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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.5B | $1.3B | $940M | $1.0B | 30.3% | 6.0% | 12.8% |
| 2024 | $5.2B | $1.3B | $833M | $820M | 40.9% | 3.4% | -0.7% |
| 2023 | $5.0B | $1.2B | $839M | $909M | 60.7% | 3.1% | -0.7% |
| 2022 | $4.9B | $1.2B | $845M | $836M | 26.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,870 | 5,021 | 5,193 | 5,503 |
| Operating Revenue | - | 4,870 | 5,021 | 5,193 | 5,503 |
| Cost Of Revenue | - | 2,110 | 2,120 | 2,088 | 2,204 |
| Gross Profit | - | 2,760 | 2,901 | 3,105 | 3,299 |
| Operating Expense | - | 1,648 | 1,761 | 1,897 | 2,022 |
| Research And Development | - | 217 | 225 | 253 | 266 |
| Selling General And Administration | - | 1,431 | 1,536 | 1,644 | 1,756 |
| Total Expenses | - | 3,758 | 3,881 | 3,985 | 4,226 |
| Operating Income | - | 1,112 | 1,140 | 1,208 | 1,277 |
| Total Operating Income As Reported | - | 1,112 | 1,140 | 1,208 | 1,277 |
| EBITDA | - | 1,203 | 1,213 | 1,277 | 1,347 |
| Normalized EBITDA | - | 1,203 | 1,228 | 1,287 | 1,357 |
| EBIT | - | 1,113 | 1,126 | 1,199 | 1,269 |
| Interest Expense | - | 0 | 30 | 113 | 96 |
| Net Interest Income | - | 0 | -30 | -113 | -96 |
| Other Non Operating Income Expenses | - | 1 | 1 | 1 | 2 |
| Other Income Expense | - | 1 | -14 | -9 | -8 |
| Interest Expense Non Operating | - | 0 | 30 | 113 | 96 |
| Net Non Operating Interest Income Expense | - | 0 | -30 | -113 | -96 |
| Pretax Income | - | 1,113 | 1,096 | 1,086 | 1,173 |
| Tax Provision | - | 268 | 257 | 253 | 233 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -3.51 | -2.33 | -1.99 |
| Net Income Continuous Operations | - | 845 | 839 | 833 | 940 |
| Net Income From Continuing And Discontinued Operation | - | 845 | 839 | 833 | 940 |
| Net Income From Continuing Operation Net Minority Interest | - | 845 | 839 | 833 | 940 |
| Net Income | - | 845 | 839 | 833 | 940 |
| Net Income Common Stockholders | - | 845 | 839 | 833 | 940 |
| Net Income Including Noncontrolling Interests | - | 845 | 839 | 833 | 940 |
| Normalized Income | - | 845 | 850.49 | 840.67 | 948.01 |
| Diluted NI Availto Com Stockholders | - | 845 | 839 | 833 | 940 |
| Basic Average Shares | - | 244.50 | 246.40 | 247.30 | 248.30 |
| Diluted Average Shares | - | 246.70 | 246.80 | 249.60 | 250.30 |
| Reconciled Depreciation | - | 90 | 87 | 78 | 78 |
| Reconciled Cost Of Revenue | - | 2,110 | 2,120 | 2,088 | 2,204 |
| Total Unusual Items | - | - | -15 | -10 | -10 |
| Total Unusual Items Excluding Goodwill | - | - | -15 | -10 | -10 |
| Special Income Charges | - | - | -15 | -10 | -9 |
| Gain On Sale Of Business | - | - | 0 | -10 | -6 |
| Write Off | - | - | 15 | 0 | 3 |
| Gain On Sale Of Security | - | - | - | - | -1 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Veralto Corporationthis co. | VLTO | $20.8B | 22.14↓ discount | 6.70 | 30.3% | 16.08 |
| Verisk Analytics, Inc. | VRSK | $23.6B | 25.96 | 76.32 | 293.9% | 15.76 |
| C.H. Robinson Worldwide, Inc. | CHRW | $21.8B | 37.06 | 11.79 | 31.8% | 25.61 |
| Expeditors International of Washington, Inc. | EXPD | $20.9B | 25.85 | 8.89 | 34.4% | 18.21 |
| Equifax Inc. | EFX |
| - |
| - |
| - |
| - |
| - |
| $20.6B |
| 31.24 |
| 4.48 |
| 14.3% |
| 13.92 |
| Southwest Airlines Co. | LUV | $20.2B | 45.79 | 2.53 | 5.5% | 10.26 |
| Snap-on Incorporated | SNA | $19.6B | 19.30 | 3.31 | 17.1% | 12.99 |
| Global Payments Inc. | GPN | $18.5B | 13.25 | 0.81 | 6.1% | 9.65 |
| Lennox International Inc. | LII | $18.0B | 22.37 | 15.50 | 69.3% | 17.10 |
| Peer Median | - | 25.91 | 6.69 | 24.5% | 14.84 | |