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Also trades as: 0LTI.L (LSE) · $vol 0M

WAT NYSE

Waters Corporation
1W: +2.3% 1M: +1.9% 3M: +2.2% YTD: -10.8% 1Y: -5.9% 3Y: +28.0% 5Y: +9.1%
$342.37
+1.38 (+0.40%)
 
Weekly Expected Move ±9.3%
$268 $299 $329 $360 $390
NYSE · Healthcare · Medical - Diagnostics & Research · Alpha Radar Buy · Power 62 · $22.3B mcap · 65M float · 1.68% daily turnover · Short 70% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NO EDGE
35.8 / 100
NoneWeakNarrowWide
Primary source: Efficient Scale  ·  ROIC: 16.3%  ·  5Y Avg: 35.2%
Cost Advantage
30
Intangibles
14
Switching Cost
12
Network Effect
55
Scale ★
100
The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. WAT has No discernible competitive edge (35.8/100). The business operates without significant structural advantages. The primary source of advantage is Efficient Scale. ROIC of 16.3% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets
$350
Low
$384
Avg Target
$425
High
Based on 4 analysts since May 5, 2026 earnings
Analyst Recommendations
Strong Buy: 0Buy: 11Hold: 20Sell: 3Strong Sell: 0
Rating Summary
ConsensusHold
Avg Target$384.25
Analysts4
Price Target Change History
DateFirmAnalystOldNewChangeUpside @ CallStock@Call
2026-05-07 Deutsche Bank $315 $350 +35 -0.4% $351.33
2026-05-07 Barclays $400 $425 +25 +21.6% $349.53
2026-05-06 UBS $370 $375 +5 +6.3% $352.64
2026-05-06 Robert W. Baird $363 $387 +24 +12.9% $342.75
2026-02-22 Morgan Stanley $423 $350 -73 +5.0% $333.33
2026-02-10 UBS Initiated $370 +12.9% $327.59
2026-02-10 Robert W. Baird $374 $363 -11 +11.3% $326.16
2026-02-10 Barclays $300 $400 +100 +21.9% $328.14
2026-01-06 Guggenheim Subbu Nambi Initiated $440 +11.4% $394.97
2025-12-15 Wells Fargo Brandon Couillard $380 $415 +35 +7.7% $385.33
2025-12-10 Wolfe Research Doug Schenkel Initiated $480 +24.3% $386.16
2025-12-01 Morgan Stanley Initiated $423 +6.3% $397.79
2025-10-08 Redburn Partners Natalya Davies Initiated $390 +22.5% $318.35
2025-08-05 Deutsche Bank Initiated $315 +12.0% $281.19
2025-08-04 Jefferies $415 $385 -30 +34.8% $285.59
2025-07-11 Scotiabank Sung Ji Nam Initiated $465 +31.8% $352.70
2025-05-07 Robert W. Baird Catherine Ramsey Schulte $407 $374 -33 +10.3% $339.02
2025-04-16 Bernstein Eve Burstein Initiated $400 +24.6% $321.10
2025-03-26 Robert W. Baird Catherine Ramsey Schulte Initiated $407 +10.7% $367.79
2024-10-17 CFRA Jonathan Sakraida Initiated $389 +12.0% $347.31
2024-10-08 Jefferies Tycho Peterson $320 $415 +95 +18.6% $349.92
2024-08-27 Wells Fargo Brandon Couillard $315 $380 +65 +12.8% $336.77
2024-08-01 Barclays Luke Sergott Initiated $300 -14.9% $352.53
2024-07-02 Evercore ISI Vijay Kumar $320 $300 -20 +6.1% $282.70
2024-06-03 Jefferies Tycho Peterson Initiated $320 +3.6% $308.90
2024-05-07 Evercore ISI Vijay Kumar $365 $320 -45 -1.9% $326.06
2022-07-12 Evercore ISI Vijay Kumar Initiated $365 +6.9% $341.41
2022-04-25 Wells Fargo Initiated $315 +6.3% $296.44

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B
May 22, 2026
DCF
3
ROE
3
ROA
4
D/E
2
P/E
1
P/B
3
The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. WAT receives an overall rating of B. Strongest factors: ROA (4/5). Areas of concern: D/E (2/5), P/E (1/5).
