Veralto management check
VLTO · Industrials · Environmental & Facilities Services · CEO Jennifer Honeycutt
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2023 grew to $119, against $159 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 3 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.84 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.6% of net income$14.8m of reported pay in fiscal 2025, against $940.0m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 0.8 years of payThe CEO holds 120,534 shares, directly or through trusts (unvested awards not counted): about 0.8 years of pay. Light activity: no buys, $1.5m sold in six months. 3 of 4 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.7% a year over the last three fiscal years. Stock-based pay was 1.3% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Ms. Honeycutt. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2023.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 19 | 55 | |
| Pay for performance | 92 | 86 | |
| CEO cost | 34 | 48 | |
| Skin in the game | 29 | 55 | |
| Dilution | 41 | 62 | |
| Stable leadership | 100 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Environmental & Facilities Services, by management score. Veralto is 63rd of 81 in its sector.
- 262RSGRepublic Services64
- 300WMWaste Management61
- 335JJacobs Solutions59
- 336VLTOVeralto59
- 339EFXEquifax59
- 370ROLRollins, Inc.56
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $14.8m | $10.5m | $3.9m | $119 | $159 | $940.0m |
| 2024 | Ms. Honeycutt | $11.5m | $18.5m | $3.5m | $121 | $133 | $833.0m |
| 2023 | Ms. Honeycutt | $9.4m | $5.5m | $4.8m | $97 | $113 | $839.0m |
The board says pay is tied most to Adjusted Earnings per Share. Its other key measures: Adjusted (Segment) Operating Profit (non-GAAP), Segment) Core Revenue Growth (non-GAAP), Free Cash Flow Conversion (non-GAAP), Absolute TSR, Relative TSR compared to the S&P 500 TSR, Return on Invested Capital (non-GAAP).
Insiders and the CEO's stake
Jennifer Honeycutt (President and CEO) held 120,534 shares directly after their latest Form 4 on Oct 20, 2026, roughly $11.4m at that filing's price.
Light activity: no buys, $1.5m sold in six months. 3 of 4 sales ran on pre-arranged 10b5-1 plans.
- SoldJennifer HoneycuttPresident and CEO · 10b5-1 plan$1.4mJul 29, 2026
- SoldSurekha TrivediSVP, Strategy & Sustainability · 10b5-1 plan$96kAug 17, 2026
- SoldBernard M SkeeteChief Accounting Officer$26kMay 1, 2026
Leadership and governance on file
- Nov 3, 2025Leadership change8-K 5.02
- Aug 7, 2025Leadership change8-K 5.02
- Jul 16, 2024Leadership change8-K 5.02
- Dec 15, 2023Leadership change8-K 5.02
- Oct 2, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 14, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $198.0m returned to owners in buybacks and dividends, 5% of net income, and $269.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7bn | $4.9bn | $5.0bn | $5.2bn | $5.5bn |
| Net income | $861.0m | $845.0m | $839.0m | $833.0m | $940.0m |
| Stock-based pay | $34.0m | $41.0m | $55.0m | $65.0m | $74.0m |
| Buybacks | — | — | — | — | — |
| Dividends | — | $0 | $0 | $89.0m | $109.0m |
| Diluted shares | 246m | 246m | 247m | 250m | 250m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.