InsiderStreet Equity Research

Produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation for any investor. Do not rely on it for any investment decision.

Last Close

$436.95

2026-10-16

Market Cap

$42.9B

Volume

0.9M

52-Wk High

$454.54

52-Wk Low

$282.77

Trailing PE

108.7

P/S

9.24

Gross Margin

50.8%

Net Margin

3.6%

ROE

2%

ROIC

1%

Piotroski

5/9

Altman Z

3.6

1-Yr Return

+30.5%

5-Yr Return

+110.6%

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.

SectorHealthcareIndustryMedical - Diagnostics & ResearchExchangeNYSEMarket Cap$42.9BEmployees7,900 (SEC-filed)CEOUdit BatraIPO1995-11-17CountryUS

34 Maple Street, Milford, MA 01757 · Tel 508 478 2000 · waters.com

INSIDERSTREET SCORE47 / 100Street mean $461.82 (11 analysts, last qtr) — their number, not ours

INSIDER CONSENSUS SIGNALTWO-WAY FLOW$0.5M buys against $1.4M sells / 6 mo

1 Year vs S&P 500 · WAT +30.5% · S&P 500 +15.9% · spread +14.6pp

7 Years vs S&P 500 · WAT +110.6% · S&P 500 +189.9% · spread -79.3pp

Both charts indexed to 100 at the start of their window and drawn on a single shared scale, so the gap to the benchmark is the gap you see. Adjusted closes throughout.

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INSIDERSTREET
SCORE47of 100

Score Breakdown

Profitability	16/100
Growth	40/100
Momentum	70/100
Quality	60/100
Earnings Quality	70/100
Balance Sheet	44/100
Value	35/100
Risk (safety)	80/100
Overall	46.5/100

Each component is a diagnostic reading on its own 0-100 scale. The overall score is computed separately from the underlying financials and is not the average of the rows above — components are not equally weighted and three of them (Momentum, Value, Risk) are derived partly from price rather than from the business.

Peer Comparison — IS Score

Symbol	IS Score
IQV	56
IDXX	80
ILMN	58
A	71
MTD	63
NTRA	50
WAT	47

IS Score Trend — quarterly

14 quarters, 23 Q1 to 26 Q2. Peak 66 in 24 Q4, latest 47 — -20 since. Dropped below the 55 line in 26 Q1, at 35. Fell in 3 of the last 4 quarters. Dashed line marks 40 on the 0-100 scale.

BUSINESS QUALITY47 / 100IS Score 46.5 / 100 · -19.8 from peak of 66

Fundamental factor model, quarterly. Measures how the business is doing - not where the price is going.

PRICE STRUCTUREBULLISHTechnical Score 77 / 100 · Power +54 · 18 of 22 indicator votes bullish

Vote share across trend, momentum, volume, volatility and pattern families. Describes where the price is, not where it is going.

These two disagree — business quality 47, price structure 77 out of 100, so the price reads better than the business does. We publish the disagreement rather than resolving it: they answer different questions, and the gap between them is information, not an error.

Trigger	Where it stands now	What it would mean
IS Score reaches 55 and holds two consecutive quarters	now 46.5	would move us up one band
IS Score stops falling - one quarter higher than the prior	last four: 64 → 61 → 35 → 47	the direction matters more than the level
Technical vote share back above 50%	now 64%	price structure no longer broken
Institutional holder count rises two quarters running	peak 1,189 → now 1,189	fewer institutions willing to hold is our clearest warning

We publish these so the view can be shown to be wrong. If none of them move and our reading does, we owe you an explanation.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.

Site Convergence Score2 of 4top 13% of 29,420 symbols

Sources Aligned— of 3independent disclosures

Congress (180d)0 buysnone disclosed

Insider Buys (180d)0none disclosed

ETF Funds (30d)1179 up / 1014 downnet +165 funds

Institutions Added (13F)10managers opening or increasing

Congressional and insider figures are disclosed purchases in the trailing 180 days; ETF figures are COUNTS OF FUNDS whose holding changed in 30 days, not dollars. Coincidence of separate disclosures, not coordination. An absent source means nothing qualifying was disclosed in its window.

