VLTOVeralto Corp

Instruments For Meas & Testing Of Electricity & Elec Signals

Revenue: $5.5B; 6.0% YoY
Operating margin: 23.2%; 0.2% YoY
EBITDA: $1.4B; 5.4% YoY
Market cap: $27.0B
Employees: 17,000; $324K revenue each
Net debt / EBITDA: 0.8×; $1.1B net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
115% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$324K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.7B	$4.9B	$5.0B	$5.2B	$5.5B	6.0%
Operating income	$1.0B	$1.1B	$1.1B	$1.2B	$1.3B	5.7%
Net income	$861M	$845M	$839M	$833M	$940M	13%
Operating cash flow	$896M	$870M	$963M	$875M	$1.1B	23%
Capex	$54M	$34M	$54M	$55M	$63M	15%
Stock-based comp	$34M	$41M	$55M	$65M	$74M	14%
Dividends	—	$0	$0	$89M	$109M	22%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 9
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.