Veralto is a science and technology company focused on water quality management and product quality assurance, spun off from Danaher in September 2023. Veralto operates through two segments: Water Quality (~55% of sales) and Product Quality & Innovation (~45% of sales). The Water Quality segment includes Hach, which sells water testing instruments and reagents to utilities and industrial customers; ChemTreat, which provides chemical water treatment programs to industrial customers via a direct sales model; Trojan Technologies, which sells UV disinfection systems primarily for municipal water reuse; and OTT HydroMet and In-Situ, which provide environmental water monitoring equipment. The PQI segment includes Videojet and Linx, which sell inline marking and coding systems that print expiration dates and traceability codes onto packaging; Esko, which provides packaging design and digital asset management software; TraceGains, a cloud-based ingredient compliance and traceability platform; and X-Rite and Pantone, which provide color measurement tools and color standardization licensing. Veralto's business model centers on an installed base of instruments and equipment that drives recurring consumables, service, and software revenue — approximately 61% of total sales. Equipment sales expand the installed base, seeding future recurring revenue. Because customers cannot stop testing water or printing codes on products, this recurring stream is relatively insensitive to economic cycles. Veralto sells ~75% direct to end users. Capital intensity is low, with CapEx at roughly 1-1.5% of sales, supporting free cash flow conversion at or above 100% of net income.