Veralto (VLTO)
Supplies water analytics, treatment, marking, packaging, color, and traceability systems.
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Veralto makes the instruments and chemistry that catch expensive mistakes — in the water a city or factory treats, and in the codes, color and artwork on the packages you buy. Most of the money is not the machine itself but what the machine keeps consuming afterwards. The water half is growing faster, with a small new thread running into cooling for AI data centers. The package half has slowed.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 13 more below
Hach
Water-testing instruments and the chemistry they drink — roughly a quarter of sales, on a par with Videojet as Veralto's largest piece. The instrument is the small sale; the reagents and calibration kits it consumes for years are the business. Watch utility operating budgets.
Competes with YSI and OI Analytical water analysers (Xylem) · Liquiline / Memosens analysers (Endress+Hauser) · Orion water analysis (Thermo Fisher)
In plain English
Before a city sends water to the taps, or a factory sends its used water back to a river, somebody has to prove what is in it. Hach sells the machine that does the proving, plus the little bottles of test chemicals it uses up.
Think of a pod coffee machine: the machine is bought once, the pods never stop. A treatment plant buys an analyser, then orders reagents, spare sensors and calibration kits for as long as it runs, because the testing is required by permit whether or not budgets are comfortable. Veralto flagged its single-use test keys growing at a double-digit pace in 2025.
Environmental & Field Monitoring
The outdoor half of water testing — probes in rivers, wells and oceans, rain and sunlight gauges, and the software that gathers the readings. Roughly 8% of sales. In-Situ, bought in January 2026, adds about $80M of annual sales.
Competes with YSI and SonTek sondes and hydrology instruments (Xylem) · Water quality instruments (Horiba) · Portable and benchtop water testers (Hanna Instruments)
In plain English
Rivers, groundwater, harbors and reservoirs do not come with a tap you can sample from. So this is the gear that lives outdoors: sealed probes lowered down a well on a cable, flow meters in irrigation pipes, rain and sunlight gauges on a pole, ocean sensors, and a program that pulls every reading into one place.
Who pays: environmental agencies, water districts, research institutes and irrigation users, usually out of a monitoring program with a set budget. That money is granted rather than spent day to day, so it arrives less steadily than a utility's — and Veralto has been buying its way to more of it.
Videojet
The printer that puts the date, lot code or serial mark on each unit leaving a packing line — over 400,000 machines installed worldwide, roughly a quarter of sales. Ink and service contracts are steady; customers' line speeds set the pace.
Competes with Markem-Imaje coding and marking (Dover) · Domino Printing Sciences coders (Brother) · Industrial inkjet coders (Hitachi Industrial Equipment Systems)
In plain English
Pick up any packet in a supermarket and find the smudgy dot-printed date on the back — not the pretty label, the mark added at the last moment on the line. Videojet makes the machines that squirt or burn those marks on as the product flies past, and Veralto says more than 400,000 of them are in service.
Factories buy them because rules and recalls demand it: when something goes wrong, the lot code is how you know which pallets to pull. Once bolted to the line, the machine drinks a particular ink and make-up fluid Veralto sells, and a service contract keeps it from stopping the line — which is where the money actually sits.
ChemTreat
Dosed chemistry plus engineers who show up to tune it, keeping the water inside cooling towers and boilers from wrecking them. Roughly an eighth of sales. Newest thread: a Dow partnership putting ChemTreat into AI data-center cooling — management calls that revenue still small.
Competes with Nalco Water (Ecolab) · Industrial water treatment chemistry (Solenis) · Industrial water chemistry (Kurita Water Industries)
In plain English
Any plant that runs hot — a power station, a chemical works, a food plant, now a hall full of AI computers — pushes water through cooling towers and boilers. Left untreated, that water does to the pipes roughly what hard water does to a kettle. ChemTreat supplies the dosed chemicals that keep it in condition and sends field engineers to the site to adjust the dose.
That makes it a standing arrangement rather than a sale: each plant keeps ordering month after month, and the engineer's visits are the reason it renews. Dow, the chemicals group, supplies coolant to data centers and has named ChemTreat a service provider inside that network.
