Veralto (VLTO)
Market Price (11/11/2026): $118.23 | Market Cap: $28.7 BilSector: Industrials | Industry: Environmental & Facilities Services
Veralto (VLTO)
Market Price (11/11/2026): $118.23Market Cap: $28.7 BilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Water Infrastructure, and Automation & Robotics. Themes include Water Treatment & Delivery, Wastewater Management, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -3.9% | Key risksVLTO key risks include [1] intense competition in its core markets that threatens to erode market share and profitability. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, and Automation & Robotics. Themes include Water Treatment & Delivery, Wastewater Management, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -3.9% |
| Key risksVLTO key risks include [1] intense competition in its core markets that threatens to erode market share and profitability. |
Qualitative Assessment
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Prices as of 11/10/2026
Oct 30: up 6.8% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
Veralto's stock rose October 30 after reporting third quarter 2026 earnings and revenue that surpassed estimates. Diluted EPS of $1.03 rose 8% year-over-year, with $1.18 per share beating the $1.1 estimate.
Up 44.2% since its May 29 low (S&P 500 down 0.6%)
The stock's run was driven by strong financial results and strategic expansion. This included beating Q2 and Q3 estimates on July 28 and October 30, and acquiring Cleanwater1 on August 19.
Oct 30: up 6.8% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
Veralto's stock rose October 30 after reporting third quarter 2026 earnings and revenue that surpassed estimates. Diluted EPS of $1.03 rose 8% year-over-year, with $1.18 per share beating the $1.1 estimate.
Up 44.2% since its May 29 low (S&P 500 down 0.6%)
The stock's run was driven by strong financial results and strategic expansion. This included beating Q2 and Q3 estimates on July 28 and October 30, and acquiring Cleanwater1 on August 19.
Prices as of 11/10/2026
Oct 30: up 6.8% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
Veralto's stock rose October 30 after reporting third quarter 2026 earnings and revenue that surpassed estimates. Diluted EPS of $1.03 rose 8% year-over-year, with $1.18 per share beating the $1.1 estimate.
Up 44.2% since its May 29 low (S&P 500 down 0.6%)
The stock's run was driven by strong financial results and strategic expansion. This included beating Q2 and Q3 estimates on July 28 and October 30, and acquiring Cleanwater1 on August 19.
Show less
Oct 30: up 6.8% the day after its Oct 29 earnings report (S&P 500 down 1.8%)
Veralto's stock rose October 30 after reporting third quarter 2026 earnings and revenue that surpassed estimates. Diluted EPS of $1.03 rose 8% year-over-year, with $1.18 per share beating the $1.1 estimate.
Up 44.2% since its May 29 low (S&P 500 down 0.6%)
The stock's run was driven by strong financial results and strategic expansion. This included beating Q2 and Q3 estimates on July 28 and October 30, and acquiring Cleanwater1 on August 19.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 25.7% change in VLTO stock from 7/31/2026 to 11/10/2026 was primarily driven by a 23.2% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.04 | 118.21 | 25.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,696 | 5,801 | 1.8% |
| Net Income Margin (%) | 17.3% | 17.3% | -0.4% |
| P/E Multiple | 23.3 | 28.8 | 23.2% |
| Shares Outstanding (Mil) | 245 | 244 | 0.6% |
| Cumulative Contribution | 25.7% |
Market Drivers
7/31/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VLTO | 25.7% | |
| Market (SPY) | 0.4% | -3.7% |
| Sector (XLI) | -6.2% | 8.3% |
Fundamental Drivers
The 34.4% change in VLTO stock from 4/30/2026 to 11/10/2026 was primarily driven by a 28.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.95 | 118.21 | 34.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,593 | 5,801 | 3.7% |
| Net Income Margin (%) | 17.3% | 17.3% | -0.3% |
| P/E Multiple | 22.5 | 28.8 | 28.0% |
| Shares Outstanding (Mil) | 248 | 244 | 1.6% |
| Cumulative Contribution | 34.4% |
Market Drivers
4/30/2026 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VLTO | 34.4% | |
| Market (SPY) | 4.6% | -15.4% |
| Sector (XLI) | -3.1% | 2.8% |
Fundamental Drivers
The 20.5% change in VLTO stock from 10/31/2025 to 11/10/2026 was primarily driven by a 7.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.13 | 118.21 | 20.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,452 | 5,801 | 6.4% |
| Net Income Margin (%) | 16.7% | 17.3% | 3.1% |
| P/E Multiple | 26.7 | 28.8 | 7.7% |
| Shares Outstanding (Mil) | 248 | 244 | 1.9% |
| Cumulative Contribution | 20.5% |
Market Drivers
10/31/2025 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VLTO | 20.5% | |
| Market (SPY) | 10.9% | 8.4% |
| Sector (XLI) | 9.8% | 13.6% |
Fundamental Drivers
