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Waters Corporation WAT SPX

Healthcare · Diagnostics & Research · United States
https://www.waters.com
Company Profile ↓
$374.92
+23.26% 1Y
Mkt Cap$36.81B
P/E47.76
P/B2.41
52W High$412.54
52W Low$277.72
Book Value$155.78
EPS (TTM)$7.85

Company Overview

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.

Why Investors Should Care

Healthy Capital Returns

Return on capital employed stands at 21.5%.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.37.

Recent Developments

  • Dec 2025 Revenue of $3.17B (+7.0% YoY); net profit $642.63M.
  • Trailing 12 Months Year-on-year growth — revenue +91.4%, earnings +0.8%.
  • 5-Year Trend Long-term compounding — revenue CAGR 2.1%, profit CAGR -3.2%.

Growth & Price Performance

Compounded Sales Growth

5 Years:2.12%
1 Year:91.40%

Compounded Profit Growth

5 Years:-3.17%
1 Year:0.75%

Stock Price Performance

1 Year:+23.26%
6 Months:-4.77%
3 Months:+13.28%
1 Month:+5.45%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bullish
52-Week Range 72% of range
$277.72 $412.54
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • Golden Cross10d ago
  • RSI (14)55.81 · Neutral
Price Performance
1M+5.45%
3M+13.28%
6M-4.77%
1Y+23.26%
Valuation vs Sector

P/E of 47.76 is above the sector median of 25.88 — pricier than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

Robinhood TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Healthy ROCE of 21.5%.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Earnings shrank at -3.2% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
47.76
Industry PE
25.88
Forward P/E
22.77
PEG Ratio
1.67
Book Value
$155.78
Price to Book
2.41
P/S
9.79
EV/EBITDA
37.34
Dividend Yield
0.00%

Growth (CAGR)

Revenue 5Y
2.12%
Profit 5Y
-3.17%
Revenue (YoY)
91.40%
Earnings (YoY)
0.75%

Profitability & Returns

ROCE
21.49%
ROE
5.21%
ROA
3.31%
Profit Margin
11.93%
Op Margin
2.84%
Gross Margin
55.15%
EPS (Latest Qtr)
$-0.87
EPS (TTM)
$7.85

Balance Sheet & Liquidity

Debt/Equity
0.37
Quick Ratio
0.97
Current Ratio
1.79
Debt
$5.60B
Total Assets
$24.53B
Current Assets
$4.06B
Working Capital
$908.15M

Ownership

Promoter Holding
0.10%
Chg in Prom Hold
-
FII / Inst Holding
99.71%
Chg in FII Hold
0.01%

Financial Snapshot

Enterprise Value
$36.81B
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%

Peer comparison

Peer companies in the same sector (Healthcare).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 WAT Waters Corporation SPX 374.92 47.76 $36.81B 0.00% 21.49% 5.21% 2.12% -3.17%
2 LLY Eli Lilly and Company SPX 1,156.63 41.13 $1.03T 0.60% - 107.46% 7.20% 11.41%
3 JNJ Johnson & Johnson SPX 247.02 28.66 $594.63B 2.23% 14.88% 26.42% 2.43% 4.76%
4 ABBV AbbVie Inc. SPX 244.11 119.08 $431.29B 3.04% 10.47% -129.24% 1.75% -29.06%
5 UNH UnitedHealth Group Incorporated SPX 418.52 31.54 $380.08B 2.18% 9.74% 12.18% 10.40% 5.43%
6 MRK Merck & Co., Inc. SPX 123.61 34.82 $305.29B 2.82% - 18.94% 5.64% 10.01%
7 AZN AstraZeneca PLC NDX 168.37 26.10 $261.12B 1.87% 15.97% 23.48% 9.82% 45.96%
8 TMO Thermo Fisher Scientific Inc. SPX 535.29 29.40 $198.93B 0.35% 8.14% 13.52% 8.81% 12.95%
9 AMGN Amgen Inc. NDXSPX 358.32 24.92 $193.39B 2.80% 18.02% 101.32% 11.77% 5.58%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in USD.

