Revenue growth remains inconsistent, fluctuating between a 1.3% increase in 2026Q1 and an 8.9% contraction in 2024Q2, while operating margins struggle to scale beyond the 19.2% peak observed in 2024Q4.
| Sales/Revenue | 3.09B | 3.08B | 2.98B | 3.1B | 3.18B | 2.99B | 2.7B | 2.77B | 2.67B | 2.5B |
| Revenue Growth % | 4.08% | 3.24% | -3.75% | -2.8% | 6.48% | 10.58% | -2.44% | 3.98% | 6.71% | - |
| Cost of Goods Sold | 1.65B | 1.62B | 1.55B | 1.66B | 1.76B | 1.66B | 1.52B | 1.58B | 1.53B | 1.43B |
| COGS % of Revenue | - | 52.83% | 52.2% | 53.76% | 55.15% | 55.43% | 56.07% | 57.04% | 57.42% | 57.06% |
| Gross Profit | 1.44B | 1.45B | 1.42B | 1.43B | 1.43B | 1.33B | 1.19B | 1.19B | 1.14B | 1.07B |
| Gross Margin % | 46.54% | 47.17% | 47.8% | 46.24% | 44.85% | 44.57% | 43.93% | 42.96% | 42.58% | 42.94% |
| Gross Profit Growth % | - | 1.87% | -0.5% | 0.2% | 7.14% | 12.2% | -0.23% | 4.91% | 5.81% | - |
| Operating Expenses | 864.7M | 889.2M | 887.1M | 887.8M | 850.4M | 750.9M | 719.9M | 627.7M | 635.5M | 572M |
| OpEx % of Revenue | - | 28.91% | 29.78% | 28.68% | 26.71% | 25.11% | 26.62% | 22.64% | 23.84% | 22.9% |
| Selling, General & Admin | 638.1M | 639.4M | 618M | 643.1M | 619.5M | 621.6M | 508.4M | 491.3M | 499.3M | 445.8M |
| SG&A % of Revenue | - | 20.79% | 20.75% | 20.78% | 19.45% | 20.78% | 18.8% | 17.72% | 18.73% | 17.84% |
| Research & Development | 176.9M | 175.7M | 177.7M | 163.5M | 144.6M | 129.3M | 126.2M | 136.4M | 136.2M | 126.2M |
| R&D % of Revenue | - | 5.71% | 5.97% | 5.28% | 4.54% | 4.32% | 4.67% | 4.92% | 5.11% | 5.05% |
| Other Operating Expenses | 2M | 74.1M | 91.4M | 81.2M | 86.3M | -300K | 85.3M | -600K | -700K | -600K |
| Operating Income | 571.1M | 561.6M | 537M | 543.4M | 577.9M | 582.2M | 468.2M | 563.1M | 499.6M | 500.8M |
| Operating Margin % | 18.51% | 18.26% | 18.03% | 17.56% | 18.15% | 19.47% | 17.31% | 20.31% | 18.74% | 20.05% |
| Operating Income Growth % | - | 4.58% | -1.18% | -5.97% | -0.74% | 24.35% | -16.85% | 12.71% | -0.24% | - |
| EBITDA | 697.2M | 686.8M | 664.1M | 668.4M | 679.6M | 670.5M | 546.5M | 647.6M | 586M | 566.9M |
| EBITDA Margin % | 22.6% | 22.33% | 22.29% | 21.59% | 21.34% | 22.42% | 20.21% | 23.36% | 21.98% | 22.69% |
| EBITDA Growth % | 6.74% | 3.42% | -0.64% | -1.65% | 1.36% | 22.69% | -15.61% | 10.51% | 3.37% | - |
| D&A (Non-Cash Add-back) | 126.1M | 125.2M | 127.1M | 125M | 101.7M | 88.3M | 78.3M | 84.5M | 86.4M | 66.1M |
| EBIT | 579.4M | 561.6M | 572.3M | 577.2M | 597M | 595.3M | 470.3M | 563.1M | 499.6M | 500.8M |
| Net Interest Income | -31M | -59.8M | -74.7M | -93.7M | -69.6M | -47.8M | -10M | 3.3M | 8.4M | 8.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.3M | 8.4M | 8.4M |
| Interest Expense | 31M | 59.8M | 74.7M | 93.7M | 69.6M | 47.8M | 10M | 0 | 0 | 0 |
| Other Income/Expense | -52.9M | -53.4M | -39.4M | -59.9M | -50.5M | -48.2M | -7.9M | 2.7M | 7.7M | 23.1M |
| Pretax Income | 518.2M | 508.2M | 497.6M | 483.5M | 527.4M | 534M | 460.3M | 565.8M | 507.3M | 523.9M |
| Pretax Margin % | 16.8% | 16.52% | 16.7% | 15.62% | 16.56% | 17.86% | 17.02% | 20.41% | 19.03% | 20.97% |
| Income Tax | 105.7M | 102.1M | 75.4M | 106.6M | 126.1M | 121M | 118.3M | 129.3M | 121.8M | 150.6M |
| Effective Tax Rate % | 20.4% | 20.09% | 15.15% | 22.05% | 23.91% | 22.66% | 25.7% | 22.85% | 24.01% | 28.75% |
| Net Income | 412.5M | 406.1M | 422.2M | 376.9M | 401.3M | 413M | 342M | 436.5M | 385.5M | 373.3M |
| Net Margin % | 13.37% | 13.2% | 14.17% | 12.18% | 12.6% | 13.81% | 12.65% | 15.75% | 14.46% | 14.94% |
| Net Income Growth % | 10.5% | -3.81% | 12.02% | -6.08% | -2.83% | 20.76% | -21.65% | 13.23% | 3.27% | - |
| Net Income (Continuing) | 412.5M | 406.1M | 422.2M | 376.9M | 401.3M | 413M | 342M | 436.5M | 385.5M | 373.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.9M | 7M | 8.8M | 5.2M | 3M | 3.8M | 3.9M | 4.9M | 3.1M | 3.9M |
| EPS (Diluted) | 2.89 | 2.76 | 2.75 | 2.42 | 2.49 | 2.43 | 2.02 | 2.59 | 2.27 | 2.20 |
| EPS Growth % | 15.04% | 0.36% | 13.64% | -2.81% | 2.47% | 20.3% | -22.01% | 14.1% | 3.18% | - |
