Veralto Corp financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Veralto Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	4,700	4,870	5,021	5,193	5,503
Cost of revenue	1,987	2,110	2,120	2,088	2,204
Gross profit	2,713	2,760	2,901	3,105	3,299
Research and development	244	217	225	253	266
Selling, general and administrative	1,428	1,431	1,536	1,644	1,756
Operating income	1,041	1,112	1,140	1,208	1,277
Interest expense	0	0	30	113	96
Other non-operating income	6	1	-14	-9	-8
Pre-tax income	1,047	1,113	1,096	1,086	1,173
Income tax	186	268	257	253	233
Net income	861	845	839	833	940
EBITDA	1,147	1,202	1,227	1,286	1,355
EPS, basic	3.50	3.43	3.41	3.37	3.79
EPS, diluted	3.50	3.43	3.40	3.34	3.76
Shares, basic (weighted)	246	246	246	247	248
Shares, diluted (weighted)	246	246	247	250	250

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	0	0	762	1,101	2,031
Receivables		816	826	812	897
Inventory		345	297	288	307
Other current assets		119	188	186	197
Total current assets		1,280	2,073	2,387	3,432
Property, plant and equipment	260	247	262	268	294
Lease right-of-use assets		117	144	159	195
Goodwill	2,502	2,476	2,533	2,693	2,838
Intangible assets		479	427	535	524
Other non-current assets		343	398	523	605
Total assets	4,840	4,825	5,693	6,406	7,693
Accounts payable		440	431	395	416
Accrued liabilities		683	834	850	940
Deferred revenue		192	208	237	267
Short-term debt				0	700
Total current liabilities		1,123	1,265	1,245	2,056
Long-term debt		0	2,629	2,599	1,973
Lease liabilities		91	115	129	158
Other non-current liabilities		462	410	517	558
Total liabilities		1,585	4,304	4,361	4,587
Total debt		0	2,629	2,599	2,673
Paid-in capital		0	2,157	2,190	2,272
Retained earnings		0	178	917	1,744
Treasury stock					0
Other comprehensive income		-954	-954	-1,071	-913
Shareholders' equity		3,235	1,383	2,038	3,105
Minority interests		5	6	7	1
Total equity		3,240	1,389	2,045	3,106
Total liabilities and equity		4,825	5,693	6,406	7,693
Shares outstanding		0	246	247	248

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	861	845	839	833	940
Depreciation and amortization	106	90	87	78	78
Stock-based compensation	34	41	55	65	74
Change in receivables	-14	-88	2	3	-50
Change in inventory	-75	-38	52	3	-6
Change in payables	65	23	-1	-29	8
Cash from operations	896	870	963	875	1,077
Capital expenditures	-54	-34	-54	-55	-63
Acquisitions	-60	-55	0	-363	0
Purchases of investments			0	-15	-7
Cash from investing	-97	-89	-55	-434	-98
Debt issued	0	0	2,608
Stock issued			3	34	35
Dividends paid		0	0	-89	-109
Cash from financing	-799	-781	-135	-65	-102
Exchange rate effect	0	0	-11	-37	53
Net change in cash	0	0	762	339	930
Free cash flow	842	836	909	820	1,014
Interest paid	0	0	0	137	138
Income taxes paid		0	113	293	235

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to April 3, 2026; growth uses fiscal years. Valuation uses the share price of $97.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.9%	Gross profit / revenue.
Operating margin	23.1%	Operating income / revenue.
EBITDA margin	24.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.5%	Pre-tax income / revenue.
Net margin	17.3%	Net income / revenue.
FCF margin	18.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.7%	Cash from operations / revenue.
Effective tax rate	19.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.7%	Net income / average total assets.
Return on invested capital (ROIC)	24.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.8%	Research and development expense / revenue.
SG&A / revenue	31.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	6.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	5.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	12.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	12.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	52.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	20.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.48x	Current assets / current liabilities.
Quick ratio	1.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.72x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.89x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.8%	Total debt / total assets.
Liabilities / assets	60.7%	Total liabilities / total assets.
Net debt	$1.23B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.9x	Operating income / interest expense.
Working capital	$960.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$787.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	18.8x	Revenue / average property, plant and equipment.
Inventory turnover	6.76x	Cost of revenue / average inventory.
Days inventory	54 days	365 x average inventory / cost of revenue.
Receivables turnover	6.07x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	45 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.44	Revenue / diluted weighted shares.
FCF per share	$4.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.42	Cash from operations / diluted weighted shares.
Book value per share	$12.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.20	Tangible book value / shares outstanding.
Cash per share	$5.83	(Cash + short-term investments) / shares outstanding.
Payout ratio	11.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.68B	Share price x shares outstanding.
Enterprise value	$24.91B	Market cap + total debt - cash - short-term investments.
P/E	24.4x	Market cap / net income. Only when net income is positive.
P/S	4.23x	Market cap / revenue.
P/B	7.88x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	22.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.5x	Market cap / cash from operations, when positive.
EV/Sales	4.45x	Enterprise value / revenue.
EV/EBIT	19.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.4%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	7.86x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Veralto Corp's revenue in fiscal 2025?

Veralto Corp reported revenue of $5.50B for fiscal 2025, 6% higher than the year before.

Was Veralto Corp profitable in fiscal 2025?

Yes. Net income was $940.0M, a net margin of 17.1%.

How much free cash flow did Veralto Corp generate in fiscal 2025?

Cash from operations of $1.08B minus capital expenditures of $63.0M left free cash flow of $1.01B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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