— Know what they know.
/
Not Investment Advice

WAT

NYSE · USD
Waters Corporation
Healthcare · Medical - Diagnostics & Research
CEO Udit Batra Employees 7,900 R&D / revenue 6.2%
Last price
$436.95−1.62%last session
Market cap
$42.9B
P/E (TTM)
108.7x
From 52w high
−3.9%
From 52w low
+54.5%
1-year return
+30.5%
RSI 14 · vs SMA200
55.9 · +19.3%
IS score
46.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

WAT   SPY   XLV (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26WAT 131XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
16
Profitability
40
Growth
35
Value
70
Momentum
80
Risk (safety)
60
Quality
44
Balance sheet
70
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Beneish M above -1.78▲ Share count rising
Observations
Moat model: None, Efficient ScalePiotroski 5 / 9Altman Z 3.2Beta 1.192 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $1.4M
Form 144 notices (12m): 1, $1.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+10
163 new holders, 137 closed
1,189 filers hold 100.6% · 351 added, 483 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+170
1,174 funds adding shares
1,004 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
61.5%
20-day avg 56.5%, 50-day avg 59.7%
Latest 5.0 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.2B
Revenue growth YoY+7.0%
Gross margin57.8%
Operating income$893.2M
Operating margin28.2%
Net income$642.6M
Net margin20.3%
EPS (diluted)$10.76
Cash flow
Operating cash flow$652.6M
Capital expenditure$112.7M
Free cash flow$539.8M
FCF conversion (FCF / OCF)82.7%
Stock-based compensation$54.1M
FCF less SBC$485.7M
Buybacks$14.7M
Dividends$0
Balance sheet & returns
Cash & short-term investments$587.8M
Total debt$1.4B
Net debt$819.6M
Shareholders' equity$2.6B
Goodwill & intangibles$1.9B
Debt / equity0.35
ROE (TTM)1.9%
ROIC (TTM)1.3%
Operating margin by fiscal year
29.5%FY202129.4%FY202227.7%FY202327.9%FY202426.6%FY2025
Revenue $2.8B (FY2021) to $3.2B (FY2025), a 3.2% CAGR.

Valuation

P/E (TTM)108.7x
EV / EBITDA50.1x
Price / sales9.24x
Price / FCF107.7x
FCF yield0.93%
Buyback yield0.03%
SBC / revenue1.6%
Price / book2.82x
Forward P/E FY202630.0x
Forward P/E FY202726.5x
Forward P/E FY202823.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $461.82 across 11 analysts last quarter is theirs, not ours.

WAT vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 50.8% 48.5% Operating margin 8.0% -9.4% Net margin 3.6% -9.5% ROIC 1.3% -2.5%
WAT (TTM)Industry median Asset turnover 0.19 vs industry 0.54 · financial leverage 1.63

Earnings delivery

Next report 2026-11-03 · consensus EPS $4.00
100%
beat rate, 12 of 12 quarters
+2.4%
median EPS surprise
12
longest beat streak
+11+2+5+3+9+2+1+0+6+0+17+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-07 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WAT Waters Corporation $42.9B108.7x1.9%3.6%+7.0% +30.5%
IQV IQVIA Holdings Inc. $43.9B32.8x23.0%5.9%+8.2% +29.8%
IDXX IDEXX Laboratories, Inc. $44.1B39.4x74.2%27.8%+12.8% −12.1%
ILMN Illumina, Inc. $39.6B48.5x32.4%17.9%+4.9% +173.7%
A Agilent Technologies, Inc. $48.8B34.0x21.0%19.3%+8.6% +22.6%
MTD Mettler-Toledo International $32.5B36.4x-736.4%22.7%+6.9% —
NTRA Natera, Inc. $56.7Bn/m-12.5%-8.9%+37.8% —
DGX Quest Diagnostics Incorporat $25.9B24.6x14.4%10.5%+9.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-21Officer/Director Change; Other Events
2026-08-04Earnings Release; Exhibits
2026-05-22Shareholder Vote
2026-05-05Earnings Release; Exhibits
2026-03-23Material Agreement; Financial Obligation; Other Events; Exhibits
2026-03-16Other Events; Financial Statements and Exhibits