Rating Change History
DateFromTo
2026-04-01 B+ B
2026-03-31 B B+
2026-03-02 B+ B
2026-02-17 B B+
2026-01-30 B+ B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

43 Grade C
Profitability
40
Balance Sheet
67
Earnings Quality
65
Growth
43
Value
20
Momentum
58
Safety
100
Cash Flow
33
The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. WAT scores highest in Safety (100/100) and lowest in Value (20/100). A grade of C represents mixed fundamentals — strengths in some areas offset by weaknesses.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score
7.55
Safe Zone
Piotroski F-Score
4/9
Beneish M-Score
-1.85
Unlikely Manipulator
Ohlson O-Score
-8.38
Bankruptcy prob: 0.0%
Low Risk
Credit Rating
AA-
Score: 82.3/100
Trend: Deteriorating
Earnings Quality
75/100
OCF/NI: 0.87x
Accruals: 1.2%
The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. WAT scores 7.55, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. WAT scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. WAT's score of -1.85 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. WAT's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. WAT receives an estimated rating of AA- (score: 82.3/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). WAT's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E
62.60x
PEG
-2.17x
P/S
5.92x
P/B
1.84x
P/FCF
94.66x
P/OCF
64.08x
EV/EBITDA
27.92x
EV/Revenue
6.84x
EV/EBIT
41.93x
EV/FCF
97.76x
Earnings Yield
1.80%
FCF Yield
1.06%
Shareholder Yield
0.05%
Graham Number
$61.95
Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 62.6x earnings, WAT is priced for high growth expectations. Graham's intrinsic value formula yields $61.95 per share, 453% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden
0.857
NI / EBT
×
Interest Burden
0.851
EBT / EBIT
×
EBIT Margin
0.163
EBIT / Rev
×
Asset Turnover
0.782
Rev / Assets
×
Equity Multiplier
2.196
Assets / Equity
=
ROE
20.5%
The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. WAT's ROE of 20.5% is driven by Asset Turnover (0.782), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate
0.00%
Fair P/E
8.50x
Intrinsic Value
$46.49
Price/Value
6.54x
Margin of Safety
-554.43%
Premium
554.43%
Assessment
Overvalued
Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with WAT's realized 0.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. WAT trades at a 554% premium to its adjusted intrinsic value of $46.49, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 62.6x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price
$342.46
Median 1Y
$339.55
5th Pctile
$196.04
95th Pctile
$587.95
Ann. Volatility
33.2%
Analyst Target
$384.25
25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

ExecutiveSalaryStockTotal
Udit Batra, Ph.D.,
President & CEO
$1,150,000 $7,430,247 $13,973,044
