# Veralto Corporation (VLTO)

> Source: Nexqual · https://nexqual.com/VLTO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Veralto Corporation (VLTO), nexqual.com/VLTO" · informational, not investment advice.

**Price:** USD 104.9 (+3.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 101.31 · day 102.32–104.9 · 52w 80.03–105.75 · market cap $25.6B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $5.70B, net income $988M (17.3% margin), free cash flow $1.05B (SEC filings).
- Valuation: P/E 25.9x (avg 27.1x at the last 3 fiscal year-ends), EV/EBITDA 19.3x, net debt $1.26B.
- 2 of 80 tracked superinvestors hold VLTO (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $1.5M; 1 not under a Rule 10b5-1 plan ($26K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.24 on a 1–5 scale) (17 analysts), mean target USD 114 (range 100–133).
- Total return with dividends: 1Y +0.6% vs S&P 500 +14.9%; 5Y +36.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.09, revenue estimate $1.50B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.70B | $4.87B | $5.02B | $5.19B | $5.50B | $5.70B |
| Gross profit | $2.71B | $2.76B | $2.90B | $3.10B | $3.30B | — |
| Operating income | $1.04B | $1.11B | $1.14B | $1.21B | $1.28B | $1.29B |
| Net income | $861M | $845M | $839M | $833M | $940M | $988M |
| EPS (diluted) | $3.50 | $3.43 | $3.40 | $3.34 | $3.76 | — |
| Free cash flow | $842M | $836M | $909M | $820M | $1.01B | $1.05B |
| Gross margin | 57.7% | 56.7% | 57.8% | 59.8% | 59.9% | — |
| Operating margin | 22.1% | 22.8% | 22.7% | 23.3% | 23.2% | 22.7% |
| Net margin | 18.3% | 17.4% | 16.7% | 16.0% | 17.1% | 17.3% |
| Revenue growth | — | +3.6% | +3.1% | +3.4% | +6.0% | — |
| Cash + short-term investments | $0K | $0K | $762M | $1.10B | $2.03B | — |
| Total debt | — | $0K | $2.63B | $2.60B | $2.67B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 25.9x · P/S 4.5x · EV/EBITDA 19.3x · EV/Sales 4.7x · P/FCF 24.4x · P/B 8.3x · FCF yield 4.09% · Earnings yield 3.86% · Dividend yield (paid, TTM) 0.47% · Net debt $1.26B · EV $26.8B
P/E at fiscal year-ends: Dec 2025 26.6x, Dec 2024 30.5x, Dec 2023 24.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold VLTO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Wallace Weitz | Weitz Investment Management | 0.48% | $6.9M | Added +93.8% |
| Bill Gates | Gates Foundation Trust | 0.03% | $11.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Trivedi Surekha | SVP, Strategy & Sustainability | 986 | $96K | 10.3% | Yes (adopted May 18, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-29 | Honeycutt Jennifer | President and CEO | 7,097 | $720K | 5.4% | Yes (adopted February 25, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-17 | Honeycutt Jennifer | President and CEO | 7,097 | $674K | 5.4% | Yes (adopted February 25, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Skeete Bernard M | Chief Accounting Officer | 300 | $26K | 5.9% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 17 analysts; mean target USD 114 (low 100, high 133).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | UBS | Target raised | Neutral | $104 → $106 |
| 2026-07-30 | UBS | Target raised | Neutral | $98 → $104 |
| 2026-07-30 | BNP Paribas | Target raised | Outperform | $115 → $120 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $100 → $109 |
| 2026-07-30 | Citigroup | Target raised | Neutral | $102 → $107 |
| 2026-07-30 | Stifel | Target raised | Buy | $111 → $114 |
| 2026-07-30 | Barclays | Target raised | Overweight | $113 → $117 |
| 2026-07-20 | Stifel | Target raised | Buy | $110 → $111 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-10-02) |
|---|---|---|
| Total return | +0.6% | +36.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.6% | +10.7% |
| Volatility (annualized) | 23.4% | 21.2% |
| Max drawdown | -21.4% (Oct 2025→May 2026) | -27.1% (Oct 2024→May 2026) |

## Peers (Pollution & Treatment Controls)
ZWS (Zurn Elkay Water Solutions Corp) USD 48.66 +0.58% · PCT (PureCycle Technologies, Inc.) USD 2.78 +0.36% · ADUR (Aduro Clean Technologies Inc.) USD 10.07 -2.89% · CDZI (Cadiz, Inc.) USD 4.06 +2.27% · ERII (Energy Recovery, Inc.) USD 6.67 +0.30%

## More
Full page: https://nexqual.com/VLTO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name VLTO in their own reports (relationship from VLTO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | DANAHER CORP /DE/ (DHR) | 10-K 2026-02-24 | "In connection with the Veralto Separation, Danaher and Veralto entered into various agreements to effect the Veralto Separation and provide a framework for their relationship after the Veralto Separat…" |

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Water Quality | $908.0M | 61.6% | +10.1% | $228.0M | 25.1% |
| Product Quality & Innovation | $566.0M | 38.4% | +3.7% | $119.0M | 21.0% |
| Corporate costs (not allocated) | — | — | — | -$32.0M | — |
| Total revenue | $1.47B | 100% | — | $315.0M | 21.4% |

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recurring | $541.0M | 36.7% | +10.2% |
| Nonrecurring | $367.0M | 24.9% | +9.9% |
| Total revenue | $1.47B | 100% | — |
The lines above cover 61.6% of total revenue.

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $715.0M | 48.5% | +9.2% |
| High-growth markets | $388.0M | 26.3% | +2.9% |
| Western Europe | $338.0M | 22.9% | +9.0% |
| Other developed markets | $33.0M | 2.2% | +13.8% |
| Total revenue | $1.47B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "For the third quarter of 2026, the Company anticipates non-GAAP core sales growth in the range of 4.0% to 5.0% year-over-year with adjusted operating profit margin expansion of approximately 25 basis points year-over-year."
- "The Company's third quarter adjusted diluted earnings per share guidance is in the range of $1.06 to $1.09 per share."
- "For the full year 2026, the Company raised its non-GAAP core sales growth to a range of 4.0% to 4.5% year-over-year, up from the prior guidance range of 3.0% to 4.5%."
- "Adjusted operating profit margin is expected to expand 25 to 50 basis points year-over-year, including the benefit of IEEPA tariff refunds received in the second quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.09 | $1.07 | +1.8% | $1.50B | 13 |
| Next quarter (ends 2026-12-31) | $1.13 | $1.11 | +2.1% | $1.52B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.40 | $4.25 | +3.5% | $5.91B | 16 |
| Next fiscal year (ends 2027-12-31) | $4.79 | $4.67 | +2.6% | $6.25B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±7.3%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 29.8% | ±7.3% |
| 2026-12-18 | 56 | 24.8% | ±7.8% |
| 2027-01-15 | 84 | 23.3% | ±8.9% |
| 2027-04-16 | 175 | 24.9% | ±13.6% |