Context

Shares outstanding98,185,855
Free float99.9%
Institutional ownership100.6%
Beta1.19
Dividend yield0.00%
Last dividend$0.04 on 1996-11-26
50 / 200-day average$419.78 / $365.97
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where WAT sits among 30 scored companies in Medical - Diagnostics & Research (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureWATIndustry medianIndustry percentileSector median
P/E (TTM) 258.2x 35.5x
100th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 9.2x 5.7x
79th		 3.7x
Price / book 2.8x 4.1x
33rd		 3.6x
Price / tangible book —
Price / free cash flow 107.7x 34.4x
89th		 21.2x
Price / operating cash flow 78.0x 26.0x
87th		 17.1x
Enterprise value $47.6B $16.3B
83rd		 $2.5B
EV / sales 10.3x 5.9x
83rd		 3.8x
EV / EBITDA 53.2x 25.4x
81st		 16.2x
EV / EBIT 141.1x 29.2x
100th		 23.0x
EV / free cash flow 119.5x 35.1x
89th		 24.6x
Earnings yield 0.4% 1.7%
41st		 -0.3%
FCF yield 0.9% 2.5%
41st		 1.7%
Operating cash flow yield 1.3% 3.2%
31st		 2.9%
Graham number (per share) $76.74 $65.89
59th		 $26.70

Profitability (TTM)

MeasureWATIndustry medianIndustry percentileSector median
Gross margin 50.8% 52.9%
45th		 65.1%
EBITDA margin 19.3% 15.0%
59th		 6.6%
Operating margin 8.0% 11.0%
41st		 3.5%
EBIT margin 7.3% 9.1%
45th		 2.4%
Net margin 3.6% 7.5%
41st		 0.3%
NOPAT margin 6.4% 9.5%
41st		 2.7%
FCF margin 8.6% 9.2%
45th		 4.3%
Operating cash flow margin 11.8% 15.0%
38th		 7.1%
R&D / revenue 6.9% 7.2%
48th		 12.4%
SG&A / revenue 26.1% 29.8%
45th		 37.9%
Stock comp / revenue 1.6% 1.8%
32nd		 4.5%
Effective tax rate 19.1% 20.5%
45th		 21.0%

Returns on capital

MeasureWATIndustry medianIndustry percentileSector median
ROE (on average equity) 1.9% 4.7%
41st		 0.8%
ROA 1.1% 3.2%
41st		 -0.3%
ROIC 1.5% 5.6%
38th		 5.5%
ROCE 1.5% 4.0%
41st		 2.3%
Return on tangible assets 2.3% 3.5%
41st		 1.7%
Cash ROIC (OCF / invested capital) 2.8% 11.8%
28th		 9.7%
Gross profitability (GP / assets) 9.5% 22.3%
10th		 29.9%
ROIC, 3-yr average 12.4% 3.7%
88th		 2.6%
ROIC, 5-yr average 25.2% 5.7%
92nd		 3.2%
ROE, 5-yr average 68.1% 3.1%
92nd		 -4.9%
Incremental ROIC -1.4% -3.0%
52nd		 17.2%

Growth

MeasureWATIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 52.5% 8.1%
100th		 10.5%
Revenue growth (QoQ) 29.8% 8.1%
93rd		 7.2%
Revenue CAGR, 3 yr 15.8% 4.9%
78th		 10.7%
Revenue CAGR, 5 yr 11.7% 7.0%
63rd		 12.1%
Gross profit CAGR, 3 yr 10.4% 5.3%
67th		 10.6%
Operating income CAGR, 3 yr -24.3% 6.4%
0th		 11.7%
Net income growth (TTM YoY) -74.9% 11.8%
0th		 17.5%
Net income CAGR, 3 yr -37.3% 6.7%
8th		 11.3%
EPS growth (TTM YoY) -84.7% 15.1%
0th		 19.2%
EPS CAGR, 3 yr -47.1% 9.3%
0th		 14.0%
EPS CAGR, 5 yr -30.8% -1.0%
0th		 8.1%
FCF growth (TTM YoY) -35.7% 12.4%
6th		 18.6%
FCF CAGR, 3 yr 1.0% 7.7%
21st		 15.4%
Operating cash flow CAGR, 3 yr -1.3% 8.0%
18th		 11.9%
Book value CAGR, 3 yr 127.9% 2.6%
100th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 1.9% 10.3%
0th		 12.2%

