Waters Corporation WAT SPX
Healthcare · Diagnostics & Research · United States
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and supports products, including chromatography columns, and other consumable products. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer goods, and healthcare products, as well as for life science research; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology, which is used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.
READ MORE ›$383.57
+9.83% 1Y
Market & Price
Market Cap
$37.66B
Current Price
$383.57
High / Low (52W)
$412.54 / $277.72
Beta
1.14
Valuation
Stock P/E
48.80
Industry PE
23.65
Forward P/E
23.37
PEG Ratio
1.70
Book Value
$43.01
Price to Book
8.92
P/S
9.99
EV/EBITDA
37.71
Dividend Yield
-
Profitability & Returns
ROCE
21.49%
ROE
5.21%
ROA
3.31%
Profit Margin
11.93%
Op Margin
2.84%
EPS (Latest Qtr)
$-0.87
EPS (TTM)
$7.86
Balance Sheet & Liquidity
Debt/Equity
0.37
Quick Ratio
0.97
Current Ratio
1.79
Debt
$5.60B
Total Assets
$5.08B
Current Assets
$2.15B
Working Capital
$908.15M
Ownership
Promoter Holding
0.10%
Chg in Prom Hold
-
FII / Inst Holding
99.67%
Chg in FII Hold
-0.09%
Financial Snapshot
Enterprise Value
$42.80B
Total Revenue (TTM)
$3.77B
EBITDA
$1.14B
Free Cash Flow
$-502.37M
Operating Cash Flow
$389.56M
Shares Outstanding
98.19M
Gross Margin
55.15%
Payout Ratio
0.00%
Growth (CAGR)
Revenue 5Y
2.12%
Profit 5Y
-3.17%
Revenue (YoY)
91.40%
Earnings (YoY)
-
PROS
- Healthy ROCE of 21.5%.
CONS
- Earnings shrank at -3.2% CAGR over 5 years.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Healthcare).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | WAT Waters Corporation SPX | 383.57 | 48.80 | $37.66B | - | 21.49% | 5.21% | 2.12% | -3.17% |
| 2 | LLY Eli Lilly and Company SPX | 1,105.00 | 39.21 | $985.37B | 0.63% | 38.44% | 107.46% | 31.69% | 48.96% |
| 3 | JNJ Johnson & Johnson SPX | 225.33 | 26.11 | $542.42B | 2.38% | 23.13% | 26.42% | 5.60% | 14.32% |
| 4 | UNH UnitedHealth Group Incorporated SPX | 380.31 | 28.66 | $345.38B | 2.32% | 9.60% | 12.18% | 11.35% | -15.69% |
| 5 | MRK Merck & Co., Inc. SPX | 118.72 | 33.44 | $293.22B | 2.86% | 20.66% | 18.94% | 3.12% | 7.93% |
| 6 | TMO Thermo Fisher Scientific Inc. SPX | 492.51 | 27.11 | $183.03B | 0.38% | 9.17% | 13.52% | -0.27% | -1.19% |
| 7 | AMGN Amgen Inc. NDXSPX | 336.79 | 23.42 | $181.77B | 2.99% | 18.02% | 101.32% | 11.77% | 5.58% |
| 8 | GILD Gilead Sciences, Inc. NDXSPX | 134.43 | 18.29 | $166.90B | 2.44% | 22.92% | 43.36% | 2.57% | 22.83% |
| 9 | ISRG Intuitive Surgical, Inc. NDXSPXAI | 424.64 | 51.53 | $150.39B | - | 15.96% | 17.23% | 17.39% | 29.26% |
Ad space
Quarterly Results
Figures in USD.