Institutions holding — 12 quarters

Peak 1,189 · latest 1,189 (+0 from peak).

Quarter	Holders	13F shares	Value	Reported own%	Guard
2026 Q2	1,189	98.8M	$35.1B	100.6%	ex-outlier 92.0%
2026 Q1	1,179	94.9M	$27.2B	96.6%
2025 Q4	810	57.7M	$21.4B	58.7%
2025 Q3	757	57.3M	$17.0B	58.4%
2025 Q2	773	58.4M	$20.3B	59.5%
2025 Q1	766	57.7M	$21.1B	58.8%
2024 Q4	764	57.2M	$21.0B	58.2%
2024 Q3	697	56.5M	$20.0B	57.6%
2024 Q2	696	56.9M	$16.3B	58.0%
2024 Q1	694	58.5M	$20.1B	59.6%
2023 Q4	679	59.1M	$19.2B	60.1%
2023 Q3	653	57.3M	$15.7B	58.3%

How to read ownership above 100%. A 13F reports the positions a manager has investment discretion over, and where two or more managers share discretion over the same block, each one reports it. Summed across filers, the total can therefore exceed the shares actually outstanding without anything being wrong. We publish the figure as filed rather than netting it down, and flag separately any quarter where the arithmetic is not merely high but impossible.

Why 2026-06 reads 100.60%. Institutions cannot hold more of a company than exists. The reported 98.8M shares exceed the 98.2M outstanding, and a single filer accounts for the excess: BlackRock, Inc. reports 8,484,939 shares against 8,543,014 the prior quarter, a 1x jump, which alone would be 8.6% of the company. Excluding that filing, ownership is 92.0%. We publish both figures. 13F filings are due 45 days after quarter end and amendments keep arriving after that, so the newest quarter is provisional by construction - this is what an unsettled quarter looks like.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Insider	Role	Date	Type	Shares	Value	Post-Txn Owned
Knight Heather	director	2026-09-30	A-Award	57	—	1,338
Jiang Wei	director	2026-09-30	A-Award	57	—	3,630
Kuebler Christopher A	director	2026-08-06	EXERCISE	3,626	$0.49M	21,434
Kuebler Christopher A	director	2026-08-06	SELL	3,626	$1.44M	17,808
Kuebler Christopher A	director	2026-08-06	EXERCISE	3,626	$0.49M	0
Knight Heather	director	2026-06-30	A-Award	63	—	1,281
Jiang Wei	director	2026-06-30	A-Award	67	—	3,573
Carpio Robert L Iii	SVP Waters Analytical Sciences	2026-06-24	TAX W/H	189	$0.07M	3,426

6-mo decomposition (Form 4)	Txns	Shares	Value	Signal weight
S — Open-market sales	1	3,626	$1.4M	Counted
P — Open-market purchases	2	1,500	$0.5M	Counted
M — Exercises (paired A/D)	1	3,626	$0.5M	None — mechanics
F — Tax withholding	6	5,266	$1.6M	None — compensation

Monthly Net Insider Flow (000 shares)

Net of acquisitions minus dispositions, all Form 4 types.

Signal Summary

SignalTwo-Way Flow

Open-Market Sells$1.4M1 txns / 6 mo

Open-Market Buys$0.5M2 txns / 6 mo

ClusterNone active3+ insiders / 21 days

Filed	Filer	Shares registered	Est. proceeds
2026-08-06	Kuebler Christopher A	3,626	$1.4M
2024-05-15	Kuebler Christopher A	4,000	$1.4M
2024-03-13	Baddour Linda	500	$0.2M
2023-12-15	Pratt Jonathan M	2,116	$0.7M
Trailing 12 mo	1 filings	3,626	$1M