Trojan Technologies
Ultraviolet disinfection — treating water with light instead of chlorine — from city-sized channels down to a unit under a kitchen sink, plus membrane filtration. Roughly 11% of sales and the lumpiest line here: equipment ordered in spring 2026 was expected to ship in late 2027.
Competes with Wedeco UV (Xylem) · Municipal disinfection systems (De Nora) · Lower-flow UV brands (Halma)
In plain English
Ultraviolet light does the job chlorine usually does: water runs past the lamps and comes out disinfected, with no chemical added. Trojan builds the steel channels and lamp racks that do this at city scale, and smaller boxes for a factory, a building or a house.
This half of the business is project work rather than refills. A utility budgets for a job, tenders it, and waits — gear ordered in spring 2026 was expected to ship in late 2027, so the revenue arrives in lumps tied to municipal capital budgets. The steadier part comes afterwards: every reactor already installed burns out lamps and quartz sleeves on a schedule, and Veralto sells the replacements.
Esko
Design, approval and plate-making software for packaging — the artwork, the cut-out shape, the plates a printer mounts. Roughly 7% of sales, and the hub Veralto is bolting its software purchases onto. Rides on consumer-goods budgets, which are easier to pause.
Competes with Packaging prepress software (Hybrid Software) · Prinergy workflow (Kodak) · Apogee and Prinect workflow (Agfa)
In plain English
Every box, pouch and label began as a file somebody had to draw, check, get signed off, and turn into the printing plates that stamp it out. Esko is the software — with some of the hardware — that carries a package through that whole chain, from first sketch to the plate on the press.
Brand owners, their printers and the trade shops in between pay for licenses, subscriptions and plate-making machines. What keeps them paying is that supermarkets never stop launching new flavors, restyling old ones and changing what the label has to say. The catch: that spending belongs to marketing, which can be deferred in a way a water permit cannot.
X-Rite Pantone
Color you can prove: Pantone publishes the standard a brand's red is defined by, X-Rite sells the meter that checks a printed sheet matched it. Roughly 5% of sales and the most discretionary corner — quality-control budgets get trimmed first.
Competes with Sensing spectrophotometers (Konica Minolta) · Color measurement and matching (Datacolor) · Print and proofing color measurement (Techkon)
In plain English
A brand's exact red has to look the same on a cardboard box, a plastic bottle and a cotton shirt made in three different countries. Pantone publishes the numbered chips that define what that red is; X-Rite sells the handheld meter that reads a printed sheet and says whether it matched.
So the pair charges twice around one decision — a license for the standard, and instruments, software and calibration services for the checking. Printers, converters, carmakers and textile mills buy the measuring side; brand owners specify the standard, which is what pulls everyone else along. Color checking is also a step inside the Esko chain, so the two sell to the same buyer.
TraceGains + GlobalVision
Two bought-in software businesses being welded into one workflow: supplier paperwork for food and drink, and automatic checking of labels and artwork. Barely 1% of sales, but the stickiest slice — GlobalVision, which joined in April 2026, is around 85% subscription.
Competes with TVT artwork and label proofreading (Schlafender Hase) · Supplier compliance and specification management (TraceOne) · Artwork point tools (Kodak)
In plain English
Getting a food or medicine package legally right is mostly a paperwork problem. TraceGains keeps track of what suppliers ship you and what is in it; GlobalVision compares the label about to be printed against the approved version and flags anything that changed.
Both are sold as subscriptions to the buyers Esko already serves, which is the point of owning them: one chain from ingredient to printed carton. The checking is deliberately mechanical, designed to give the same answer every time, because in a regulated label an almost-right answer is a recall. GlobalVision is small: it joined in April 2026 with roughly $25M of sales expected for the year.
HachWater-testing instruments and the chemistry they drink — roughly a quarter of sales, on a par with Videojet as Veralto's largest piece. The instrument is the small sale; the reagents and calibration kits it consumes for years are the business. Watch utility operating budgets.Water-testing instruments and the chemistry they drink — roughly a quarter of sales, on a par with Videojet as Veralto's largest piece. The instrument is the small sale; the reagents and calibration kits it consumes for years are the business. Watch utility operating budgets.
