# Vontier (VNT.US)

Canonical: https://gigainvestors.com/s/VNT

Analysis as of: 2026-10-16T07:32:54.715Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $33.30 per share; close as of 2026-10-15.

Estimated value: low $38.73 per share, central $43.86 per share, high $50.69 per share. Buy at or below the central value $43.86 per share. Valuation as of 2026-10-16T07:32:54.715Z; scenarios are not confidence intervals.

Expected annual return: 12.4% at the stated quote. About 12.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.20×

- FY2018: 0.19×

- FY2019: 0.20×

- FY2020: 0.17×

- FY2021: 0.19×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.18×

- FY2025: 0.18×

- LTM to Jun 2026: 0.19×

### moat: pass

- ROIC, median of available years: 39.7%

- ROIC, second-lowest year: 36.7%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 44.7%

- Recent gross margin (lower of latest and 3-year median): 46.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 16.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 43.3%

- FY2019: 56.4%

- FY2020: 61.7%

- FY2021: 46.6%

- FY2022: 35.2%

- FY2023: 36.7%

- FY2024: 39.1%

- FY2025: 39.7%

- LTM to Jun 2026: 38.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.2B

- Net income, five-year total: $2.0B

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 16.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.15×

- FY2023: 1.17×

- FY2024: 1.11×

- FY2025: 1.14×

- LTM to Jun 2026: 1.12×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 2.20 to 2.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -2.7%

- Diluted shares, 5-year annual growth: -2.7%

- Per-share value growth: 3.2%

- Per-share value change: $0.55

- Per-share value, starting three-year median: $2.20

- Per-share value, ending three-year median: $2.75

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 5.5%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: $3.9B

- ROIC, last three-year median: 39.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.79

- FY2017: $2.20

- FY2018: $2.29

- FY2019: $2.59

- FY2020: $2.02

- FY2021: $2.43

- FY2022: $2.49

- FY2023: $2.42

- FY2024: $2.75

- FY2025: $2.76

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.74×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.3%

- FY2018: -1.2%

- FY2019: -3.8%

- FY2020: -11.4%

- FY2021: -1.6%

- FY2022: 1.8%

- FY2023: -1.8%

- FY2024: -0.1%

- FY2025: -2.4%

## Holders

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Mar 2024 · "VNT Q1 Deep Dive: Cautious Guidance and Divestiture Shape Outlook Despite Core Segment Strength" (finance.yahoo.com, May 2026) · sales -0.2%

Story as of 2026-10-16T09:59:48.831Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.7% a year for ten years

- 2025-07-31: Vontier Reports Second Quarter 2025 Results and Raises Full Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/vontier-reports-second-quarter-2025-103000591.html))

- 2026-02-14: Vontier (VNT) Valuation Check After Fourth Quarter Beat And Cautious Near Term Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/vontier-vnt-valuation-check-fourth-121222646.html))

- 2026-05-12: VNT Q1 Deep Dive: Cautious Guidance and Divestiture Shape Outlook Despite Core Segment Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vnt-q1-deep-dive-cautious-025255542.html))

### Sales · FY2025–2026

sales -0.2%; source https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm; observed 2026-02-12.

- FY2017: $2.5B 

- FY2018: $2.7B 

- FY2019: $2.8B 

- FY2020: $2.7B 

- FY2021: $3.0B 

- FY2022: $3.2B 

- FY2023: $3.1B 

- FY2024: $3.0B 

- FY2025: $3.1B 

- FY2026: $3.1B 

### Gross margin · FY2026

gross margin 46.6%; source https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm; observed 2026-02-12.

- FY2017: 42.9% 

- FY2018: 42.6% 

- FY2019: 43.0% 

- FY2020: 43.9% 

- FY2021: 44.6% 

- FY2022: 44.9% 

- FY2023: 46.2% 

- FY2024: 47.8% 

- FY2025: 47.2% 

- FY2026: 46.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in scientific & technical instruments; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm (filed 2026-02-12); FY2025: revenue 3075600000; grossProfit 1450800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VNT.US: Vontier Corporation provides mobility ecosystem solutions worldwide. It operates through three segments: Mobility Technologies, Repair Solutions, and Environmental and Fueling Solutions. The Mobility Technologies segment provides digitally enabled equipment and operating software solutions for mobility ecosystem, such as convenience retail operating platform, point-of-sale and payment solutions, remote diagnostics and site-management tools, workflow automation solutions, data analytics, operating software platform for electric vehicle charging networks, integrated solutions for alternative fuel dispensing, and IoT-based fleet telematics. Its Repair Solutions segment manufactures and distributes aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through mobile franchise network. The Environmental and Fueling Solutions segment offers environmental monitoring and leak detection systems, forecourt controllers, vapor recovery equipment, and fuel dispenser systems for petroleum under the Gilbarco and Veeder-Root brands. The company markets its products and services to retail and commercial fueling, convenience store, and car wash operators; commercial vehicle repair businesses, fleet owners/operators and electric vehicle charging network operators, as well as direct sales personnel and independent distributors. It serves customers in North America, the Asia Pacific, Europe, and Latin America. Vontier Corporation was incorporated in 2019 and is headquartered in Raleigh, North Carolina.