The 73.7% change in VLTO stock from 10/31/2023 to 11/10/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11102026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.05 | 118.21 | 73.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 5,801 | 0.0% |
| Net Income Margin (%) | � | 17.3% | 0.0% |
| P/E Multiple | � | 28.8 | 0.0% |
| Shares Outstanding (Mil) | 246 | 244 | 1.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2023 to 11/10/2026| Return | Correlation | |
|---|---|---|
| VLTO | 73.7% | |
| Market (SPY) | 85.5% | 37.2% |
| Sector (XLI) | 78.4% | 41.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VLTO Return | - | - | -3% | 24% | -2% | 19% | 41% |
| Peers Return | 18% | -7% | 15% | 16% | 9% | 4% | 66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| VLTO Win Rate | - | - | 67% | 58% | 58% | 45% | |
| Peers Win Rate | 57% | 50% | 52% | 52% | 53% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| VLTO Max Drawdown | - | - | - | -11% | -18% | -20% | |
| Peers Max Drawdown | -18% | -27% | -23% | -16% | -20% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GFL, ROL, CWST, VVX, WM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/10/2026 (YTD)
How Low Can It Go
| Event | VLTO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.6% | -18.8% |
| % Gain to Breakeven | 14.4% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.7% | -9.5% |
| % Gain to Breakeven | 26.1% | 10.5% |
| Time to Breakeven | 106 days | 24 days |
In The Past
Veralto's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | VLTO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.7% | -9.5% |
| % Gain to Breakeven | 26.1% | 10.5% |
| Time to Breakeven | 106 days | 24 days |
In The Past
Veralto's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Veralto (VLTO)
Veralto Corporation operates as an industrial technology company with two primary business segments. Firstly, it specializes in providing essential water treatment solutions, managing the entire water cycle from sourcing to treating and returning water to consumers. This segment focuses on ensuring a reliable and sustainable water supply.
Secondly, Veralto offers a comprehensive portfolio of products and services for various industrial applications. These include advanced printers, precision instruments, specialized software, and consumables. These solutions are critical for tasks such as color and appearance management, packaging design and quality control, packaging converting, printing, marking and coding, and traceability.
Veralto's diverse customer base for its industrial solutions spans key sectors including food and beverage, consumer packaged goods (CPG), pharmaceutical, and general industrial products manufacturing, where precision, quality, and efficiency in production and supply chain management are paramount.
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Veralto is like Xylem for industrial water solutions, combined with Zebra Technologies for factory product marking and traceability.
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- Water Treatment Solutions: Provides solutions for sourcing and treating water for consumers and for returning it to the water cycle.
- Printers: Offers printers for various applications including color and appearance management, packaging, printing, marking, and coding.
- Instruments: Supplies instruments used in areas like color and appearance management, packaging design and quality management, and traceability.
- Software: Develops software solutions for packaging design and quality management, color and appearance management, and traceability applications.
- Consumables: Provides essential consumables used with their printing, marking, and coding equipment across various industrial sectors.
- Specialized Services: Offers expert services related to color and appearance management, packaging design, printing, marking, and traceability for industrial clients.
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Veralto Corporation primarily sells its products and services to other companies (B2B). Its major customers fall into the following categories:
- Water Utilities and Municipalities: For its water supply services and water treatment solutions that source water to consumers and manage the water cycle.
- Food and Beverage Companies: For packaging design, quality management, marking, coding, and traceability applications.
- Consumer Packaged Goods (CPG) Companies: For color and appearance management, packaging design, quality management, printing, marking, coding, and traceability applications.
- Pharmaceutical Companies: For packaging design, quality management, printing, marking, coding, and traceability applications, crucial for regulatory compliance and product integrity.
- Industrial Product Companies: For various applications including color and appearance management, packaging design, quality management, printing, marking, coding, and traceability.
