Tearsheet

Waters (WAT)

Market Price (4/22/2026): $332.52 | Market Cap: $19.8 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

Waters (WAT)

Market Price (4/22/2026): $332.52
Market Cap: $19.8 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include Precision Medicine, Biotechnology & Genomics, and Water Infrastructure. Themes include Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -33%, 3Y Excs Rtn is -62%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x, P/EPrice/Earnings or Price/(Net Income) is 31x

Key risks
WAT key risks include [1] substantial execution and integration challenges stemming from its large-scale acquisition of BD's Biosciences & Diagnostic Solutions unit.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
2	Low stock price volatility Vol 12M is 35%
3	Megatrend and thematic drivers Megatrends include Precision Medicine, Biotechnology & Genomics, and Water Infrastructure. Themes include Biopharmaceutical R&D, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -33%, 3Y Excs Rtn is -62%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x, P/EPrice/Earnings or Price/(Net Income) is 31x
6	Key risks WAT key risks include [1] substantial execution and integration challenges stemming from its large-scale acquisition of BD's Biosciences & Diagnostic Solutions unit.

Valuation, Metrics & Events

	4/22/26	2025	2024	2023	2022
Share Price CYE	$332.52	$379.83	$370.98	$329.23	$342.58
Market Cap CYE ($ Bil)	19.8	22.6	22.0	19.5	20.3
Total Debt ($ Bil)	1.5	1.5	1.7	2.4	1.7
Total Cash ($ Bil)	0.6	0.6	0.3	0.4	0.5
Enterprise Value ($ Bil)	20.7	24.1	23.7	21.9	22.0
Valuation Ratios
P/S TTM	6.3	7.1	7.4	6.6	6.8
P/EBIT TTM	24.0	27.4	26.1	23.3	22.9
P/E TTM	30.8	35.2	34.5	30.3	28.7
P/FCF TTM	36.7	41.9	35.6	44.0	47.5
Sector Ratios
P/S TTM (Sector)	3.8	4.2	3.8	4.2	4.6
P/EBIT TTM (Sector)	-1.9	-1.8	-1.4	-1.5	-1.3
P/E TTM (Sector)	-2.0	-1.8	-1.6	-1.6	-1.3
P/FCF TTM (Sector)	-1.9	-1.7	-1.4	-1.5	-1.7

	4/22/26	2025	2024
Share Price CYE	$332.52	$379.83	$370.98
Market Cap CYE ($ Bil)	19.8	22.6	22.0
Total Debt ($ Bil)	1.5	1.5	1.7
Total Cash ($ Bil)	0.6	0.6	0.3
Enterprise Value ($ Bil)	20.7	24.1	23.7
Valuation Ratios
P/S TTM	6.3	7.1	7.4
P/EBIT TTM	24.0	27.4	26.1
P/E TTM	30.8	35.2	34.5
P/FCF TTM	36.7	41.9	35.6
Sector Ratios
P/S TTM (Sector)	3.8	4.2	3.8
P/EBIT TTM (Sector)	-1.9	-1.8	-1.4
P/E TTM (Sector)	-2.0	-1.8	-1.6
P/FCF TTM (Sector)	-1.9	-1.7	-1.4

	WAT	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	3.2
Rev Chg Q	6.8%	7.5%
Rev Chg LTM	7.0%	6.9%
Rev Chg 3Y Avg	2.2%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.8
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.6
Op Mgn LTM	25.4%	18.6%
CFO/Rev LTM	20.6%	20.6%
Net Inc Mgn	20.3%	12.8%
VALUATION	HIGH
P/S	6.3	3.3
P/CFO	30.3	15.7
P/FCF	36.7	20.4
P/E	30.8	24.4
STABILITY	VERY GOOD
Debt/Equity	0.08	0.20
Cash/Assets	0.12	0.07

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Metric	Value	Date	Source
Recurring revenue growth	9%	11042025	Link
Instrument sales growth	6%	11042025	Link
Chemistry revenue growth	13%	11042025	Link
Service revenue growth	7%	11042025	Link
Pharmaceutical market sales growth	11%	11042025	Link
Industrial market sales growth	4%	11042025	Link
Academic & Government market sales growth	1%	11042025	Link
Number of active patents	4165	11052025	Link

Upcoming
5/05/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $2.31 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Waters (WAT) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. Waters' stock declined due to its disappointing first-quarter 2026 earnings per share (EPS) guidance. The company projected non-GAAP EPS in the range of $2.25 to $2.35 for Q1 2026, which fell significantly short of analysts' consensus estimate of $2.51 per share. This outlook led to a sharp stock drop, with shares falling nearly 11% to 14.49% in pre-market trading following the announcement on February 9, 2026.

2. The underperformance of the newly acquired Biosciences and Diagnostics Solutions business from Becton Dickinson (BD) contributed to investor concerns. This strategic acquisition, valued at approximately $17.5 billion, was expected to bolster Waters' position in clinical applications. However, the acquired division's revenue of $766 million in the quarter ending December fell well below the anticipated $1.3 billion, raising questions about the integration and immediate contribution of the acquisition.

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Stock Movement Drivers

Fundamental Drivers

The -11.7% change in WAT stock from 12/31/2025 to 4/21/2026 was primarily driven by a -10.9% change in the company's P/E Multiple.

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	379.83	335.23	-11.7%
Change Contribution By:
Total Revenues ($ Mil)	3,106	3,165	1.9%
Net Income Margin (%)	20.9%	20.3%	-2.8%
P/E Multiple	34.8	31.1	-10.9%
Shares Outstanding (Mil)	60	60	0.0%
Cumulative Contribution			-11.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
WAT	-11.7%
Market (SPY)	-5.4%	27.2%
Sector (XLV)	-5.7%	41.4%

Fundamental Drivers

The 11.8% change in WAT stock from 9/30/2025 to 4/21/2026 was primarily driven by a 15.1% change in the company's P/E Multiple.

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	299.81	335.23	11.8%
Change Contribution By:
Total Revenues ($ Mil)	3,046	3,165	3.9%
Net Income Margin (%)	21.7%	20.3%	-6.5%
P/E Multiple	27.0	31.1	15.1%
Shares Outstanding (Mil)	60	60	-0.1%
Cumulative Contribution			11.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
WAT	11.8%
Market (SPY)	-2.9%	26.7%
Sector (XLV)	5.3%	49.6%

Fundamental Drivers

The -9.0% change in WAT stock from 3/31/2025 to 4/21/2026 was primarily driven by a -9.5% change in the company's P/E Multiple.