| Metric | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Apr 2021 | Jun 2021 | Jul 2021 | Sep 2021 | Oct 2021 | Dec 2021 | Mar 2022 | Apr 2022 | Jun 2022 | Jul 2022 | Sep 2022 | Oct 2022 | Dec 2022 | Mar 2023 | Apr 2023 | Jun 2023 | Jul 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 578.02M | 715.02M | 513.86M | 599.16M | 577.28M | 716.29M | 464.94M | 519.98M | 593.78M | 786.66M | 608.54M | 608.54M | 681.65M | 681.65M | 659.23M | 659.23M | 836.45M | 690.57M | 690.57M | 714.32M | 714.32M | 708.55M | 708.55M | 858.51M | 684.67M | 684.67M | 740.58M | 740.58M | 711.69M | 819.47M | 636.84M | 708.53M | - | - | 662.00M | 771.33M | 799.89M | 932.36M | 1.27B | 1.27B |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 277.00M | 321.41M | 327.81M | 362.86M | 679.00M | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 385.00M | 449.93M | 472.08M | 569.50M | 588.00M | - |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 233.00M | 261.71M | 279.97M | 298.98M | 635.00M | - |
| Operating Income | 171.67M | 244.53M | 121.15M | 177.65M | 173.24M | 236.42M | 68.28M | 155.11M | 158.38M | 263.71M | 171.27M | 171.27M | 196.42M | 196.42M | 191.81M | 191.81M | 262.20M | 195.47M | 195.47M | 199.63M | 199.63M | 192.01M | 192.01M | 286.28M | 174.17M | 174.17M | 199.86M | 199.86M | 179.43M | 264.22M | 133.85M | 189.11M | - | - | 152.00M | 188.21M | 192.11M | 270.52M | -47.00M | -47.00M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 207.00M | 243.06M | 249.43M | 331.01M | 167.00M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.00M | 14.35M | 26.64M | 14.29M | 48.00M | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 143.00M | 177.69M | 170.12M | 264.18M | -88.00M | - |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22.00M | 30.58M | 21.20M | 38.97M | -16.00M | - |
| Net Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 102.20M | 142.74M | - | - | 121.00M | 147.11M | 148.92M | 225.21M | -72.00M | -72.00M |
| Diluted EPS | 1.83 | 2.46 | 1.51 | 2.08 | 2.07 | 3.12 | 0.86 | 1.98 | 2.03 | 3.49 | 2.37 | 2.37 | 2.69 | 2.69 | 2.60 | 2.60 | 3.52 | 2.62 | 2.62 | 2.72 | 2.72 | 2.60 | 2.60 | 3.81 | 2.38 | 2.38 | 2.55 | 2.55 | 2.27 | 3.65 | 1.72 | 2.40 | - | - | 2.03 | 2.47 | 2.50 | 3.77 | -0.87 | -0.87 |
| R&D Expense | 35.17M | 38.11M | 35.06M | 36.49M | 34.33M | 37.07M | 34.99M | 31.16M | 34.97M | 39.66M | 38.09M | 38.09M | 44.95M | 44.95M | 41.99M | 41.99M | 43.33M | 40.47M | 40.47M | 44.01M | 44.01M | 43.44M | 43.44M | 48.28M | 42.69M | 42.69M | 45.87M | 45.87M | 41.99M | 44.39M | 44.59M | 46.18M | 45.34M | 46.91M | 47.00M | 48.55M | 53.64M | 46.90M | - | 96.00M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2007 | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | 2.17B | 2.31B | 2.42B | 2.41B | 2.37B | - | 2.97B | 2.96B | 2.96B | 3.17B |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.25B | 1.20B | 1.20B | 1.29B |
| Gross Profit | 841.93M | 913.86M | 903.82M | 990.07M | 1.12B | 1.11B | 1.12B | 1.16B | 1.20B | - | - | - | - | - | - | 1.72B | 1.76B | 1.76B | 1.88B |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 840.58M | 943.52M | 920.26M | 1.07B |
| Operating Income | 348.88M | 389.75M | 394.60M | 449.93M | 528.60M | 511.49M | 517.34M | 517.91M | 567.45M | 625.04M | 662.20M | 739.77M | 708.46M | 645.49M | - | 883.19M | 817.68M | 837.92M | 802.59M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.02B | 1.00B | 1.04B | 1.03B |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 48.80M | 98.86M | 89.68M | 69.55M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 837.85M | 736.24M | 754.87M | 754.88M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 130.09M | 94.01M | 117.03M | 112.25M |
| Net Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 707.75M | 642.23M | 637.83M | 642.63M |
| Diluted EPS | 2.62 | 3.21 | 3.34 | - | - | - | 5.20 | 5.07 | 5.65 | 6.41 | 0.25 | 7.65 | 8.69 | 8.36 | - | 11.73 | 10.84 | 10.71 | 10.76 |
| R&D Expense | 80.65M | 81.59M | 77.15M | 84.27M | 92.35M | 96.00M | 100.54M | 107.73M | 118.55M | 125.19M | 132.59M | 143.40M | 142.96M | 140.78M | 168.36M | 176.19M | 174.94M | 183.03M | 195.71M |
Compounded Sales Growth
| 5 Years: | 2.12% |
| 1 Year: | 91.40% |
Compounded Profit Growth
| 5 Years: | -3.17% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | +9.83% |