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Jennifer L. Honeycutt, President and Chief Executive Officer
Jennifer L. Honeycutt leads Veralto with a strong vision for the future, working closely with the executive team to foster an inclusive culture, drive operational excellence through the Veralto Enterprise System, and create value for associates, customers, and shareholders. She joined Danaher in 1999 and has held various senior leadership roles, consistently delivering results by building high-performing teams, driving innovation and commercial execution, and leading strategic M&A execution and integration. Most recently, she served as Executive Vice President of Danaher's Environmental and Applied Solutions segment, which was spun off to become Veralto. She originally joined Danaher with the 2000 acquisition of Hach and has held senior leadership roles with several Veralto companies, including Hach and Linx. Her career at Danaher spans over 20 years, with experience across water quality, sensors and controls, product identification, life sciences, and genomic medicines. She assumed her current role as President and CEO of Veralto in November 2022.
Sameer Ralhan, Senior Vice President and Chief Financial Officer
Sameer Ralhan is responsible for Veralto's financial strategy, encompassing capital deployment, portfolio development, and financial execution to achieve long-term growth and value creation. He also leads key engagements with the investment community and regulatory and financial institutions, working to build a world-class finance function and oversee financial performance, reporting, controls, risk management, and fiscal accountability. Prior to joining Veralto, Sameer served as Senior Vice President and Chief Financial Officer at The Chemours Company since 2019, where he held positions of increasing responsibility across finance, strategy, M&A, corporate financial planning and analysis, treasury, capital markets, and business process transformation after joining in 2014. He also served as a Managing Director in the Global Natural Resources Group of Goldman Sachs and began his career as a chemical engineer.
Mattias Byström, Senior Vice President and Chief Segment Officer, Product Quality & Innovation
Mattias Byström serves as the Senior Vice President and Chief Segment Officer for Product Quality & Innovation at Veralto.
Melissa Kapity, Senior Vice President and Chief Segment Officer, Water Quality
Melissa Kapity holds the position of Senior Vice President and Chief Segment Officer for Water Quality at Veralto.
Lesley Beneteau, Senior Vice President and Chief Human Resources Officer
Lesley Beneteau is the Senior Vice President and Chief Human Resources Officer at Veralto.
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Here are the key risks to Veralto's business:
- Global Economic Conditions and Macroeconomic Headwinds: Veralto's operations are significantly exposed to global economic fluctuations, including military conflicts, inflation, and changes in trade policies and currency exchange rates. These factors can adversely affect customer spending, lead to reduced demand, and impact capital expenditures by municipal and industrial clients, particularly for equipment sales that drive future recurring revenue streams.
- Intense Competition and Technological Disruption: Veralto operates in highly competitive markets across its Water Quality and Product Quality & Innovation segments. The company faces challenges from established regional and global competitors, as well as new entrants. This competitive landscape can lead to pressure on pricing, potential margin compression, and difficulty in maintaining market share. Furthermore, the rapid pace of industry innovation and the emergence of disruptive technologies, including artificial intelligence, pose risks if Veralto fails to develop and commercialize new products and solutions in a timely manner.
- Trade Policies and Tariffs: Veralto's international presence, with a significant portion of its sales generated outside North America, makes it vulnerable to changes in global trade policies and the imposition of tariffs. Actions such as U.S. tariffs on imports from China and retaliatory measures can negatively impact Veralto's supply chain, increase operational costs, and adversely affect international sales and profitability.
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Veralto (symbol: VLTO) operates in several key addressable markets globally for its main products and services:
- Water Treatment Solutions: The global water treatment system market is projected to grow from USD 295.3 billion in 2025 to USD 586.4 billion by 2035. Specifically, the global industrial water treatment market was estimated at USD 46.13 billion in 2024 and is projected to reach USD 71.63 billion by 2033. The global municipal water treatment market was valued at USD 470.6 billion in 2024 and is expected to grow to USD 600 billion by 2035.
- Color and Appearance Management Software: The global color management software market was valued at approximately USD 5.9 billion in 2024 and is anticipated to reach around USD 11.2 billion by 2033. Another estimate places the global market size at USD 1.42 billion in 2024, projected to reach USD 3.12 billion by 2033.
- Packaging Design and Quality Management Software/Services: The global packaging design services market was valued at USD 22.22 billion in 2025 and is anticipated to reach USD 31.50 billion by 2035. The global packaging design and simulation technology market was valued at approximately USD 867.28 million in 2024 and is predicted to grow to around USD 1624.94 million by 2034.