In plain English
Before a city sends water to the taps, or a factory sends its used water back to a river, somebody has to prove what is in it. Hach sells the machine that does the proving, plus the little bottles of test chemicals it uses up.
Think of a pod coffee machine: the machine is bought once, the pods never stop. A treatment plant buys an analyser, then orders reagents, spare sensors and calibration kits for as long as it runs, because the testing is required by permit whether or not budgets are comfortable. Veralto flagged its single-use test keys growing at a double-digit pace in 2025.
Competes with YSI and OI Analytical water analysers (Xylem) · Liquiline / Memosens analysers (Endress+Hauser) · Orion water analysis (Thermo Fisher)
Environmental & Field MonitoringThe outdoor half of water testing — probes in rivers, wells and oceans, rain and sunlight gauges, and the software that gathers the readings. Roughly 8% of sales. In-Situ, bought in January 2026, adds about $80M of annual sales.The outdoor half of water testing — probes in rivers, wells and oceans, rain and sunlight gauges, and the software that gathers the readings. Roughly 8% of sales. In-Situ, bought in January 2026, adds about $80M of annual sales.
In plain English
Rivers, groundwater, harbors and reservoirs do not come with a tap you can sample from. So this is the gear that lives outdoors: sealed probes lowered down a well on a cable, flow meters in irrigation pipes, rain and sunlight gauges on a pole, ocean sensors, and a program that pulls every reading into one place.
Who pays: environmental agencies, water districts, research institutes and irrigation users, usually out of a monitoring program with a set budget. That money is granted rather than spent day to day, so it arrives less steadily than a utility's — and Veralto has been buying its way to more of it.
Competes with YSI and SonTek sondes and hydrology instruments (Xylem) · Water quality instruments (Horiba) · Portable and benchtop water testers (Hanna Instruments)
VideojetThe printer that puts the date, lot code or serial mark on each unit leaving a packing line — over 400,000 machines installed worldwide, roughly a quarter of sales. Ink and service contracts are steady; customers' line speeds set the pace.The printer that puts the date, lot code or serial mark on each unit leaving a packing line — over 400,000 machines installed worldwide, roughly a quarter of sales. Ink and service contracts are steady; customers' line speeds set the pace.
In plain English
Pick up any packet in a supermarket and find the smudgy dot-printed date on the back — not the pretty label, the mark added at the last moment on the line. Videojet makes the machines that squirt or burn those marks on as the product flies past, and Veralto says more than 400,000 of them are in service.
Factories buy them because rules and recalls demand it: when something goes wrong, the lot code is how you know which pallets to pull. Once bolted to the line, the machine drinks a particular ink and make-up fluid Veralto sells, and a service contract keeps it from stopping the line — which is where the money actually sits.
Competes with Markem-Imaje coding and marking (Dover) · Domino Printing Sciences coders (Brother) · Industrial inkjet coders (Hitachi Industrial Equipment Systems)
ChemTreatDosed chemistry plus engineers who show up to tune it, keeping the water inside cooling towers and boilers from wrecking them. Roughly an eighth of sales. Newest thread: a Dow partnership putting ChemTreat into AI data-center cooling — management calls that revenue still small.Dosed chemistry plus engineers who show up to tune it, keeping the water inside cooling towers and boilers from wrecking them. Roughly an eighth of sales. Newest thread: a Dow partnership putting ChemTreat into AI data-center cooling — management calls that revenue still small.
In plain English
Any plant that runs hot — a power station, a chemical works, a food plant, now a hall full of AI computers — pushes water through cooling towers and boilers. Left untreated, that water does to the pipes roughly what hard water does to a kettle. ChemTreat supplies the dosed chemicals that keep it in condition and sends field engineers to the site to adjust the dose.
That makes it a standing arrangement rather than a sale: each plant keeps ordering month after month, and the engineer's visits are the reason it renews. Dow, the chemicals group, supplies coolant to data centers and has named ChemTreat a service provider inside that network.
