Waters Corp (WAT)

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.

Symbol: WAT
Exchange: NYSE
Sector: Healthcare
Industry: Diagnostics & Research
Market cap: $41.77B
52 week range: 282.77 - 448.21

Valuation

Share price: $425.21 (close of 2026-10-02)
P/E (TTM): 105.77x
Price to book: 2.75x
Price to free cash flow: 104.73x
Enterprise value: $46.68B
Book value per share: $154.70

Price performance

Period	Change
1 day	-0.08%
5 days	-1.92%
1 month	+3.16%
3 months	+12.11%
6 months	+39.76%
Year to date	+11.95%
1 year	+32.09%
3 years	+57.18%
5 years	+19.54%
10 years	+168.29%
All time	+11148.94%

Members of Congress who disclosed WAT trades

Gilbert Ray Cisneros · Julia Letlow · Kevin Hern · Lisa McClain · Robert Bresnahan · Thomas Kean · Debbie Dingell · Tommy Tuberville

Super investors holding WAT

Terry Smith (Fundsmith LLP) · Andreas Halvorsen (Viking Global Investors) · First Eagle Investment (First Eagle Investment Management, LLC) · First Pacific Advisors (First Pacific Advisors, LP) · AKO Capital (AKO Capital LLP) · Ken Griffin (Citadel) · Bill Nygren (Harris Associates LP) · Robert Olstein (Olstein Capital Management) · Mairs & Power (Mairs & Power Inc)

Profitability and growth

Return on equity: 25.09%
Return on invested capital: 19.93%
Return on assets: 12.66%
Return on capital employed: 20.92%
Gross margin: 59.28%
Net margin: 20.30%
EBITDA margin: 28.14%
Revenue growth: 6.99%
Net income growth: 0.75%
Free cash flow growth: -12.88%

Cash flow and balance sheet

Free cash flow yield (TTM): 0.95%
Current ratio: 1.86x
Net debt to EBITDA: 5.08x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $3.17B
Cost of revenue: $1.29B
Gross profit: $1.88B
EBITDA: $890.73M
Net income: $642.63M
Earnings per share: $10.80
Research and development: $195.71M
Interest expense: $69.55M
Shares outstanding: 59.51M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$3.17B	$1.88B	$642.63M	$10.80
2024-12-31	$2.96B	$1.76B	$637.83M	$10.75
2023-12-31	$2.96B	$1.76B	$642.23M	$10.87
2022-12-31	$2.97B	$1.72B	$707.75M	$11.80
2021-12-31	$2.79B	$1.63B	$692.84M	$11.25
2020-12-31	$2.37B	$1.36B	$521.57M	$8.40
2019-12-31	$2.41B	$1.40B	$592.20M	$8.76
2018-12-31	$2.42B	$1.43B	$593.79M	$7.71
2017-12-31	$2.31B	$1.36B	$20.31M	$0.25
2016-12-31	$2.17B	$1.28B	$521.50M	$6.46

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	59.28%	20.30%	25.09%	19.93%
2024-12-31	59.43%	21.56%	34.88%	22.13%
2023-12-31	59.57%	21.72%	55.83%	22.64%
2022-12-31	58.00%	23.81%	140.29%	44.06%
2021-12-31	58.49%	24.87%	188.50%	47.61%
2020-12-31	57.44%	22.05%	224.68%	44.79%
2019-12-31	58.00%	24.61%	-273.81%	50.94%
2018-12-31	58.98%	24.54%	37.89%	60.28%
2017-12-31	58.99%	0.88%	0.91%	39.53%
2016-12-31	58.87%	24.06%	22.65%	41.52%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$588.00M	$947.45M
2024-12-31	$325.00M	$1.63B
2023-12-31	$396.00M	$2.31B
2022-12-31	$481.00M	$1.52B
2021-12-31	$481.00M	$1.51B
2020-12-31	$443.00M	$1.21B
2019-12-31	$337.00M	$1.58B
2018-12-31	$1.74B	$1.15B
2017-12-31	$3.39B	$1.90B
2016-12-31	$2.81B	$1.70B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$539.81M	$54.13M
2024-12-31	$619.64M	$44.71M
2023-12-31	$442.18M	$36.87M
2022-12-31	$611.66M	$42.56M
2021-12-31	$747.27M	$29.92M
2020-12-31	$790.51M	$36.87M
2019-12-31	$643.09M	$38.58M
2018-12-31	$604.45M	$37.54M
2017-12-31	$697.64M	$39.44M
2016-12-31	$642.92M	$41.00M

Dividend history

Most recent payment: 1996-11-26

Payment date	Dividend per share
1996-11-26	$0.16

Investor relations

Next earnings report

Next confirmed report: 2026-11-03
Consensus EPS estimate: $3.99

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-04	Jun/2026	$3.01
2026-05-05	Mar/2026	$2.31
2026-02-12	Dec/2025	$4.50
2026-02-09	Dec/2025	$4.50
2025-11-04	Sep/2025	$3.21
2025-08-04	Jun/2025	$2.93
2025-05-06	Mar/2025	$2.22
2025-02-12	Dec/2024	$4.02

Filings and sources

Company website: waters.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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