- Packaging Converting (Machinery): The global packaging machinery market was estimated at USD 59.30 billion in 2024 and is projected to reach USD 80.96 billion by 2030. Another source indicates a market size of USD 52.40 billion in 2025, projected to surge to approximately USD 82.23 billion by 2035.
- Printing, Marking, and Coding Solutions: The global coding and marking equipment market size was valued at USD 18.87 billion in 2025 and is projected to grow to USD 32.06 billion by 2034. The global industrial marking and coding systems market was valued at approximately USD 8.5 billion in 2024 and is projected to reach an estimated USD 13.2 billion by 2034. The industrial printer market is valued at USD 13.7 billion in 2026 and forecasted to reach USD 26.3 billion by 2036.
- Traceability Applications (Food and Beverage, Pharmaceutical): The global pharmaceutical traceability market was valued at USD 6.42 billion in 2024 and is projected to reach USD 20.10 billion by 2031. The global food traceability market size was valued at USD 34.35 billion in 2025 and is projected to grow to USD 67.44 billion by 2034. The broader global track and trace solutions market (which includes both pharma and food & beverage) is estimated at US$ 7 billion in 2024 and is projected to grow to around US$ 39.22 billion by 2034.
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Veralto Corporation (VLTO) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and favorable market dynamics.
Here are 3-5 expected drivers of future revenue growth:
- Strong Demand and Strategic Acquisitions in Water Quality: Veralto's Water Quality segment is a significant driver, benefiting from robust demand for water analytics and treatment solutions in both industrial and municipal sectors. Increased government funding for water infrastructure in the U.S. further supports this growth. The company has also strategically expanded this segment through acquisitions, such as In-Situ Inc., which enhances its presence in environmental water monitoring and analytics.
- Consistent Growth and Recurring Revenue within Product Quality & Innovation (PQI): The Product Quality & Innovation segment, encompassing solutions for packaging design, marking, and coding, demonstrates consistent growth. A key aspect of this segment's revenue generation is its "razor/razor-blade" business model, where initial equipment sales lead to ongoing, high-margin recurring revenue from consumables and services.
- Targeted Mergers and Acquisitions (M&A): Veralto has a stated strategy of pursuing strategic acquisitions to enhance its portfolio quality and expand capabilities in its core markets. Recent acquisitions like In-Situ, Aquafides, and TraceGains exemplify this approach, with management indicating an active M&A pipeline focused on both water quality and product quality inspection businesses.
- Leveraging Secular Growth Trends in Key End Markets and Strategic Geographic Expansion: The company is well-positioned to capitalize on long-term secular trends in critical areas such as water treatment, food safety testing, and environmental services. There is also a strategic focus on high-growth areas, including providing AI-powered products for data centers to address demand for energy efficiency and reduced water consumption, and expanding into emerging markets like Latin America, India, and the Middle East.
- Effective Pricing Strategies: Veralto has consistently implemented strategic pricing actions that contribute to its core sales growth, demonstrating its ability to capture value from its differentiated products and services.
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Veralto Corporation (VLTO) has made the following capital allocation decisions over the last 3-5 years, primarily since its spin-off in 2023:
Share Repurchases
- Veralto authorized a share repurchase program of up to $750 million of its common stock in November 2025.
- This repurchase program has no specified expiration date.
Share Issuance
- Veralto was spun off from Danaher Corporation in 2023, with Danaher stockholders receiving one share of Veralto common stock for every three shares of Danaher common stock held.
- Net total equity issued/repurchased was reported as $0.004 billion in 2023 and $0.024 billion in 2024.
Outbound Investments
- In early 2026, Veralto completed the acquisition of In-Situ, a water monitoring solutions provider, for $427 million (or $435 million, with an effective price of $422 million after tax benefits), enhancing its Water Analytics portfolio.
- In 2025, Veralto completed other acquisitions, including Aquafides and TraceGains, and divested AVT to improve portfolio quality and growth.
Capital Expenditures
- Veralto's capital expenditures for the last 12 months ending December 31, 2025, were -$63.00 million.
- Quarterly capital expenditures are modest, typically ranging between $11 million and $22 million.
- Projected capital expenditures are $69.34 million for 2026, $67.85 million for 2027, and $71.18 million for 2028, reflecting ongoing investments.
