Waters Corporation

WAT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$22,618	$22,027	$19,466	$20,352	$22,742	$15,102	$14,261	$11,514	$15,364	$10,829	$10,990	$9,509	$8,543	$7,653	$6,726	$7,179	$5,936	$3,636	$7,947	$5,029	$4,310	$5,598	$4,085	$2,842	$5,059	$10,652	$3,260	$2,611	$1,110	$911	$478
Enterprise value	$23,521	$23,403	$21,513	$21,534	$23,774	$16,111	$15,699	$10,928	$13,968	$9,843	$10,259	$8,916	$8,062	$7,291	$6,436	$6,999	$5,937	$3,743	$8,138	$5,418	$4,643	$5,516	$3,974	$2,586	$4,834	$10,581	$3,351	$2,828	$1,420	$1,123	$635
P/E (TTM) at period end	35.20×	34.53×	30.31×	28.76×	32.82×	28.95×	24.08×	19.39×	756.46×	20.77×	23.43×	22.03×	18.98×	16.58×	15.54×	18.81×	18.36×	11.27×	29.64×	22.63×	21.34×	24.98×	23.90×	19.24×	44.17×	73.29×	26.65×	35.10×	–	–	238.91×
P/S (TTM) at period end	7.15×	7.45×	6.58×	6.85×	8.16×	6.38×	5.93×	4.76×	6.65×	5.00×	5.38×	4.78×	4.49×	4.15×	3.63×	4.37×	3.96×	2.31×	5.39×	3.93×	3.72×	5.07×	4.26×	3.19×	5.89×	13.40×	4.63×	4.22×	2.39×	2.33×	1.43×
P/B at period end	8.83×	12.04×	16.92×	40.34×	61.87×	65.05×	–	7.35×	6.88×	4.70×	5.34×	5.02×	4.85×	5.22×	5.48×	6.72×	6.99×	5.50×	13.56×	13.88×	15.20×	8.25×	6.92×	4.27×	8.70×	23.58×	11.16×	16.40×	15.77×	14.02×	7.43×
EV / EBITDA (TTM)	26.41×	25.62×	23.84×	22.78×	26.61×	22.56×	20.59×	13.70×	19.30×	14.55×	16.74×	15.80×	14.51×	13.28×	11.39×	14.45×	13.92×	8.94×	21.62×	15.66×	14.21×	16.88×	15.71×	11.07×	26.34×	44.04×	16.26×	17.16×	24.19×	12.75×	8.71×
EV / Sales (TTM)	7.43×	7.91×	7.28×	7.25×	8.53×	6.81×	6.52×	4.52×	6.05×	4.54×	5.02×	4.48×	4.23×	3.95×	3.48×	4.26×	3.96×	2.38×	5.52×	4.23×	4.01×	4.99×	4.15×	2.91×	5.63×	13.31×	4.76×	4.57×	3.05×	2.87×	1.91×
Returns
Return on equity	25.1%	34.9%	55.8%	140.3%	188.5%	224.7%	–	37.9%	0.9%	22.7%	22.8%	22.8%	25.5%	31.4%	35.3%	35.7%	38.1%	48.8%	45.7%	61.3%	71.2%	33.0%	28.9%	22.2%	19.7%	32.2%	41.9%	46.7%	(11.8%)	(3.7%)	3.1%
Return on invested capital	19.7%	21.8%	22.3%	43.7%	48.1%	44.2%	50.6%	33.6%	0.6%	15.0%	15.2%	15.5%	18.0%	22.4%	24.5%	25.7%	29.0%	43.9%	33.2%	33.7%	33.8%	37.5%	34.9%	37.4%	32.6%	40.9%	33.6%	26.6%	–	16.3%	20.9%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3.4%
Financial health
Current ratio	1.73×	2.11×	2.22×	2.24×	2.39×	1.74×	2.22×	5.93×	7.04×	6.99×	5.70×	4.85×	5.24×	4.48×	3.23×	4.11×	2.97×	3.30×	1.88×	1.46×	1.51×	1.98×	1.90×	2.06×	1.86×	1.56×	1.25×	1.36×	1.25×	1.74×	1.80×
Debt / equity	0.55×	0.89×	2.05×	3.12×	4.12×	5.84×	(7.77×)	0.73×	0.89×	0.79×	0.81×	0.77×	0.75×	0.80×	0.81×	0.72×	0.74×	0.81×	1.51×	2.49×	2.91×	0.67×	0.42×	0.01×	0.00×	0.01×	0.33×	1.40×	4.44×	3.26×	2.49×
Effective tax rate	14.9%	15.5%	12.8%	15.5%	14.1%	14.6%	12.7%	13.0%	96.8%	13.1%	13.4%	12.0%	8.2%	5.4%	15.0%	12.8%	16.4%	13.4%	17.1%	15.5%	26.4%	21.6%	23.6%	22.1%	22.3%	26.0%	27.0%	26.7%	210.7%	36.0%	18.0%
Share count
Diluted shares outstanding	60	60	59	60	62	62	68	78	81	81	83	85	87	89	92	94	97	101	103	104	116	123	128	136	138	137	133	120	117	120	110

