At a glance
Veralto Corporation is worth $28.13B, about 31 times its fiscal 2025 earnings. Revenue grew 6.0% to $5.50B in fiscal 2025, with 17.1% kept as profit; over 4 years it has grown 4.0% a year. It pays a 0.45% dividend yield, and returned $198.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +17.9% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Veralto provides instruments, chemicals, software and services that help customers test and treat water, and design, mark and check the quality of product packaging. Its customers include city water utilities, food and beverage makers, drug companies and industrial firms, many in regulated fields where mistakes are costly. Based in Waltham, Massachusetts, Veralto became a separate public company on September 30, 2023, when Danaher distributed Veralto shares to its own shareholders (a spin-off).
Water Quality, the larger of its two segments, brought in about 60% of the $5.5 billion in 2025 sales. Its brands include Hach (water-testing instruments and supplies), Trojan Technologies (UV and membrane systems that disinfect and filter water) and ChemTreat (water treatment chemicals and programs). Product Quality & Innovation made up about 40%. Videojet and Linx print tracking codes on products and packaging, Esko offers packaging design software, and X-Rite and Pantone provide color measurement and color standards.
Much of the money comes after the first sale. Installed instruments and printers drive ongoing purchases of reagents, inks, spare parts, service and software. These recurring sales were about 61% of 2025 revenue. By region, North America provided 48% of sales, Western Europe 23%, Japan, Australia and New Zealand 2%, and developing markets such as Asia and Latin America 27%. No single customer topped 10% of sales.
Price history
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VLTO +17.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Recurring | $3.36B | 61% |
| Nonrecurring | $2.14B | 39% |
By business segment
| Water Quality | $3.32B | 60.3% |
| Product Quality & Innovation | $2.18B | 39.7% |
By geography
| North America | $2.64B | 48% |
| High-growth markets | $1.50B | 27.3% |
| Western Europe | $1.24B | 22.6% |
| Other developed markets | $118.0M | 2.1% |
Latest results
- In Q3 FY2026 (ended Oct 2, 2026), revenue was $1.51B, up 7.5% from a year earlier, and net income was $253.0M (+5.9%).
- For fiscal 2025, revenue was $5.50B (+6.0% year over year; +4.0% a year from FY2021 to FY2025) with a 17.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +4.0% watch |
|---|---|
| Operating margin | 23.2% good |
| Free cash flow margin | 18.4% good |
| Return on equity (FY2025) | 30.3% good |
| Return on assets (FY2025) | 12.2% good |
| Net cash (cash minus debt) | $-1.14B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.70B | $861.0M | $842.0M |
| FY2022 | $4.87B | $845.0M | $836.0M |
| FY2023 | $5.02B | $839.0M | $909.0M |
| FY2024 | $5.19B | $833.0M | $820.0M |
| FY2025 | $5.50B | $940.0M | $1.01B |
Valuation snapshot
| Market value | $28.13B |
|---|---|
| P/E ratio | 30.8 |
| Dividend yield | 0.45% |
Rank among 1514 US companies
Market value at each year end
Veralto’s market value went from $20.26B at the end of 2023 to $28.13B on Nov 2, 2026, up 39%; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $28.13B | +13.5% |
| 2025 | $24.78B | -1.6% |
| 2024 | $25.19B | +24.3% |
| 2023 | $20.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VLTO price data to Nov 2, 2026 | +16.5% | +17.9% | +18.6% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.5% |
| 2025 | -1.6% |
| 2024 | +24.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($2.3M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 23, 2026 | Jennifer Honeycutt President and CEO, Director | sell (plan) | $745K |
| Jul 29, 2026 | Jennifer Honeycutt President and CEO, Director | sell (plan) | $720K |
| Jul 17, 2026 | Jennifer Honeycutt President and CEO, Director | sell (plan) | $674K |
| Aug 17, 2026 | Surekha Trivedi SVP, Strategy & Sustainability | sell (plan) | $96K |
| May 1, 2026 | Bernard M Skeete Chief Accounting Officer | sell | $26K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.5% | Jun 30, 2026 |
| Vanguard Capital Management | 7.39% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 5.6% | Jun 30, 2026 |
ETFs with the most weight in VLTO
| CSD Invesco S&P Spin-Off ETF | 7.84% |
| CGW Invesco S&P Global Water Index ETF | 5.31% |
| FMCX FM Focus Equity ETF | 4.23% |
| EVX VanEck Environmental Services ETF | 3.97% |
| PHO Invesco Water Resources ETF | 3.96% |
| FIW First Trust Water ETF | 3.93% |
| TBLU Tortoise Global Water ESG Fund | 3.87% |
| SIMS SPDR S&P Kensho Intelligent Structures ETF | 3.27% |
What could go wrong
- Growth leans on acquisitions. Veralto has acquired over 85 businesses in more than two decades and calls deals key to growth. Fewer or pricier deals, or purchases that disappoint, could slow growth and force write-downs of acquired assets.
