Waters Corporation bonds WAT
Who owns Waters Corporation's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. WAT stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 051473AB2 | 4.321% fixed | 2027-09-23 | USD | 99.67 | 4.61% | 54 bp | 13 | $133.8M | Jul 2026 |
| 051473AD8 | 4.656% fixed | 2031-03-23 | USD | 98.37 | 5.05% | 74 bp | 28 | $87.0M | Jul 2026 |
| 051473AE6 | 4.945% fixed | 2033-03-23 | USD | 98.14 | 5.28% | 84 bp | 21 | $40.9M | Jul 2026 |
| 051473AF3 | 5.245% fixed | 2036-03-23 | USD | 98.20 | 5.49% | 90 bp | 18 | $52.7M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 4 | $314.4M | 98.28 | 5.17% | 79 bp | 28 |
| Jun 2026 | 4 | $393.7M | 99.55 | 4.95% | 69 bp | 53 |
| May 2026 | 4 | $439.5M | 99.79 | 4.89% | 68 bp | 45 |
| Apr 2026 | 4 | $331.5M | 99.67 | 4.87% | 85 bp | 29 |
| Mar 2026 | 4 | $217.1M | 99.79 | 4.89% | 94 bp | 39 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 45 added, 14 cut, 112 new holders and 16 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $90.3M | $89.3M | $0 |
| Lord Abbett Ultra Short Bond Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $66.6M | $66.6M | new |
| BBH Limited Duration Fund BBH Trust | 2026-07-31 | $57.5M | $57.3M | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $49.2M | $48.3M | $0 |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $35.4M | $35.2M | $30.0M |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $29.1M | $29.0M | new |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $27.2M | $27.1M | new |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $27.1M | $27.0M | $21.0M |
| Victory Pioneer Multi-Asset Ultrashort Income Fund Victory Portfolios IV | 2026-06-30 | $26.4M | $26.3M | $0 |
| Fidelity Conservative Income Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $21.9M | $21.9M | new |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $20.0M | $20.0M | new |
| First Trust Enhanced Short Maturity ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $20.0M | $19.9M | $0 |
| Thornburg Strategic Income Fund THORNBURG INVESTMENT TRUST | 2026-06-30 | $19.5M | $19.4M | $0 |
| College Retirement Equities Fund - Core Bond Account College Retirement Equities Fund | 2026-06-30 | $18.4M | $18.2M | new |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $18.3M | $18.2M | new |
| Capital Group Central Corporate Bond Fund Capital Group Central Fund Series II | 2026-05-31 | $18.1M | $18.1M | new |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $17.6M | $17.6M | new |
| PIMCO Short-Term Fund PIMCO FUNDS | 2026-06-30 | $16.9M | $16.8M | new |
| PGIM Short-Term Corporate Bond Fund Prudential Short-Term Corporate Bond Fund, Inc. | 2026-06-30 | $16.1M | $16.0M | $0 |
| Invesco Short Term Bond Fund AIM Investment Securities Funds (Invesco Investment Securities Funds) | 2026-05-31 | $15.4M | $15.4M | new |
| Intermediate Bond Fund of America | 2026-05-31 | $15.3M | $15.2M | new |
| MFS Corporate Bond Fund MFS Series Trust IX | 2026-07-31 | $15.5M | $15.2M | $0 |
| Nuveen Core Bond Fund TIAA-CREF Funds | 2026-06-30 | $15.1M | $14.9M | new |
| T. Rowe Price New Income Fund, Inc. T. ROWE PRICE NEW INCOME FUND, INC. | 2026-05-31 | $14.9M | $14.9M | new |
| ALPS | Smith Total Return Bond Fund FINANCIAL INVESTORS TRUST | 2026-07-31 | $15.0M | $14.7M | $3.2M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): First Trust Core Investment Grade ETF ($10.0M), Income Fund of America ($4.0M), Capital Income Builder ($4.0M), First Trust Intermediate Duration Investment Grade Corporate ETF ($3.0M), First Trust/Dow Jones Dividend & Income Allocation Portfolio ($2.0M), Touchstone Strategic Trust-Touchstone Balanced Fund ($1.1M), Touchstone Funds Group Trust-Touchstone Active Bond Fund ($902K), JNL/Lord Abbett Short Duration Income Fund ($501K), Corporate Bond Portfolio ($375K), BlackRock Total Return Fund ($240K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $27.2M | $27.1M | 0.05% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 3 | $27.1M | $27.0M | 0.01% |
| FTSM First Trust Enhanced Short Maturity ETF | 2026-07-31 | 1 | $20.0M | $19.9M | 0.31% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $18.3M | $18.2M | 0.06% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $17.6M | $17.6M | 0.03% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 2 | $14.7M | $14.6M | 0.44% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $13.8M | $13.7M | 0.03% |
| SMTH ALPS | Smith Core Plus Bond ETF | 2026-05-31 | 2 | $11.0M | $11.0M | 0.40% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 2 | $9.9M | $9.9M | 0.01% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $8.5M | $8.5M | 0.05% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $8.1M | $8.1M | 0.04% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $7.9M | $7.9M | 0.07% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 3 | $7.6M | $7.6M | 0.01% |
| BSCR Invesco BulletShares 2027 Corporate Bond ETF | 2026-05-31 | 1 | $6.6M | $6.6M | 0.14% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 1 | $6.3M | $6.3M | 0.06% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.69: safer than 76% of companies (72th percentile in Healthcare). Market-implied, prices to 2026-10-16, balance sheet 2026-07-04.
| Equity value | $42.56B |
| Debt barrier (short-term + ½ long-term debt) | $2.44B |
| Equity volatility (1 year) | 35.2% |
| Asset value / asset volatility (solved) | $44.91B / 33.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 79 bp spread prices in about 1.3% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 3.66 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in WAT's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 175 | $319.0M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 1,172 | $34.58B | 9 | $91.3M | 11 | $104.7M | 0 |
| 2026-03-31 | 1,158 | $22.72B | 8 | $53.5M | 10 | $54.1M | 0 |
| 2025-12-31 | 796 | $20.96B | 9 | $49.9M | 7 | $24.7M | 0 |
| 2025-09-30 | 743 | $16.97B | 14 | $88.6M | 13 | $54.5M | 0 |
| 2025-06-30 | 760 | $20.14B | 6 | $5.8M | 6 | $19.0M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.