Metric Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Apr 2021Jun 2021Jul 2021Sep 2021Oct 2021Dec 2021Mar 2022Apr 2022Jun 2022Jul 2022Sep 2022Oct 2022Dec 2022Mar 2023Apr 2023Jun 2023Jul 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Revenue 578.02M715.02M513.86M599.16M577.28M716.29M464.94M519.98M593.78M786.66M608.54M608.54M681.65M681.65M659.23M659.23M836.45M690.57M690.57M714.32M714.32M708.55M708.55M858.51M684.67M684.67M740.58M740.58M711.69M819.47M636.84M708.53M740.30M-662.00M771.33M799.89M932.36M1.27B1.27B
Cost of Revenue ----------------------------------277.00M321.41M327.81M362.86M679.00M-
Gross Profit ----------------------------------385.00M449.93M472.08M569.50M588.00M-
Operating Expenses ----------------------------------233.00M261.71M279.97M298.98M635.00M-
Operating Income 171.67M244.53M121.15M177.65M173.24M236.42M68.28M155.11M158.38M263.71M171.27M171.27M196.42M196.42M191.81M191.81M262.20M195.47M195.47M199.63M199.63M192.01M192.01M286.28M174.17M174.17M199.86M199.86M179.43M264.22M133.85M189.11M211.13M-152.00M188.21M192.11M270.52M-47.00M-47.00M
EBITDA ----------------------------------207.00M243.06M249.43M331.01M167.00M-
Interest Expense ----------------------------------14.00M14.35M26.64M14.29M48.00M-
Pretax Income ----------------------------------143.00M177.69M170.12M264.18M-88.00M-
Tax Provision ----------------------------------22.00M30.58M21.20M38.97M-16.00M-
Net Income ------------------------------102.20M142.74M161.50M-121.00M147.11M148.92M225.21M-72.00M-72.00M
Diluted EPS 1.832.461.512.082.073.120.861.982.033.492.372.372.692.692.602.603.522.622.622.722.722.602.603.812.382.382.552.552.273.651.722.402.71-2.032.472.503.77-0.87-0.87
R&D Expense 35.17M38.11M35.06M36.49M34.33M37.07M34.99M31.16M34.97M39.66M38.09M38.09M44.95M44.95M41.99M41.99M43.33M40.47M40.47M44.01M44.01M43.44M43.44M48.28M42.69M42.69M45.87M45.87M41.99M44.39M44.59M46.18M45.34M46.91M47.00M48.55M53.64M46.90M-96.00M

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2007Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue 1.47B1.58B1.50B1.64B1.85B1.84B1.90B1.99B2.04B2.17B2.31B2.42B2.41B2.37B-2.97B2.96B2.96B3.17B
Cost of Revenue ---------------1.25B1.20B1.20B1.29B
Gross Profit 841.93M913.86M903.82M990.07M1.12B1.11B1.12B1.16B1.20B------1.72B1.76B1.76B1.88B
Operating Expenses ---------------840.58M943.52M920.26M1.07B
Operating Income 348.88M389.75M394.60M449.93M528.60M511.49M517.34M517.91M567.45M625.04M662.20M739.77M708.46M645.49M-883.19M817.68M837.92M802.59M
EBITDA ---------------1.02B1.00B1.04B1.03B
Interest Expense ---------------48.80M98.86M89.68M69.55M
Pretax Income ---------------837.85M736.24M754.87M754.88M
Tax Provision ---------------130.09M94.01M117.03M112.25M
Net Income -----461.44M450.00M431.62M469.05M521.50M20.31M593.79M592.20M521.57M-707.75M642.23M637.83M642.63M
Diluted EPS 2.623.213.34---5.205.075.656.410.257.658.698.36-11.7310.8410.7110.76
R&D Expense 80.65M81.59M77.15M84.27M92.35M96.00M100.54M107.73M118.55M125.19M132.59M143.40M142.96M140.78M168.36M176.19M174.94M183.03M195.71M