Amol Chaubal, SVP
& CFO
$650,000 $1,732,598 $3,844,298
Jianqing Y. Bennett,
SVP, TA & Clinical Division
$633,000 $1,280,262 $2,966,345
Robert Carpio III,
SVP, Waters Division
$600,000 $1,129,966 $2,819,704

CEO Pay Ratio

23:1
CEO-to-Employee Pay Ratio
CEO Total Comp: $13,973,044
Avg Employee Cost (SGA/emp): $616,892
Employees: 1,200

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees
1,200
-84.2% YoY
Revenue / Employee
$2,637,738
Rev: $3,165,286,000
Profit / Employee
$535,524
NI: $642,629,000
SGA / Employee
$616,892
Avg labor cost proxy
R&D / Employee
$162,650
Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
ROE 83.3% 87.6% 2.3% 2.3% 2.3% 2.3% 1.6% 1.6% 1.5% 1.5% 77.6% 72.9% 72.0% 75.3% 42.8% 44.1% 44.4% 43.6% 29.3% 20.5% 20.47%
ROA 24.5% 25.8% 23.3% 23.7% 23.7% 23.5% 22.2% 21.6% 21.2% 20.5% 16.2% 15.3% 15.1% 15.7% 13.9% 14.3% 14.4% 14.1% 13.3% 9.3% 9.32%
ROIC 53.9% 56.8% 50.5% 52.0% 52.3% 51.9% 43.7% 42.6% 42.4% 42.0% 22.3% 21.4% 21.2% 21.7% 21.8% 22.1% 22.0% 21.7% 21.2% 16.3% 16.33%
ROCE 40.5% 42.1% 35.3% 35.8% 35.6% 35.6% 35.5% 34.8% 34.8% 34.3% 21.8% 20.7% 20.5% 21.3% 22.4% 22.9% 22.9% 22.4% 16.1% 12.1% 12.11%
Gross Margin 58.9% 58.9% 58.0% 58.6% 57.0% 56.7% 59.4% 58.5% 59.3% 59.1% 61.2% 58.9% 59.3% 59.3% 60.1% 58.2% 58.3% 59.0% 59.8% 47.0% 46.96%
Operating Margin 28.8% 29.1% 31.3% 28.3% 27.9% 27.1% 33.3% 25.4% 27.0% 25.2% 32.2% 21.0% 26.7% 28.5% 33.5% 22.9% 24.4% 24.0% 33.3% -3.7% -3.71%
Net Margin 24.5% 24.5% 25.9% 23.1% 23.1% 22.0% 26.4% 20.6% 20.3% 18.9% 26.4% 16.0% 20.1% 21.8% 26.5% 18.3% 19.1% 18.6% 24.2% -5.7% -5.68%
EBITDA Margin 35.6% 34.4% 35.5% 33.4% 33.3% 32.2% 37.4% 30.8% 32.7% 32.5% 38.6% 29.7% 33.9% 35.5% 39.5% 31.2% 31.6% 31.2% 34.9% 8.4% 8.37%
FCF Margin 24.0% 22.9% 20.8% 19.7% 16.7% 16.0% 14.7% 14.6% 12.9% 13.0% 15.0% 17.7% 19.5% 21.3% 20.9% 20.8% 20.3% 19.4% 17.1% 7.0% 7.00%
OCF Margin 30.0% 29.1% 26.8% 25.3% 22.1% 21.4% 20.6% 20.6% 19.1% 19.1% 20.4% 23.0% 24.5% 25.9% 25.8% 25.4% 24.5% 23.4% 20.6% 10.3% 10.34%
ROE 3Y Avg snapshot only 35.31%
ROE 5Y Avg snapshot only 86.83%
ROA 3Y Avg snapshot only 12.10%
ROIC 3Y Avg snapshot only 20.38%
ROIC Economic snapshot only 14.18%
Cash ROA snapshot only 7.67%
Cash ROIC snapshot only 11.54%
CROIC snapshot only 7.81%
NOPAT Margin snapshot only 14.64%
Pretax Margin snapshot only 13.90%
R&D / Revenue snapshot only 6.59%
SGA / Revenue snapshot only 26.69%
SBC / Revenue snapshot only 1.62%
Valuation
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
P/E Ratio 33.45 31.68 33.03 26.70 29.03 23.24 28.87 26.66 23.32 24.88 30.40 33.90 28.95 34.15 34.69 32.91 31.79 26.81 35.32 55.63 62.598
P/S Ratio 8.27 8.05 8.22 6.56 7.03 5.49 6.88 6.19 5.26 5.42 6.60 7.03 6.00 7.32 7.48 7.25 6.90 5.60 7.17 6.63 5.919