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	368.57	335.23	-9.0%
Change Contribution By:
Total Revenues ($ Mil)	2,958	3,165	7.0%
Net Income Margin (%)	21.6%	20.3%	-5.8%
P/E Multiple	34.3	31.1	-9.5%
Shares Outstanding (Mil)	59	60	-0.3%
Cumulative Contribution			-9.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
WAT	-9.0%
Market (SPY)	16.3%	50.2%
Sector (XLV)	1.3%	60.8%

Fundamental Drivers

The 8.3% change in WAT stock from 3/31/2023 to 4/21/2026 was primarily driven by a 19.7% change in the company's P/E Multiple.

(LTM values as of)	3312023	4212026	Change
Stock Price ($)	309.63	335.23	8.3%
Change Contribution By:
Total Revenues ($ Mil)	2,972	3,165	6.5%
Net Income Margin (%)	23.8%	20.3%	-14.7%
P/E Multiple	26.0	31.1	19.7%
Shares Outstanding (Mil)	59	60	-0.3%
Cumulative Contribution			8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
WAT	8.3%
Market (SPY)	63.3%	42.6%
Sector (XLV)	18.0%	52.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
WAT Return	51%	-8%	-4%	13%	2%	-12%	36%
Peers Return	43%	-17%	-10%	-0%	3%	-9%	0%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
WAT Win Rate	83%	42%	42%	50%	42%	25%
Peers Win Rate	80%	40%	45%	43%	50%	30%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
WAT Max Drawdown	0%	-28%	-31%	-14%	-25%	-25%
Peers Max Drawdown	-8%	-32%	-30%	-7%	-24%	-18%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: A, TMO, DHR, RVTY, MTD. See WAT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

Unique Key	Event	WAT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-44.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	79.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	50.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	267 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	582 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-61.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	162.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	708 days	1,480 days

Compare to A, TMO, DHR, RVTY, MTD

In The Past

Waters's stock fell -44.3% during the 2022 Inflation Shock from a high on 9/8/2021. A -44.3% loss requires a 79.4% gain to breakeven.

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About Waters (WAT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company offers thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by life science, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.

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The Applied Materials of scientific labs, providing high-tech instruments for chemical analysis.

A more specialized Thermo Fisher Scientific, focused on advanced instruments for chemical measurement.

The KLA Corporation for life science and industrial labs, delivering critical precision analysis tools.

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Liquid Chromatography (LC) Systems: Instruments designed for separating, identifying, and quantifying components in a sample.
Mass Spectrometry (MS) Systems: Advanced instruments used for detailed molecular analysis in various scientific and industrial applications.
Thermal Analysis, Rheometry, and Calorimetry Instruments: Devices for measuring material properties such as heat flow, viscosity, and thermal transitions.
Chromatography Consumables: Essential products like columns and other supplies required for the operation of chromatography systems.
Software Solutions: Software-based products that interface with and enhance the functionality of their analytical instruments.
Post-Warranty Service Plans: Services providing maintenance and support for their analytical instruments beyond the initial warranty period.

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Major Customers of Waters Corporation (WAT)

Waters Corporation primarily sells its analytical workflow solutions, instruments, and services to other organizations and companies, rather than individuals.

Based on the provided background information, specific names of individual customer companies are not disclosed. However, Waters Corporation identifies its major customer segments across various sectors:

Life science organizations
Pharmaceutical companies (for drug discovery, development, clinical trial testing)
Biochemical industries (for protein analysis in disease processes)
Industrial customers
Nutritional safety analysis laboratories
Environmental testing organizations
Academic institutions (for research and development)
Governmental agencies (for research and development, quality assurance, and other laboratory applications)

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Udit Batra, Ph.D. President and Chief Executive Officer

Dr. Udit Batra joined Waters Corporation as President and CEO in September 2020. He brings over two decades of leadership and operational expertise in healthcare and life sciences. Prior to Waters, he served as CEO of MilliporeSigma, an $8 billion global business with over 22,000 employees. In 2015, he led the formation of MilliporeSigma, which was the largest merger in the life sciences tools industry at the time. From 2011-2013, Dr. Batra was CEO of Merck KGaA's consumer health business, where he doubled its profitability. Earlier in his career, he held various leadership positions at Novartis.

Amol Chaubal Senior Vice President, Chief Financial Officer

Amol Chaubal was appointed Chief Financial Officer at Waters Corporation in 2021. He is responsible for all aspects of the Finance and Information Technology organizations. Before joining Waters, Mr. Chaubal served as CFO at Quanterix starting in 2019. From 2017 to 2019, he was Chief Financial Officer of Global Operations at Smith & Nephew. Prior to that, he was Corporate Vice President and Head of Finance for PAREXEL's Clinical Research Services and Access businesses from 2015 to 2017. He has finance leadership experience across consumer products, pharma, and energy sectors.

Jianqing Bennett Senior Vice President, TA Instruments Division and Waters Clinical Business

Jianqing Bennett serves as the Senior Vice President of the TA Instruments Division and Waters Clinical Business. She previously served as Senior Vice President of TA Instruments Division and as Senior Vice President of high growth markets at Beckman Coulter Diagnostics since 2017.

Rob Carpio Senior Vice President, Waters Division

Rob Carpio is the Senior Vice President of the Waters Division. He was previously the Senior Vice President of Waters Analytical Sciences.

Keeley Aleman Senior Vice President, General Counsel & Secretary

Keeley Aleman holds the position of Senior Vice President, General Counsel & Secretary at Waters Corporation.

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Integration and Execution Risk from Mergers and Acquisitions: Waters Corporation's growth strategy relies significantly on mergers and acquisitions (M&A), including the recent, transformative acquisition of BDX's Biosciences & Dx business. This strategy exposes the company to substantial execution and integration risks. Challenges may arise from integrating cultural differences, resolving operational incompatibilities, and managing unforeseen complications, which could delay or diminish the expected synergies. There is also a risk of overpaying for acquisitions in a competitive market, potentially straining financial resources and leading to future goodwill impairments. Difficulties in integration could result in temporary operational disruptions, increased costs, or slower realization of revenue synergies, impacting financial performance and investor confidence.
Intense Competition and the Continuous Need for Innovation: The analytical instruments market, in which Waters Corporation operates, is highly competitive, featuring global suppliers such as Agilent, Thermo Fisher Scientific, and Danaher. To maintain its competitive edge and market share, Waters must continuously innovate, particularly with its high and ultra-performance liquid chromatography and mass spectrometry (LC/MS) technology systems. Competitors, some with more diversified portfolios or greater financial resources, may challenge Waters' position through aggressive pricing strategies or new technological advancements, necessitating ongoing investment in research and development.
Dependence on the Biopharmaceutical Sector and Exposure to Regulatory Changes: Waters Corporation has strong ties to and a significant focus on the biopharmaceutical and biotechnology sectors. While this specialization is a strength, it also creates a concentration risk. Any downturns, shifts in drug discovery and development trends, or significant regulatory changes within the healthcare sector could disproportionately impact the demand for Waters' products and services, thereby affecting its financial performance.