Filed	Form	Reporting person	% of class	Shares
2026-05-15	SCHEDULE 13G/A	Fundsmith LLP	4.40%	4.3M sh
2026-04-30	SCHEDULE 13G	Vanguard Capital Management	7.49%	7.4M sh
2026-04-24	SCHEDULE 13G/A	BlackRock, Inc.	7.80%	7.6M sh
2026-03-27	SCHEDULE 13G/A	The Vanguard Group	—	exit/reporting change

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Member	Chamber	Trade	Size band	Traded	Disclosed
Kevin Hern	House	SELL	$1,001 - $15,000	2026-08-13	2026-09-02
Kevin Hern	House	SELL	$1,001 - $15,000	2026-08-13	2026-09-02
Kevin Hern	House	SELL	$1,001 - $15,000	2026-08-12	2026-09-02
Tommy Tuberville	Senate	SELL	$1,001 - $15,000	2024-05-03	2024-06-14
Tommy Tuberville	Senate	SELL	$1,001 - $15,000	2024-05-03	2024-06-13
Thomas Hawley Tuberville	Senate	SELL	$1,001 - $15,000	2024-05-03	2024-06-13

House 12-Mo24 trades9 purchases

Senate 12-Mo0 tradesNone purchases

CoverageSTOCK Act filings30-45 day disclosure lag

13F Filers (last complete Q)1,179

13F Shares95M96.6% of shares out

New / Closed466 / 82positions, QoQ

Increased / Reduced577 / 108positions, QoQ

Put/Call (13F)0.90option positions

Free Float99.9%98M sh

2.8 · Largest Reporting 13F Managers

Manager	Shares	Value
Assenagon Asset Management S.A.	140,202	$62M
Schaper Benz & Wise Investment Cou	102,776	$45M
Fjarde Ap-Fonden /Fourth Swedish N	33,877	$15M
Mn Services Vermogensbeheer B.V.	28,659	$13M
Czech National Bank	28,229	$12M
Td Waterhouse Canada Inc.	25,135	$11M

EDGAR 13F holdings as of 2026-09-30; filer values normalized to dollars.

2.9 · Top ETF & Fund Ownership

Fund	Weight	Position
VITSX	0.1%	$1.4B
VTI	0.1%	$1.4B
VTSAX	0.1%	$1.4B
VSMPX	0.1%	$1.4B
VFIAX	0.1%	$1.1B
VOO	0.1%	$1.1B

13F Filers Holding WAT — quarterly

Institutional Put/Call — quarterly

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Daily short-sale volume as % of volume reported in FINRA's short-sale file — a flow measure, not short interest; dashed = 50-day average.

Latest Session61.5%2026-10-15

20-Day Avg56.5%50-day 59.7%

TrendFalling20d vs 50d

By Market CenterQ: 60% · N: 92% · B: 69%latest session

Weekly Notional ($B)

Where WAT Trades in the Dark

ATS Venue (4-wk)	Shares	Avg trade
Incr Intelligent Cross Llc	2.0M	34 sh
Sgmt Sigma X2	1.2M	33 sh
Mlix Instinct X	0.9M	52 sh
Ebxl Level Ats	0.9M	25 sh
Mstx Ms Trajectory Cross (Ats-1)	0.7M	25 sh
Mspl Ms Pool (Ats-4)	0.7M	78 sh

Where a dollar of Waters Corporation revenue goes. All values FY2025 filings, live.

Region	Revenue	Share
Americas	$1.2B	37%
Asia Pacific	$1.0B	33%
Europe	$963M	30%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

WAT (live moat model)Peer median: IQV · IDXX · ILMN · A · MTD

Component scores from the live moat model. Peer median illustrative.

Moat score 34/100 — None; primary source Efficient Scale.