P/B Ratio 95.18 94.83 62.27 51.17 55.46 44.06 40.50 36.41 31.18 32.21 16.97 17.78 14.99 18.48 12.10 11.83 11.50 9.51 8.86 9.76 1.839
P/FCF 34.40 35.16 39.53 33.26 42.08 34.25 46.86 42.41 40.66 41.64 44.16 39.80 30.75 34.29 35.71 34.92 33.94 28.88 42.05 94.66 94.659
P/OCF 27.57 27.63 30.63 25.88 31.81 25.66 33.40 30.08 27.51 28.44 32.39 30.58 24.45 28.27 29.03 28.50 28.20 23.89 34.79 64.08 64.077
EV/EBITDA 24.23 23.29 24.34 19.90 21.58 17.34 21.25 19.60 16.88 17.34 21.55 22.98 19.75 23.12 22.68 21.82 21.19 17.97 22.95 27.92 27.918
EV/Revenue 8.65 8.41 8.59 6.92 7.38 5.84 7.27 6.59 5.65 5.82 7.30 7.74 6.71 8.02 7.94 7.71 7.35 6.04 7.43 6.84 6.845
EV/EBIT 28.05 26.89 28.10 22.96 24.95 20.02 24.38 22.51 19.47 20.36 25.83 28.28 24.56 28.53 27.83 26.71 26.04 22.29 28.73 41.93 41.926
EV/FCF 35.98 36.77 41.31 35.09 44.21 36.44 49.57 45.14 43.71 44.67 48.79 43.78 34.40 37.59 37.93 37.15 36.17 31.16 43.57 97.76 97.764
Earnings Yield 3.0% 3.2% 3.0% 3.7% 3.4% 4.3% 3.5% 3.8% 4.3% 4.0% 3.3% 2.9% 3.5% 2.9% 2.9% 3.0% 3.1% 3.7% 2.8% 1.8% 1.80%
FCF Yield 2.9% 2.8% 2.5% 3.0% 2.4% 2.9% 2.1% 2.4% 2.5% 2.4% 2.3% 2.5% 3.3% 2.9% 2.8% 2.9% 2.9% 3.5% 2.4% 1.1% 1.06%
Price/Tangible Book snapshot only 37.693
EV/OCF snapshot only 66.178
EV/Gross Profit snapshot only 12.442
Acquirers Multiple snapshot only 40.083
Shareholder Yield snapshot only 0.05%
Graham Number snapshot only $61.95
Leverage & Solvency
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Current Ratio 1.74 1.74 2.39 2.39 2.39 2.39 2.24 2.24 2.24 2.24 2.22 2.22 2.22 2.22 2.11 2.11 2.11 2.11
Quick Ratio 1.36 1.36 1.87 1.87 1.87 1.87 1.66 1.66 1.66 1.66 1.57 1.57 1.57 1.57 1.51 1.51 1.51 1.51
Debt/Equity 6.26 6.26 4.36 4.36 4.36 4.36 3.30 3.30 3.30 3.30 2.12 2.12 2.12 2.12 0.93 0.93 0.93 0.93 0.55 0.55 0.550
Net Debt/Equity 4.35 4.35 2.81 2.81 2.81 2.81 2.34 2.34 2.34 2.34 1.78 1.78 1.78 1.78 0.75 0.75 0.75 0.75 0.32 0.32 0.320
Debt/Assets 0.51 0.51 0.52 0.52 0.52 0.52 0.51 0.51 0.51 0.51 0.53 0.53 0.53 0.53 0.37 0.37 0.37 0.37 0.28 0.28 0.277
Debt/EBITDA 1.52 1.47 1.63 1.61 1.61 1.61 1.64 1.67 1.66 1.65 2.44 2.49 2.50 2.42 1.64 1.62 1.61 1.63 1.37 1.52 1.522
Net Debt/EBITDA 1.06 1.02 1.05 1.04 1.04 1.04 1.16 1.19 1.18 1.18 2.04 2.09 2.09 2.03 1.33 1.31 1.30 1.32 0.80 0.89 0.887
Interest Coverage 18.33 18.98 18.94 19.18 19.31 18.79 18.17 16.64 13.56 10.43 8.45 7.24 7.12 8.06 9.42 10.98 12.46 11.34 12.82 6.72 6.720
Equity Multiplier 12.23 12.23 8.42 8.42 8.42 8.42 6.50 6.50 6.50 6.50 4.02 4.02 4.02 4.02 2.49 2.49 2.49 2.49 1.98 1.98 1.985
Debt Service Coverage snapshot only 10.091
Cash to Debt snapshot only 0.418
FCF to Debt snapshot only 0.188
Defensive Interval snapshot only 361.5 days
Efficiency & Turnover
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Asset Turnover 0.99 1.01 0.94 0.97 0.98 0.99 0.93 0.93 0.94 0.94 0.75 0.74 0.73 0.73 0.64 0.65 0.66 0.68 0.66 0.78 0.782