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Waters Corporation operates in several key analytical instrumentation markets globally, providing solutions in liquid chromatography, mass spectrometry, chromatography consumables, thermal analysis, rheometry, and calorimetry.

Addressable Markets for Waters Corporation's Main Products and Services:

High and Ultra-Performance Liquid Chromatography (HPLC/UPLC) Systems: The global high-performance liquid chromatography market was valued at approximately USD 5.41 billion in 2024 and is projected to reach about USD 8.92 billion by 2034, growing at a CAGR of 5.2% during the forecast period (2025–2034). North America held the largest market share for HPLC in 2025, accounting for 37.66% of the global market.
Mass Spectrometry (MS) Technology Systems: The global mass spectrometer market was valued at approximately USD 7.16 billion in 2024 and is poised to grow to about USD 13.73 billion by 2033, exhibiting a CAGR of 7.5% during the forecast period (2026–2033). North America dominated the global market for mass spectrometry with a 38.58% share in 2018. The U.S. mass spectrometry market alone was estimated at USD 2.38 billion in 2025 and is expected to reach USD 4.97 billion by 2035.
Chromatography Columns and Other Consumable Products: The global chromatography consumables market was valued at approximately USD 4.75 billion in 2024 and is projected to grow to about USD 9.5 billion by 2033, with a CAGR of 8% (2026–2033). North America held the major market share, with a market size of approximately USD 1.71 billion in 2025.
Thermal Analysis Instruments: The global thermal analysis instruments market was valued at approximately USD 552.65 million in 2024 and is expected to reach about USD 828.39 million by 2033, growing at a CAGR of 4.6% from 2025 to 2033. North America is estimated to hold the highest share in the global thermal analysis market, with approximately 38% of the global market share in 2025. The U.S. market was valued at USD 286.4 million in 2024.
Rheometry Instruments: The global rheometer market size was valued at approximately USD 900 million in 2024 and is expected to reach nearly USD 1.23 billion by 2032, growing at a CAGR of 4.5% from 2025 to 2032. North America dominates this market due to strong industrial infrastructure and research investment, holding 38.12% of the global market share in 2025.
Calorimetry Instruments: The global calorimeter market was valued at approximately USD 280 million in 2024 and is projected to reach about USD 391.17 million by 2034, growing at a CAGR of 3.4% during the forecast period (2025–2034). North America leads the global calorimeter market with a 34% share.

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Here are 3-5 expected drivers of future revenue growth for Waters Corporation (WAT) over the next 2-3 years:

New Product Innovation and Differentiated Portfolio: Waters Corporation anticipates revenue growth from its ongoing pipeline of innovative new products and a differentiated portfolio of analytical workflow solutions. This includes instruments such as high and ultra-performance liquid chromatography (LC), mass spectrometry (MS) technology systems, and specific product lines like the Alliance iS, Xevo TQ Absolute, and Max Peak Premier Columns. These new offerings are expected to drive adoption and expand the company's market reach.
Growth in Key Market Segments and High-Demand Applications: The company expects continued strong performance in the pharmaceutical market, its largest end market. Specific "idiosyncratic growth drivers" include increasing demand for GLP-1 (Glucagon-like peptide-1) related testing and PFAS (per- and polyfluoroalkyl substances) testing, which are projected to contribute significantly to annual growth. Additionally, the growing generics market in India is anticipated to add to revenue growth.
Recurring Revenue Expansion: Waters is focused on expanding its recurring revenue streams, which primarily consist of service and chemistry consumables. Efforts to increase service plan attachment rates and the strong demand for chemistry consumables, particularly new bioseparations products, are expected to provide a stable and growing revenue base.
Strategic Acquisitions: The acquisition of BD's Biosciences and Diagnostic Solutions business, completed in early 2026, is a significant expected driver of future revenue. This transformative acquisition is projected to add substantial reported revenue, with an anticipated contribution of approximately $3.000 billion for the full year 2026, and is expected to bring revenue synergies and expand Waters' position in high-growth adjacencies. The earlier acquisition of Wyatt Technology in 2023 also contributed to growth in 2024.
Instrument Replacement Cycles and Commercial Excellence Initiatives: The company is benefiting from ongoing instrument replacement cycles, where customers upgrade older equipment. Waters is also implementing commercial excellence initiatives, including enhanced e-commerce capabilities and a focus on service attachment, to capture this demand and drive overall revenue growth. The transition to a subscription-based model for Empower is also seen as strategically attractive for long-term recurring revenue benefits.

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Share Repurchases

Waters Corporation did not make any open market share repurchases in 2024 or 2025.
The company repurchased $14 million and $13 million of common stock related to the vesting of restricted stock units during the six months ended June 28, 2025, and June 29, 2024, respectively.
For the three months ended March 30, 2024, and April 1, 2023, Waters repurchased $13 million and $11 million of common stock, respectively, related to the vesting of restricted stock units.

Share Issuance

Waters shareholders approved the issuance of Waters common stock to Becton, Dickinson and Company (BD) shareholders in connection with the proposed combination of BD's Biosciences & Diagnostic Solutions business with Waters, a transaction expected to close on February 9, 2026.
Upon the completion of this merger, BD's shareholders are expected to own approximately 39.2% of the combined company, and existing Waters Corporation shareholders are expected to own approximately 60.8%.
The updated capital structure for 2026 projects approximately 94.3 million diluted shares outstanding on a full-year average basis, with the new share count at closing being 98.4 million shares.

Outbound Investments

Waters Corporation announced the acquisition of BD's Biosciences and Diagnostic Solutions business, a move anticipated to be transformative and drive revenue synergies and cost efficiencies.
As a condition of the distribution related to the BD transaction, the SpinCo (BD's business) was to make a cash payment to BD of $4.0 billion.

Capital Expenditures

In the last 12 months (prior to February 2026), capital expenditures amounted to -$112.75 million.
Waters plans to invest more in India and focus on biologics, glucagon-like peptide 1 (GLP-1) testing, and per- and polyfluoroalkyl substances (PFAS) testing.
The company is also accelerating strategic research and development investments in chemistry and informatics.