### Why customers stay

Margins ranged from 46.2% to 47.8% during 2023–25; it earns 39.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 47.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 47.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.4329535470393019],[2019,0.5635923977016896],[2020,0.6170089574815752],[2021,0.4661265809043044],[2022,0.35175232246115035],[2023,0.36712905675827173],[2024,0.3907966576474186],[2025,0.3971782146198225],[2026,0.38013427212936546]]; median 0.3971782146198225. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 45% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.44574848697629316],[2022,0.44853033538500187],[2023,0.46239338330317914]]; range within 2 percentage points.

### Where the cash goes

Reinvests 2.4% of cash earnings; paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 63000000; owner earnings 344400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 2300000; upkeep 66100000; owner earnings 373300000. Growth capex / owner earnings = 0.0061612643986070185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 42400000; owner earnings 429500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 38000000; cash acquisitions 0; owner earnings 483000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 35700000; cash acquisitions 0; owner earnings 384600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 47800000; cash acquisitions 955800000; owner earnings 453500000. Growth capex plus acquisitions / owner earnings = 2.1076074972436603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 60000000; cash acquisitions 277500000; owner earnings 460200000. Growth capex plus acquisitions / owner earnings = 0.6029986962190352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 60100000; cash acquisitions 0; owner earnings 441800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 82700000; cash acquisitions 0; owner earnings 466600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 69900000; cash acquisitions 10900000; owner earnings 461400000. Growth capex plus acquisitions / owner earnings = 0.023623753792804507.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,12700000],[2019,12700000],[2020,12700000],[2021,12700000],[2022,15900000],[2023,15500000],[2024,15200000],[2025,14700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 300200000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VNT.US SharesStats.PercentInsiders = 0.776 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm (filed 2026-02-12); political conditions which may impact our business, including monetary and fiscal policies, changes in the banking system and investment and taxation policy initiatives being considered in the United States and by the Organization for Economic Co-operation and Development. We also continue to monitor the Russia-Ukraine conflict, conflicts in the Middle East and political and economic conditions in Latin America and the impact on our business and operations. As of the filing date of this report, we do not believe they are material.

During April 2025, the United States announced a new baseline tariff of 10%, plus an additional country-specific tariff, on all imports into the United States. In response, certain countries announced reciprocal tariffs on imports from the United States. While the United States has reached trade agreements with certain countries, tariffs on imports from other countries and other reciprocal tariffs either remain in effect or have been temporarily paused, and as such, significant uncertainty around future tariff policies remains. We import inventory into the United States from a number of countries, and as such, if tariffs remain in effect for a prolonged period of time, we expect our cost to import inventory into the United States to increase. We have actively managed our tariff exposure and continue to diversify our supply chain to reduce our exposure to tariffs on imports into the United States, particularly from high-tariff countries. In addition, certain of our products manufactured in the United States are exported internationally and are subject to reciprocal tariffs. If we are unable to effectively mitigate the financial impact of tariffs, or if tariffs lead to other impacts, including but not limited to a decrease in demand for our products, it would have a material impact on our business, financial condition and results of operations.

27

Table of Contents

RESULTS OF OPERATIONS

Comparison of Results of Operations

Year Ended December 31,

($ in millions) 2025 % of Sales 2024 % of Sales

Sales $ 3,075.6 $ 2,979.0

Operating costs and expenses:

Cost of sales(a)

(1,624.8) 52.8 % (1,554.9) 52.2 %

Selling, general and administrative expenses (“SG&A”) (639.4) 20.8 % (629.7) 21.1 %

Research and development expenses (“R&D”) (175.7) 5.7 % (177.7) 6.0 %

Amortization of acquisition-related intangible assets (74.1) 2.4 % (79.7) 2.7 %

Operating profit $ 561.6 18.3 % $ 537.0 18.0 %

(a) Excluding amortization of acquisition-related intangible assets.

Sales

The components of our consolidated sales growth were as follows for the periods indicated:

2025 vs 2024

Total sales growth (GAAP) 3.2 %

Core sales (Non-GAAP) 3.7 %

Acquisitions and divestitures (Non-GAAP) (0.5) %

Currency exchange rates (Non-GAAP) — %

Sales for each of our segments were as follows for the periods indicated:

Year Ended December 31,

($ in mi

### What the price says

The price assumes cash profits shrink 2.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate -0.05083946914677523. Price 33.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-09: $31.00 per share