3.8 · Employees (SEC filings)

Officer	Title
Udit Batra	President, Chief Executive Officer & Director
Amol Chaubal	Senior Vice President & Chief Financial Officer
Robert L. Carpio	Senior Vice President of Waters Analytical Sciences
Jianqing Y. Bennett	Senior Vice President of Waters Advanced Diagnostics Division

Revenue ($B)

EPS ($) — GAAP diluted actual, street-basis estimate

Actual bars are GAAP diluted EPS from the filed income statement; the lighter forward bars are street-basis consensus. The two are different measures and are not comparable quarter to quarter.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Quarterly EPS — Actual vs. Consensus

Beats (>2%)2 of 6recent quarters

Avg Surprise+4.4%

Next Report2026-11-03

Income Quality3.31OCF ÷ net income

Beat Rate—%0 of 0 quarters

Current Streak0longest 0

Avg EPS Surprise—%median —%

Surprise Trend—last 4 vs prior 4

Period	EPS est.	EPS actual	EPS surprise	Rev est. ($M)	Rev actual ($M)	Rev surprise

Announcement dates to . Consensus as it stood at each report. Revenue surprise shown where both estimate and actual are filed. A beat record is history, not a forecast.

Profit Margins (%)

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Revenue by Segment — Stacked

Live segmentation data.

YoY Growth Heatmap — Income Lines

YoY growth	FY21	FY22	FY23	FY24	FY25
Revenue	+17.8%	+6.7%	-0.5%	+0.1%	+7.0%
Gross profit	+19.9%	+5.8%	+2.2%	-0.2%	+4.0%
Operating income	+27.3%	+6.3%	-6.4%	+1.1%	+8.1%
Net income	+32.8%	+2.2%	-9.3%	-0.7%	+0.8%

$B · FY ends	FY21	FY22	FY23	FY24	FY25
Revenue	2.8	3.0	3.0	3.0	3.2
Cost of revenue	1.2	1.2	1.2	1.2	1.3
Gross profit	1.6	1.7	1.8	1.8	1.8
R&D expense	0.2	0.2	0.2	0.2	0.2
SG&A expense	0.6	0.7	0.7	0.7	0.7
Operating income	0.8	0.9	0.8	0.8	0.9
EBITDA	1.0	1.0	1.0	1.0	1.0
D&A	0.1	0.1	0.2	0.2	0.2
Pretax income	0.8	0.8	0.7	0.8	0.8
Income tax	0.1	0.1	0.1	0.1	0.1
Net income	0.7	0.7	0.6	0.6	0.6
Diluted EPS ($)	11.17	11.73	10.84	10.71	10.76
Diluted shares (M)	62	60	59	60	60

Operating CF$1B

CapEx$0B

Free cash flow$1B

SBC$0B

Buybacks$0B

Net cash change$0B

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Balance Sheet — Full

$B	FY22	FY23	FY24	FY25
Cash & equivalents	0.5	0.4	0.3	0.6
ST investments	0.0	0.0	0.0	0.0
Receivables (net)	0.7	0.7	0.7	0.8
Total current assets	1.8	1.8	1.7	2.0
PP&E (net)	0.7	0.7	0.7	0.6
Goodwill + intangibles	0.7	1.9	1.9	1.9
Total assets	3.3	4.6	4.6	5.1
Accounts payable	0.1	0.1	0.1	0.0
Short-term debt	0.1	0.1	0.0	0.0
Deferred revenue	0.2	0.3	0.3	0.0
Total current liabilities	0.8	0.8	0.8	0.0
Long-term debt	1.5	2.3	1.6	1.4
Total liabilities	2.8	3.5	2.7	2.5
Shareholders' equity	0.5	1.2	1.8	2.6

Cash Flow Statement — Full

$B	FY22	FY23	FY24	FY25
Net income	0.7	0.6	0.6	0.6
D&A	0.1	0.2	0.2	0.2
Stock-based compensation	0.0	0.0	0.0	0.1
Working capital change	(0.3)	(0.2)	(0.1)	(0.3)
Operating cash flow	0.6	0.6	0.8	0.7
Capital expenditures	(0.2)	(0.2)	(0.1)	(0.1)
Investing cash flow	(0.1)	(1.4)	(0.1)	(0.2)
Buybacks	(0.6)	(0.1)	(0.0)	(0.0)
Dividends paid	0.0	0.0	0.0	0.0
Debt issuance / (repay)	0.1	0.8	(0.7)	(0.2)
Financing cash flow	(0.5)	0.8	(0.7)	(0.2)
Free cash flow	0.4	0.4	0.6	0.5

