How Does Waters Stock Compare With Peers?
Waters‘ stock has significantly underperformed over the past year, but how does it truly measure up against peers in the scientific instrumentation sector? A closer look reveals strong profitability and leading revenue growth, coupled with a moderate valuation. However, sustained upside may be challenging unless its market position is further solidified against peers with slightly higher free cash flow generation.
- WAT’s 26.5% operating margin reflects an efficient cost structure, while MTD’s 27.8% is driven by its high-value precision instruments.
- WAT’s 6.9% revenue growth, outpacing peers, signals strength in instrument replacement cycles and new chemistry product adoption.
- WAT’s 14.7% stock decline and 29.7 PE reflect acquisition weakness and short-term headwinds from its Empower software subscription transition.
Here’s how Waters stacks up across size, valuation, and profitability versus key peers.
| WAT | A | TMO | DHR | RVTY | MTD | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 19.2 | 35.4 | 190.8 | 151.1 | 11.1 | 27.7 |
| Revenue ($ Bil) | 3.1 | 6.9 | 43.7 | 24.3 | 2.8 | 4.0 |
| PE Ratio | 29.7 | 27.1 | 29.0 | 43.1 | 46.7 | 31.9 |
| LTM Revenue Growth | 6.9% | 6.7% | 3.2% | 2.2% | 3.4% | 4.0% |
| LTM Operating Margin | 26.5% | 21.3% | 18.4% | 19.0% | 12.9% | 27.8% |
| LTM FCF Margin | 19.4% | 16.6% | 14.0% | 20.7% | 17.7% | 21.1% |
| 12M Market Return | -14.7% | -7.1% | -4.9% | 5.1% | -14.7% | 4.9% |
For more details on Waters, read Buy or Sell WAT Stock. Below we compare WAT’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| WAT | 6.9% | – | 0.1% | -0.5% | 6.7% |
| A | 6.7% | 6.7% | -4.7% | -0.2% | |
| TMO | 3.2% | – | 0.1% | -4.6% | 14.5% |
| DHR | 2.2% | – | -0.1% | -10.3% | 7.4% |
| RVTY | 3.4% | – | 0.2% | -16.9% | -13.5% |
| MTD | 4.0% | 4.0% | 2.2% | -3.4% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| WAT | 26.5% | – | 28.3% | 27.7% | 29.7% |
| A | 21.3% | 21.3% | 22.9% | 19.8% | |
| TMO | 18.4% | – | 18.0% | 17.1% | 18.9% |
| DHR | 19.0% | – | 20.4% | 21.8% | 28.3% |
| RVTY | 12.9% | – | 12.6% | 10.9% | 22.4% |
| MTD | 27.8% | 27.8% | 29.1% | 28.5% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| WAT | 29.7 | – | 35.3 | 34.1 | 27.9 |
| A | 27.1 | 29.7 | 30.2 | 33.0 | |
| TMO | 29.0 | – | 34.9 | 33.5 | 29.9 |
| DHR | 43.1 | – | 42.9 | 35.5 | 23.3 |
| RVTY | 46.7 | – | 43.9 | 20.1 | 24.2 |
| MTD | 31.9 | 33.1 | 30.1 | 33.6 |
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