Inventory Turnover 3.58 3.60 3.50 3.60 3.68 3.79 3.08 3.07 3.06 3.02 2.46 2.41 2.39 2.41 2.42 2.45 2.51 2.57 2.48 3.23 3.232
Receivables Turnover 4.60 4.71 4.70 4.84 4.89 4.97 4.45 4.44 4.48 4.49 4.15 4.08 4.04 4.08 4.12 4.16 4.24 4.33 4.05 4.83 4.827
Payables Turnover 18.44 18.58 13.69 14.06 14.38 14.80 13.13 13.12 13.05 12.89 13.43 13.18 13.03 13.15 13.00 13.16 13.52 13.81 26.04 33.95 33.947
DSO 79 77 78 75 75 73 82 82 81 81 88 89 90 90 89 88 86 84 90 76 75.6 days
DIO 102 101 104 101 99 96 119 119 119 121 148 151 153 152 151 149 145 142 147 113 112.9 days
DPO 20 20 27 26 25 25 28 28 28 28 27 28 28 28 28 28 27 26 14 11 10.8 days
Cash Conversion Cycle 162 159 155 151 148 145 173 173 173 174 209 213 215 213 212 209 204 200 223 178 177.8 days
Fixed Asset Turnover snapshot only 5.873
Operating Cycle snapshot only 188.5 days
Cash Velocity snapshot only 6.414
Capital Intensity snapshot only 1.348
Growth (YoY)
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Revenue 17.2% 19.2% 17.8% 14.3% 8.6% 7.8% 6.7% 3.4% 3.2% 1.5% -0.5% -1.9% -3.9% -3.0% 0.1% 2.6% 5.9% 6.9% 7.0% 26.4% 26.39%
Net Income 28.2% 37.9% 32.8% 14.3% 6.3% 0.3% 2.2% -2.2% -3.9% -6.3% -9.3% -12.4% -11.7% -4.7% -0.7% 8.9% 11.0% 4.2% 0.8% -31.6% -31.62%
EPS 28.2% 38.8% 35.2% 17.5% 9.2% 3.3% 5.2% 0.5% -1.5% -5.0% -8.7% -12.6% -12.3% -5.1% -1.2% 8.4% 10.6% 4.0% 0.6% -50.3% -50.29%
FCF 29.7% 16.8% -6.3% -18.8% -24.6% -24.5% -24.7% -23.4% -20.1% -17.5% 1.4% 18.7% 45.0% 58.9% 40.1% 20.5% 10.4% -2.9% -12.9% -57.4% -57.37%
EBITDA 26.0% 32.4% 25.1% 10.8% 4.0% 0.5% 3.5% 0.0% 1.0% 1.2% -1.6% -1.8% -2.5% 0.3% 3.5% 7.6% 8.2% 3.6% -1.1% -12.3% -12.29%
Op. Income 24.8% 33.2% 27.3% 13.0% 7.5% 3.2% 6.3% 0.7% 0.4% -1.1% -6.4% -8.8% -10.1% -4.9% 1.1% 8.6% 10.0% 3.3% 2.0% -23.7% -23.73%
OCF Growth snapshot only -48.60%
Asset Growth snapshot only 11.64%
Equity Growth snapshot only 40.07%
Debt Growth snapshot only -17.32%
Shares Change snapshot only 37.56%
Growth (CAGR)
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Revenue 3Y 3.9% 4.6% 4.8% 6.1% 6.4% 7.0% 7.3% 8.0% 9.5% 9.3% 7.7% 5.0% 2.5% 2.0% 2.0% 1.3% 1.6% 1.7% 2.1% 8.3% 8.33%
Revenue 5Y 4.9% 5.2% 5.1% 5.5% 5.6% 5.6% 5.2% 4.8% 4.7% 4.6% 4.1% 3.9% 3.6% 3.8% 4.2% 4.8% 6.0% 6.2% 6.0% 8.5% 8.49%
EPS 3Y 1.5% 1.5% 12.7% 12.3% 11.6% 10.3% 8.8% 10.7% 11.3% 10.9% 9.1% 1.1% -1.9% -2.3% -1.8% -1.6% -1.5% -2.1% -3.2% -22.2% -22.20%
EPS 5Y 12.1% 12.9% 11.9% 11.9% 11.8% 11.3% 1.2% 1.0% 77.7% 72.6% 6.6% 4.5% 3.7% 3.9% 3.0% 5.1% 6.0% 6.1% 5.2% -11.1% -11.08%
Net Income 3Y 1.4% 1.3% 5.3% 6.0% 6.6% 6.5% 6.1% 8.7% 9.4% 9.0% 7.2% -0.7% -3.4% -3.6% -2.7% -2.3% -2.0% -2.4% -3.2% -13.3% -13.28%
Net Income 5Y 6.2% 6.9% 5.8% 5.7% 5.5% 4.9% 1.0% 91.6% 67.9% 63.8% 1.6% 0.4% 0.6% 1.5% 1.5% 4.1% 5.1% 5.2% 4.3% -6.1% -6.12%
