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VLTO, Veralto Corp Common Stock

Electronic Components & Instruments consumer brand

Veralto is headquartered in Waltham, Massachusetts with a workforce of nearly 17,000 employees as of December 31, 2025, of whom approximately 6,500 were employed in North America, 5,000 were employed in Western Europe, 500 were employed in other developed markets and 5,000 were employed in high-growth markets.

Our diverse group of leading operating companies provide essential technology solutions that monitor, enhance and protect key resources around the globe.

For decades, we have used our scientific expertise and innovative technologies to address complex challenges our customers face across regulated industries including municipal utilities, food and beverage, pharmaceutical and industrials where the consequence of failure is high.

Latest annual: FY2025 10-K

VLTO · Veralto Corp Common Stock

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$5.5B

+6.0% YoY · 4% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $5.6B 5-yr avg $5.1B

Gross margin 60% 5-yr avg 58%

Operating margin 23.1% 5-yr avg 22.8%

ROIC 25% 5-yr avg 27%

Owner-earnings margin 19% 5-yr avg 17%

Free cash flow margin 19% 5-yr avg 17%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Recurring (61%) and Nonrecurring (39%).
What moves the needle: Gross margin has run about 58% and operating margin about 23% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. That margin has held in a narrow 22%–23% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 27%, above 15% in 4 of 4 years). Owner earnings agree: roughly 18% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Recurring is 61% of revenue, with Nonrecurring the other meaningful line at 39%.

Revenue by product line, FY2025

Recurring61%$3.4B
Nonrecurring39%$2.1B

By geographyNorth America48%High-growth markets27%Western Europe23%Other developed markets2%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMApr 2026
						Income statement
$4.7B	$4.9B	$5.0B	$5.2B	$5.5B	$5.6B	RevenueRevenue
58%	57%	58%	60%	60%	60%	Gross marginGross mgn
30%	29%	31%	32%	32%	32%	SG&A / revenueSG&A/rev
5%	4%	4%	5%	5%	5%	R&D / revenueR&D/rev
$1.0B	$1.1B	$1.1B	$1.2B	$1.3B	$1.3B	Operating incomeOp. inc.
22.1%	22.8%	22.7%	23.3%	23.2%	23.1%	Operating marginOp. mgn
$861M	$845M	$839M	$833M	$940M	$969M	Net incomeNet inc.
18%	24%	23%	23%	20%	20%	Effective tax rateTax rate
						Cash flow & returns
$896M	$870M	$963M	$875M	$1.1B	$1.1B	Operating cash flowOp. cash
$106M	$90M	$87M	$78M	$78M	$83M	DepreciationDeprec.
($105M)	($106M)	($18M)	($101M)	($15M)	($24M)	Working capital & otherWC & other
$54M	$34M	$54M	$55M	$63M	$60M	CapexCapex
1.1%	0.7%	1.1%	1.1%	1.1%	1.1%	Capex / revenueCapex/rev
$842M	$836M	$909M	$820M	$1.0B	$1.0B	Owner earningsOwner earn.
17.9%	17.2%	18.1%	15.8%	18.4%	18.6%	Owner earnings marginOE mgn
$842M	$836M	$909M	$820M	$1.0B	$1.0B	Free cash flowFCF
17.9%	17.2%	18.1%	15.8%	18.4%	18.6%	Free cash flow marginFCF mgn
$60M	$55M	$0	$363M	$0	$426M	AcquisitionsAcquis.
—	$0	$0	$89M	$109M	$114M	Dividends paidDiv. paid
—	26%	27%	26%	27%	25%	ROICROIC
—	26%	61%	41%	30%	32%	Return on equityROE
—	26%	61%	37%	27%	28%	Retained to equityRetained/eq
						Balance sheet
$0	$0	$762M	$1.1B	$2.0B	$1.4B	Cash & investmentsCash+inv
—	$816M	$826M	$812M	$897M	$922M	ReceivablesReceiv.
—	$345M	$297M	$288M	$307M	$332M	InventoryInvent.
—	$440M	$431M	$395M	$416M	$426M	Accounts payablePayables
—	$721M	$692M	$705M	$788M	$828M	Operating working capitalOper. WC
—	$1.3B	$2.1B	$2.4B	$3.4B	$2.9B	Current assetsCur. assets
—	$1.1B	$1.3B	$1.2B	$2.1B	$2.0B	Current liabilitiesCur. liab.
—	1.1×	1.6×	1.9×	1.7×	1.5×	Current ratioCurr. ratio
$2.5B	$2.5B	$2.5B	$2.7B	$2.8B	$3.0B	GoodwillGoodwill
$4.8B	$4.8B	$5.7B	$6.4B	$7.7B	$7.7B	Total assetsAssets
—	$0	$2.6B	$2.6B	$2.7B	$2.7B	Total debtDebt
—	$0	$1.9B	$1.5B	$642M	$1.2B	Net debt / (cash)Net debt
—	—	38.0×	10.7×	13.3×	13.9×	Interest coverageInt. cov.
—	$3.2B	$1.4B	$2.0B	$3.1B	$3.0B	Shareholders’ equityEquity
0.7%	0.8%	1.1%	1.3%	1.3%	1.3%	Stock comp / revenueSBC/rev
						Per share
246M	246M	247M	250M	250M	249M	Shares out (diluted)Shares
$19.08	$19.77	$20.34	$20.81	$21.99	$22.44	Revenue / shareRev/sh
$3.50	$3.43	$3.40	$3.34	$3.76	$3.89	EPS (diluted)EPS
$3.42	$3.39	$3.68	$3.29	$4.05	$4.18	Owner earnings / shareOE/sh
$3.42	$3.39	$3.68	$3.29	$4.05	$4.18	Free cash flow / shareFCF/sh
—	$0.00	$0.00	$0.36	$0.44	$0.46	Dividends / shareDiv/sh
$0.22	$0.14	$0.22	$0.22	$0.25	$0.24	Cap. spending / shareCapex/sh
—	$13.13	$5.60	$8.17	$12.41	$12.06	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	+3.6%/yr	+3.6%/yr (4-yr)
Owner earnings / share	+4.3%/yr	+4.3%/yr (4-yr)
EPS	+1.8%/yr	+1.8%/yr (4-yr)
Capital spending / share	+3.5%/yr	+3.5%/yr (4-yr)
Book value / share	−1.9%/yr (3-yr)	−1.9%/yr (3-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