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2006Dec 2007Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets --1.62B1.91B2.33B2.72B3.17B3.58B3.87B4.27B4.66B5.32B3.73B2.56B2.84B-3.28B4.63B4.55B5.08B
Current Assets ----------------1.76B1.75B1.67B2.15B
Cash & Equivalents 514.17M597.33M428.52M341.11M308.50M383.99M481.04M440.80M422.18M487.67M505.63M642.32M796.28M335.71M436.69M-480.53M395.08M325.36M587.83M
Inventory ----------------455.71M516.24M477.26M572.37M
Receivables ----------------722.89M702.17M733.37M828.84M
Total Liabilities --961.89M1.06B1.26B1.50B1.70B1.82B1.98B2.21B2.36B3.09B2.16B2.77B2.61B-2.78B3.48B2.73B2.52B
Current Liabilities --289.51M394.57M385.85M601.86M504.24M487.53M580.49M564.08M520.32M606.16M448.93M591.33M804.98M-785.74M789.58M789.76M1.24B
Long Term Debt --500.00M500.00M700.00M700.00M1.04B1.19B1.24B1.49B1.70B1.90B1.15B1.58B1.21B-1.52B2.31B1.63B947.45M
Total Debt ----------------1.66B2.44B1.70B1.49B
Total Equity 362.38M586.08M661.00M848.95M1.07B1.23B1.47B1.76B1.89B2.06B2.30B2.23B1.57B-216.28M232.14M-504.49M1.15B1.83B2.56B
Shares Outstanding ----------------162.43M162.71M162.96M163.16M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2007Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow 370.51M418.25M418.26M457.86M497.37M449.28M484.88M--642.92M697.64M604.45M643.09M790.51M-611.66M602.81M762.12M652.55M
Investing Cash Flow -167.91M18.81M-419.03M-411.51M-355.98M-296.39M-464.73M---487.92M-535.75M1.68B768.80M-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--509.63M754.95M-696.67M-237.21M
Capital Expenditure ----------------183.46M-160.63M-142.48M-112.75M
Free Cash Flow ---------------428.20M442.18M619.64M539.81M
Net Change in Cash ----------------5.94M-84.50M-77.64M263.10M
Share Buybacks -200.65M237.50M211.38M296.29M370.83M295.88M301.58M337.44M334.70M325.76M332.54M1.32B2.47B196.41M648.93M626.06M70.28M13.54M14.67M

Ratios (Annual)

Figures in %.

Metric Dec 2007Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % 57.2%58.0%60.3%60.2%60.5%60.0%58.9%58.5%58.7%------58.0%59.6%59.4%59.3%
Operating Margin % 23.7%24.7%26.3%27.4%28.6%27.7%27.2%26.0%27.8%28.8%28.7%30.6%29.4%27.3%-29.7%27.7%28.3%25.4%
Net Margin % -----25.0%23.6%21.7%23.0%24.1%0.9%24.5%24.6%22.1%-23.8%21.7%21.6%20.3%
ROE % -----31.4%25.5%22.8%22.8%22.7%0.9%37.9%-273.8%224.7%-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
99.71%
Public Float
99.82%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 8.70% 8.54M $3.20B
2 Vanguard Capital Management LLC 6.50% 6.38M $2.39B
3 Vanguard Portfolio Management LLC 4.84% 4.75M $1.78B
4 T. Rowe Price Investment Management, Inc. 4.75% 4.66M $1.75B
5 Massachusetts Financial Services Co. 4.72% 4.63M $1.74B
6 State Street Corporation 4.44% 4.36M $1.64B
7 Fundsmith LLP 3.27% 3.21M $1.20B
8 Geode Capital Management, LLC 2.70% 2.65M $992.18M
9 Invesco Ltd. 2.21% 2.17M $812.91M
10 Alliancebernstein L.P. 2.16% 2.12M $793.59M

Analyst View

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Latest News

Recent headlines for WAT

Google News Mon, 13 Jul 2026

Waters Corporation's Quarterly Earnings Preview: What You Need to Know - Yahoo Finance

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Google News Wed, 15 Jul 2026

Waterco Limited Launches On-Market Share Buy-Back Program - The Globe and Mail

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Google News ue, 14 Jul 2026

Waters Corporation Is Getting Awfully Pricey (NYSE:WAT) - Seeking Alpha

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Google News Wed, 24 Jun 2026

Waters - Forbes

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Google News Fri, 10 Jul 2026

The Bull Case For Waters (WAT) Could Change Following Removal From Key Russell Indices Learn Why - simplywall.st

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Google News Wed, 17 Jun 2026

Waters Corporation Stock: Is WAT Underperforming the Health Care Sector? - Barchart.com

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WAT — Frequently Asked Questions

What is the current share price of Waters Corporation (WAT)?

As of 2026-07-15 16:51 PDT, Waters Corporation (WAT) trades at $374.92 on NYSE. Its 52-week range is $277.72 to $412.54.

What is the market capitalisation of WAT?

Waters Corporation (WAT) has a market capitalisation of $36.81B on NYSE.

What is the P/E ratio of WAT?

WAT trades at a trailing price-to-earnings (P/E) ratio of 47.76. The industry average P/E is 25.88. Its price-to-book (P/B) ratio is 2.41.

What is the return on equity (ROE) of WAT?

WAT has a return on equity (ROE) of 5.21%. Its return on capital employed (ROCE) is 21.49%.

Is WAT a good stock to buy?

This page provides a data-driven analysis of Waters Corporation (WAT), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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