Margin history & stability

MeasureWATIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 56.5% 53.7%
57th		 62.6%
Operating margin, 3-yr average 20.8% 8.7%
82nd		 1.0%
Net margin, 3-yr average 15.3% 4.1%
82nd		 -2.6%
FCF margin, 3-yr average 16.1% 10.5%
68th		 3.2%
Revenue stability (0-1) 0.56 0.82
25th		 0.80
Earnings stability (0-1) 0.49 0.46
57th		 0.37
Margin stability (0-1) 0.94 0.93
54th		 0.93

Liquidity (latest quarter)

MeasureWATIndustry medianIndustry percentileSector median
Cash & short-term investments $539.0M $520.8M
52nd		 $330.9M
Net cash (− = net debt) −$4.7B −$874.6M
17th		 $8.4M
Working capital $2.1B $404.8M
90th		 $381.1M
Current ratio 1.86 2.13
45th		 3.02
Quick ratio 1.29 1.77
28th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.22 0.96
14th		 1.43
Defensive interval (days) 464 days 466 days
48th		 415 days

Leverage & solvency (latest quarter)

MeasureWATIndustry medianIndustry percentileSector median
Total debt $5.3B $1.7B
83rd		 $289.1M
Debt / equity 0.35 0.50
37th		 0.45
Net debt / equity 0.31 0.30
52nd		 −0.13
Debt / assets 21.2% 28.5%
31st		 24.4%
Debt / capital 25.7% 33.6%
36th		 31.1%
Debt / EBITDA 5.87 3.30
81st		 2.62
Net debt / EBITDA 5.26 2.39
90th		 1.42
Interest coverage (EBIT / interest) 2.4x 2.9x
44th		 2.1x
Cash interest coverage 4.0x 6.7x
32nd		 3.6x
Debt payback (years of OCF) 9.6 yrs 3.8 yrs
91st		 2.7 yrs
Liabilities / assets 38.6% 45.2%
31st		 49.8%
IS credit model rating BBB — —
Implied credit spread (bps) 275 175
66th		 225

Efficiency

MeasureWATIndustry medianIndustry percentileSector median
Asset turnover 0.32 0.56
21st		 0.56
Fixed asset turnover 2.50 4.31
21st		 4.87
Inventory turnover 2.4 7.2
0th		 2.7
Receivables turnover 3.4 6.5
3rd		 6.4
Days sales outstanding 107 days 56 days
97th		 57 days
Days inventory outstanding 153 days 51 days
100th		 136 days
Days payables outstanding 77 days 45 days
90th		 59 days
Cash conversion cycle (days) 183 days 67 days
100th		 70 days
Capex / revenue 3.3% 3.4%
41st		 2.6%
Capex / depreciation 0.27 0.69
14th		 0.55
Operating expense ratio 49.8% 45.1%
55th		 56.5%

Cash flow & earnings quality

MeasureWATIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.31 1.58
94th		 1.61
FCF / net income 2.40 1.14
94th		 1.36
FCF / operating cash flow 72.5% 76.8%
48th		 81.2%
Capex / operating cash flow 27.5% 23.2%
52nd		 18.8%
Accruals ratio -2.6% -4.3%
76th		 -5.4%
Sloan accruals ratio 5.0% -1.5%
79th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
24th		 0.75

Dividends & buybacks

MeasureWATIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.0% 0.9%
31st		 0.0%
Shareholder yield (dividends + buybacks) 0.0% 1.1%
31st		 0.0%
Share count change (YoY) 64.6% -0.7%
100th		 2.0%
Buybacks, last 5 years $70.9M $129.7M
48th		 $0

