Veralto (VLTO)
Forward P/E is 22.73x against a peer median of 27.98x, a ratio of 0.81x, with trailing P/E 25.94x and PEG not available (shown as n/a on the statistics page). The ratio is below the 0.90 undervalued threshold, revenue is growing faster than the cluster median, and the cluster median growth is positive, so the value-trap check does not block the undervalued label; no PEG is available to qualify it. Latest-quarter revenue grew +6.8% year over year (PRIMARY, EDGAR). Delivered demand check: the Waste & environmental services group's median growth was +5.4% year over year — demand steady.
What would change this label: Move to FAIRLY PRICED if the forward P/E rises to about 25.2x or above (0.90x the peer median) at unchanged estimates, or if revenue growth falls below 3% year over year for two quarters. Move further from fair value if revenue growth rises above 10% year over year for two quarters while the forward multiple stays below 25.2x.
Veralto makes products that test and treat water and equipment that marks and codes packaged goods. Its shares cost well below similar services companies, even though its sales are growing faster than theirs. Paying less for faster growth makes the shares look undervalued.
Both lines start at 100 on 2023-09-27. Over the full window Veralto returned +28.03% and the S&P 500 +80.65% (price returns; dividends not reinvested). Worst peak-to-trough fall for Veralto: -27.6% (2024-10-18 to 2026-05-29). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 22.73x against a peer median of 27.98x, a ratio of 0.81x, with trailing P/E 25.94x and PEG not available (shown as n/a on the statistics page). The ratio is below the 0.90 undervalued threshold, revenue is growing faster than the cluster median, and the cluster median growth is positive, so the value-trap check does not block the undervalued label; no PEG is available to qualify it. Latest-quarter revenue grew +6.8% year over year (PRIMARY, EDGAR). Delivered demand check: the Waste & environmental services group's median growth was +5.4% year over year — demand steady. The company’s forward P/E is 22.7× against a peer median of 28.0×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Waste & environmental services group's median latest-quarter revenue growth was 5.4% year over year (SEC filings) — demand steady. This company grew 6.8%, above the group. Latest-quarter sales growth was +6.8% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Veralto (VLTO) | $102.96 | 22.7× | 25.9× |
| ROL | — | 28.0× | 31.0× |
| RSG | — | 30.8× | 33.3× |
| WM | — | 26.2× | 30.2× |
| Peer median | 28.0× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Apr 2026 2026-04-03 | $1.4B | 60.1% | $254M | 1.02 | $170M |
| Q/E Dec 2025 2025-12-31 | $1.4B | 59.3% | $254M | — | $291M |
| Q/E Oct 2025 2025-10-03 | $1.4B | 60.1% | $239M | 0.95 | $258M |
| Q/E Jul 2025 2025-07-04 | $1.4B | 60.0% | $222M | 0.89 | $323M |
| Q/E Apr 2025 2025-04-04 | $1.3B | 60.4% | $225M | 0.90 | $142M |
| Q/E Dec 2024 2024-12-31 | $1.3B | 59.5% | $227M | — | $263M |
| Q/E Sep 2024 2024-09-27 | $1.3B | 59.6% | $219M | 0.88 | $215M |
| Q/E Jun 2024 2024-06-28 | $1.3B | 60.1% | $203M | 0.81 | $240M |
| Q/E Mar 2024 2024-03-29 | $1.2B | 60.0% | $184M | 0.74 | $102M |
| Q/E Dec 2023 2023-12-31 | $1.3B | 57.9% | $200M | — | $241M |
| Q/E Sep 2023 2023-09-29 | $1.3B | 57.6% | $205M | 0.83 | $232M |
| Q/E Jun 2023 2023-06-30 | $1.3B | 57.8% | $209M | 0.85 | $289M |
The last twelve reported quarters. Full 15-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Veralto Corp |
| Chief executive | Jennifer L. Honeycutt (source: https://en.wikipedia.org/wiki/Veralto) |
| Sector | Industrials — Environmental & Facilities Services — provides water quality testing and treatment products and product marking and coding equipment |
| Share price (Oct 28, 2026) | $102.96 |
| Market value (market cap) | $25.3B — share price times shares outstanding of 245,599,266 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $5.6B |
| Net income, last twelve months | $969M |
| Free cash flow, last twelve months | $1.0B |
| Latest reported quarter | Q/E Apr 2026 (of 15 quarters in the data pack) |
| Six-year price return vs S&P 500 | +28.03% vs +80.65% |
| Worst peak-to-trough fall | -27.6% (2024-10-18 to 2026-05-29) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E (5-year median): not computed in the Phase 1 batch — UNVERIFIED
- PEG Ratio shown as n/a on statistics page
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001967680.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001967680.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/VLTO/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.