Peer Outperformance in Environmental & Facilities Services
nullShare of Environmental & Facilities Services constituents that VLTO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
78%
of 32 industry peers · 21.0% return
3Y
77%
of 30 industry peers · 69.9% return
5Y
—
insufficient peer history
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Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is VLTO's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 28 | -15.0% | 99.1% | 112.8% | FIX 1049% · STRL 915% · AGX 632% |
| Marine Transportation | 5 | 27.7% | 30.8% | 110.4% | MATX 143% · KEX 114% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 12.9% | 68.3% | 100.2% | ALSN 273% · WAB 224% · CAT 207% |
| Aerospace & Defense | 54 | 3.3% | 60.2% | 63.1% | ATI 959% · FTAI 919% · HWM 588% |
| Industrial Machinery & Supplies & Components | 71 | 4.2% | 53.3% | 34.7% | CRS 852% · MLI 303% · SYM 276% |
| Rail Transportation | 7 | 37.1% | 73.5% | 29.3% | CSX 54% · UNP 39% · NSC 29% |
| Trading Companies & Distributors | 19 | 11.1% | 36.8% | 27.9% | DXPE 340% · URI 203% · AIT 200% |
| Diversified Support Services | 34 | 14.3% | 46.9% | 21.6% | CXW 198% · OPLN 139% · CACI 128% |
| Building Products | 34 | -3.6% | 10.7% | 19.0% | MOD 792% · GFF 352% · TT 137% |
| Cargo Ground Transportation | 16 | 35.3% | 17.4% | 6.7% | XPO 306% · R 270% · ARCB 29% |
| Office Services & Supplies | 10 | 18.3% | 24.5% | 0.0% | PBI 151% · HNI 45% · MSA 21% |
| Industrial Conglomerates | 17 | 17.6% | 11.1% | -3.7% | CSW 105% · DD 80% · CSL 78% |
| Electrical Components & Equipment | 39 | -5.6% | 61.1% | -5.6% | POWL 1500% · VRT 632% · BE 461% |
| Data Processing & Outsourced Services | 6 | -7.1% | 3.2% | -11.9% | EXLS 65% · BR 18% · G -7% |
| Research & Consulting Services | 13 | 0.4% | -13.7% | -23.7% | HURN 216% · FCN 38% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 13.3% | -2.4% | -25.1% | DE 108% · TTC 15% · AGCO 7% |
| Environmental & Facilities Services ← | 29 | -19.1% | 30.5% | -26.3% | GEO 249% · CLH 169% · RSG 96% |
| Passenger Airlines | 11 | 11.7% | 83.0% | -27.8% | LTM 3364% · UAL 133% · DAL 119% |
| Security & Alarm Services | 9 | -44.1% | 42.7% | -29.7% | BCO 89% |
| Air Freight & Logistics | 12 | -30.0% | -5.6% | -39.4% | FDX 77% · EXPD 60% · CHRW 56% |
| Human Resource & Employment Services | 22 | 24.1% | -13.6% | -39.8% | ADP 49% · FA 17% · PAYX 11% |
| Passenger Ground Transportation | 3 | -25.6% | 35.8% | -48.6% | UBER 61% · CAR -49% · LYFT -69% |
| Airport Services | 4 | -39.0% | -57.3% | -82.7% | JOBY -36% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Veralto Earnings Notes | 12/25/2025 | |
| How Low Can Veralto Stock Really Go? | 10/17/2025 | |
| Why Veralto Stock Moved: VLTO Stock Has Gained 23% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| Veralto (VLTO) Valuation Ratios Comparison | 05/15/2025 | |
| Veralto (VLTO) Operating Cash Flow Comparison | 02/17/2025 | |
| Veralto (VLTO) Net Income Comparison | 02/16/2025 | |
| Veralto (VLTO) Operating Income Comparison | 02/15/2025 | |
| Veralto (VLTO) Revenue Comparison | 02/14/2025 | |
| ARTICLES | ||
| The 52-Week-High List: 27 S&P 500 Names On Monday | 11/10/2026 | |
| The 52-Week-High List: 11 S&P 500 Names On Tuesday | 11/04/2026 | |
| S&P 500 Stocks Trading At 52-Week Low | 05/28/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 87.94 |