250Mpeak FY2025

ROIC

27%low FY2022

Gross margin

60%low FY2022

Net debt ÷ owner earnings

0.6×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$1.0Bowner earningsvs.$940Mnet incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $940M of profit into $1.0B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$940M

Owner earnings$1.0B · 18% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$940M	$833M	$839M	$845M	$861M
Depreciation & amortizationnon-cash charge added back	+$78M	+$78M	+$87M	+$90M	+$106M
Stock-based compensationreal costnon-cash, but a real cost	+$74M	+$65M	+$55M	+$41M	+$34M
Working capital & othertiming of cash in and out, other non-cash items	−$15M	−$101M	−$18M	−$106M	−$105M
Cash from operations	$1.1B	$875M	$963M	$870M	$896M
Capital expenditurecash put back in to keep running and to grow	−$63M	−$55M	−$54M	−$34M	−$54M
Owner earnings	$1.0B	$820M	$909M	$836M	$842M
Owner-earnings marginowner earnings ÷ revenue	18%	16%	18%	17%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $74M), owner earnings is nearer $940M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 13.3×

Comfortable

Operating income $1.3B ÷ interest expense $96M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $642M · 0.5× operating profit

Modest net debt

Cash $2.0B − debt $2.7B

What this means
Netting $2.0B of cash and short-term investments against $2.7B of debt leaves $642M owed, about 0.5× a year's operating profit (2.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 41d

Tight

DSO 59 + DIO 51 − DPO 69 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 26%

Very high (≥25%) through the cycle

4-yr median, range 26%–27%; 27% latest = NOPAT $1.0B ÷ invested capital $3.7B

Industry peers: median 17%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 27% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 18%

High through the cycle

5-yr median margin, range 16%–18%; latest $1.0B = operating cash $1.1B − maintenance capex $63M

Industry peers: median 20%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 18% of revenue this year, a 18% median across 5 years. Treating stock comp as the real expense it is (less $74M of SBC) leaves $940M.
Are earnings backed by cash? 1.15×

Cash-backed

Cash from ops $1.1B ÷ net income $940M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 11%

Reinvests most of it

Dividends + buybacks $109M ÷ Owner Earnings $1.0B

What this means
Of $1.0B Owner Earnings, $109M (11%) went back to shareholders, $109M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.81×

Maintaining

Capex $63M ÷ depreciation $78M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.67×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.7B vs $1.4B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (5-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 2 of 5 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.55/share (latest year $3.83), the averaged base the calculator's gate runs on, and book value is $12.64/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2021–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 5

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 4 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 22% → 23% (2-yr avg ends)

In the filing’s words The filing claims pricing power in its strongest form — price raised, volume held — yet the margin here has not widened to match. The claim leads the record; weigh them together.