- Tariffs and trade disputes. Since January 2025, the U.S. has threatened or imposed large tariffs (import taxes) on goods from China and other countries. These and any retaliation could raise Veralto's costs and cut demand.
- Debt that may limit flexibility. As of October 2, 2026, Veralto had about $2.9 billion of debt and $1.8 billion of cash and investments. Debt may grow, and could limit how it uses cash or hurt its credit ratings.
- Overseas sales and currency swings. More than half of 2025 sales came from outside North America, including 27% from developing markets. Foreign politics, laws and economies, plus currency moves against the dollar, can hurt reported results.
- Tough competition and price pressure. Veralto faces many rivals across its water, coding and color businesses. Losing ground could cut sales and market share, and even holding its position may require lowering prices, which squeezes profit margins.
- Keeping up with new technology and AI. Growth depends partly on launching new products and software that customers adopt. Veralto also warns that uncertainty around developing and using artificial intelligence in its business and products could hurt results.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Veralto pays a small dividend with a short record, since it was spun off from Danaher in September 2023. Dividends per share rose from about $0.36 in 2024 to about $0.44 in 2025. The payout is low, at about 12% of 2025 earnings and 11% of free cash flow (cash left after running the business and paying for equipment). That leaves room for increases but guarantees none. The yield was 0.47% as of October 30, 2026, so income investors would rely mainly on share-price gains rather than dividends. Veralto reported no share buybacks through 2025.
The stock began trading after the 2008, 2020 and 2022 market slumps, so it has no record in those downturns. Through October 30, 2026, its largest peak-to-trough drop since listing was about 27%. Shares gained about 24% in 2024 and lost about 2% in 2025. Single stocks carry more risk than diversified funds, because one company's problems can hit the price hard.
Questions investors ask
How does Veralto make money?
Veralto makes money from instruments, chemicals, software and services in two segments. Water Quality, about 60% of 2025 sales, covers water testing and treatment for utilities and industrial customers under brands such as Hach, Trojan Technologies and ChemTreat. Product Quality & Innovation, about 40%, offers printers that put codes on packages, packaging design software and color tools under Videojet, Linx, Esko, X-Rite and Pantone. About 61% of the $5.5 billion in 2025 sales was recurring, from consumables such as reagents and inks, spare parts, service and software.
Does Veralto raise its dividend every year?
Its record is too short to tell. Veralto only became independent in September 2023. Dividends per share rose from about $0.36 in 2024 to about $0.44 in 2025, one annual increase. The dividend is small: the yield was 0.47% as of October 30, 2026, and dividends used about 12% of 2025 earnings. A low payout leaves room for future raises, but there is no long history to show how the company treats its dividend in hard times.
When did Veralto split from Danaher?
Veralto split from Danaher on September 30, 2023, through a spin-off, in which a parent company gives shares of a business unit to its own shareholders. Danaher shareholders of record on September 13, 2023 received one Veralto share for every three Danaher shares they held. Veralto had been Danaher's Environmental & Applied Solutions segment. It trades on the New York Stock Exchange under the symbol VLTO.
What is Veralto's P/E ratio?
Veralto's price-to-earnings (P/E) ratio was 29.5 as of October 30, 2026, based on 2025 earnings of $3.76 per share. The P/E shows how many dollars investors pay for each dollar of a year's profit. The company's total market value was about $27 billion on that date. In 2025, net income grew about 13% and sales grew 6%. A higher P/E often reflects expectations of steady growth, which leaves less cushion if results disappoint.
Which ETFs hold Veralto stock?
Many ETFs hold Veralto, and it carries some of its largest weights in spin-off and water funds. These include the Invesco S&P Spin-Off ETF (CSD), Invesco S&P Global Water Index ETF (CGW), VanEck Environmental Services ETF (EVX), Invesco Water Resources ETF (PHO) and First Trust Water ETF (FIW). Big asset managers also report large stakes: BlackRock held 8.5% as of June 30, 2026, Vanguard Capital Management 7.39% as of March 31, 2026, and T. Rowe Price 5.6% as of June 30, 2026.