Competes with Nalco Water (Ecolab) · Industrial water treatment chemistry (Solenis) · Industrial water chemistry (Kurita Water Industries)
Trojan TechnologiesUltraviolet disinfection — treating water with light instead of chlorine — from city-sized channels down to a unit under a kitchen sink, plus membrane filtration. Roughly 11% of sales and the lumpiest line here: equipment ordered in spring 2026 was expected to ship in late 2027.Ultraviolet disinfection — treating water with light instead of chlorine — from city-sized channels down to a unit under a kitchen sink, plus membrane filtration. Roughly 11% of sales and the lumpiest line here: equipment ordered in spring 2026 was expected to ship in late 2027.
In plain English
Ultraviolet light does the job chlorine usually does: water runs past the lamps and comes out disinfected, with no chemical added. Trojan builds the steel channels and lamp racks that do this at city scale, and smaller boxes for a factory, a building or a house.
This half of the business is project work rather than refills. A utility budgets for a job, tenders it, and waits — gear ordered in spring 2026 was expected to ship in late 2027, so the revenue arrives in lumps tied to municipal capital budgets. The steadier part comes afterwards: every reactor already installed burns out lamps and quartz sleeves on a schedule, and Veralto sells the replacements.
Competes with Wedeco UV (Xylem) · Municipal disinfection systems (De Nora) · Lower-flow UV brands (Halma)
EskoDesign, approval and plate-making software for packaging — the artwork, the cut-out shape, the plates a printer mounts. Roughly 7% of sales, and the hub Veralto is bolting its software purchases onto. Rides on consumer-goods budgets, which are easier to pause.Design, approval and plate-making software for packaging — the artwork, the cut-out shape, the plates a printer mounts. Roughly 7% of sales, and the hub Veralto is bolting its software purchases onto. Rides on consumer-goods budgets, which are easier to pause.
In plain English
Every box, pouch and label began as a file somebody had to draw, check, get signed off, and turn into the printing plates that stamp it out. Esko is the software — with some of the hardware — that carries a package through that whole chain, from first sketch to the plate on the press.
Brand owners, their printers and the trade shops in between pay for licenses, subscriptions and plate-making machines. What keeps them paying is that supermarkets never stop launching new flavors, restyling old ones and changing what the label has to say. The catch: that spending belongs to marketing, which can be deferred in a way a water permit cannot.
Competes with Packaging prepress software (Hybrid Software) · Prinergy workflow (Kodak) · Apogee and Prinect workflow (Agfa)
X-Rite PantoneColor you can prove: Pantone publishes the standard a brand's red is defined by, X-Rite sells the meter that checks a printed sheet matched it. Roughly 5% of sales and the most discretionary corner — quality-control budgets get trimmed first.Color you can prove: Pantone publishes the standard a brand's red is defined by, X-Rite sells the meter that checks a printed sheet matched it. Roughly 5% of sales and the most discretionary corner — quality-control budgets get trimmed first.
In plain English
A brand's exact red has to look the same on a cardboard box, a plastic bottle and a cotton shirt made in three different countries. Pantone publishes the numbered chips that define what that red is; X-Rite sells the handheld meter that reads a printed sheet and says whether it matched.
So the pair charges twice around one decision — a license for the standard, and instruments, software and calibration services for the checking. Printers, converters, carmakers and textile mills buy the measuring side; brand owners specify the standard, which is what pulls everyone else along. Color checking is also a step inside the Esko chain, so the two sell to the same buyer.
Competes with Sensing spectrophotometers (Konica Minolta) · Color measurement and matching (Datacolor) · Print and proofing color measurement (Techkon)
TraceGains + GlobalVisionTwo bought-in software businesses being welded into one workflow: supplier paperwork for food and drink, and automatic checking of labels and artwork. Barely 1% of sales, but the stickiest slice — GlobalVision, which joined in April 2026, is around 85% subscription.Two bought-in software businesses being welded into one workflow: supplier paperwork for food and drink, and automatic checking of labels and artwork. Barely 1% of sales, but the stickiest slice — GlobalVision, which joined in April 2026, is around 85% subscription.