EBITDA 3Y 3.5% 4.2% 5.4% 7.2% 7.1% 7.3% 6.9% 8.6% 9.8% 10.4% 8.4% 2.8% 0.8% 0.7% 1.8% 1.9% 2.1% 1.7% 0.3% -2.5% -2.50%
EBITDA 5Y 6.7% 6.8% 5.8% 5.8% 5.5% 5.1% 4.8% 3.5% 3.1% 2.9% 3.6% 3.9% 3.9% 4.6% 4.5% 6.2% 6.9% 6.9% 5.5% 0.5% 0.53%
Gross Profit 3Y 3.3% 4.4% 4.5% 6.0% 6.2% 6.5% 7.3% 8.2% 10.0% 10.6% 9.0% 6.0% 3.4% 2.5% 2.6% 1.7% 2.2% 2.5% 2.6% 6.5% 6.46%
Gross Profit 5Y 4.7% 5.2% 5.0% 5.4% 5.3% 5.1% 4.8% 4.4% 4.5% 4.6% 4.3% 4.2% 4.1% 4.3% 4.7% 5.4% 6.5% 6.9% 6.5% 7.3% 7.30%
Op. Income 3Y 3.5% 4.3% 3.6% 5.7% 5.9% 5.8% 7.2% 9.1% 10.4% 10.7% 8.2% 1.3% -1.0% -1.0% 0.2% -0.1% -0.2% -1.0% -1.2% -8.9% -8.92%
Op. Income 5Y 6.3% 6.6% 5.6% 6.1% 6.1% 5.8% 5.7% 4.4% 3.6% 3.0% 2.0% 1.6% 1.4% 2.2% 3.1% 5.2% 5.9% 5.9% 5.5% -3.0% -2.97%
FCF 3Y 6.2% 8.6% 6.7% 6.6% 0.7% -1.2% -3.1% 0.3% -7.9% -10.0% -10.6% -9.6% -4.4% -0.3% 2.3% 3.1% 8.5% 8.4% 7.4% -15.2% -15.21%
FCF 5Y 5.0% 4.3% 1.6% 0.4% -3.5% -4.5% -6.4% -6.6% -6.3% -4.4% -1.5% 1.9% 3.4% 4.8% 5.3% 7.6% 4.6% 2.4% -2.7% -17.6% -17.64%
OCF 3Y 8.8% 9.0% 7.3% 6.3% 0.5% -0.1% -1.7% -0.5% -6.1% -7.2% -8.6% -7.9% -4.2% -1.9% 0.7% 1.4% 5.2% 4.9% 2.2% -13.9% -13.88%
OCF 5Y 5.6% 5.5% 3.5% 2.5% -0.7% -1.4% -2.6% -2.7% -1.7% -1.5% -0.1% 2.1% 2.3% 3.5% 3.5% 4.2% 1.5% 0.4% -3.8% -14.6% -14.57%
Assets 3Y -19.0% -19.0% -6.0% -6.0% -6.0% -6.0% 8.7% 8.7% 8.7% 8.7% 17.7% 17.7% 17.7% 17.7% 13.7% 13.7% 13.7% 13.7% 15.7% 15.7% 15.71%
Assets 5Y -7.8% -7.8% -7.9% -7.9% -7.9% -7.9% -9.3% -9.3% -9.3% -9.3% 4.4% 4.4% 4.4% 4.4% 12.2% 12.2% 12.2% 12.2% 12.4% 12.4% 12.35%
Equity 3Y -53.0% -53.0% -38.3% -38.3% -38.3% -38.3% 70.5% 70.5% 70.5% 70.5% 70.7% 70.7% 70.7% 70.7% 71.9% 71.9% 71.87%
Book Value 3Y -49.2% -49.4% -34.0% -34.7% -35.4% -36.1% 73.5% 73.5% 73.0% 72.7% 72.4% 71.9% 71.5% 71.1% 71.8% 54.2% 54.20%
Dividend 3Y
Growth Quality
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Revenue Stability 0.67 0.66 0.70 0.80 0.76 0.74 0.76 0.82 0.77 0.76 0.77 0.83 0.81 0.80 0.82 0.76 0.74 0.75 0.82 0.75 0.752
Earnings Stability 0.11 0.11 0.28 0.33 0.35 0.34 0.59 0.62 0.63 0.60 0.34 0.27 0.21 0.24 0.22 0.22 0.16 0.12 0.09 0.38 0.378
Margin Stability 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.98 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.98 0.98 0.97 0.968
Rev. Growth Consistency 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.000
Earn. Growth Consistency 0.50 0.50 0.50 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 0.00 0.000
FCF Positive Streak 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Earnings Persistence 0.89 0.85 0.87 0.94 0.97 1.00 0.99 0.99 0.98 0.97 0.96 0.95 0.95 0.98 1.00 0.96 0.96 0.98 1.00 0.87 0.874
Earnings Smoothness 0.75 0.68 0.72 0.87 0.94 1.00 0.98 0.98 0.96 0.94 0.90 0.87 0.88 0.95 0.99 0.92 0.90 0.96 0.99 0.62 0.624