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	$4,644	$3,165	$2,958	$2,956	$2,972	$2,786	$2,365	$2,407	$2,420	$2,309	$2,167	$2,042	$1,989	$1,904	$1,844	$1,851	$1,643	$1,499	$1,575	$1,473	$1,280	$1,158	$1,105	$958	$890	$859	$795	$704	$619	$466	$391	$333
Cost of revenue	($2,281)	($1,289)	($1,200)	($1,195)	($1,248)	($1,157)	($1,007)	($1,011)	($993)	($623)	($596)	($843)	($825)	($783)	($738)	($730)	($653)	($595)	($661)	($631)	($536)	($478)	($455)	($398)	($373)	($311)	($266)	($236)	($213)	($159)	($134)	($110)
Gross profit	$2,364	$1,876	$1,758	$1,761	$1,724	$1,629	$1,359	$1,396	$1,427	$1,686	$1,572	$1,200	$1,164	$1,121	$1,106	$1,121	$990	$904	$914	$842	$744	$680	$650	$560	$516	$548	$529	$469	$405	$307	$258	$223
Operating expenses
Research and development	($319)	($196)	($183)	($175)	($176)	($168)	($141)	($143)	($143)	($133)	($125)	($119)	($108)	($101)	($96)	($92)	($84)	($77)	($82)	($81)	($77)	($67)	($65)	($59)	($52)	($47)	($43)	($36)	($34)	($81)	($21)	($18)
Selling, general and administrative	($1,246)	($830)	($690)	($736)	($658)	($627)	($554)	($535)	($537)	($544)	($512)	($496)	($513)	($493)	($477)	($490)	($445)	($421)	($427)	($404)	($358)	($322)	($300)	($264)	($247)	($270)	($246)	($227)	($206)	($167)	($148)	($133)
Total operating expenses	($2,034)	($1,074)	($932)	($944)	($850)	($808)	($713)	($687)	($688)	($1,024)	($947)	($632)	($647)	($603)	($595)	($592)	($540)	($509)	($524)	($493)	($444)	($397)	($365)	($341)	($320)	($398)	($318)	($292)	($269)	($269)	($187)	($167)
Total costs and expenses	($4,315)	($2,363)	($2,132)	($2,139)	($2,099)	($1,964)	($1,720)	($1,698)	($1,680)	($1,647)	($1,542)	($1,475)	($1,471)	($1,387)	($1,332)	($1,323)	($1,193)	($1,104)	($1,185)	($1,124)	($980)	($875)	($820)	($739)	($694)	($710)	($584)	($528)	($482)	($428)	($321)	($277)
Operating income	$330	$803	$826	$818	$873	$822	$645	$708	$740	$662	$625	$567	$518	$517	$511	$529	$450	$395	$390	$349	$300	$283	$285	$219	$196	$150	$211	$176	$136	$38	$70	$56
Earnings
EBITDA	$445	$891	$913	$902	$945	$893	$714	$762	$798	$724	$677	$613	$564	$556	$549	$565	$484	$426	$419	$376	$346	$327	$327	$253	$234	$183	$240	$206	$165	$59	$88	$73
Interest income	$21	$19	$17	$17	$11	$12	$16	$22	$39	$36	$21	$11	$7	$4	$4	$3	$2	$3	$21	$31	$25	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($149)	($70)	($90)	($99)	($49)	($45)	($49)	($49)	($49)	($57)	($45)	($36)	($34)	($30)	($28)	($22)	($14)	($11)	($39)	($57)	($52)	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$205	$755	$755	$736	$838	$806	$611	$678	$682	$641	$600	$542	$491	$490	$488	$509	$438	$387	$372	$323	$263	$275	$286	$224	$195	$147	$211	$168	$102	$8	$31	$17