Interactive Breakdown

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Better Bets vs. Waters (WAT)

INDUSTRY: Life Sciences Tools & Services

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Higher Rev Chg LTM (Value for WAT: 7.0%)

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Higher Op Mgn LTM (Value for WAT: 25.4%)

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iRadimed

MTD (27.8%)

Mettler-Toledo International

Higher CFO/Rev LTM (Value for WAT: 20.6%)

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Danaher

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Illumina

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Mettler-Toledo International

Higher FCF/Rev LTM (Value for WAT: 17.1%)

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MTD (3.2%)

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SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for WAT: 2.2% | 6.3x)

JNJ (2.6% | 5.8x)

Johnson & Johnson

UNH (11.4% | 0.7x)

UnitedHealth

MRK (3.2% | 4.3x)

Merck

AMGN (11.9% | 5.0x)

Amgen

GILD (2.6% | 5.6x)

Gilead Sciences

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WAT: 2.2% | 24.9x)

JNJ (2.6% | 21.3x)

Johnson & Johnson

UNH (11.4% | 16.6x)

UnitedHealth

MRK (3.2% | 12.6x)

Merck

AMGN (11.9% | 20.4x)

Amgen

GILD (2.6% | 14.1x)

Gilead Sciences

Higher Rev Chg LTM (Value for WAT: 7.0%)

LLY (44.7%)

Eli Lilly

ISRG (20.5%)

Intuitive Surgical

UNH (11.8%)

UnitedHealth

AMGN (10.0%)

Amgen

ABBV (8.6%)

AbbVie

Higher Rev Chg 3Y Avg (Value for WAT: 2.2%)

LLY (32.1%)

Eli Lilly

AMGN (11.9%)

Amgen

UNH (11.4%)

UnitedHealth

MRK (3.2%)

Merck

JNJ (2.6%)

Johnson & Johnson

Higher Op Mgn LTM (Value for WAT: 25.4%)

LLY (45.6%)

Eli Lilly

GILD (39.7%)

Gilead Sciences

MRK (34.0%)

Merck

ABBV (32.8%)

AbbVie

JNJ (27.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for WAT: 20.6%)

ABBV (31.1%)

AbbVie

AMGN (27.1%)

Amgen

JNJ (26.0%)

Johnson & Johnson

LLY (25.8%)

Eli Lilly

MRK (25.3%)

Merck

Higher FCF/Rev LTM (Value for WAT: 17.1%)

GILD (32.1%)

Gilead Sciences

ABBV (29.1%)

AbbVie

AMGN (22.0%)

Amgen

JNJ (20.5%)

Johnson & Johnson

MRK (19.0%)

Merck

Higher Total Yield (Value for WAT: 3.2%)

MRK (9.5%)

Merck

JNJ (7.2%)

Johnson & Johnson

UNH (6.4%)

UnitedHealth

ABBV (4.4%)

AbbVie

TMO (3.4%)

Thermo Fisher Scientific

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WAT: 2.2% | 6.3x)

AMZN (11.7% | 3.7x)

Amazon.com

WMT (5.3% | 1.4x)

Walmart

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

JPM (12.8% | 4.7x)

JPMorgan Chase

COST (6.9% | 1.6x)

Costco Wholesale

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WAT: 2.2% | 24.9x)

MSFT (14.4% | 22.1x)

Microsoft

META (19.9% | 20.3x)

Meta Platforms

V (11.1% | 21.4x)

Visa

MU (45.3% | 18.0x)

Micron Technology

MA (13.8% | 23.5x)

Mastercard

Higher Rev Chg LTM (Value for WAT: 7.0%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for WAT: 2.2%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for WAT: 25.4%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for WAT: 20.6%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for WAT: 17.1%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for WAT: 3.2%)

BRK-B (6.6%)

Berkshire Hathaway

MSFT (4.6%)

Microsoft

META (3.9%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AAPL (3.4%)

Apple

Best Bets in Health Care

What You Pay

P/EBIT (Value for WAT: 24.2x)

RPRX (13.0x)

Royalty Pharma

DOCS (19.0x)

Doximity

VEEV (30.0x)

Veeva Systems

HALO (16.6x)

Halozyme Therapeutics

UTHR (14.4x)

United Therapeutics

CPRX (12.2x)

Catalyst Pharmaceuticals

BMY (10.8x)

Bristol-Myers Squibb

RMD (17.5x)

ResMed

AMGN (15.8x)

Amgen

PBH (8.9x)

Prestige Consumer Healthcare

P/E (Value for WAT: 31.1x)

RPRX (27.5x)

Royalty Pharma

DOCS (18.9x)

Doximity

VEEV (30.2x)

Veeva Systems

HALO (25.4x)

Halozyme Therapeutics

UTHR (18.6x)

United Therapeutics

CPRX (14.7x)

Catalyst Pharmaceuticals

BMY (17.1x)

Bristol-Myers Squibb

RMD (21.7x)

ResMed

AMGN (24.1x)

Amgen

PBH (14.8x)

Prestige Consumer Healthcare

What You Get

Rev Chg 3Y Avg (Value for WAT: 2.2%)

RPRX (2.1%)

Royalty Pharma

DOCS (16.7%)

Doximity

VEEV (14.1%)

Veeva Systems

HALO (28.5%)

Halozyme Therapeutics

UTHR (18.1%)

United Therapeutics

CPRX (43.1%)

Catalyst Pharmaceuticals

BMY (1.5%)

Bristol-Myers Squibb

RMD (12.9%)

ResMed

AMGN (11.9%)

Amgen

PBH (-0.1%)

Prestige Consumer Healthcare

Rev Chg LTM (Value for WAT: 7.0%)

RPRX (5.1%)

Royalty Pharma

DOCS (15.9%)

Doximity

VEEV (16.3%)

Veeva Systems

HALO (37.6%)

Halozyme Therapeutics

UTHR (10.6%)

United Therapeutics

CPRX (19.8%)

Catalyst Pharmaceuticals

BMY (-0.2%)

Bristol-Myers Squibb

RMD (9.6%)

ResMed

AMGN (10.0%)

Amgen

PBH (-1.3%)

Prestige Consumer Healthcare

Rev Chg Q (Value for WAT: 6.8%)

RPRX (4.8%)

Royalty Pharma

DOCS (9.8%)

Doximity

VEEV (16.0%)

Veeva Systems

HALO (51.6%)

Halozyme Therapeutics

UTHR (7.4%)

United Therapeutics

CPRX (7.6%)

Catalyst Pharmaceuticals

BMY (1.3%)

Bristol-Myers Squibb

RMD (11.0%)

ResMed

AMGN (8.6%)

Amgen

PBH (-2.4%)

Prestige Consumer Healthcare

FCF/Rev 3Y Avg (Value for WAT: 17.7%)

RPRX (118.0%)

Royalty Pharma

DOCS (41.6%)

Doximity

VEEV (40.8%)

Veeva Systems

HALO (38.8%)

Halozyme Therapeutics

UTHR (34.1%)

United Therapeutics

CPRX (33.2%)

Catalyst Pharmaceuticals

BMY (27.9%)

Bristol-Myers Squibb

RMD (27.3%)

ResMed

AMGN (26.4%)

Amgen

PBH (22.3%)

