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CIK 1967680 · Water Infrastructure & Treatment Equipment
Veralto Corp is a public company in Industrial - Pollution & Treatment Controls, tracked in the water infrastructure, treatment, and equipment sub-sector, with $5.6B TTM revenue and $1.4B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, VLTO filings, SEC EDGAR
$21,328
Market cap ($MM)
$22,559
Enterprise value ($MM)
$5,593
Revenue · LTM ($MM)
$1,368
EBITDA · LTM ($MM)
24%
EBITDA margin
4.0x
EV / revenue
16.5x
EV / EBITDA
0.9x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 0.9x net debt / EBITDA with EBITDA of $1.4B.
$1,431
Cash & equiv. ($MM)
$2,662
Total debt ($MM)
$1,231
Net debt ($MM)
0.9x
Net debt / EBITDA
Valuation
VLTO versus the scaled public Water Infrastructure & Treatment Equipment comparables.
EV / EBITDA distribution · peer set
VLTO 16.5x
Indexed share-price performance
VLTO versus available Water Infrastructure & Treatment Equipment peers and SPY.
+1.8%
VLTO
+39%
Peer med.
+76%
SPY
Indexed to 100 from Sep 29, 2023 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Veralto Corp | VLTO | $5,593 | $1,368 | 24% | $21,328 | $22,559 | 4.0x | 16.5x | 0.9x |
| Xylem Inc. | XYL | $9,091 | $1,802 | 20% | $27,035 | $28,165 | 3.1x | 15.6x | 0.6x |
| Pentair plc | PNR | $4,202 | $952 | 23% | $12,415 | $14,291 | 3.4x | 15.0x | 2.0x |
| Watts Water Technologies Inc. | WTS | $2,558 | $556 | 22% | $9,914 | $9,737 | 3.8x | 17.5x | -0.3x |
| Advanced Drainage Systems, Inc. | WMS | $2,989 | $895 | 30% | $11,155 | $11,592 | 3.9x | 13.0x | 0.3x |
| Mueller Water Products, Inc. | MWA | $1,464 | $336 | 23% | $4,126 | $4,158 | 2.8x | 12.4x | 0.1x |
| Ecolab Inc. | ECL | $16,452 | $3,283 | 20% | $71,798 | $80,377 | 4.9x | 24.5x | 2.3x |
| Itron, Inc. | ITRI | $2,347 | $409 | 17% | $3,630 | $3,042 | 1.3x | 7.4x | 2.1x |
| Water Infrastructure & Treatment Equipment median | $3,596 | $924 | 22% | $11,785 | $12,942 | 3.6x | 15.3x | 0.8x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
VLTO's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
7
Active years
2
Named deals
2
Avg / active year
3.5
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
VLTO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
7 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY24
4 disclosed acquisitions in the peak visible year.
Recent spend
$395MM
sets the visible baseline vs prior three; peak FY24 at $363MM.
Named evidence
2 rows
29% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Oct 4, 2024 | TraceGains | Water infrastructure, treatment, and equipment | $349 | On October 4, 2024, the Company acquired the holding company that owned TraceGains for a cash purchase price of approximately $349 million, net of cash acquired (the “TraceGains... | 10-K† |
| Jan 1, 2024 | TraceGains | Water infrastructure, treatment, and equipment | N/A | TraceGains, acquired in 2024, provides leading cloud-based software solutions that enable connected data and digital workflow management to help consumer brands meet increasingl... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 4 SEC-backed facts across 1 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
3
Named deal filings
1
Recent SEC filings
10
Evidence clips
2
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 20, 2026 | Annual M&A 10-K | accepted | 3 | $32.0MM | $32.0MM | SEC filing |
| FY2024 | Feb 25, 2025 | Annual M&A 10-K | accepted | 4 | $363MM | $363MM | SEC filing |
| FY2023 | Feb 28, 2024 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 20, 2026 | 10-K | TraceGains | FinancialsAnnual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 20, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ANamed dealsRecent SEC | SEC filing |
| Apr 29, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 28, 2026 | 8-K | 2.02 | 8-K | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 27, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 27, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Feb 3, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Nov 25, 2025 | 8-K | 8.01 | 8-K | Recent SEC | SEC filing |
| Nov 3, 2025 | 8-K | 5.02,7.01,9.01 | 8-K | Recent SEC | SEC filing |
TraceGains Acquisition
10-K - Feb 20, 2026
On October 4, 2024, the Company acquired the holding company that owned TraceGains for a cash purchase price of approximately $349 million, net of cash acquired (the “TraceGains Acquisition”). TraceGains is a leading pr…
TraceGains
10-K - Feb 20, 2026
TraceGains, acquired in 2024, provides leading cloud-based software solutions that enable connected data and digital workflow management to help consumer brands meet increasingly stringent compliance and reporting regul…
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.