Income tax expense	($39)	($112)	($117)	($94)	($130)	($113)	($89)	($86)	($88)	($621)	($79)	($73)	($59)	($40)	($26)	($76)	($56)	($63)	($50)	($55)	($41)	($73)	($62)	($53)	($43)	($33)	($55)	($45)	($27)	($16)	($11)	($3)
Net income	$166	$643	$638	$642	$708	$693	$522	$592	$594	$20	$522	$469	$432	$450	$461	$433	$382	$323	$322	$268	$222	$202	$224	$171	$148	$115	$145	$122	$74	($8)	($2)	$2
Per share
Diluted EPS (GAAP)	$4.01	$10.76	$10.71	$10.84	$11.73	$11.17	$8.36	$8.69	$7.65	$0.25	$6.41	$5.65	$5.07	$5.20	$5.19	$4.69	$4.06	$3.34	$3.21	$2.62	$2.13	$1.74	$1.82	$1.34	$1.09	$0.83	$1.06	$0.92	$0.57	($0.0712)	($0.0275)	$0.01
Basic EPS (GAAP)	$4.02	$10.80	$10.75	$10.87	$11.80	$11.25	$8.40	$8.76	$7.71	$0.25	$6.46	$5.70	$5.12	$5.27	$5.25	$4.77	$4.13	$3.37	$3.25	$2.67	$2.16	$1.77	$1.87	$1.39	$1.13	$0.88	$1.14	$0.99	$0.61	($0.0712)	($0.0275)	$0.01
Basic shares outstanding	75	60	59	59	60	62	62	68	77	80	81	82	84	85	88	91	92	96	99	100	103	114	120	123	130	131	128	123	120	117	120	110
Margins
Gross margin	50.9%	59.3%	59.4%	59.6%	58.0%	58.5%	57.4%	58.0%	59.0%	73.0%	72.5%	58.7%	58.5%	58.9%	60.0%	60.5%	60.2%	60.3%	58.0%	57.2%	58.1%	58.7%	58.8%	58.5%	58.0%	63.8%	66.6%	66.6%	65.5%	65.9%	65.8%	67.1%
Operating margin	7.1%	25.4%	27.9%	27.7%	29.4%	29.5%	27.3%	29.4%	30.6%	28.7%	28.8%	27.8%	26.0%	27.2%	27.7%	28.6%	27.4%	26.3%	24.7%	23.7%	23.4%	24.4%	25.8%	22.9%	22.1%	17.4%	26.5%	25.1%	22.0%	8.1%	18.0%	16.9%
Net margin	3.6%	20.3%	21.6%	21.7%	23.8%	24.9%	22.1%	24.6%	24.5%	0.9%	24.1%	23.0%	21.7%	23.6%	25.0%	23.4%	23.2%	21.6%	20.5%	18.2%	17.4%	17.4%	20.3%	17.8%	16.6%	13.3%	18.3%	17.4%	12.0%	(1.8%)	(0.6%)	0.6%

Analyst consensus

Buy37 analysts

Bearish · 2 · Hold · 16 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$2.93	$2.68	Beat
Q4 2024	$4.10	$4.03	Beat
Q1 2025	$2.25	$2.22	Beat
Q2 2025	$2.95	$2.94	Beat
Q3 2025	$3.40	$3.21	Beat
Q4 2025	$4.53	$4.51	Beat
Q1 2026	$2.70	$2.31	Beat
Q2 2026	$3.05	$3.01	Beat

Peers

Company overview

IPO dateNov 17, 1995

CEOUdit Batra

Employees7,900

SectorHealthcare

IndustryMedical - Diagnostics & Research

CountryUS

ExchangeNew York Stock Exchange

Websitewww.waters.com

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.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.