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VNT, Vontier Corporation Common Stock

Electronic Components & Instruments capital-intensive

Vontier Corporation is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem.

Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier powers the way the world moves, delivering smart, safe and sustainable solutions to our customers and the planet.

Our research and development, manufacturing, sales, distribution, service and administration operations are located in approximately 25 countries primarily across North America, Asia Pacific, Europe and Latin America.

Latest annual: FY2025 10-K

VNT · Vontier Corporation Common Stock

The business

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

Revenue · FY2025

$3.1B

+3.2% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.1B 5-yr avg $3.1B

Gross margin 43% 5-yr avg 45%

Operating margin 18.4% 5-yr avg 18.3%

ROIC 17% 5-yr avg 16%

Owner-earnings margin 13% 5-yr avg 13%

Free cash flow margin 12% 5-yr avg 12%

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 Environmental & Fueling Solutions (47%), Mobility Technologies (34%) and Repair Solutions (19%).
What moves the needle: Gross margin has run about 44% and operating margin about 18% through the cycle, a solid spread between what it charges and what the product costs to make. That margin has held in a narrow 17%–20% 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 in the teens (median 17%, above 15% in 6 of 8 years). Owner earnings agree: roughly 14% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

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 →

Revenue spreads across 3 segments, the largest Environmental & Fueling Solutions at 47%.

Revenue by reportable segment, FY2025

Environmental & Fueling Solutions47%$1.4B
Mobility Technologies34%$1.0B
Repair Solutions19%$590M

By geographyNorth America71%EMEA16%Asia Pacific10%Latin America3%

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, 2018–2025

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMApr 2026
									Income statement
$2.7B	$2.8B	$2.7B	$3.0B	$3.2B	$3.1B	$3.0B	$3.1B	$3.1B	RevenueRevenue
43%	43%	44%	45%	45%	—	—	—	43%	Gross marginGross mgn
19%	18%	19%	19%	20%	21%	21%	21%	21%	SG&A / revenueSG&A/rev
5%	5%	5%	4%	5%	5%	6%	6%	6%	R&D / revenueR&D/rev
$500M	$563M	$468M	$582M	$578M	$543M	$537M	$562M	$566M	Operating incomeOp. inc.
18.7%	20.3%	17.3%	19.5%	18.1%	17.6%	18.0%	18.3%	18.4%	Operating marginOp. mgn
$386M	$437M	$342M	$413M	$401M	$377M	$422M	$406M	$413M	Net incomeNet inc.
24%	23%	26%	23%	24%	22%	15%	20%	20%	Effective tax rateTax rate
									Cash flow & returns
$421M	$545M	$691M	$481M	$321M	$455M	$428M	$511M	$447M	Operating cash flowOp. cash
$86M	$85M	$78M	$46M	$41M	$44M	$47M	$51M	$53M	DepreciationDeprec.
($65M)	$11M	$249M	($3M)	($145M)	$3M	($74M)	$24M	($49M)	Working capital & otherWC & other
$42M	$38M	$36M	$48M	$60M	$60M	$83M	$70M	$74M	CapexCapex
1.6%	1.4%	1.3%	1.6%	1.9%	1.9%	2.8%	2.3%	2.4%	Capex / revenueCapex/rev
$379M	$507M	$656M	$433M	$280M	$411M	$380M	$460M	$394M	Owner earningsOwner earn.
14.2%	18.3%	24.2%	14.5%	8.8%	13.3%	12.8%	15.0%	12.8%	Owner earnings marginOE mgn
$379M	$507M	$656M	$433M	$261M	$395M	$345M	$441M	$373M	Free cash flowFCF
14.2%	18.3%	24.2%	14.5%	8.2%	12.8%	11.6%	14.3%	12.1%	Free cash flow marginFCF mgn
—	$0	$0	$956M	$278M	$0	$0	$11M	$11M	AcquisitionsAcquis.
—	$0	$0	$13M	$16M	$16M	$15M	$15M	$15M	Dividends paidDiv. paid
—	—	$0	$0	$328M	$75M	$225M	$300M	—	BuybacksBuybacks
21%	23%	22%	17%	15%	15%	16%	16%	17%	ROICROIC
22%	24%	182%	72%	70%	42%	40%	33%	33%	Return on equityROE
—	24%	182%	70%	67%	41%	39%	31%	32%	Retained to equityRetained/eq
									Balance sheet
$0	$0	$381M	$573M	$205M	$341M	$356M	$492M	$234M	Cash & investmentsCash+inv
—	$491M	$447M	$481M	$515M	$498M	$526M	$527M	$530M	ReceivablesReceiv.
—	$224M	$234M	$287M	$346M	$297M	$338M	$327M	$342M	InventoryInvent.
—	$319M	$367M	$425M	$431M	$367M	$378M	$362M	$367M	Accounts payablePayables
—	$396M	$313M	$343M	$430M	$427M	$486M	$492M	$504M	Operating working capitalOper. WC
—	$825M	$1.2B	$1.5B	$1.4B	$1.3B	$1.4B	$1.5B	$1.3B	Current assetsCur. assets
—	$668M	$838M	$933M	$930M	$955M	$909M	$1.3B	$1.0B	Current liabilitiesCur. liab.
—	1.2×	1.4×	1.6×	1.5×	1.4×	1.5×	1.2×	1.2×	Current ratioCurr. ratio
$1.1B	$1.2B	$1.1B	$1.7B	$1.7B	$1.7B	$1.7B	$1.8B	$1.8B	GoodwillGoodwill
—	$2.8B	$3.1B	$4.3B	$4.3B	$4.3B	$4.3B	$4.4B	$4.1B	Total assetsAssets
—	$41M	$1.8B	$2.6B	$2.6B	$2.3B	$2.1B	$2.1B	$1.6B	Total debtDebt
—	$41M	$1.4B	$2.0B	$2.4B	$1.9B	$1.8B	$1.6B	$1.4B	Net debt / (cash)Net debt
$1.8B	$1.8B	$188M	$570M	$577M	$890M	$1.1B	$1.2B	$1.3B	Shareholders’ equityEquity
0.5%	0.5%	0.8%	0.9%	0.8%	1.0%	1.1%	1.0%	1.0%	Stock comp / revenueSBC/rev
									Per share
168M	168M	169M	170M	161M	156M	154M	147M	143M	Shares out (diluted)Shares
$15.83	$16.46	$15.97	$17.58	$19.78	$19.84	$19.37	$20.87	$21.65	Revenue / shareRev/sh
$2.29	$2.59	$2.02	$2.43	$2.49	$2.42	$2.75	$2.76	$2.89	EPS (diluted)EPS
$2.25	$3.01	$3.87	$2.55	$1.74	$2.64	$2.47	$3.12	$2.77	Owner earnings / shareOE/sh
$2.25	$3.01	$3.87	$2.55	$1.62	$2.53	$2.24	$2.99	$2.62	Free cash flow / shareFCF/sh
—	$0.00	$0.00	$0.07	$0.10	$0.10	$0.10	$0.10	$0.10	Dividends / shareDiv/sh
$0.25	$0.23	$0.21	$0.28	$0.37	$0.39	$0.54	$0.47	$0.52	Cap. spending / shareCapex/sh
$10.65	$10.76	$1.11	$3.35	$3.58	$5.71	$6.83	$8.44	$8.83	Book value / shareBVPS