| Mkt Cap | 17.4 |
| Rev LTM | 5,401 |
| Op Inc LTM | 525 |
| FCF LTM | 453 |
| FCF 3Y Avg | 436 |
| CFO LTM | 927 |
| CFO 3Y Avg | 839 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.7% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 3.4% |
| Op Inc Chg 3Y Avg | 9.6% |
| Op Mgn LTM | 11.6% |
| Op Mgn 3Y Avg | 12.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 18.1% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 9.1% |
| FCF/Rev 3Y Avg | 7.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Water Quality | 3,321 | 3,138 | 3,039 | 2,887 | 2,669 |
| Product Quality & Innovation | 2,182 | 2,055 | 1,982 | 1,983 | 2,031 |
| Total | 5,503 | 5,193 | 5,021 | 4,870 | 4,700 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Water Quality | 844 | 768 | 730 | 668 | 584 |
| Product Quality & Innovation | 549 | 529 | 472 | 488 | 496 |
| Other | -116 | -89 | -62 | -44 | -39 |
| Total | 1,277 | 1,208 | 1,140 | 1,112 | 1,041 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Product Quality & Innovation | 2,810 | 2,657 | 2,289 | 2,281 | 2,290 |
| Water Quality | 2,651 | 2,450 | 2,508 | 2,544 | 2,550 |
| Other | 2,232 | 1,299 | 896 | 0 | 0 |
| Total | 7,693 | 6,406 | 5,693 | 4,825 | 4,840 |
Price Behavior
Price Behavior
| Market Price | $118.21 | |
| Market Cap ($ Bil) | 28.8 | |
| First Trading Date | 10/02/2023 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $100.71 | $93.30 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 17.4% | 26.7% |
| 3M | 1YR | |
| Volatility | 23.1% | 24.4% |
| Downside Capture | -50.64 | -0.46 |
| Upside Capture | 51.39 | 20.95 |
| Correlation (S&P 500) | -7.9% | 8.5% |
VLTO Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.56 | -0.55 | -0.22 | -0.41 | 0.15 | 0.56 |
| Up Beta | 0.02 | 0.24 | 0.45 | -0.71 | 0.15 | 0.59 |
| Down Beta | -2.81 | -2.54 | -2.10 | -0.43 | 0.25 | 0.58 |
| Up Capture | 30% | 38% | 49% | -0% | 13% | 25% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 25 | 37 | 69 | 119 | 388 |
| Down Capture | -238% | -65% | -51% | -91% | 9% | 73% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 18 | 27 | 57 | 132 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VLTO | |
|---|---|---|---|---|
| VLTO | 20.6% | 24.4% | 0.71 | - |
| Sector ETF (XLI) | 11.0% | 18.2% | 0.42 | 13.7% |
| Equity (SPY) | 12.7% | 13.7% | 0.62 | 8.2% |
| Gold (GLD) | 0.3% | 28.9% | 0.00 | -3.0% |
| Commodities (DBC) | 34.5% | 21.3% | 1.28 | -21.0% |
| Real Estate (VNQ) | 11.7% | 14.2% | 0.53 | 26.4% |
| Bitcoin (BTCUSD) | -27.7% | 43.5% | -0.63 | -1.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VLTO | |
|---|---|---|---|---|
| VLTO | 7.1% | 23.7% | 0.40 | - |
| Sector ETF (XLI) | 11.5% | 17.8% | 0.48 | 41.3% |
| Equity (SPY) | 11.6% | 17.3% | 0.50 | 37.7% |
| Gold (GLD) | 17.2% | 19.1% | 0.72 | 0.6% |
| Commodities (DBC) | 7.4% | 19.6% | 0.26 | -5.8% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.04 | 41.9% |
| Bitcoin (BTCUSD) | 3.4% | 51.5% | 0.25 | 10.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VLTO | |
|---|---|---|---|---|
| VLTO | 3.5% | 23.7% | 0.40 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 41.3% |
| Equity (SPY) | 15.2% | 18.0% | 0.71 | 37.7% |
| Gold (GLD) | 11.7% | 16.6% | 0.58 | 0.6% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | -5.8% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 41.9% |
| Bitcoin (BTCUSD) | 59.5% | 66.3% | 0.99 | 10.8% |