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Balance Sheet Structure ($B)

Cash Generation vs Capex ($B)

Left: what the balance sheet is made of — the gap between the assets bar and the liabilities bar is book equity. Right: whether the capex bar is covered by the operating-cash bar; where it is not, the difference was funded externally and free cash flow goes negative.

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
PROFITABILITY
ROE	231.1%	162.3%	77.6%	42.8%	29.3%	2%
ROA	23.3%	22.2%	16.2%	13.9%	13.3%	0.7%
ROIC	50.5%	43.7%	22.3%	21.8%	21.2%	1.3%
Gross margin	58.5%	58.0%	59.6%	59.4%	57.8%	50.8%
Operating margin	29.5%	29.4%	27.7%	27.9%	28.2%	8.0%
Net margin	24.9%	23.8%	21.7%	21.6%	20.3%	3.6%
EBITDA margin	35.3%	34.2%	33.9%	35.0%	32.0%	20.5%
FCF margin	20.8%	14.7%	15.0%	20.9%	17.1%	—
VALUATION
P/E	33.03	28.87	30.40	34.69	35.32	108.7
P/B	62.27	40.50	16.97	12.10	8.86	2.8
P/S	8.22	6.88	6.60	7.48	7.17	9.24
P/FCF	39.53	46.86	44.16	35.71	42.05	107.7
EV/EBITDA	24.34	21.25	21.55	22.68	22.95	50.1
EV/Revenue	8.59	7.27	7.30	7.94	7.43	10.3
Earnings yield	3.0%	3.5%	3.3%	2.9%	2.8%	0.39%
FCF yield	2.5%	2.1%	2.3%	2.8%	2.4%	0.93%

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
LEVERAGE & SOLVENCY
Current ratio	2.39	2.24	2.22	2.11	—	1.86
Quick ratio	1.87	1.66	1.57	1.51	—	1.29
Debt / equity	4.36	3.30	2.12	0.93	0.55	0.35
Debt / assets	51.7%	50.7%	52.8%	37.4%	27.7%	21.2%
Net debt / EBITDA	1.05	1.16	2.04	1.33	0.80	4.96
Interest coverage	18.94	18.17	8.45	9.42	12.82	—

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
EFFICIENCY
Asset turnover	0.94	0.93	0.75	0.64	0.66	0.19
Receivables turnover	4.70	4.45	4.15	4.12	4.05	2.3
DSO (days)	78	82	88	89	90	156
DPO (days)	27	28	27	28	14	138
Cash conversion cycle	155	173	209	212	223	238
GROWTH (YoY)
Revenue growth	17.8%	6.7%	-0.5%	0.1%	7.0%	—
Net income growth	32.8%	2.2%	-9.3%	-0.7%	0.8%	—
EPS growth	35.2%	5.2%	-8.7%	-1.2%	0.6%	—
FCF growth	-6.3%	-24.7%	1.4%	40.1%	-12.9%	—
PER SHARE ($)
EPS (diluted, TTM)	11.28	11.87	10.83	10.69	10.75	1.69
Book value / share	5.98	8.46	19.40	30.66	42.86	154.73
Revenue / share	45.36	49.83	49.85	49.60	52.96	47.29
FCF / share	9.43	7.31	7.46	10.39	9.03	4.06
Cash / share	9.27	8.07	6.68	5.45	9.84	5.49
SHAREHOLDER RETURN & SCORES
Buyback yield	2.8%	3.1%	0.4%	0.1%	0.1%	0.04%
Altman Z-Score	10.74	10.20	7.62	9.37	7.02	3.6
Piotroski F-Score	7	6	4	6	5	5/9
Beneish M-Score	-2.52	-2.19	-2.08	-2.54	-2.34	-0.61