Scores & forensic checks

MeasureWATIndustry medianIndustry percentileSector median
IS score 47 50
41st		 46
IS profitability 16 36
21st		 22
IS growth 40 55
25th		 60
IS value 35 40
34th		 39
IS momentum 70 72
43rd		 67
IS risk (safety) 80 80
38th		 80
IS quality 60 62
45th		 49
IS balance sheet 44 51
41st		 55
IS earnings quality 70 69
55th		 56
IS cash flow 43 50
41st		 41
Piotroski F-score (0-9) 5 6
28th		 5
Altman Z-score 3.2 3.4
41st		 3.2
Beneish M-score −0.61 −2.60
96th		 −2.62
Ohlson O-score −8.62 −8.12
38th		 −7.16
IS credit score 58 67
34th		 62

Per share

MeasureWATIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.69 $1.54
52nd		 −$0.03
Book value per share $154.73 $17.72
100th		 $7.10
Tangible book per share −$27.97 $0.32
14th		 $1.91
Revenue per share $47.29 $26.05
69th		 $9.38
FCF per share $4.06 $2.08
55th		 $0.46
Operating cash flow per share $5.60 $3.59
55th		 $0.93
Cash per share $5.49 $6.18
34th		 $3.51

Size (TTM)

MeasureWATIndustry medianIndustry percentileSector median
Market cap $42.9B $13.8B
79th		 $2.4B
Revenue $4.6B $2.5B
76th		 $770.2M
EBITDA $895.8M $438.4M
66th		 $56.1M
Net income $166.1M $139.0M
55th		 −$3.3M
Free cash flow $398.5M $268.0M
55th		 $41.2M
Total assets $24.8B $3.4B
90th		 $1.3B
Shareholders' equity $15.2B $1.5B
93rd		 $568.4M
Employees 7,900 6,319
55th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Knight Heather
Director
 Award / grant 57——1,338
2026-09-30Jiang Wei
Director
 Award / grant 57——3,630
2026-08-06Kuebler Christopher A
Director
 Option exercise 3,626$136.43$494,69521,434
2026-08-06Kuebler Christopher A
Director
 Open-market sale 3,626$397.94$1.4M17,808
2026-08-06Kuebler Christopher A
Director
 Option exercise 3,626$136.43$494,6950
2026-06-30Knight Heather
Director
 Award / grant 63——1,281
2026-06-30Jiang Wei
Director
 Award / grant 67——3,573
2026-06-24Carpio Robert L Iii
SVP Waters Analytical Sciences
 Tax withholding 189$369.18$69,7753,426
2026-05-12Chaubal Amol
SVP & Chief Financial Officer
 Tax withholding 239$352.21$84,1787,623

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired4245—
Open-market saleDisposed13,626$1.4M
Option exerciseAcquired13,626$494,695
Option exerciseDisposed13,626$494,695
Tax withholdingDisposed2428$153,953
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 3,626 shares · $1.4M
FiledFilerShares proposedEst. proceeds
2026-08-06Kuebler Christopher A3,626$1.4M
2024-05-15Kuebler Christopher A4,000$1.4M
2024-03-13Baddour Linda500$177,769
2023-12-15Pratt Jonathan M2,116$678,758
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 19 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-13Kevin HernHouseSale$1,001 - $15,0002026-09-02
2026-08-13Kevin HernHouseSale (Full)$1,001 - $15,0002026-09-02
2026-08-12Kevin HernHouseSale (Full)$1,001 - $15,0002026-09-02
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2021-03-29Tommy TubervilleSenatePurchase$1,001 - $15,0002021-07-23
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.8,484,939$3.2B8.64%
VANGUARD CAPITAL MANAGEMENT LLC6,415,552$2.4B6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC4,740,524$1.8B4.83%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/4,625,035$2.5B4.71%
STATE STREET CORP4,382,008$1.6B4.46%
T. Rowe Price Investment Management, Inc.3,817,779$1.4B3.89%
Invesco Ltd.3,494,267$1.3B3.56%
GEODE CAPITAL MANAGEMENT, LLC2,636,146$984.8M2.68%
Fundsmith LLP2,273,632$852.7M2.32%
PRICE T ROWE ASSOCIATES INC /MD/2,177,958$816.8M2.22%
JPMORGAN CHASE & CO1,967,549$725.8M2.00%
Jupiter Topco LLC1,663,601$623.9M1.69%
WELLINGTON MANAGEMENT GROUP LLP1,373,150$515.0M1.40%
First Eagle Investment Management, LLC1,335,108$500.7M1.36%
SCHRODER INVESTMENT MANAGEMENT GROUP1,264,226$474.1M1.29%