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

	7-yr	5-yr
Revenue / share	+4.0%/yr	+5.5%/yr
Owner earnings / share	+4.8%/yr	−4.2%/yr
EPS	+2.7%/yr	+6.4%/yr
Capital spending / share	+9.5%/yr	+17.6%/yr
Book value / share	−3.3%/yr	+50.1%/yr

The record, charted

FY2018–2025

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

Share count

147Mpeak FY2021

ROIC

16%low FY2022

Gross margin

45%low FY2018

Net debt ÷ owner earnings

3.5×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

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

$460Mowner earningsvs.$406Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

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 earned $460M of owner earnings, the operating cash left after the $51M it takes just to hold its position. It put $19M more into growth; free cash flow, after that spending, was $441M.

Reported net income$406M

Owner earnings$460M · 15% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$406M	$422M	$377M	$401M	$413M
Depreciation & amortizationnon-cash charge added back	+$51M	+$47M	+$44M	+$41M	+$46M
Stock-based compensationreal costnon-cash, but a real cost	+$30M	+$32M	+$32M	+$24M	+$26M
Working capital & othertiming of cash in and out, other non-cash items	+$24M	−$74M	+$3M	−$145M	−$3M
Cash from operations	$511M	$428M	$455M	$321M	$481M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$51M	−$47M	−$44M	−$41M	−$48M
Owner earnings	$460M	$380M	$411M	$280M	$433M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$19M	−$35M	−$16M	−$19M	—
Free cash flow	$441M	$345M	$395M	$261M	$433M
Owner-earnings marginowner earnings ÷ revenue	15%	13%	13%	9%	14%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $51M, roughly its depreciation, the rate its assets wear out). The other $19M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. 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 $30M), owner earnings is nearer $430M.

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? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $1.6B · 2.9× operating profit

Meaningful net debt

Cash $492M − debt $2.1B

What this means
Netting $492M of cash and short-term investments against $2.1B of debt leaves $1.6B owed, about 2.9× a year's operating profit (3.7× 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? 55d

Tight

DSO 63 + DIO 68 − DPO 75 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 16%

High through the cycle

8-yr median, range 15%–23%; 16% latest = NOPAT $449M ÷ invested capital $2.8B

Industry peers: median 8%

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 8 years (it ran 16% 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 14%

Solid through the cycle

8-yr median margin, range 9%–24%; latest $460M = operating cash $511M − maintenance capex $51M

Industry peers: median 12%

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 15% of revenue this year, a 14% median across 8 years. Treating stock comp as the real expense it is (less $30M of SBC) leaves $430M.
Are earnings backed by cash? 1.26×

