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Veralto Corp · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~4.0%/yr (FY21→FY25), net margin 17.1%, and free cash flow (~$1.0B) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($M)▲6.0%
5,503.0
FY21→FY25CAGR +4.0%/yr
Net income ($M)▲12.8%
940.0
FY21→FY25CAGR +2.2%/yr
Free cash flow ($M)▲23.7%
1,014.0
FY21→FY25CAGR +4.8%/yr
Diluted EPS▲12.6%
3.76
FY21→FY25CAGR +1.8%/yr
What the receipts whisper · what a headline number hides
Share count
+1.6%
246.3mn → 250.3mn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$63.0M
steady at 1.1% of revenue (+14.5% YoY).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
17¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 57.7% → 59.9%. Net margin 17.1% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 5,696.0 | 5,503.0 | 5,193.0 | 5,021.0 | 4,870.0 | 4,700.0 | ▲6.0% | +4.0% |
Cost of revenue | 2,268.0 | 2,204.0 | 2,088.0 | 2,120.0 | 2,110.0 | 1,987.0 | ▲5.6% | +2.6% |
Gross profit | 3,428.0 | 3,299.0 | 3,105.0 | 2,901.0 | 2,760.0 | 2,713.0 | ▲6.2% | +5.0% |
Research & development | 276.0 | 266.0 | 253.0 | 225.0 | 217.0 | 244.0 | ▲5.1% | +2.2% |
Selling, general & admin | 1,857.0 | 1,756.0 | 1,644.0 | 1,536.0 | 1,431.0 | 1,428.0 | ▲6.8% | +5.3% |
Total operating expenses | 2,133.0 | 2,022.0 | 1,897.0 | 1,761.0 | 1,648.0 | 1,672.0 | ▲6.6% | +4.9% |
Operating incomefeeds ROC rank | 1,295.0 | 1,277.0 | 1,208.0 | 1,140.0 | 1,112.0 | 1,041.0 | ▲5.7% | +5.2% |
Other income, net | −86.0 | −104.0 | −122.0 | −44.0 | 1.0 | 6.0 | — | — |
Pretax income | 1,209.0 | 1,173.0 | 1,086.0 | 1,096.0 | 1,113.0 | 1,047.0 | ▲8.0% | +2.9% |
Income tax | 221.0 | 233.0 | 253.0 | 257.0 | 268.0 | 186.0 | ▼7.9% | +5.8% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 988.0 | 940.0 | 833.0 | 839.0 | 845.0 | 861.0 | ▲12.8% | +2.2% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 3.97 | 3.76 | 3.34 | 3.40 | 3.43 | 3.50 | ▲12.6% | +1.8% |
Diluted shares (mn) | 245.80 | 250.30 | 249.60 | 246.80 | 246.30 | 246.30 | ▲0.3% | +0.4% |
| Margins | ||||||||
Gross margin84th pct in Industrials | 60.2% | 59.9% | 59.8% | 57.8% | 56.7% | 57.7% | ▲0.2pp | +2.2pp |
Operating margin | 22.7% | 23.2% | 23.3% | 22.7% | 22.8% | 22.1% | ▼0.1pp | +1.1pp |
Net margin84th pct in Industrials | 17.3% | 17.1% | 16.0% | 16.7% | 17.4% | 18.3% | ▲1.0pp | −1.2pp |
† TTM = trailing four quarters through 2026-07-03.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-20 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.