Institutional ownership by quarter

2023-092026-06100.6%
% of shares held by 13F filers
2023-092026-061,189
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,189100.6%163351483137
2026-03-311,17996.6%46657710882
2025-12-3181058.7%13224629066
2025-09-3075758.4%9623030599
2025-06-3077359.5%8327527964
2025-03-3176658.8%7628227163
2024-12-3176458.2%13426923352
2024-09-3069757.6%7823524769
2024-06-3069658.0%7525122764
2024-03-3169459.6%7619127657
2023-12-3167960.1%9421325556
2023-09-3065358.3%7221623360

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-15SCHEDULE 13G/AFundsmith LLP4.4%4,308,930
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%7,351,785
2026-04-24SCHEDULE 13G/ABlackRock, Inc.7.8%7,637,586
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.4B
VTI0.06%$1.4B
VTSAX0.06%$1.4B
VSMPX0.06%$1.4B
VFIAX0.07%$1.1B
VOO0.07%$1.1B

Share structure

Shares outstanding98,185,855
Float98,065,370
Free float99.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.8B$3.0B$3.0B$3.0B$3.2B
Cost of revenue$1.2B$1.2B$1.2B$1.2B$1.3B
Gross profit$1.6B$1.7B$1.8B$1.8B$1.8B
R&D$168.4M$176.2M$174.9M$183.0M$195.2M
SG&A$627.0M$658.0M$736.0M$690.1M$740.3M
Operating income$821.7M$873.4M$817.7M$826.4M$893.2M
EBITDA$982.8M$1.0B$1.0B$1.0B$1.0B
Pretax income$806.2M$837.8M$736.2M$754.9M$754.9M
Income tax$113.3M$130.1M$94.0M$117.0M$112.2M
Net income$692.8M$707.8M$642.2M$637.8M$642.6M
EPS, diluted$11.17$11.73$10.84$10.71$10.76
Diluted shares62.0M60.3M59.3M59.6M59.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$569.3M$481.4M$396.0M$325.4M$587.8M
Receivables$612.6M$722.9M$702.2M$733.4M$828.8M
Inventory$356.1M$455.7M$516.2M$477.3M$572.4M
Total current assets$1.6B$1.8B$1.8B$1.7B$2.0B
PP&E, net$632.6M$668.7M$723.7M$725.4M$642.0M
Goodwill & intangibles$680.3M$657.7M$1.9B$1.9B$1.9B
Total assets$3.1B$3.3B$4.6B$4.6B$5.1B
Accounts payable$96.8M$93.3M$84.7M$99.9M$0
Total current liabilities$680.5M$785.7M$789.6M$789.8M$0
Long-term debt$1.5B$1.5B$2.3B$1.6B$1.4B
Total liabilities$2.7B$2.8B$3.5B$2.7B$2.5B
Shareholders' equity$367.6M$504.5M$1.2B$1.8B$2.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$692.8M$707.8M$642.2M$637.8M$642.6M
Depreciation & amortization$131.7M$130.4M$165.9M$191.8M$206.2M
Stock-based compensation$29.9M$42.6M$36.9M$44.7M$54.1M
Change in working capital−$107.2M−$269.1M−$240.3M−$111.4M−$250.4M
Operating cash flow$747.3M$611.7M$602.8M$762.1M$652.6M
Capital expenditure−$168.3M−$183.5M−$160.6M−$142.5M−$112.7M
Free cash flow$579.0M$428.2M$442.2M$619.6M$539.8M
Investing cash flow−$231.6M−$108.0M−$1.4B−$144.0M−$152.3M
Net debt issued / repaid$160.0M$60.0M$780.0M−$730.0M−$243.3M
Buybacks−$648.9M−$626.1M−$70.3M−$13.5M−$14.7M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin58.5%58.0%59.6%59.4%58.9%
Operating margin29.5%29.4%27.7%27.9%26.6%
Net margin24.9%23.8%21.7%21.6%20.3%
FCF margin20.8%14.7%15.0%20.9%17.1%
ROE231.1%162.3%77.6%42.8%29.3%
ROIC50.5%43.7%22.3%21.8%21.2%
ROA23.3%22.2%16.2%13.9%13.3%
Debt / equity4.363.302.120.930.55
Interest coverage18.9x18.2x8.4x9.4x12.8x
Current ratio2.392.242.222.11—
Revenue growth+17.8%+6.7%−0.5%+0.1%+7.0%
EPS growth+35.2%+5.2%−8.7%−1.2%+0.6%
P/E at year end33.0x28.9x30.4x34.7x35.3x
EV / EBITDA at year end24.3x21.3x21.6x22.7x22.9x
FCF yield at year end2.53%2.13%2.26%2.80%2.38%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Waters Instrument Systems$1.1B$1.2B$1.1B$1.0B$1.1B
Waters Service$876.6M$890.6M$951.4M$1.0B$1.1B
Chemistry Consumables$507.2M$525.4M$541.5M$565.5M$631.5M
Ta Instrument Systems$225.6M$252.3M$252.9M$246.2M$243.8M
Ta Service$87.2M$93.2M$101.9M$107.8M$108.0M

