Veralto Corp

VLTO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Initiating Coverage of Veralto With $95 Fair Value Estimate and Wide Moat Rating

Krzysztof Smalec

Jun 11, 2025

Business Strategy and Outlook

Veralto was spun off from Danaher in 2023. The business is organized into two segments: water quality (60% of 2024 revenue) and product quality and innovation (40% of 2024 revenue). In both segments, Veralto offers a wide range of differentiated solutions, many of which are sold under a razor-and-blade business model, resulting in roughly 61% recurring revenue.

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Veralto Corp

Initiating Coverage of Veralto With $95 Fair Value Estimate and Wide Moat Rating

Business Strategy and Outlook

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