Also trades as: 0LTI.L (LSE) · $vol 0M
WAT NYSE
Waters Corporation
1W: +5.8%
1M: +5.8%
3M: +23.5%
YTD: +22.7%
1Y: +30.3%
3Y: +84.7%
5Y: +34.0%
$468.55
+12.57 (+2.76%)
Weekly Expected Move ±3.8%
$419
$436
$454
$471
$488
Credit Risk of going bust: lower than 76% of companies Debt: 10.2% of company value Bonds: $314.4M held by 260 funds, 67 bp over Treasuries → details ▾
Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $3.80 (down 99.2%), Waters Corporation would be worth roughly what it owes.
Total debt $5.25B against a stock market value of $46.00B.
Distance to default 8.84 (Merton model): prices to 2026-10-27, balance sheet 2026-07-04, debt counted $2.44B (short-term plus half of long-term), stock volatility 35.3%; Altman Z'' 3.66. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $3.80 (down 99.2%), Waters Corporation would be worth roughly what it owes.
Total debt $5.25B against a stock market value of $46.00B.
Distance to default 8.84 (Merton model): prices to 2026-10-27, balance sheet 2026-07-04, debt counted $2.44B (short-term plus half of long-term), stock volatility 35.3%; Altman Z'' 3.66. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$653M
-14.4% ▼
5Y CAGR: -3.8%
Capital Expenditures
$113M
+20.9% ▲
5Y CAGR: -8.1%
Free Cash Flow
$540M
-12.9% ▼
5Y CAGR: -2.7%
Dividends Paid
$0
+0.0% ▲
Buybacks
$15M
-8.3% ▼
Net Change in Cash
$262M
+471.5% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $693M | $708M | $642M | $638M | $643M |
| Depreciation & Amort. | $132M | $130M | $166M | $192M | $206M |
| Stock-Based Comp. | $30M | $43M | $37M | $45M | $54M |
| Change in Working Capital | -$107M | -$269M | -$240M | -$111M | -$250M |
| Other Non-Cash Items | -$17M | $32M | -$742K | $0 | $0 |
| Operating Cash Flow | $747M | $612M | $603M | $762M | $653M |
| — Investing Activities — | |||||
| Capital Expenditures | -$168M | -$183M | -$161M | -$142M | -$113M |
| Acquisitions (Net) | $7M | -$1M | -$1.3B | -$1M | -$35M |
| Investment Purchases | -$63M | -$11M | -$2M | -$4M | -$7M |
| Investment Sales | $218M | $87M | $3M | $4M | $0 |
| Other Investing | -$225M | $1M | $0 | $0 | $3M |
| Investing Cash Flow | -$232M | -$108M | -$1.4B | -$144M | -$152M |
| — Financing Activities — | |||||
| Net Debt Issuance | $160M | $60M | $780M | -$730M | -$243M |
| Stock Repurchased | -$649M | -$626M | -$70M | -$14M | -$15M |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing | $51M | $56M | $45M | $47M | -$7K |
| Financing Cash Flow | -$438M | -$510M | $755M | -$697M | -$237M |
| Net Change in Cash | $65M | -$21M | -$85M | -$71M | $262M |
| Cash End of Period | $501M | $481M | $395M | $324M | $588M |
| Free Cash Flow | $579M | $428M | $442M | $620M | $540M |