| EPS (Basic) | - | 2.77 | 2.76 | 2.43 | 2.50 | 2.44 | 2.03 | 2.59 | 2.29 | 2.23 |
| Diluted Shares Outstanding | 142.5M | 147.4M | 153.8M | 156M | 161M | 170.1M | 169.4M | 168.4M | 169.7M | 169.8M |
| Basic Shares Outstanding | 141.8M | 146.7M | 152.8M | 155.1M | 160.5M | 169M | 168.4M | 168.4M | 168.3M | 167.7M |
| Dividend Payout Ratio | - | 3.62% | 3.6% | 4.11% | 3.96% | 3.08% | - | - | - | - |
Energy transition infrastructure obsolescence
According to the provided quarterly income statements, Vontier's revenue growth remains inconsistent, fluctuating between a 1.3% increase in 2026Q1 and a contraction of 8.9% in 2024Q2, suggesting that the company is struggling to find a sustainable organic growth path following the conclusion of major hardware upgrade cycles.
The volatility in top-line performance appears to reflect the transition away from one-time hardware-heavy EMV compliance projects toward a more recurring software-based model. Investors should monitor whether the current revenue stagnation is a temporary trough associated with this business model shift or a structural limitation of the core fueling infrastructure market.
As reported in financial statements, Vontier has maintained a relatively stable gross margin profile, hovering near 47% over the last ten quarters, which suggests that the company retains significant pricing power within its niche regulatory-driven environmental monitoring and fueling hardware segments despite broader industrial cost pressures.
While gross margins have remained resilient, operating margins have shown more sensitivity to quarterly fluctuations, indicating that fixed costs and R&D investments are not yet fully optimized for the current revenue scale. The ability to sustain these margins will likely depend on the successful integration of higher-margin software solutions to offset potential hardware commoditization.
Based on Vontier's reported figures, operating income has failed to consistently scale in proportion to gross profit, with operating margins oscillating between 16.4% and 19.2% over the observed period, indicating that SG&A expenses remain a significant drag on the company's ability to translate gross gains into bottom-line growth.
The lack of clear operating leverage suggests that the company is still absorbing the costs of its strategic pivot, including investments in EV charging software and franchise support. Analysts should investigate whether the current SG&A levels represent a permanent increase in the cost base required to support a software-centric business model.
Data from recent filings indicates that Vontier's reliance on legacy fueling infrastructure may be a long-term liability, as the 1.3% revenue growth in 2026Q1 highlights the difficulty of replacing the high-volume hardware sales that characterized the previous EMV-driven cycle with newer, less-proven software and EV-related revenue streams.
Short-sellers may focus on the potential for a terminal decline in the ICE fueling market, which could render the company's core installed base less valuable over time. The market's skepticism, reflected in valuation multiples, suggests that investors are not yet convinced that the company's software acquisitions can adequately replace the cash flows from its traditional hardware business.
Quick answers to the most common questions about buying VNT stock.
For fiscal year 2025, Vontier Corporation (VNT) reported total revenue of $3.08B. This represents a 23.1% increase compared to $2.50B in 2017.
Vontier Corporation (VNT) is profitable, generating $406.1M in net income for the fiscal year ending 2025 with a net profit margin of 13.2%.
Vontier Corporation (VNT) reported an operating income of $561.6M, resulting in an operating profit margin of 18.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Vontier Corporation (VNT) generated $1.45B in gross profit for the year, representing a gross profit margin of 47.2%. This demonstrates the company's core pricing power and production efficiency.