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Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 6.8% | 12.0% | |
| 7/28/2026 | 0.4% | -2.1% | 0.2% |
| 4/28/2026 | 4.5% | 3.0% | -2.5% |
| 2/3/2026 | -6.2% | -4.8% | -2.3% |
| 10/28/2025 | -3.0% | -2.8% | -1.2% |
| 7/28/2025 | 1.9% | 3.7% | 3.9% |
| 4/29/2025 | 3.0% | 2.4% | 8.8% |
| 2/4/2025 | -5.1% | -1.2% | -3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 7 |
| # Negative | 5 | 6 | 5 |
| Median Positive | 3.8% | 3.7% | 8.1% |
| Median Negative | -4.6% | -3.7% | -2.5% |
| Max Positive | 6.8% | 12.0% | 15.1% |
| Max Negative | -6.2% | -6.9% | -4.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 6.8% | 12.0% | |
| 7/28/2026 | 0.4% | -2.1% | 0.2% |
| 4/28/2026 | 4.5% | 3.0% | -2.5% |
| 2/3/2026 | -6.2% | -4.8% | -2.3% |
| 10/28/2025 | -3.0% | -2.8% | -1.2% |
| 7/28/2025 | 1.9% | 3.7% | 3.9% |
| 4/29/2025 | 3.0% | 2.4% | 8.8% |
| 2/4/2025 | -5.1% | -1.2% | -3.0% |
| 10/23/2024 | -4.6% | -6.9% | -4.4% |
| 7/25/2024 | 5.3% | 7.1% | 12.2% |
| 4/24/2024 | 1.5% | 2.1% | 8.1% |
| 2/6/2024 | 4.6% | 5.9% | 15.1% |
| 10/25/2023 | -1.1% | -4.6% | 4.5% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 7 |
| # Negative | 5 | 6 | 5 |
| Median Positive | 3.8% | 3.7% | 8.1% |
| Median Negative | -4.6% | -3.7% | -2.5% |
| Max Positive | 6.8% | 12.0% | 15.1% |
| Max Negative | -6.2% | -6.9% | -4.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/25/2023 | 10-12B/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/25/2023 | 10-12B/A |
Recent Forward Guidance
Updated 10/30/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Core Sales Growth | Reported | 5.5% | 6.0% | 6.5% | 1.5% | Higher New | Guidance: 4.5% for Q3 2026 | |
| Q4 2026 Adjusted Operating Profit Margin | Reported | 24.5% | ||||||
| Q4 2026 Adjusted Diluted Net Earnings per Share | Reported | 1.13 | 1.15 | 1.16 | 6.5% | Higher New | Guidance: 1.08 for Q3 2026 | |
| 2026 Cost Optimization Program Savings | Reported | 10.00 Mil | 12.50 Mil | 15.00 Mil | ||||
| 2026 Core Sales Growth | Reported | 4.2% | 4.35% | 4.5% | 0.1% | Raised | Guidance: 4.25% for 2026 | |
| 2026 Adjusted Operating Profit Margin Expansion | Reported | 0.5% | 0.1% | Raised | Guidance: 0.38% for 2026 | |||
| 2026 Adjusted Diluted Net Earnings per Share | Reported | 4.49 | 4.51 | 4.52 | 2.6% | Raised | Guidance: 4.39 for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share Growth | Reported | 15.0% | 15.5% | 16.0% | ||||
| 2026 Free cash flow to net earnings conversion ratio | Reported | 1.05 | 1.05 | |||||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Core Sales Growth | Reported | 3.0% | 3.5% | 4.0% | 1.5% | Higher New | Guidance: 2.0% for Q1 2026 | |
| Q2 2026 Adjusted Operating Profit Margin | Reported | 23.5% | -1.0% | Lower New | Guidance: 24.5% for Q1 2026 | |||
| Q2 2026 Adjusted Diluted Net Earnings per Share | Reported | 0.96 | 0.98 | 1 | -1.0% | Lower New | Guidance: 0.99 for Q1 2026 | |
| 2026 Core Sales Growth | Reported | 3.0% | 3.75% | 4.5% | 0.2% | Raised | Guidance: 3.5% for 2026 | |
| 2026 Adjusted Operating Profit Margin Expansion | Reported | 0.25% | 0.0% | Affirmed | Guidance: 0.25% for 2026 | |||
| 2026 Adjusted Diluted Net Earnings per Share | Reported | 4.2 | 4.24 | 4.28 | 2.2% | Raised | Guidance: 4.15 for 2026 | |
| 2026 Free Cash Flow to Net Earnings Conversion Ratio | Reported | 1 | Affirmed | Guidance: 1 for 2026 | ||||
