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Arphra AIPlain-English read on Veralto Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.7B | $4.87B | $5.02B | $5.19B | $5.5B | $5.87B | $6.17B | $6.53B | $6.63B |
| Cost of revenue | $1.99B | $2.11B | $2.12B | $2.09B | $2.2B | $2.44B | $2.52B | $2.66B | $2.67B |
| Gross profit | $2.71B | $2.77B | $2.9B | $3.11B | $3.3B | $3.52B | $3.64B | $3.96B | $3.85B |
| Gross margin | +57.72% | +56.86% | +57.78% | +59.79% | +59.95% | +59.92% | +59.03% | +60.63% | +58.01% |
| Operating | |||||||||
| Research & development | $244M | $217M | $225M | $253M | $266M | $271.92M | $283.19M | $312.6M | $317.66M |
| Selling, general & administrative | $1.43B | $1.47B | $1.54B | $1.64B | $1.76B | $1.87B | $1.97B | $1.99B | $2.04B |
| Total operating expenses | $1.67B | $1.65B | $1.76B | $1.9B | $2.02B | $2.11B | $2.24B | $2.33B | $2.37B |
| Operating income | $1.04B | $1.11B | $1.14B | $1.21B | $1.28B | $1.35B | $1.38B | $1.47B | $1.56B |
| Operating margin | +22.15% | +22.83% | +22.70% | +23.26% | +23.21% | +23.03% | +22.37% | +22.52% | +23.51% |
| EBITDA | $1.15B | $1.2B | $1.21B | $1.28B | $1.35B | $1.46B | $1.53B | $1.57B | $1.59B |
| EBIT | $1.04B | $1.11B | $1.13B | $1.2B | $1.27B | $1.37B | $1.39B | $1.5B | $1.55B |
| Below the line | |||||||||
| Interest expense | $0 | $0 | $30M | $113M | $96M | $88.05M | $93.78M | $97.8M | $102.19M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $6M | $1M | -$44M | -$122M | -$104M | — | — | — | — |
| Pre-tax income | $1.05B | $1.11B | $1.1B | $1.09B | $1.17B | $1.23B | $1.32B | $1.36B | $1.41B |
| Income tax expense | $186M | $268M | $257M | $253M | $233M | $275.26M | $289.88M | $302.28M | $323.21M |
| Earnings | |||||||||
| Net income | $861M | $845M | $839M | $833M | $940M | $960M | $1.02B | $1.05B | $1.13B |
| Net income · continuing ops | $861M | $845M | $839M | $833M | $940M | $992.92M | $1.05B | $1.11B | $1.11B |
| Net margin | +18.32% | +17.35% | +16.71% | +16.04% | +17.08% | +16.36% | +16.59% | +16.11% | +16.97% |
| EPS · basic | $3.50 | $3.43 | $3.41 | $3.37 | $3.79 | $4.29 | $4.69 | $5.17 | $5.47 |
| EPS · diluted | $3.50 | $3.43 | $3.41 | $3.34 | $3.76 | $4.25 | $4.67 | $5.14 | $5.36 |
| EPS · low estimate | — | — | — | — | — | $4.21 | $4.63 | $5.01 | $5.26 |
| EPS · high estimate | — | — | — | — | — | $4.27 | $4.72 | $5.20 | $5.47 |
| Shares · basic | 246.1M | 246.1M | 246.4M | 247.3M | 248.3M | 247.37M | 246.18M | 248.71M | 248.42M |
| Shares · diluted | 246.1M | 246.1M | 246.4M | 249.6M | 250.3M | 252.14M | 249.84M | 249.04M | 252.65M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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