| 6 Months: | -7.02% |
| 3 Months: | +20.10% |
| 1 Month: | +31.30% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2006 | Dec 2007 | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 1.62B | 1.91B | 2.33B | 2.72B | 3.17B | 3.58B | 3.87B | 4.27B | 4.66B | 5.32B | 3.73B | 2.56B | 2.84B | - | 3.28B | 4.63B | 4.55B | 5.08B |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.76B | 1.75B | 1.67B | 2.15B |
| Cash & Equivalents | 514.17M | 597.33M | 428.52M | 341.11M | 308.50M | 383.99M | 481.04M | 440.80M | 422.18M | 487.67M | 505.63M | 642.32M | 796.28M | 335.71M | 436.69M | - | 480.53M | 395.08M | 325.36M | 587.83M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 455.71M | 516.24M | 477.26M | 572.37M |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 722.89M | 702.17M | 733.37M | 828.84M |
| Total Liabilities | - | - | 961.89M | 1.06B | 1.26B | 1.50B | 1.70B | 1.82B | 1.98B | 2.21B | 2.36B | 3.09B | 2.16B | 2.77B | 2.61B | - | 2.78B | 3.48B | 2.73B | 2.52B |
| Current Liabilities | - | - | 289.51M | 394.57M | 385.85M | 601.86M | 504.24M | 487.53M | 580.49M | 564.08M | 520.32M | 606.16M | 448.93M | 591.33M | 804.98M | - | 785.74M | 789.58M | 789.76M | 1.24B |
| Long Term Debt | - | - | 500.00M | 500.00M | 700.00M | 700.00M | 1.04B | 1.19B | 1.24B | 1.49B | 1.70B | 1.90B | 1.15B | 1.58B | 1.21B | - | 1.52B | 2.31B | 1.63B | 947.45M |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.66B | 2.44B | 1.70B | 1.49B |
| Total Equity | - | 586.08M | 661.00M | 848.95M | 1.07B | 1.23B | 1.47B | 1.76B | 1.89B | 2.06B | 2.30B | 2.23B | 1.57B | -216.28M | 232.14M | - | 504.49M | 1.15B | 1.83B | 2.56B |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 162.43M | 162.71M | 162.96M | 163.16M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2007 | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 370.51M | 418.25M | 418.26M | 457.86M | 497.37M | 449.28M | 484.88M | - | - | 642.92M | 697.64M | 604.45M | 643.09M | 790.51M | - | 611.66M | 602.81M | 762.12M | 652.55M |
| Investing Cash Flow | -167.91M | 18.81M | -419.03M | -411.51M | -355.98M | -296.39M | -464.73M | - | - | -487.92M | -535.75M | 1.68B | 768.80M | -264.09M | - | -107.97M | -1.44B | -143.09M | -152.25M |
| Financing Cash Flow | -119.69M | -572.94M | -90.28M | -60.25M | -60.42M | -66.53M | -64.59M | - | - | -115.70M | -63.87M | -2.12B | -1.87B | -440.50M | - | -509.63M | 754.95M | -696.67M | -237.21M |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -183.46M | -160.63M | -142.48M | -112.75M |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 428.20M | 442.18M | 619.64M | 539.81M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -5.94M | -84.50M | -77.64M | 263.10M |
| Share Buybacks | -200.65M | 237.50M | 211.38M | 296.29M | 370.83M | 295.88M | 301.58M | 337.44M | 334.70M | 325.76M | 332.54M | 1.32B | 2.47B | 196.41M | 648.93M | 626.06M | 70.28M | 13.54M | 14.67M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2007 | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 58.0% | 59.6% | 59.4% | 59.3% |
| Operating Margin % | - | - | - | - | - | - | - | - | - | 28.8% | 28.7% | 30.6% | 29.4% | 27.3% | - | 29.7% | 27.7% | 28.3% | 25.4% |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 23.8% | 21.7% | 21.6% | 20.3% |
| ROE % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 140.3% | 55.8% | 34.9% | 25.1% |
| ROCE % | - | 29.2% | 26.1% | 23.2% | 24.9% | 19.2% | 16.7% | 15.7% | 15.3% | 15.1% | 14.0% | 22.6% | 36.0% | 31.7% | - | 35.4% | 21.3% | 22.3% | 20.9% |
Shareholding Pattern
Insiders
0.10%
Institutions
99.67%
Public Float
99.77%
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 8.70% | 8.54M | $3.28B |
| 2 | Vanguard Capital Management LLC | 6.50% | 6.38M | $2.45B |
| 3 | Vanguard Portfolio Management LLC | 4.84% | 4.75M | $1.82B |
| 4 | T. Rowe Price Investment Management, Inc. | 4.75% | 4.66M | $1.79B |
| 5 | Massachusetts Financial Services Co. | 4.72% | 4.63M | $1.78B |
| 6 | State Street Corporation | 4.44% | 4.36M | $1.67B |
| 7 | Fundsmith LLP | 3.27% | 3.21M | $1.23B |
| 8 | Geode Capital Management, LLC | 2.70% | 2.65M | $1.02B |
| 9 | Invesco Ltd. | 2.21% | 2.17M | $831.69M |
| 10 | Alliancebernstein L.P. | 2.16% | 2.12M | $811.92M |
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