| 2028 Cost Optimization Annual Savings | Reported | 65.00 Mil | 70.00 Mil | 75.00 Mil | ||||
Insider Activity
Updated 11/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bystrom, Mattias | SVP, PQI | Direct | Sell | 11052026 | 116.30 | 9,069 | 1,054,679 | 4,132,660 | Form |
| 2 | Skeete, Bernard M | Chief Accounting Officer | Direct | Sell | 11042026 | 112.58 | 1,514 | 170,446 | 535,881 | Form |
| 3 | Trivedi, Surekha | SVP, Strategy & Sustainability | Direct | Sell | 11032026 | 108.89 | 36,427 | 3,966,536 | 932,643 | Form |
| 4 | Honeycutt, Jennifer | President and CEO | Direct | Sell | 10232026 | 105.00 | 7,098 | 745,290 | 12,606,300 | Form |
| 5 | Trivedi, Surekha | SVP, Strategy & Sustainability | Direct | Sell | 8192026 | 97.05 | 986 | 95,691 | 831,233 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bystrom, Mattias | SVP, PQI | Direct | Sell | 11052026 | 116.30 | 9,069 | 1,054,679 | 4,132,660 | Form |
| 2 | Skeete, Bernard M | Chief Accounting Officer | Direct | Sell | 11042026 | 112.58 | 1,514 | 170,446 | 535,881 | Form |
| 3 | Trivedi, Surekha | SVP, Strategy & Sustainability | Direct | Sell | 11032026 | 108.89 | 36,427 | 3,966,536 | 932,643 | Form |
| 4 | Honeycutt, Jennifer | President and CEO | Direct | Sell | 10232026 | 105.00 | 7,098 | 745,290 | 12,606,300 | Form |
| 5 | Trivedi, Surekha | SVP, Strategy & Sustainability | Direct | Sell | 8192026 | 97.05 | 986 | 95,691 | 831,233 | Form |
| 6 | Honeycutt, Jennifer | President and CEO | Direct | Sell | 7312026 | 101.52 | 7,097 | 720,487 | 12,597,109 | Form |
| 7 | Honeycutt, Jennifer | President and CEO | Direct | Sell | 7212026 | 95.00 | 7,097 | 674,215 | 11,788,075 | Form |
| 8 | Skeete, Bernard M | Chief Accounting Officer | Direct | Sell | 5052026 | 88.21 | 300 | 26,463 | 419,880 | Form |
| 9 | Kapity, Melissa | SVP, Water Quality | Direct | Sell | 3032026 | 96.60 | 14,840 | 1,433,544 | 987,638 | Form |
| 10 | Bystrom, Mattias | SVP, PQI | Direct | Sell | 12022025 | 101.73 | 1,000 | 101,730 | 3,197,374 | Form |
Investor Activity (13F)
Updated Nov 11, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Rudius Management LP | $222.0 Mil | 62.1% | 6 | TRIM -14.2% | 13F |
| Defender Capital, LLC. | $21.2 Mil | 7.5% | 34 | ADD +18.0% | 13F |
| Gates Capital Management, Inc. | $95.5 Mil | 3.3% | 31 | ADD +36.2% | 13F |
| HFR Wealth Management, LLC | $9.8 Mil | 2.4% | 49 | Hold | 13F |
| Triodos Investment Management BV | $26.0 Mil | 2.0% | 49 | ADD +58.3% | 13F |
| Mirova US LLC | $149.4 Mil | 1.7% | 42 | ADD +60.4% | 13F |
| Walter Public Investments Inc. | $6.0 Mil | 1.4% | 48 | TRIM -50.8% | 13F |
| Gates Foundation Trust | $11.0 Mil | 0.0% | 22 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Rudius Management LP | $222.0 Mil | 62.1% | 6 | TRIM -14.2% | 13F |
| Mirova US LLC | $149.4 Mil | 1.7% | 42 | ADD +60.4% | 13F |
| Gates Capital Management, Inc. | $95.5 Mil | 3.3% | 31 | ADD +36.2% | 13F |
| Triodos Investment Management BV | $26.0 Mil | 2.0% | 49 | ADD +58.3% | 13F |
| Defender Capital, LLC. | $21.2 Mil | 7.5% | 34 | ADD +18.0% | 13F |
| Gates Foundation Trust | $11.0 Mil | 0.0% | 22 | Hold | 13F |
| HFR Wealth Management, LLC | $9.8 Mil | 2.4% | 49 | Hold | 13F |
| Walter Public Investments Inc. | $6.0 Mil | 1.4% | 48 | TRIM -50.8% | 13F |
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