ROE Trend -0.66 -0.92 -1.04 -1.15 -1.09 -1.12 -1.11 -1.05 -0.63 -0.59 -0.57 -0.56 -0.20 -0.27 -0.267
Gross Margin Trend 0.00 0.01 0.01 0.01 0.00 -0.00 0.00 -0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 -0.00 -0.00 -0.01 -0.04 -0.045
FCF Margin Trend 0.03 0.01 -0.02 -0.03 -0.06 -0.07 -0.09 -0.09 -0.07 -0.06 -0.03 0.01 0.05 0.07 0.06 0.05 0.04 0.02 -0.01 -0.12 -0.122
Sustainable Growth Rate 83.3% 87.6% 2.3% 2.3% 2.3% 2.3% 1.6% 1.6% 1.5% 1.5% 77.6% 72.9% 72.0% 75.3% 42.8% 44.1% 44.4% 43.6% 29.3% 20.5% 20.47%
Internal Growth Rate 32.4% 34.7% 30.5% 31.1% 31.0% 30.7% 28.5% 27.6% 26.8% 25.8% 19.4% 18.0% 17.7% 18.7% 16.1% 16.7% 16.8% 16.5% 15.4% 10.3% 10.28%
Cash Flow Quality
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
OCF/Net Income 1.21 1.15 1.08 1.03 0.91 0.91 0.86 0.89 0.85 0.87 0.94 1.11 1.18 1.21 1.19 1.15 1.13 1.12 1.02 0.87 0.868
FCF/OCF 0.80 0.79 0.77 0.78 0.76 0.75 0.71 0.71 0.68 0.68 0.73 0.77 0.80 0.82 0.81 0.82 0.83 0.83 0.83 0.68 0.677
FCF/Net Income snapshot only 0.588
OCF/EBITDA snapshot only 0.422
CapEx/Revenue 6.0% 6.2% 6.0% 5.6% 5.4% 5.4% 5.9% 6.0% 6.2% 6.1% 5.4% 5.3% 5.0% 4.5% 4.8% 4.7% 4.1% 4.1% 3.6% 3.3% 3.34%
CapEx/Depreciation snapshot only 0.408
Accruals Ratio -0.05 -0.04 -0.02 -0.01 0.02 0.02 0.03 0.02 0.03 0.03 0.01 -0.02 -0.03 -0.03 -0.03 -0.02 -0.02 -0.02 -0.00 0.01 0.012
Sloan Accruals snapshot only 0.166
Cash Flow Adequacy snapshot only 3.095
Earnings Quality Score snapshot only 0.750
Dividends & Buybacks
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
Dividend/Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Payout Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
FCF Payout Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00%
Total Payout Ratio 51.7% 70.9% 93.7% 91.7% 89.6% 90.9% 88.5% 76.3% 55.4% 33.6% 10.9% 2.3% 2.3% 2.1% 2.1% 2.2% 2.2% 2.2% 2.3% 2.8% 2.83%
Div. Increase Streak
Chowder Number
Buyback Yield 1.5% 2.2% 2.8% 3.4% 3.1% 3.9% 3.1% 2.9% 2.4% 1.3% 0.4% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.05%
Net Buyback Yield 1.5% 2.2% 2.8% 3.4% 3.1% 3.9% 3.1% 2.9% 2.4% 1.3% 0.4% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% -0.0% -0.01%
Total Shareholder Return 1.5% 2.2% 2.8% 3.4% 3.1% 3.9% 3.1% 2.9% 2.4% 1.3% 0.4% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% -0.0% -0.01%
DuPont Factors
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Tax Burden (NI/EBT) 0.85 0.86 0.86 0.86 0.86 0.86 0.84 0.84 0.84 0.84 0.87 0.88 0.88 0.87 0.84 0.84 0.84 0.85 0.85 0.86 0.857
Interest Burden (EBT/EBIT) 0.95 0.95 0.95 0.95 0.95 0.95 0.94 0.94 0.93 0.90 0.88 0.86 0.86 0.88 0.89 0.91 0.92 0.91 0.92 0.85 0.851
EBIT Margin 0.31 0.31 0.31 0.30 0.30 0.29 0.30 0.29 0.29 0.29 0.28 0.27 0.27 0.28 0.29 0.29 0.28 0.27 0.26 0.16 0.163