Model	Score	Zone	Note
Piotroski F-Score	5 / 9	Middling
Altman Z-Score	3.6	Safe (>2.99)	Safe
Income quality	3.31	Cash-backed	OCF ÷ net income
Beneish M-Score	-0.61	Elevated	vs −2.22 threshold

DuPont Decomposition (TTM)	Value
Tax burden	0.81
Interest burden	0.61
Operating margin	7.3%
Asset turnover	0.32×
Financial leverage	1.70×
= ROE	2%

Growth Quality (live)	Value
Revenue stability	0.56
Earnings stability	0.49
Earnings persistence	0.50
Revenue CAGR 3y	15.8%
EPS CAGR 3y	-47.1%
FCF CAGR 3y	1.0%

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NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Buyback Yield0.04%

Dividend Yield0.00%

Total Shareholder Return-0.02%cash yield

SBC / Revenue1.6%dilution pressure

Company	Mkt cap	P/E	ROE	Net margin	Rev growth	Piotroski	1-yr ret
IQV	$43.9B	32.8	23%	5.9%	+8.2%	7/9	+29.8%
IDXX	$44.1B	39.4	74%	27.8%	+12.8%	9/9	-12.1%
ILMN	$39.6B	48.5	32%	17.9%	+4.9%	7/9	+173.7%
A	$48.8B	34.0	21%	19.3%	+8.6%	7/9	+22.6%
MTD	$32.5B	36.4	-736%	22.7%	+6.9%	8/9	—
NTRA	$56.7B	-289.3	-13%	-8.9%	+37.8%	6/9	—
DGX	$25.9B	24.6	14%	10.5%	+9.9%	8/9	—
LH	$25.8B	26.1	12%	8.0%	+6.4%	8/9	—

1-yr returns computed from adjusted price history; peers without a tracked series show —.

Buy

37 Analysts

Str Sell (0)Sell (2)Hold (16)Buy (19)Str Buy (0)

Mean Target (qtr)$461.8211 targets

Target vs. Price+5.7%last-quarter mean

Next Report2026-11-03street $4.00

Consensus estimates	Revenue mean	High / Low	EPS mean	High / Low	# EPS est.
FY2026	$6.46B	$6.48B / $6.45B	$14.58	$14.63 / $14.52	12
FY2027	$7.13B	$7.30B / $7.04B	$16.49	$17.73 / $15.95	14
FY2028	$7.55B	$7.96B / $7.40B	$18.41	$22.39 / $14.70	5

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Street Price Target — Trajectory

Window	Avg Target	vs. Price	# Targets
Last Month	$501.67	+14.8%	3
Last Quarter	$461.82	+5.7%	11
Last Year	$425.97	-2.5%	29
All Time	$404.29	-7.5%	45

Rolling mean of published targets vs. last close $436.95. Aggregated from StreetInsider, Benzinga, Pulse 2.0.

Third-Party Composite Rating

B-

DCF

3/5

ROE

2/5

ROA

4/5

Debt/Eq

2/5

P/E

1/5

P/B

3/5

Independent quant composite as of 2026-10-16; components scored 1–5 (5 best). Shown for contrast with the InsiderStreet Score — methodologies differ.

WAT +30.5% vs S&P 500 +15.9% — spread +14.6pp

Sector — XLV +24.2%

Peer Set — indexed to 100

All series indexed to 100 at the start of the window, adjusted closes.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Candlesticks with SMA 20/50 overlay, Bollinger (20,2σ) band, volume, and Wilder RSI(14) — computed from live daily OHLCV.

