Veralto Corp（VLTO）の決算・業績分析
Veralto Corpの2025年有価証券報告書をAI分析。売上高$5.5B(+6.0%)。営業利益$1.3B。Health Care。
目次
Veralto Corpの2025年度 業績サマリー
Veralto Corp（証券コード: VLTO）の2025年度決算・業績分析。売上高は$5.5B（前年比+6.0%）。営業利益は$1.3B（前年比+5.7%）。純利益は$940M（前年比+12.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Veralto Corpの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 3.6% YoY to $4.9B (XBRL), driven by recurring sales from consumables and services (10-K).
- Operating income increased 6.8% YoY to $1.1B (XBRL), while net income declined 1.9% YoY to $845M (XBRL).
- ROE reached 61.1% (XBRL), supported by strong cash flows and a net debt-to-EBITDA ratio of 1.6x (XBRL).
- R&D investment of $217M (XBRL) underscores focus on digital innovation (10-K).
- Cash reserves stood at $762M (XBRL), with free cash flow of $836M (XBRL).
Veralto Corpの売上高変化の要因
- •Revenue grew to $4.9B in FY2024 (+3.6% YoY) (XBRL), with operating income rising to $1.1B (+6.8% YoY) (XBRL). Net income declined slightly to $845M (-1.9% YoY) (XBRL). The 5-year revenue CAGR of 3.4% (XBRL) reflects steady growth, though net income CAGR has declined 1.3% YoY (XBRL). The company's recurring revenue model (61% of sales) and low CapEx intensity (0.7% of revenue) (XBRL) support stable cash flows. Historical time series shows revenue increasing from $4.7B in FY2023 to $5.0B in FY2025 (XBRL).
Veralto Corpの営業利益変化の要因
- •Gross margin remained robust at 56.7% (XBRL), with operating margin at 22.8% (XBRL) and net margin at 17.4% (XBRL). EBITDA margin of 24.7% (XBRL) highlights efficient cost management. Net income declined slightly YoY despite higher operating income, reflecting increased expenses or tax changes. Gross profit of $2.8B (XBRL) and operating income of $1.1B (XBRL) demonstrate strong profitability across segments.
Veralto Corpの事業リスクと対応
Global economic downturns could reduce demand, disrupt supply chains, and increase financial risks (10-K).
Intense competition may force price reductions and erode market share (10-K).
Geopolitical conflicts and sanctions could restrict sales and operations (10-K).
Supply chain disruptions or cost increases may harm profitability (10-K).
Impairment of goodwill or long-lived assets risks asset value loss (10-K).
Technology disruption and low-cost competitors could challenge competitiveness (10-K).
Regulatory changes, trade sanctions, and evolving accounting rules pose compliance risks (10-K).
Veralto Corpの事業内容
Veralto Corp operates in two core segments: Water Quality (WQ) and Product Quality & Innovation (PQI). WQ provides water analytics and treatment solutions through brands like Hach and Trojan Technologies, while PQI delivers product marking, coding, and color solutions via Videojet, Linx, and Esko (10-K). The company generates 61% of revenue from recurring sales of consumables, software, and services, supported by a low CapEx model (10-K). Competitive advantages include the Veralto Enterprise System (VES) for operational efficiency, strong brand recognition, and R&D investments in digital solutions (10-K). With nearly 17,000 employees (10-K), the company serves municipal utilities, food and beverage, pharmaceutical, and industrial sectors without significant customer concentration (10-K).
Veralto CorpのAI業績分析レポート（2024年度）
Veralto Corp (VLTO) FY2024 Annual Report Analysis
Highlights
Business Overview
Veralto Corp operates in two core segments: Water Quality (WQ) and Product Quality & Innovation (PQI). WQ provides water analytics and treatment solutions through brands like Hach and Trojan Technologies, while PQI delivers product marking, coding, and color solutions via Videojet, Linx, and Esko (10-K). The company generates 61% of revenue from recurring sales of consumables, software, and services, supported by a low CapEx model (10-K). Competitive advantages include the Veralto Enterprise System (VES) for operational efficiency, strong brand recognition, and R&D investments in digital solutions (10-K). With nearly 17,000 employees (10-K), the company serves municipal utilities, food and beverage, pharmaceutical, and industrial sectors without significant customer concentration (10-K).
Revenue Analysis
Revenue grew to $4.9B in FY2024 (+3.6% YoY) (XBRL), with operating income rising to $1.1B (+6.8% YoY) (XBRL). Net income declined slightly to $845M (-1.9% YoY) (XBRL). The 5-year revenue CAGR of 3.4% (XBRL) reflects steady growth, though net income CAGR has declined 1.3% YoY (XBRL). The company's recurring revenue model (61% of sales) and low CapEx intensity (0.7% of revenue) (XBRL) support stable cash flows. Historical time series shows revenue increasing from $4.7B in FY2023 to $5.0B in FY2025 (XBRL).
Profitability Analysis
Gross margin remained robust at 56.7% (XBRL), with operating margin at 22.8% (XBRL) and net margin at 17.4% (XBRL). EBITDA margin of 24.7% (XBRL) highlights efficient cost management. Net income declined slightly YoY despite higher operating income, reflecting increased expenses or tax changes. Gross profit of $2.8B (XBRL) and operating income of $1.1B (XBRL) demonstrate strong profitability across segments.
Balance Sheet Analysis
Equity ratio of 28.7% (XBRL) and current ratio of 1.64x (XBRL) indicate moderate leverage and liquidity. Total assets grew to $4.8B in FY2024 (XBRL), though total equity declined to $1.4B (XBRL) from $3.2B in FY2023 (XBRL). Long-term debt of $2.6B (XBRL) and net debt of $1.9B (1.6x EBITDA) (XBRL) suggest reliance on debt financing. Cash reserves of $762M (XBRL) provide financial flexibility.
Cash Flow Analysis
Operating cash flow of $870M (XBRL) and free cash flow of $836M (XBRL) reflect strong cash generation. Capital expenditures of $34M (XBRL) and depreciation & amortization of $90M (XBRL) supported asset maintenance. No dividends were paid (XBRL), with financing cash flow of -$781M (XBRL) reflecting debt management activities.
Working Capital Analysis
Receivables days: 62 days (XBRL), Inventory days: 51 days (XBRL), Asset turnover: 1.01x (XBRL). No data available for payables days or cash conversion cycle (N/A).
Risks
Outlook
N/A. Management guidance and forward-looking trends are not explicitly mentioned in the 10-K (10-K).
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