.4%	$-42.0M -425.0%	$-8.0M
Operating Activities Other Non Cash Items	$12.0M -20.0%	$15.0M 0.0%	$15.0M
Operating Activities net Cash From Operating Activities	$1.1B 23.1%	$875.0M -9.1%	$963.0M
Investing Activities Capital Expenditures	$-63.0M -14.5%	$-55.0M -1.9%	$-54.0M
Investing Activities Business Acquisitions	$0 100.0%	$-363.0M	$0
Investing Activities Other Investing Activities	$-35.0M -118.8%	$-16.0M -1500.0%	$-1.0M
Investing Activities net Cash From Investing Activities	$-98.0M 77.4%	$-434.0M -689.1%	$-55.0M
Financing Activities Proceeds From Debt	$0	$0 -100.0%	$2.6B
Financing Activities Dividends Paid	$-109.0M -22.5%	$-89.0M	$0
Financing Activities Proceeds From Stock Issuance	$22.0M -8.3%	$24.0M 500.0%	$4.0M
Financing Activities Other Financing Activities	$-15.0M	$0 100.0%	$-2.7B
Financing Activities net Cash From Financing Activities	$-102.0M -56.9%	$-65.0M 51.9%	$-135.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$53.0M 243.2%	$-37.0M -236.4%	$-11.0M
Cash Reconciliation net Change In Cash	$930.0M 174.3%	$339.0M -55.5%	$762.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+59.9%	+59.8%	+57.8%
Operating margin	+23.2%	+23.3%	+22.7%
Net margin	+17.1%	+16.0%	+16.7%
FCF margin	+18.4%	+15.8%	+18.1%
Growth
Revenue CAGR (3y)	+4.2%	+3.4%	—
Returns
ROE	+30.3%	+40.9%	+60.7%
ROA	+12.2%	+13.0%	+14.7%
ROIC	+27.3%	+26.2%	+26.9%
Liquidity
Current ratio	1.67x	1.92x	1.64x
Quick ratio	1.42x	1.54x	1.26x
Leverage
D/E	1.48x	2.14x	3.12x
Interest coverage	13.30x	10.69x	38.00x
Efficiency
Asset turnover	0.72x	0.81x	0.88x
Cash conversion cycle	+41d	+38d	+37d

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Veralto

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