Veralto (VLTO) Financials

Here are the key trends for Veralto Corp (VLTO) based on the latest four years of quarterly statements provided, with positives shown first, then neutral items, and finally the negative items.

• Revenue growth and margin stability: In 2025, Veralto’s quarterly operating revenue hovered around 1.33–1.40 billion, with gross margins near 60% (Total Gross Profit typically ~800–844 million on ~1.33–1.40 billion in revenue), indicating solid and stable profitability.
• Earnings per share and net income trend: 2025 Q4 basic EPS is 1.03 and diluted EPS 1.02, up from 0.96/0.95 in 2025 Q3 and higher than 2024 levels; net income to common shares also rose in the period (e.g., 254 million in Q4 2025 vs 239 million in Q3 2025).
• Strong cash flow from operations and improving free cash flow: 2025 Q4 net cash from continuing operating activities around 311 million, with consistent quarterly cash generation; free cash flow (approx. 291 million in Q4 2025 after modest capex) improved vs late 2024.
• Solid liquidity and growing cash balance: Cash and cash equivalents rose to roughly 2.0 billion by the end of 2025 (starting from about 1.2–1.8 billion earlier in 2025), providing a healthy liquidity cushion for near-term obligations.
• Capex discipline and steady reinvestment: Quarterly capital expenditures are modest (roughly 11–22 million), indicating ongoing investments without a heavy cash drain.
• Healthy near-term liquidity metrics: Total current assets typically around 3.2–3.3 billion versus total current liabilities near 1.9–2.1 billion across recent quarters, yielding a current ratio in the mid-1.5x to 1.7x range.
• Dividend activity and shareholder returns: Veralto has paid quarterly dividends in the mid-20 million range, reflecting ongoing shareholder returns; these cash outflows are worth watching relative to ongoing cash generation and growth needs.
• High leverage and sizable debt load: Total liabilities around 4.3–4.6 billion with long-term debt commonly in the 2.0–2.6 billion range, indicating elevated leverage and potential refinancing sensitivity.
• Large goodwill and intangible asset base: Goodwill around 2.8–3.0 billion and intangible assets around 0.4–0.5 billion as of 2025, which can pose impairment risk if earnings weaken or integration challenges arise from acquisitions.
• Financing activities remain cash-consuming: Net cash from financing activities is often negative (driven by dividends and other uses), reducing cash runway for growth opportunities unless offset by strong operating cash flow.