Asset Turnover 0.99 1.01 0.94 0.97 0.98 0.99 0.93 0.93 0.94 0.94 0.75 0.74 0.73 0.73 0.64 0.65 0.66 0.68 0.66 0.78 0.782
Equity Multiplier 340.22 340.22 9.90 9.90 9.90 9.90 7.31 7.31 7.31 7.31 4.78 4.78 4.78 4.78 3.08 3.08 3.08 3.08 2.20 2.20 2.196
Per Share
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
EPS (Diluted TTM) $10.63 $11.23 $11.28 $11.56 $11.60 $11.60 $11.87 $11.61 $11.43 $11.02 $10.83 $10.15 $10.02 $10.46 $10.69 $11.00 $11.09 $10.88 $10.75 $5.47 $5.47
Book Value/Share $3.73 $3.75 $5.98 $6.03 $6.07 $6.12 $8.46 $8.50 $8.55 $8.51 $19.40 $19.36 $19.35 $19.33 $30.66 $30.62 $30.65 $30.67 $42.86 $31.18 $186.17
Tangible Book/Share $-7.58 $-7.61 $-5.09 $-5.13 $-5.17 $-5.20 $-2.57 $-2.58 $-2.60 $-2.59 $-13.22 $-13.20 $-13.19 $-13.18 $-0.59 $-0.59 $-0.59 $-0.59 $11.09 $8.07 $8.07
Revenue/Share $42.97 $44.21 $45.36 $47.05 $47.94 $49.10 $49.83 $50.00 $50.71 $50.55 $49.85 $48.94 $48.38 $48.82 $49.60 $49.96 $51.06 $52.09 $52.96 $45.90 $45.90
FCF/Share $10.33 $10.12 $9.43 $9.28 $8.01 $7.87 $7.31 $7.30 $6.56 $6.58 $7.46 $8.65 $9.44 $10.42 $10.39 $10.37 $10.38 $10.10 $9.03 $3.21 $3.21
OCF/Share $12.89 $12.88 $12.17 $11.92 $10.59 $10.50 $10.26 $10.29 $9.69 $9.64 $10.16 $11.26 $11.86 $12.64 $12.78 $12.71 $12.50 $12.21 $10.92 $4.75 $4.75
Cash/Share $7.13 $7.16 $9.27 $9.34 $9.41 $9.48 $8.07 $8.12 $8.16 $8.12 $6.68 $6.66 $6.66 $6.65 $5.45 $5.45 $5.45 $5.46 $9.84 $7.16 $5.62
EBITDA/Share $15.34 $15.97 $16.00 $16.36 $16.40 $16.53 $17.05 $16.82 $16.98 $16.97 $16.88 $16.48 $16.43 $16.94 $17.38 $17.65 $17.72 $17.51 $17.15 $11.25 $11.25
Debt/Share $23.37 $23.47 $26.07 $26.27 $26.47 $26.65 $27.89 $28.04 $28.19 $28.07 $41.18 $41.09 $41.08 $41.04 $28.54 $28.51 $28.54 $28.55 $23.55 $17.13 $17.13
Net Debt/Share $16.24 $16.31 $16.80 $16.93 $17.06 $17.18 $19.82 $19.93 $20.03 $19.95 $34.50 $34.43 $34.42 $34.39 $23.09 $23.06 $23.08 $23.10 $13.71 $9.98 $9.98
Academic Models
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Altman Z-Score 7.554
Altman Z-Prime snapshot only 13.781
Piotroski F-Score 7 8 8 9 7 6 6 5 6 5 5 5 4 5 5 5 5 5 5 4 4
Beneish M-Score -2.62 -2.64 -2.52 -2.46 -2.32 -2.31 -2.19 -2.23 -2.21 -2.24 -2.08 -2.16 -2.19 -2.20 -2.54 -2.53 -2.52 -2.55 -2.34 -1.85 -1.850
Ohlson O-Score snapshot only -8.378
ROIC (Greenblatt) snapshot only 23.40%
Net-Net WC snapshot only $-6.50
EVA snapshot only $213971851.67
Credit
Metric Trend Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current
Credit Rating snapshot only AA-
Credit Score 84.30 83.94 86.68 87.24 87.61 87.13 87.13 86.51 85.37 85.37 81.27 80.87 81.38 79.66 84.71 87.12 87.32 87.32 86.12 82.30 82.303
Credit Grade snapshot only 4
Credit Trend snapshot only -4.817
Implied Spread (bps) snapshot only 100.000
Industry Credit Rank snapshot only 100
Sector Credit Rank snapshot only 83

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