In plain English
Getting a food or medicine package legally right is mostly a paperwork problem. TraceGains keeps track of what suppliers ship you and what is in it; GlobalVision compares the label about to be printed against the approved version and flags anything that changed.
Both are sold as subscriptions to the buyers Esko already serves, which is the point of owning them: one chain from ingredient to printed carton. The checking is deliberately mechanical, designed to give the same answer every time, because in a regulated label an almost-right answer is a recall. GlobalVision is small: it joined in April 2026 with roughly $25M of sales expected for the year.
Competes with TVT artwork and label proofreading (Schlafender Hase) · Supplier compliance and specification management (TraceOne) · Artwork point tools (Kodak)
Named in filings, launches and programs
- LinxBrandVeralto's second coding-and-marking name, a tier below Videojet in inkjet printers; around 3% of sales.
- Cleanwater1Brand · AnnouncedAgreed August 2026 for $465M: on-site disinfection, solids handling and odor filtration, about 25,000 units and $135M of sales. Expected to close late 2026.
- Dow Coolant Care NetworkCustomer programDow supplies the coolant, ChemTreat services it — named strategic national provider in May 2026, preferred in Virginia, then extended to Ohio.
- Alfaa UVBrandMumbai ultraviolet treatment maker serving pharma, food and building services; bought into Trojan in July 2026, price undisclosed.
- AQUAFIDESBrandLow-flow ultraviolet units bought in 2025, giving Trojan a European footprint.
- Aria FiltraBrandTrojan's membrane filtration line — straining water through fine barriers rather than treating it with light.
- Aquafine / VIQUABrandTrojan's smaller ultraviolet brands: Aquafine for commercial and industrial users, VIQUA for homes.
- Aquatic InformaticsBrandSoftware that stores and organizes the readings water instruments produce; it gains as more sensors go into the ground.
- McCrometerBrandFlow instruments — measuring how much water moves through a pipe or canal, rather than what is in it.
- Sea-Bird ScientificBrandOceanographic sensing — the saltwater end of Veralto's field instruments, sold to research institutions rather than utilities.
- XOSBrandElemental analysis instruments used for fuel testing and environmental compliance.
- Kipp & ZonenBrandSunlight and weather instruments — the meteorology corner of the field monitoring group.
- UV laser marking and coding systemProduct · RampingA Videojet laser for marking flexible film packaging; management called demand strong through 2025.
LinxBrand
Veralto's second coding-and-marking name, a tier below Videojet in inkjet printers; around 3% of sales.
Cleanwater1Brand · Announced
Agreed August 2026 for $465M: on-site disinfection, solids handling and odor filtration, about 25,000 units and $135M of sales. Expected to close late 2026.
Dow Coolant Care NetworkCustomer program
Dow supplies the coolant, ChemTreat services it — named strategic national provider in May 2026, preferred in Virginia, then extended to Ohio.
Alfaa UVBrand
Mumbai ultraviolet treatment maker serving pharma, food and building services; bought into Trojan in July 2026, price undisclosed.
AQUAFIDESBrand
Low-flow ultraviolet units bought in 2025, giving Trojan a European footprint.
Aria FiltraBrand
Trojan's membrane filtration line — straining water through fine barriers rather than treating it with light.
Aquafine / VIQUABrand
Trojan's smaller ultraviolet brands: Aquafine for commercial and industrial users, VIQUA for homes.
Aquatic InformaticsBrand
Software that stores and organizes the readings water instruments produce; it gains as more sensors go into the ground.
McCrometerBrand
Flow instruments — measuring how much water moves through a pipe or canal, rather than what is in it.
Sea-Bird ScientificBrand
Oceanographic sensing — the saltwater end of Veralto's field instruments, sold to research institutions rather than utilities.
XOSBrand
Elemental analysis instruments used for fuel testing and environmental compliance.
Kipp & ZonenBrand
Sunlight and weather instruments — the meteorology corner of the field monitoring group.
UV laser marking and coding systemProduct · Ramping
A Videojet laser for marking flexible film packaging; management called demand strong through 2025.