Cash-backed

Cash from ops $511M ÷ net income $406M

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? 68%

Returns about half

Dividends + buybacks $315M ÷ Owner Earnings $460M

What this means
Of $460M Owner Earnings, $315M (68%) went back to shareholders, $15M dividends, $300M buybacks. Net of $30M stock comp, the real buyback was about $270M. 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? 1.37×

Expanding

Capex $70M ÷ depreciation $51M

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 6 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 · $3.1B

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 Miss

Current ratio ≥ 2× · 1.16×

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 · $2.1B vs $203M 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 (8-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 · 5 of 8 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.
Earnings growth Near

Earnings +33% over the record · +4%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
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 $2.85/share (latest year $2.88), the averaged base the calculator's gate runs on, and book value is $8.84/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, 2018–2025

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

Profitable years 8 of 8

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 5 of 7 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 19% → 18% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 19% early, 18% lately, median 18%.
Reinvestment, incremental ROIC 7%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth −1%/yr

What this means
Owner earnings shrank about 1% a year over the record.
Worst year 2020 · 17.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −1.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
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 Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

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, and the company is using it that way.

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$1.3B

Cash & short-term investments$234M
Receivables$530M
Inventory$342M
Other current assets$162M

Current liabilities$1.0B

Accounts payable$367M
Other current liabilities$664M

Current ratio1.23×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.90×stricter: inventory excluded

Cash ratio0.23×strictest: cash alone against what's due

Working capital$236Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+1.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.7× → 1.2×

Deeper floors

Tangible book value($894M)equity stripped of goodwill & intangibles

Net current asset value($1.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.6B$38M of it operating leases

Deferred revenue$154Mcustomer 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$500M

'27$0

'28$1.0B

'29$0

'30$0

later$600M

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$500Mthe first rung: what must be repaid or rolled over within the year

Within two years$500Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$1.0Bin 2028the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$2.1Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Apr 3, 2026$234M

One year of owner earnings (FY2025)$460M

Together, against $500M due next year1.4×

Cash on hand as of Apr 3, 2026 plus a year’s owner earnings comes to $694M against the $500M due in the twelve months after the Dec 31, 2025 schedule: 1.4 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2018–2025

Over the record, the business generated $3.9B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$437M · 11%
Dividends$74M · 2%
Buybacks$928M · 24%
Retained (debt / cash)$2.4B · 63%

Returned to owners$1.0B
29% of the owner earnings the business produced over the span, $74M as dividends and $928M as buybacks.
Average price paid for buybacks—
Buybacks ran $928M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−15.4%
The diluted count fell from 168M to 143M, so the buybacks outran the stock issued to staff.
Dividend record$0.10/sh
Paid in 5 of the years on record. It was never cut over the span.
Return on what it retained−4%
Of the earnings it kept rather than paid out ($2.2B over the span), annual owner earnings (first three years vs last three) fell $97M, so each retained $1 gave back about 0.04 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 8-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$2.2B50% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$1.2Bover 8 years buying other businesses, against $437M of capital spent building

$85M written down across 1 year (2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-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
2021	Mark Morelli	$8.7M	$5.8M	$433M
2022	Mark Morelli	$6.4M	−$110k	$280M
2023	Mark Morelli	$9.3M	$18.7M	$411M
2024	Mark Morelli	$9.9M	$6.2M	$380M
2025	Mark Morelli	$9.6M	$13.0M	$460M

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$30M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 5% 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 Vontier Corporation 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 2018–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereIs it less profitable than it was?13.7% vs 18.9%
The owner-earnings margin averaged 18.9% early in the record and 13.7% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

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 Revenue recognition, Income taxes, Credit & receivables, Acquisitions 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
COHRCoherent Corp.	$5.8B	38%	11.0%	8%	6%
MKSIMKS Instruments	$3.9B	45%	15.6%	8%	13%
STSensata Technologies Holding plc	$3.7B	33%	15.8%	8%	12%
BRKRBruker	$3.4B	48%	13.2%	18%	7%
VNTVontier Corporation Common Stock	$3.1B	44%	18.2%	17%	14%
RVTYRevvity Inc.	$2.9B	68%	12.5%	6%	12%
ITRIItron Inc.	$2.4B	32%	5.2%	6%	4%
BMIBadger Meter	$917M	39%	15.4%	17%	15%
Group median	—	42%	14.3%	8%	12%

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 Vontier Corporation Common Stock has delivered.

Today’s price $

Through the cycle, Vontier Corporation Common Stock earns about $441M on its 14.3% median owner-earnings margin. This year’s 15.0% 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 ($441M) Net of stock comp (−$30M) Steady-state · maintenance capex ($396M)

—

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+4%/yr

Owner-earnings growth · ’18→’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.

Free cash flow $373M on 141M shares outstanding, per the 10-Q cover, as of 2026-05-04; net debt $1.4B. 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. Capex ($74M) runs well above depreciation ($53M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $396M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh VNT against another business →

The owners of VNT: the meeting and the votes →

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

Manual order: ← VNOM its page in the Manual VOYA →

Industry order: ← VLTO the Electronic Components & Instruments chapter VPG →