VLTO vs ZWS: Veralto and Zurn Elkay Water Solutions compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Veralto is the larger company, worth $23.7B, about 3.2 times Zurn Elkay Water Solutions.
- Zurn Elkay Water Solutions grew revenue faster over the last year (+11.4% vs +6.8%).
- Veralto keeps more of each dollar of revenue as operating profit (23.1% vs 17.1%).
- On earnings, Veralto is the cheaper stock (24.9x vs 36.2x).
- Zurn Elkay Water Solutions's price assumes faster free cash flow growth: about 7% a year, against 7% for Veralto (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | VLTO | ZWS |
|---|---|---|
| Market cap | $23.7B | $7.5B |
| Share price | $95.73 | $46.57 |
| Revenue (last fiscal year) | $5.5B | $1.7B |
| Free cash flow (last fiscal year) | $1.0B | $317M |
| Revenue growth, last year | +6.8% | +11.4% |
| Revenue growth per year, last 5 fiscal years | +4.0% | +16.8% |
| Operating margin | 23.1% | 17.1% |
| Net margin | 17.3% | 12.3% |
| Return on equity | 32.2% | 13.3% |
| P/E (trailing) | 24.9x | 36.2x |
| Price / free cash flow | 23.4x | 23.5x |
| EV / EBITDA | 16.3x | 19.5x |
| FCF growth the price implies | 7.1% | 7.1% |
| Dividend yield | 0.51% | 0.87% |
| Debt / equity | 1.55x | 0.67x |
| Fundamental grade | C | B |
| Superinvestors holding it | 6 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Veralto
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.7B | $842M | 22.1% |
| 2022 | $4.9B | $836M | 22.8% |
| 2023 | $5.0B | $909M | 22.7% |
| 2024 | $5.2B | $820M | 23.3% |
| 2025 | $5.5B | $1.0B | 23.2% |
Zurn Elkay Water Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $911M | $200M | 11.7% |
| 2022 | $1.3B | $89M | 8.4% |
| 2023 | $1.5B | $233M | 12.5% |
| 2024 | $1.6B | $272M | 15.6% |
| 2025 | $1.7B | $317M | 16.4% |
Where the revenue comes from
Veralto · by segments, 2025
Water Quality$3.3B60%
Product Quality & Innovation$2.2B40%
Zurn Elkay Water Solutions · by segments, 2020
Process & Motion Control$1.4B66%
Water Management$710M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open VLTO in InvestinglyQuestions
Which is bigger, Veralto or Zurn Elkay Water Solutions?
Veralto (VLTO), at $23.7B against $7.5B.
Is VLTO or ZWS cheaper?
By trailing P/E, Veralto (24.9x) is cheaper than Zurn Elkay Water Solutions (36.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, VLTO or ZWS?
Zurn Elkay Water Solutions: revenue grew +11.4% over the last year, against +6.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.