Prestige Consumer Healthcare

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Waters Stock vs Competition: Who Wins?	02/14/2026
2	Would You Still Hold Waters Stock If It Fell Another 30%?	02/14/2026
3	Waters Stock Dips 14% In One Day, Now Is Not The Time To Buy The Stock	02/10/2026
4	Waters Earnings Notes	12/29/2026
5	Waters vs Alphabet: Which Is A Better Investment?	08/18/2025
6	Waters vs Zoetis: Which Is A Better Investment?	08/18/2025
7	Better Bet Than WAT Stock: Pay Less Than Waters To Get More From TMUS, PM	08/12/2025
8	ARTICLES
9	How Does Waters Stock Compare With Peers?	02/14/2026
10	Is Waters Stock Built to Withstand More Downside?	02/14/2026
11	Is Waters a Better Buy Than Thermo Fisher Scientific?	02/13/2026
12	Waters Stock To $237?	02/10/2026
13	S&P 500 Movers \| Winners: APP, ORCL, GLW \| Losers: WAT, WTW, AJG	02/09/2026

	Title
0	DASHBOARDS
1	Waters Stock vs Competition: Who Wins?
2	Would You Still Hold Waters Stock If It Fell Another 30%?
3	Waters Stock Dips 14% In One Day, Now Is Not The Time To Buy The Stock
4	Waters Earnings Notes
5	Waters vs Alphabet: Which Is A Better Investment?
6	Waters vs Zoetis: Which Is A Better Investment?
7	Better Bet Than WAT Stock: Pay Less Than Waters To Get More From TMUS, PM
8	ARTICLES
9	How Does Waters Stock Compare With Peers?
10	Is Waters Stock Built to Withstand More Downside?
11	Is Waters a Better Buy Than Thermo Fisher Scientific?
12	Waters Stock To $237?
13	S&P 500 Movers \| Winners: APP, ORCL, GLW \| Losers: WAT, WTW, AJG

Trade Ideas

Select ideas related to WAT.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312026	PGNY	Progyny	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	CNC	Centene	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	OSCR	Oscar Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.0%	3.0%	-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper	03202026	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.4%	-0.4%	-3.3%
GILD_3202026_Quality_Momentum_RoomToRun_10%	03202026	GILD	Gilead Sciences	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.6%	1.6%	-2.2%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.6%	-1.0%	-5.8%
WAT_5312023_Monopoly_xInd_xCD_Getting_Cheaper	05312023	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	11.4%	22.5%	-5.8%
WAT_7312022_Monopoly_xInd_xCD_Getting_Cheaper	07312022	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-8.5%	-24.1%	-31.5%
WAT_2292020_Monopoly_xInd_xCD_Getting_Cheaper	02292020	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	11.6%	40.5%	-16.7%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	0.9	19.3%	61.9%
CAR	Avis Budget	25.1	17.3%	456.4%
NVTS	Navitas Semiconductor	3.4	16.1%	114.7%
CBIO	Crescent Biopharma	0.7	13.3%	107.2%
VMI	Valmont Industries	9.0	11.9%	14.3%
MLI	Mueller Industries	14.7	11.4%	17.7%
EGY	VAALCO Energy	0.6	11.0%	65.2%
PBI	Pitney Bowes	2.3	10.9%	39.6%
CRVS	Corvus Pharmaceuticals	1.4	10.3%	122.6%
VICR	Vicor	11.1	9.5%	124.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WASH	Washington Trust Bancorp	0.6	-16.9%	5.2%
TPB	Turning Point Brands	1.3	-16.5%	-34.8%
VSEC	VSE	4.4	-13.7%	12.6%
NG	Novagold Resources	3.8	-12.7%	0.8%
ULCC	Frontier	1.0	-12.1%	-10.2%
TSCO	Tractor Supply	20.9	-11.7%	-20.5%
ELE	Elemental Royalty	1.2	-10.4%	7.8%
HYMC	Hycroft Mining	3.3	-10.4%	65.8%
PEGA	Pegasystems	6.7	-10.3%	-34.1%
REPL	Replimune	0.2	-10.1%	-80.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CAR	Avis Budget	25.1	73.5%	456.4%
MXL	MaxLinear	2.9	56.3%	93.3%
NVTS	Navitas Semiconductor	3.4	55.3%	114.7%
POET	POET Technologies	0.9	52.8%	61.9%
BB	BlackBerry	3.3	41.3%	48.0%
NN	NextNav	3.1	40.0%	35.6%
HIMS	Hims & Hers Health	6.8	39.3%	-8.3%
USAR	USA Rare Earth	2.3	34.5%	92.0%
BETR	Better Home & Finance	0.7	34.0%	42.9%
BAND	Bandwidth	0.7	32.3%	53.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
IIIN	Insteel Industries	0.5	-34.3%	-21.9%
QDEL	QuidelOrtho	0.8	-30.5%	-57.8%
ANAB	AnaptysBio	1.4	-26.2%	6.9%
BMI	Badger Meter	3.6	-25.1%	-30.5%
AGIO	Agios Pharmaceuticals	1.5	-21.1%	-3.4%
LCID	Lucid	2.3	-19.2%	-32.7%
IAG	Iamgold	9.7	-18.4%	2.1%
MDXG	MiMedx	0.5	-18.4%	-52.7%
ORLA	Orla Mining	4.8	-18.3%	8.1%
WASH	Washington Trust Bancorp	0.6	-17.7%	5.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BCPC	Balchem	5.6	647.6%	14.6%
CAR	Avis Budget	25.1	614.7%	456.4%
AEHR	Aehr Test Systems	2.8	171.5%	364.2%
APLS	Apellis Pharmaceuticals	5.2	137.9%	63.0%
SGML	Sigma Lithium	2.4	135.4%	61.4%
CBIO	Crescent Biopharma	0.7	125.4%	107.2%
CODI	Compass Diversified	0.9	111.6%	146.0%
KOD	Kodiak Sciences	2.4	107.4%	65.0%
MXL	MaxLinear	2.9	103.5%	93.3%
SATL	Satellogic	0.9	100.8%	285.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-73.4%	-80.9%
PIPR	Piper Sandler Cos	6.1	-69.0%	9.5%
VRDN	Viridian Therapeutics	1.3	-47.1%	-54.1%
MAZE	Maze Therapeutics	1.2	-46.5%	-38.0%
BUR	Burford Capital	1.0	-41.2%	-49.2%
WVE	WAVE Life Sciences	1.3	-37.6%	-56.8%
TASK	TaskUs	0.7	-30.5%	-6.2%
FRMI	Fermi	3.0	-29.7%	-36.8%
LCID	Lucid	2.3	-29.3%	-32.7%
BTU	Peabody Energy	3.3	-27.5%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	WAT	A	TMO	DHR	RVTY	MTD	Median
Name	Waters	Agilent .	Thermo F.	Danaher	Revvity	Mettler-.
Mkt Price	335.23	122.09	524.57	194.54	94.27	1,324.27	264.88
Mkt Cap	20.0	34.6	196.2	137.7	10.7	27.0	30.8
Rev LTM	3,165	7,065	44,555	24,778	2,856	4,026	5,546
Op Inc LTM	803	1,456	8,109	4,760	355	1,118	1,287
FCF LTM	540	993	6,293	5,291	509	849	921
FCF 3Y Avg	534	1,318	6,829	5,247	354	858	1,088
CFO LTM	653	1,396	7,818	6,439	583	956	1,176
CFO 3Y Avg	672	1,685	8,297	6,548	434	963	1,324