Moving Average	Value	Distance	% Distance	Signal
SMA 20	$433.25	+3.70	+0.85%	Above
SMA 50	$420.53	+16.42	+3.90%	Above
SMA 200	$366.23	+70.72	+19.31%	Above
EMA 9	$435.55	+1.40	+0.32%	Above
EMA 21	$431.15	+5.80	+1.35%	Above
EMA 50	$418.46	+18.49	+4.42%	Above
EMA 200	$379.26	+57.69	+15.21%	Above

Series and readings from the nightly technical-indicator history — identical data to the site's ribbon chart. Supertrend segments colored by direction.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

TECHNICAL VERDICTBULLISHPower Score +5418 of 22 indicator votes bullish

Family Scores (site weights)

Trend 30%90

Momentum 25%80

Volume 20%81

Volatility 10%83

Patterns 15%38

This Week64% bullishof 11 price-based votes

4 Weeks Ago100%-36 pts since

12 Weeks Ago100%-36 pts since

ReadDeterioratingweek-over-week trajectory

Price vs SMA 20$433.25

Price vs SMA 50$420.53

Price vs SMA 200$366.23

EMA 9/21 Cross435.6/431.1

SMA 50/200Golden

ADX DirectionADX 29

Supertrend$409

Parabolic SAR$451

SMA Slope0.770

RSI55.9

Stochastic K/D54/47

StochRSI K/D36/26

Williams %R-53

CCI87

TSI vs Signal14.9

CMO11.8

ROC2.78%

OBV SignalDistrib

Chaikin MF0.020

MFI52

Force Index1M

Elder Ray Bull17.24

RSI (14)30 oversold · 70 overbought

Stochastic %Kvs %D 47

Money Flowvolume-weighted RSI

ADXtrend strength · <20 weak

Williams %Rinverted scale

Level	Value	Level	Value
Pivot / R1 / R2	$443.02 / $450.25 / $456.35	S1 / S2	$436.92 / $429.69
Bollinger (20,2)	$419.73 – $446.76	Squeeze	ON
52-wk range	$282.77 – $454.54	Off 52-wk high	-3.9%
ATR (14)	$12.68 (2.9%)	Historical vol	25.3%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

+1.5%Jan50%

-1.3%Feb45%

+0.8%Mar62%

+0.3%Apr50%

+0.3%May55%

+1.8%Jun65%

+1.3%Jul50%

-1.1%Aug55%

+0.1%Sep55%

+1.7%Oct60%

+2.6%Nov70%

+0.5%Dec50%

Sample: 20 years — treat short histories as suggestive, not statistical.

Computed from live weekly prices	WAT	S&P 500
Weekly volatility (σ, 1y)	4.91%	1.83%
Best / worst week (1y)	+15.6% / -14.3%	—
Max drawdown (5y, monthly)	-37.4%	—
1-week VaR (95%)	-8.5%	—
Beta (5y)	1.19	1.00

WAT EQUITY WEATHER (LIVE)PARTLY CLOUDY · +17

Trend+42

Momentum+15

Volume+39

Volatility-30

Breadth-30

MARKET REGIME (2026-10-16)NEUTRAL

VIX19.99Normal

Dow TheoryConfirmed Bearish

SPY / QQQ TSI7.2 / 4.7trend strength

Sector Strength46/100breadth average

Average sentiment of 99 stories, weekly buckets, −1 to +1.

This space intentionally left blank — the next section begins on the following page

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Overall+16.8+33.8 vs industry

Trend+42.5+49.7 vs industry

Momentum+15.2+42.2 vs industry

Volume+38.8+38.8 vs industry

Reading	WAT	Medical - Diagnostics & Research n=227	Healthcare n=5,272	All US symbols n=70,435
Overall	+16.8	-17.0	-24.0	-20.5
Trend	+42.5	-7.2	-25.6	-21.3
Momentum	+15.2	-27.0	-28.5	-15.8
Volume	+38.8	+0.0	-25.0	-3.8

Trend, momentum and volume are computed per company. Volatility and breadth are market-regime values shared by every symbol in the universe, so they are reported once under Market Regime rather than compared here - a company cannot differ from its sector on a constant.

