Arq Inc (ARQ) is undervalued and Veralto Corp (VLTO) is slightly overvalued.
Against our estimates of intrinsic value, ARQ trades at the wider discount: a margin of safety of +40%, against -7% for VLTO.
Values as of the 22 Sept 2026 close.
A 1.5x revenue multiple, discounted for its losses, values the shares at $3.48; the price of $2.07 is 40% below that value.
Leak Score 56/100 on 2 of 12 signals
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $89.66; the price of $95.79 is 7% above that value, and 76% of that value comes from beyond year five.
Leak Score 61/100 on 6 of 12 signals
| Metric | ARQ | VLTO |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $2.07 | $95.79 |
| Intrinsic value | $3.48 | $89.66 |
| Margin of safety | +40% | -7% |
| Leak Score | 56/100 (2/12) | 61/100 (6/12) |
| Market cap | $90M | $23.4B |
| Revenue growth, 5 years | 12.3% | 4.8% |
| Operating margin | -6.6% | 22.7% |
| Net margin | -42.3% | 17.4% |
| Return on equity | -27.1% | 34.4% |
| Debt to equity | 0.23 | 1.09 |
| P/E | — | 24.1x |
| Forward P/E | 124.2x | 20.0x |
| P/B | 0.5x | 7.5x |
| Dividend yield | — | 0.5% |