Growth & Margins

	WAT	A	TMO	DHR	RVTY	MTD	Median
Name	Waters	Agilent .	Thermo F.	Danaher	Revvity	Mettler-.
Rev Chg LTM	7.0%	8.1%	3.9%	4.0%	3.7%	4.0%	4.0%
Rev Chg 3Y Avg	2.2%	0.8%	-0.2%	-0.1%	-4.4%	0.9%	0.3%
Rev Chg Q	6.8%	7.0%	7.2%	3.7%	5.9%	8.1%	6.9%
QoQ Delta Rev Chg LTM	1.9%	1.7%	1.9%	0.9%	1.5%	2.1%	1.8%
Op Inc Chg LTM	-4.2%	-1.6%	5.1%	-1.3%	2.9%	-0.8%	-1.1%
Op Inc Chg 3Y Avg	-3.1%	-3.4%	-1.1%	-10.7%	-14.2%	-0.2%	-3.2%
Op Mgn LTM	25.4%	20.6%	18.2%	19.2%	12.4%	27.8%	19.9%
Op Mgn 3Y Avg	27.1%	20.9%	17.8%	20.2%	12.0%	28.5%	20.5%
QoQ Delta Op Mgn LTM	-1.2%	-0.7%	-0.2%	0.1%	-0.4%	-0.4%	-0.4%
CFO/Rev LTM	20.6%	19.8%	17.5%	26.0%	20.4%	23.7%	20.5%
CFO/Rev 3Y Avg	22.3%	25.0%	19.1%	27.2%	15.5%	24.7%	23.5%
FCF/Rev LTM	17.1%	14.1%	14.1%	21.4%	17.8%	21.1%	17.4%
FCF/Rev 3Y Avg	17.7%	19.5%	15.7%	21.8%	12.6%	22.0%	18.6%

Valuation

	WAT	A	TMO	DHR	RVTY	MTD	Median
Name	Waters	Agilent .	Thermo F.	Danaher	Revvity	Mettler-.
Mkt Cap	20.0	34.6	196.2	137.7	10.7	27.0	30.8
P/S	6.3	4.9	4.4	5.6	3.7	6.7	5.2
P/Op Inc	24.9	23.7	24.2	28.9	30.0	24.1	24.5
P/EBIT	24.2	22.4	22.5	30.0	29.6	24.2	24.2
P/E	31.1	26.8	29.3	37.3	44.2	31.0	31.1
P/CFO	30.6	24.8	25.1	21.4	18.3	28.2	24.9
Total Yield	3.2%	4.6%	3.4%	2.7%	2.4%	3.2%	3.2%
Dividend Yield	0.0%	0.8%	0.0%	0.0%	0.2%	0.0%	0.0%
FCF Yield 3Y Avg	2.5%	3.4%	3.3%	3.4%	2.9%	3.2%	3.3%
D/E	0.1	0.1	0.2	0.1	0.3	0.1	0.1
Net D/E	0.0	0.0	0.1	0.1	0.2	0.1	0.1

Returns

	WAT	A	TMO	DHR	RVTY	MTD	Median
Name	Waters	Agilent .	Thermo F.	Danaher	Revvity	Mettler-.
1M Rtn	12.1%	9.9%	10.6%	2.7%	9.8%	9.9%	9.9%
3M Rtn	-12.7%	-9.9%	-15.2%	-16.8%	-15.7%	-5.7%	-13.9%
6M Rtn	-4.0%	-15.9%	-5.8%	-11.6%	-2.6%	-4.4%	-5.1%
12M Rtn	6.0%	22.8%	24.8%	5.9%	5.3%	36.5%	14.4%
3Y Rtn	9.2%	-9.8%	-7.4%	-12.0%	-28.5%	-15.1%	-10.9%
1M Excs Rtn	3.6%	1.4%	2.0%	-5.8%	1.2%	1.4%	1.4%
3M Excs Rtn	-16.6%	-13.8%	-19.1%	-20.7%	-19.6%	-9.6%	-17.9%
6M Excs Rtn	-5.8%	-19.6%	-8.5%	-12.6%	-5.0%	-7.9%	-8.2%
12M Excs Rtn	-29.3%	-13.6%	-10.6%	-28.9%	-30.8%	-1.9%	-21.2%
3Y Excs Rtn	-61.6%	-81.0%	-80.8%	-82.3%	-101.4%	-86.7%	-81.6%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/23/2026	2/23/2026	2/25/2025	2/27/2024	2/27/2023	2/24/2022	2/24/2021
Key Financials
Total Revenue	3,165	3,165	2,958	2,956	2,972	2,786	2,365
EBITDA	1,031	1,031	1,036	1,001	1,017	983	785
Operating Income	803	803	838	818	883	827	654
Net Income	643	643	638	642	708	693	522
EPS	10.79	10.80	10.75	10.87	11.80	11.25	8.40
Growth Rates
Total Revenue Growth	7.0%	7.0%	0.1%	-0.5%	6.7%	17.8%	-1.7%
EBITDA Growth	-0.6%	-0.6%	3.5%	-1.6%	3.5%	25.1%	-5.6%
Operating Income Growth	-4.2%	-4.2%	2.5%	-7.4%	6.8%	26.5%	-7.7%
Net Income Growth	0.8%	0.8%	-0.7%	-9.3%	2.2%	32.8%	-11.9%
Margins
EBITDA Margin	32.6%	32.6%	35.0%	33.9%	34.2%	35.3%	33.2%
Operating Income Margin	25.4%	25.4%	28.3%	27.7%	29.7%	29.7%	27.6%
Net Income Margin	20.3%	20.3%	21.6%	21.7%	23.8%	24.9%	22.1%
Cash & Debt
Total Cash	588	588	326	396	481	569	443
Total Debt	1,491	1,491	1,702	2,442	1,663	1,601	1,452
Net Debt / (Cash)	903	903	1,376	2,046	1,182	1,032	1,009
Cash Flows
Net Cash from Operations	653	653	762	603	612	747	791
Free Cash from Operations	540	540	620	442	428	579	618
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	15	15	14	70	626	649	196