What this means
Through the cycle the operating margin held roughly steady — about 22% early, 23% lately, median 23%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +2%/yr

What this means
Owner earnings grew about 2% a year over the record.
Worst year 2021 · 22.1% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.4%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“In addition, any disruption or failure in the AI functionality we incorporate into our business activities, products or services could adversely impact our business or result in delays or errors in our offerings.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 3, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.9B

Cash & short-term investments$1.4B
Receivables$922M
Inventory$332M
Other current assets$259M

Current liabilities$2.0B

Debt due within a year$700M
Accounts payable$426M
Other current liabilities$858M

Current ratio1.48×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.32×stricter: inventory excluded

Cash ratio0.72×strictest: cash alone against what's due

Working capital$960Mthe cushion left after near-term bills

Debt due this year vs. cash$700M due · $1.4B cash covered by cash on hand, no refinancing forced · both figures from the Apr 3, 2026 balance sheet

Revenue, latest quarter vs. a year ago+6.8%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 1.5×

Deeper floors

Tangible book value($787M)equity stripped of goodwill & intangibles

Debt incl. operating leases$2.9B$206M of it operating leases

Deferred revenue$287Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$700M

'27$0

'28$700M

'29$0

'30$0

later$1.3B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$700Mthe first rung: what must be repaid or rolled over within the year

Within two years$700Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$700Min 2026the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$2.7Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Apr 3, 2026$1.4B

One year of owner earnings (FY2025)$1.0B

Together, against $700M due next year3.5×

Cash on hand as of Apr 3, 2026 plus a year’s owner earnings comes to $2.4B against the $700M due in the twelve months after the Dec 31, 2025 schedule: 3.5 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

How the cash was used, 2021–2025

Over the record, the business generated $4.7B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$260M · 6%
Dividends$198M · 4%
Retained (debt / cash)$4.2B · 90%

Returned to owners$198M
4% of the owner earnings the business produced over the span, $198M as dividends and $0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $1.4B.
Net change in share count1.2%
The diluted count rose from 246M to 249M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.44/sh
Paid in 2 of the years on record. It was never cut over the span.
Return on what it retained1%
Of the earnings it kept rather than paid out ($4.1B over the span), annual owner earnings (first three years vs last three) grew $52M, so each retained $1 added about 0.01 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 5-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$3.4B44% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity91%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$478Mover 5 years buying other businesses, against $260M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Ms. Honeycutt	$9.4M	$5.5M	$909M
2024	Ms. Honeycutt	$11.5M	$18.5M	$820M
2025	Ms. Honeycutt	$14.8M	$10.5M	$1.0B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$74M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 6% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Veralto Corp Common Stock is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.

None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Electronic Components & Instruments

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AAgilent Technologies Inc.	$6.9B	54%	19.1%	17%	18%
VLTOVeralto Corp Common Stock	$5.5B	58%	22.8%	27%	18%
KEYSKeysight Technologies Inc.	$5.4B	61%	16.6%	19%	20%
ILMNIllumina Inc.	$4.3B	67%	18.2%	12%	23%
FTVFortive Corp.	$4.2B	57%	17.0%	6%	25%
MTDMettler-Toledo International Inc.	$4.0B	79%	26.1%	43%	21%
TRMBTrimble Inc.	$3.6B	55%	11.7%	7%	15%
TERTeradyne Inc.	$3.2B	58%	23.3%	34%	19%
Group median	—	58%	18.7%	18%	20%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Veralto Corp Common Stock has delivered.

Today’s price $

Through the cycle, Veralto Corp Common Stock earns about $986M on its 17.9% median owner-earnings margin. This year’s 18.4% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($986M) Net of stock comp (−$74M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+2%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $1.0B on 246M shares outstanding, per the 10-Q cover, as of 2026-04-21; net debt $1.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh VLTO against another business →

The owners of VLTO: the meeting and the votes →

Cite: Owner Scorecard, "Veralto Corp Common Stock (VLTO), the owner's record," https://ownerscorecard.com/c/VLTO, data as of 2026-07-09.

Manual order: ← VLO its page in the Manual VLY →

Industry order: ← VICR the Electronic Components & Instruments chapter VNT →