- 2020-10: $28.74 per share

- 2020-11: $33.17 per share

- 2020-12: $33.40 per share

- 2021-01: $32.43 per share

- 2021-02: $31.40 per share

- 2021-03: $30.27 per share

- 2021-04: $31.34 per share

- 2021-05: $35.08 per share

- 2021-06: $32.58 per share

- 2021-07: $32.35 per share

- 2021-08: $36.37 per share

- 2021-09: $33.60 per share

- 2021-10: $33.83 per share

- 2021-11: $31.51 per share

- 2021-12: $30.73 per share

- 2022-01: $28.11 per share

- 2022-02: $24.30 per share

- 2022-03: $25.39 per share

- 2022-04: $25.62 per share

- 2022-05: $26.82 per share

- 2022-06: $22.99 per share

- 2022-07: $25.80 per share

- 2022-08: $21.92 per share

- 2022-09: $16.71 per share

- 2022-10: $19.10 per share

- 2022-11: $19.63 per share

- 2022-12: $19.33 per share

- 2023-01: $23.03 per share

- 2023-02: $26.17 per share

- 2023-03: $27.34 per share

- 2023-04: $27.13 per share

- 2023-05: $29.64 per share

- 2023-06: $32.21 per share

- 2023-07: $30.93 per share

- 2023-08: $31.41 per share

- 2023-09: $30.92 per share

- 2023-10: $29.56 per share

- 2023-11: $33.73 per share

- 2023-12: $34.55 per share

- 2024-01: $34.59 per share

- 2024-02: $43.00 per share

- 2024-03: $45.36 per share

- 2024-04: $40.63 per share

- 2024-05: $39.98 per share

- 2024-06: $38.20 per share

- 2024-07: $39.23 per share

- 2024-08: $35.03 per share

- 2024-09: $33.74 per share

- 2024-10: $37.08 per share

- 2024-11: $39.26 per share

- 2024-12: $36.47 per share

- 2025-01: $38.55 per share

- 2025-02: $37.35 per share

- 2025-03: $32.85 per share

- 2025-04: $31.81 per share

- 2025-05: $35.75 per share

- 2025-06: $36.90 per share

- 2025-07: $41.47 per share

- 2025-08: $42.91 per share

- 2025-09: $41.97 per share

- 2025-10: $38.50 per share

- 2025-11: $36.28 per share

- 2025-12: $37.18 per share

- 2026-01: $37.50 per share

- 2026-02: $40.92 per share

- 2026-03: $35.47 per share

- 2026-04: $35.88 per share

- 2026-05: $28.38 per share

- 2026-06: $29.00 per share

- 2026-07: $32.13 per share

- 2026-08: $32.21 per share

- 2026-09: $31.40 per share

- 2026-10: $33.30 per share

## Annual estimated value (USD per share)

- FY2020: low $28.00 per share, central $31.60 per share, high $36.39 per share

- FY2021: low $32.16 per share, central $36.17 per share, high $41.52 per share

- FY2022: low $33.79 per share, central $38.31 per share, high $44.33 per share

- FY2023: low $33.13 per share, central $37.45 per share, high $43.20 per share

- FY2024: low $32.53 per share, central $36.74 per share, high $42.36 per share

- FY2025: low $37.14 per share, central $41.85 per share, high $48.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1786842/000162828026007648/vnt-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 276,939 VNT shares; USD 8,031,000 reported position value; 1.7% of portfolio; add; quarter 2026 Q2.

# VNT — Vontier Corp.

Held by 1 investor · USD 8,031,000 total · 2026 Q2 · reported price USD 29.00 (split-adjusted).
Page: https://gigainvestors.com/s/VNT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Arnold Van Den Berg (https://gigainvestors.com/VAN) | USD 8,031,000 | 1.7% | add +24.64% |

## Total held by quarter

- 2021 Q1: USD 82,403,628 · 2 holders · USD 30.27
- 2021 Q2: USD 92,771,387 · 2 holders · USD 32.58
- 2021 Q3: USD 91,336,190 · 2 holders · USD 33.60
- 2021 Q4: USD 94,635,586 · 3 holders · USD 30.73
- 2022 Q1: USD 82,486,321 · 3 holders · USD 25.39
- 2022 Q2: USD 80,426,913 · 4 holders · USD 22.99
- 2022 Q3: USD 45,984,687 · 4 holders · USD 16.71
- 2022 Q4: USD 2,686,309 · 2 holders · USD 19.33
- 2023 Q1: USD 4,124,721 · 2 holders · USD 27.35
- 2023 Q2: USD 4,858,575 · 2 holders · USD 32.21
- 2023 Q3: USD 4,664,775 · 2 holders · USD 30.93
- 2023 Q4: USD 1,382,000 · 1 holder · USD 34.55
- 2024 Q1: USD 1,361,100 · 1 holder · USD 45.37
- 2024 Q2: USD 9,797,574 · 1 holder · USD 38.20
- 2024 Q3: USD 8,200,170 · 1 holder · USD 33.74
- 2024 Q4: USD 8,705,280 · 1 holder · USD 36.47
- 2025 Q1: USD 7,839,225 · 1 holder · USD 32.85
- 2025 Q2: USD 9,028,618 · 1 holder · USD 36.90
- 2025 Q3: USD 10,018,701 · 1 holder · USD 41.97
- 2025 Q4: USD 8,663,609 · 1 holder · USD 37.18
- 2026 Q1: USD 7,881,221 · 1 holder · USD 35.47
- 2026 Q2: USD 8,031,000 · 1 holder · USD 29.00