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/27/2025	6/28/2025	3/29/2025	12/31/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023
Filing Date	2/23/2026	11/4/2025	8/4/2025	5/6/2025	2/25/2025	11/1/2024	7/31/2024	5/7/2024	2/27/2024	11/7/2023	8/2/2023	5/9/2023
Key Financials Quarterly
Total Revenue	932	800	771	662	873	740	709	637	819	712	741	685
Ebitda	331	249	244	207	345	263	240	189	316	231	242	211
Operating Income	271	192	188	152	292	212	189	144	264	179	200	174
Net Income	225	149	147	121	231	162	143	102	216	135	151	141
EPS	3.78	2.50	2.47	2.04	3.90	2.72	2.41	1.73	3.66	2.28	2.56	2.39
Key Financials TTM
Total Revenue TTM	3,165	3,106	3,046	2,983	2,958	2,905	2,877	2,909	2,956	2,995	2,992	2,966
Ebitda TTM	1,031	1,044	1,057	1,054	1,036	1,008	977	979	1,001	1,005	1,002	997
Operating Income TTM	803	824	845	846	838	810	777	788	818	840	852	852
Net Income TTM	643	649	661	657	638	623	596	604	642	653	675	689
Growth Rates Quarterly
Total Revenue Growth	6.8%	8.0%	8.9%	3.9%	6.5%	4.0%	-4.3%	-7.0%	-4.5%	0.4%	3.7%	-0.9%
EBITDA Growth	-3.9%	-5.0%	1.4%	9.3%	8.9%	13.4%	-0.9%	-10.4%	-1.4%	1.5%	1.9%	-8.5%
Operating Income Growth	-7.4%	-9.6%	-0.5%	5.3%	10.6%	18.4%	-5.4%	-17.3%	-7.7%	-6.6%	0.1%	-15.2%
Net Income Growth	-2.7%	-7.8%	3.1%	18.8%	7.0%	20.0%	-5.2%	-27.5%	-4.8%	-13.7%	-8.7%	-11.8%
Margins Quarterly
EBITDA Margin	35.5%	31.2%	31.6%	31.2%	39.5%	35.5%	33.9%	29.7%	38.6%	32.5%	32.7%	30.8%
Operating Income Margin	29.0%	24.0%	24.4%	22.9%	33.5%	28.7%	26.7%	22.6%	32.2%	25.2%	27.0%	25.4%
Net Income Margin	24.2%	18.6%	19.1%	18.3%	26.5%	21.8%	20.1%	16.0%	26.4%	18.9%	20.3%	20.6%
Cash & Debt
Total Cash	588	459	367	383	326	331	327	338	396	337	331	487
Total Debt	1,491	1,486	1,538	1,536	1,702	1,905	2,089	2,139	2,442	2,592	2,723	1,567
Net Debt / (Cash)	903	1,027	1,171	1,153	1,376	1,573	1,761	1,800	2,046	2,255	2,392	1,080
Cash Flows Quarterly
FCF from Operations	165	187	41	260	240	205	55	263	230	158	18	197
Cash Flows TTM
FCF from Operations TTM	653	728	745	759	762	752	705	669	603	571	572	610
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	14	0	0	0	13	-0	1	0	70
Return on Invested Capital (ROIC) Quarterly
ROIC	102.1%	65.5%	53.2%	44.7%	71.0%	45.1%	36.2%	28.5%	47.0%	28.0%	27.9%	55.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	75.6%	67.8%	60.3%	61.5%	51.5%	44.8%	38.9%	38.5%	34.9%	31.4%	29.9%	66.6%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Waters instrument systems	1,032	1,109	1,210	1,089	891
Waters service	1,006	951	891	877	794
Chemistry consumables	565	541	525	507	432
Thermal Analysis (TA) instrument systems	246	253	252	226	174
Thermal Analysis (TA) service	108	102	93	87	74
Total	2,958	2,956	2,972	2,786	2,365

Price Behavior

Price Behavior

Market Price	$335.23
Market Cap ($ Bil)	20.0
First Trading Date	11/17/1995
Distance from 52W High	-18.7%
	50 Days	200 Days
DMA Price	$312.45	$335.72
DMA Trend	down	down
Distance from DMA	7.3%	-0.1%
	3M	1YR
Volatility	40.3%	35.6%
Downside Capture	0.21	0.44
Upside Capture	-36.41	72.46
Correlation (SPY)	24.0%	34.9%

WAT Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.07	0.68	0.83	0.73	1.02	0.97
Up Beta	2.91	1.58	1.83	1.27	1.15	1.01
Down Beta	1.13	1.43	0.81	0.35	0.87	0.75
Up Capture	88%	-56%	1%	83%	70%	82%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	12	21	29	61	123	362
Down Capture	95%	90%	112%	74%	111%	104%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	10	21	34	65	127	387

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WAT
WAT	6.0%	35.6%	0.23	-
Sector ETF (XLV)	9.2%	16.0%	0.37	54.1%
Equity (SPY)	23.7%	12.7%	1.52	35.9%
Gold (GLD)	41.4%	27.5%	1.25	-5.4%
Commodities (DBC)	22.4%	16.2%	1.25	-6.8%
Real Estate (VNQ)	14.2%	13.8%	0.72	32.8%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	12.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WAT
WAT	2.8%	32.4%	0.14	-
Sector ETF (XLV)	5.9%	14.6%	0.22	57.3%
Equity (SPY)	10.8%	17.1%	0.49	50.9%
Gold (GLD)	21.6%	17.8%	0.99	7.6%
Commodities (DBC)	10.9%	18.8%	0.47	6.8%
Real Estate (VNQ)	4.1%	18.8%	0.12	46.0%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	16.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WAT
WAT	9.9%	30.1%	0.37	-
Sector ETF (XLV)	9.5%	16.5%	0.47	58.3%
Equity (SPY)	13.9%	17.9%	0.67	56.0%
Gold (GLD)	13.7%	15.9%	0.71	4.1%
Commodities (DBC)	8.2%	17.6%	0.39	13.2%
Real Estate (VNQ)	5.4%	20.7%	0.23	44.5%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	12.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	3.3 Mil
Short Interest: % Change Since 3152026	29.0%
Average Daily Volume	1.1 Mil
Days-to-Cover Short Interest	3.1 days
Basic Shares Quantity	59.5 Mil
Short % of Basic Shares	5.6%