Executive	Total comp	Structure
Udit Batra, Ph.D., President & CEO	$14.0M	70% equity+incentive
Amol Chaubal, SVP & CFO	$3.8M	65% equity+incentive
Jianqing Y. Bennett, SVP, TA & Clinical Divi	$3.0M	61% equity+incentive
Robert Carpio III, SVP, Waters Division	$2.8M	62% equity+incentive

Pillar (live disclosure scores)	Score
Environmental	64
Social	67
Governance	78
Composite ESG	70

Composite ESG Trend

Filed	8-K contents	Items
2026-08-21	Officer/Director Change; Other Events	5.02,8.01
2026-08-04	Earnings Release; Exhibits	2.02,9.01
2026-05-22	Shareholder Vote	5.07
2026-05-05	Earnings Release; Exhibits	2.02,9.01
2026-03-23	Material Agreement; Financial Obligation; Other Events; Exhibits	1.01,2.03,8.01,9.01
2026-03-16	Other Events; Financial Statements and Exhibits	8.01,9.01
2026-02-09	Results of Operations and Financial Condition; Financial Statements an	2.02,9.01
2026-02-09	Entry into Material Definitive Agreement; Completion of Acquisition or	1.01,2.01,2.03,5.02,7.01,9.01

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.

DISCLOSURES. This document is produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation tailored to any person. Data is sourced as of the dates shown and may no longer be current. InsiderStreet.ai is not a registered investment adviser or broker-dealer. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Do not make any investment decision based on this document. © 2026 InsiderStreet.ai — all rights reserved. Redistribution prohibited.

Data domain	Source	Coverage for this report
Price & volume	market_db.historical_prices	52 rows
Fundamentals	income_statements_annual	6 rows · 2020 to 2025
Reported vs consensus	fact/earnings_calendar	24 rows · 2020-10-27 to 2026-08-04
Analyst estimates	dim/forward_estimates	3 rows · 2026-12-31 to 2028-12-31
Institutional ownership (13F)	holdings_db.institutional_ownership_summary	114 rows · 1998 to 2026
Insider transactions (Form 4)	edgar/form4	12 rows · 2026-03-31 to 2026-09-30
Proposed sales (Form 144)	edgar/form144	1 record
Beneficial ownership (13D/G)	edgar/13dg	4 rows · 2026-03-27 to 2026-05-15
Short-sale volume (FINRA)	edgar/short_volume_daily	60 rows · 2026-07-23 to 2026-10-15
Dark pool (ATS, tier 1)	edgar/darkpool_weekly	12 rows · 2026-06-15 to 2026-08-31
ETF & fund holding	etf_holdings_changelog (30d)	1 record
Peer set	stock_peers_dynamic	8 rows
Industry medians	industry_medians	1 record
Congressional trades	congress_db (House + Senate)	1 record
ESG	fact/esg_disclosures	1 record

Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.

Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.

Waters Corporation (WAT)

Waters Corporation (WAT)

Score Breakdown

Peer Comparison — IS Score

IS Score Trend — quarterly

Waters Corporation (WAT)

Institutions holding — 12 quarters

Waters Corporation (WAT)

Monthly Net Insider Flow (000 shares)

Signal Summary

Waters Corporation (WAT)

2.8 · Largest Reporting 13F Managers

2.9 · Top ETF & Fund Ownership

13F Filers Holding WAT — quarterly

Institutional Put/Call — quarterly

Waters Corporation (WAT)

Where WAT Trades in the Dark

Waters Corporation (WAT)

3.8 · Employees (SEC filings)

Waters Corporation (WAT)

Waters Corporation (WAT)

Waters Corporation (WAT)

Balance Sheet — Full

Cash Flow Statement — Full

Waters Corporation (WAT)

Waters Corporation (WAT)

Waters Corporation (WAT)

Waters Corporation (WAT)

Street Price Target — Trajectory

Third-Party Composite Rating

Waters Corporation (WAT)

Waters Corporation (WAT)

Family Scores (site weights)

Waters Corporation (WAT)

Waters Corporation (WAT)

Waters Corporation (WAT)