Revenue by region · FY2025

Americas$1.2B · 37%
Asia Pacific$1.0B · 33%
Europe$963.4M · 30%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $4.00 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.5B$6.4B – $6.5B$14.58$14.52 – $14.631230.0x
2027$7.1B$7.0B – $7.3B$16.49$15.95 – $17.731426.5x
2028$7.5B$7.4B – $8.0B$18.41$14.70 – $22.39523.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$3.01$3.05+1.3%$1.6B$1.6B+1.4%
2026-05-05$2.31$2.70+16.9%$1.2B$1.3B+5.3%
2026-02-09$4.51$4.53+0.4%$928.3M$932.4M+0.4%
2025-11-04$3.21$3.40+5.9%$781.0M$799.9M+2.4%
2025-08-04$2.94$2.95+0.3%$748.7M$771.3M+3.0%
2025-05-06$2.22$2.25+1.4%$654.8M$661.7M+1.1%
2025-02-12$4.03$4.10+1.7%$857.1M$872.7M+1.8%
2024-11-01$2.68$2.93+9.3%$713.0M$740.3M+3.8%
2024-07-31$2.56$2.63+2.7%$700.1M$708.5M+1.2%
2024-05-07$2.10$2.21+5.2%$635.6M$636.8M+0.2%
2024-02-06$3.55$3.62+2.0%$815.0M$819.5M+0.5%
2023-11-07$2.55$2.84+11.4%$724.1M$711.7M−1.7%
2023-08-02$2.59$2.80+8.1%$734.5M$740.6M+0.8%
2023-05-09$2.61$2.49−4.6%$697.9M$684.7M−1.9%
2023-02-15$3.73$3.84+2.9%$833.2M$858.5M+3.0%
2022-11-01$2.57$2.64+2.7%$680.1M$708.6M+4.2%
2022-08-02$2.66$2.75+3.4%$707.5M$714.3M+1.0%
2022-05-03$2.32$2.80+20.7%$634.1M$690.6M+8.9%
2022-02-01$3.47$3.67+5.8%$820.8M$836.4M+1.9%
2021-11-02$2.35$2.66+13.2%$653.7M$659.2M+0.8%
2021-08-03$2.25$2.60+15.6%$681.6M$681.6M0.0%
2021-05-05$1.57$2.29+45.9%$522.6M$608.5M+16.5%
2021-02-02$2.89$3.65+26.3%$579.8M$786.7M+35.7%
2020-10-27$1.93$2.16+11.9%$530.6M$593.8M+11.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.506-220.506-290.407-060.407-130.707-200.507-270.908-030.508-100.608-170.408-240.308-31
Week ofNotionalSharesTrades
2026-08-31$329.6M802,70534,645
2026-08-24$387.5M931,15040,032
2026-08-17$631.2M1,539,14448,886
2026-08-10$499.9M1,209,38444,617
2026-08-03$919.9M2,345,13468,474
2026-07-27$490.1M1,294,82351,043