Returns Analyses

	Title
0	Would You Still Hold Waters Stock If It Fell Another 30%?
1	WAT YTD Stock Return Of -11% Outperforms CRL by 1.2% and Underperforms MTD by -29%
2	Waters During 2008 Recession vs. 2022 Inflation Shock: WAT Stock Has 11% Upside If It Recovers To Pre-Inflation Shock Levels
3	Waters Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/9/2026	-13.9%	-15.2%	-21.4%
11/4/2025	6.3%	9.0%	14.7%
8/4/2025	-1.6%	-3.1%	2.1%
5/6/2025	-2.7%	5.3%	1.4%
2/12/2025	-5.8%	-6.7%	-10.1%
11/1/2024	19.8%	19.5%	19.8%
7/31/2024	2.6%	1.0%	4.1%
5/7/2024	1.9%	9.2%	-4.0%
...
SUMMARY STATS
# Positive	15	14	14
# Negative	9	10	10
Median Positive	2.8%	4.9%	6.0%
Median Negative	-5.6%	-6.1%	-9.7%
Max Positive	19.8%	19.5%	19.8%
Max Negative	-13.9%	-15.2%	-21.4%

	Forward Returns
2/9/2026	-13.9%	-15.2%	-21.4%
11/4/2025	6.3%	9.0%	14.7%
8/4/2025	-1.6%	-3.1%	2.1%
5/6/2025	-2.7%	5.3%	1.4%
2/12/2025	-5.8%	-6.7%	-10.1%
11/1/2024	19.8%	19.5%	19.8%
7/31/2024	2.6%	1.0%	4.1%
5/7/2024	1.9%	9.2%	-4.0%
2/6/2024	1.7%	-1.4%	7.4%
11/7/2023	3.4%	-0.5%	14.8%
8/2/2023	6.3%	8.1%	4.7%
5/9/2023	-6.7%	-7.8%	-13.3%
2/15/2023	-0.7%	-5.4%	-9.4%
11/1/2022	2.8%	2.4%	15.9%
8/2/2022	-6.8%	-9.1%	-18.1%
5/3/2022	8.1%	4.6%	6.4%
2/1/2022	1.1%	1.8%	-1.4%
11/2/2021	-4.3%	-4.0%	-9.9%
8/3/2021	0.7%	1.2%	6.5%
5/5/2021	2.9%	5.4%	5.5%
2/2/2021	8.4%	5.8%	-1.1%
10/27/2020	1.7%	0.9%	5.4%
7/15/2020	1.5%	1.4%	-1.7%
4/28/2020	-5.6%	-7.5%	2.0%
SUMMARY STATS
# Positive	15	14	14
# Negative	9	10	10
Median Positive	2.8%	4.9%	6.0%
Median Negative	-5.6%	-6.1%	-9.7%
Max Positive	19.8%	19.5%	19.8%
Max Negative	-13.9%	-15.2%	-21.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/23/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/04/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/25/2025	10-K
09/30/2024	11/01/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/27/2024	10-K
09/30/2023	11/07/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	05/09/2023	10-Q
12/31/2022	02/27/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	05/05/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/9/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue	1.20 Bil	1.20 Bil	1.21 Bil			Higher New
Q1 2026 EPS	2.25	2.3	2.35			Higher New
Q1 2026 Organic Constant Currency Revenue Growth	7.0%	8.0%	9.0%			Higher New
2026 Revenue	6.41 Bil	6.43 Bil	6.46 Bil			Higher New
2026 EPS	14.3	14.4	14.5	9.9%		Raised	Guidance: 13.1 for 2025
2026 Organic Constant Currency Revenue Growth	5.5%	6.25%	7.0%			Higher New

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Constant Currency Sales Growth	5.0%	6.0%	7.0%	0.0%		Same New	Actual: 6.0% for Q3 2025
Q4 2025 Reported Sales Growth	5.2%	6.2%	7.2%	12.7%		Higher New	Actual: 5.5% for Q3 2025
Q4 2025 Non-GAAP EPS	4.45	4.5	4.55	40.6%		Higher New	Actual: 3.2 for Q3 2025
2025 Constant Currency Sales Growth	6.7%	7.0%	7.3%	7.7%	0.5%	Raised	Guidance: 6.5% for 2025
2025 Reported Sales Growth	6.5%	6.8%	7.1%	13.3%	0.8%	Raised	Guidance: 6.0% for 2025
2025 Non-GAAP EPS	13.1	13.1	13.2	0.8%		Raised	Guidance: 13 for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Fearon, Richard H		Direct	Buy	3102026	306.34	1,000	306,340	1,011,535	Form
2	Jiang, Wei		Direct	Buy	3182026	289.46	500	144,730	996,110	Form

WAT Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing WAT?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What WAT Makes & Who Pays

TTM figures based on

WAT Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Waters (WAT)

Market Price (4/22/2026): $332.52 | Market Cap: $19.8 BilSector: Health Care | Industry: Life Sciences Tools & Services

Waters (WAT)

Market Price (4/22/2026): $332.52Market Cap: $19.8 BilSector: Health CareIndustry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Waters (WAT)

Major Customers of Waters Corporation (WAT)

Addressable Markets for Waters Corporation's Main Products and Services:

Interactive Breakdown

Better Bets vs. Waters (WAT)

INDUSTRY: Life Sciences Tools & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for WAT: 2.2% | 6.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WAT: 2.2% | 24.9x)

Higher Rev Chg LTM (Value for WAT: 7.0%)

Higher Rev Chg 3Y Avg (Value for WAT: 2.2%)

Higher Op Mgn LTM (Value for WAT: 25.4%)

Higher CFO/Rev LTM (Value for WAT: 20.6%)

Higher FCF/Rev LTM (Value for WAT: 17.1%)

Higher Total Yield (Value for WAT: 3.2%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for WAT: 2.2% | 6.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WAT: 2.2% | 24.9x)

Higher Rev Chg LTM (Value for WAT: 7.0%)

Higher Rev Chg 3Y Avg (Value for WAT: 2.2%)

Higher Op Mgn LTM (Value for WAT: 25.4%)

Higher CFO/Rev LTM (Value for WAT: 20.6%)

Higher FCF/Rev LTM (Value for WAT: 17.1%)

Higher Total Yield (Value for WAT: 3.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WAT: 2.2% | 6.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WAT: 2.2% | 24.9x)

Higher Rev Chg LTM (Value for WAT: 7.0%)

Higher Rev Chg 3Y Avg (Value for WAT: 2.2%)

Higher Op Mgn LTM (Value for WAT: 25.4%)

Higher CFO/Rev LTM (Value for WAT: 20.6%)

Higher FCF/Rev LTM (Value for WAT: 17.1%)

Higher Total Yield (Value for WAT: 3.2%)

Best Bets in Health Care

P/EBIT (Value for WAT: 24.2x)

P/E (Value for WAT: 31.1x)

Rev Chg 3Y Avg (Value for WAT: 2.2%)

Rev Chg LTM (Value for WAT: 7.0%)

Rev Chg Q (Value for WAT: 6.8%)

FCF/Rev 3Y Avg (Value for WAT: 17.7%)

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Market Price (4/22/2026): $332.52 | Market Cap: $19.8 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

Market Price (4/22/2026): $332.52
Market Cap: $19.8 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services