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1561.5%
DateShort shareShort volumeTotal volume
2026-10-1561.5%244,531397,460
2026-10-1458.7%193,736330,090
2026-10-1340.9%222,250543,938
2026-10-1233.9%161,387476,134
2026-10-0940.9%227,829556,534
2026-10-0855.9%351,057628,554
2026-10-0781.2%300,023369,616
2026-10-0665.9%337,450512,330
2026-10-0539.0%206,701530,031
2026-10-0266.7%186,884280,009
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.5Jan-1.3Feb+0.8Mar+0.3Apr+0.3May+1.8Jun+1.3Jul-1.1Aug+0.1Sep+1.7Oct+2.6Nov+0.5Dec
MonthAvg returnUp yearsYears
Jan+1.5%50%20
Feb−1.3%45%20
Mar+0.8%62%21
Apr+0.3%50%20
May+0.3%55%20
Jun+1.8%65%20
Jul+1.3%50%20
Aug−1.1%55%20
Sep+0.1%55%20
Oct+1.7%60%20
Nov+2.6%70%20
Dec+0.5%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1455.9
MFI51.9
ADX29.3
Stochastic %K / %D53.6 / 46.7
Williams %R-53.2
CCI87
TSI / signal14.9 / 16.8
Chaikin money flow0.02
ATR$12.68
Bollinger width6.2%
Volume vs 20-day avg0.92x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$433.25 (+0.9%)
SMA 50$420.53 (+3.9%)
SMA 200$366.23 (+19.3%)
EMA 21$431.15 (+1.3%)
EMA 50$418.46 (+4.4%)
EMA 200$379.26 (+15.2%)
Bollinger upper$446.76 (−2.2%)
Bollinger lower$419.73 (+4.1%)
Parabolic SAR$450.78 (−3.1%)
Open the live chart, 110+ indicators

About Waters Corporation

Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems. This includes essential consumables like chromatography columns and comprehensive post-warranty service plans. The TA segment focuses on designing, producing, selling, and servicing instruments for thermal analysis, rheometry, and calorimetry. Additionally, Waters develops and supplies sophisticated software that integrates with both its own instruments and those from other manufacturers. The company's advanced MS technology plays a crucial role in various applications, such as drug discovery and development (including clinical trial assessments), analyzing proteins involved in disease processes, ensuring nutritional safety, and conducting environmental testing. Its thermal analysis, rheometry, and calorimetry instruments are vital for assessing the suitability and stability of a wide range of materials, including fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids. These instruments support diverse sectors like industrial manufacturing, consumer goods, healthcare products, and life science research. Waters' extensive client base spans the life sciences, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental sectors, where its products are instrumental in research and development, quality assurance, and general laboratory operations. Established in 1958, Waters Corporation is headquartered in Milford, Massachusetts.

https://www.waters.com

Key executives

NameTitlePayBorn
Udit BatraPresident, Chief Executive Officer & Director$3.5M1971
Amol ChaubalSenior Vice President & Chief Financial Officer$1.4M1976
Robert L. CarpioSenior Vice President of Waters Analytical Sciences$1.2M1983
Jianqing Y. BennettSenior Vice President of Waters Advanced Diagnostics Division$1.2M1970
Keeley A. AlemanSenior VP, General Counsel, Head of Global Human Resources & Corporate Secretary$897,3331977
Caspar TudorHead of Investor Relations——
Christos RossSenior Vice President of Global Operations——
Daniel RushSenior Vice President of Global Research & Strategy——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Udit Batra, Ph.D., President & CEO2025$1.1M$7.4M$2.4M$14.0M
Amol Chaubal, SVP & CFO2025$650,000$1.7M$750,750$3.8M
Jianqing Y. Bennett, SVP, TA & Clinical Division2025$633,000$1.3M$522,225$3.0M
Robert Carpio III, SVP, Waters Division2025$600,000$1.1M$618,750$2.8M

Employees

7k20188k20197k20208k20218k20228k20238k20248k2025

Dividends

Ex-dateAmountPaid
1996-11-26$0.04—

Moat model

None · Efficient Scale · 2026-07-04
Cost advantage30
Intangibles14
Switching costs12
Network effect55
Efficient scale85
Our component scores (0-100) and overall 33.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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