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Waters Corporation

WAT
$399.70
$-0.30 (-0.07%)-0.07%
Closed

Waters beats Q2 guidance, raises 2026 outlook and unveils multi-year plan for mid-teens EPS growth, 100 bps annual margin expansion

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IndexN/A
Market Cap29.89B
Enterprise Value23.51B
Income$0.12B
Sales$0.66B
Employees7,600
P/E29.22
P/S7.14
P/B8.83
P/C41.87
EV/EBITDA23.23
EV/Sales22.99
EPS (ttm)13.68
Earnings2025-11-04
Gross Margin58.18%
Oper. Margin22.93%
Profit Margin18.34%
Volume0.74M
Shs Outstand0.07B
Change-0.07%
Dividend Est.N/A
Dividend Ex-DateN/A
Perf YTD1.42%
Perf Year-4.12%
Perf 3Y16.59%
Perf 5Y42.51%
Perf 10Y207.80%
IPO1995-11-17
Income Statement by fiscal year, newest to oldest
MetricFY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017
Revenue$2.96B$2.96B$2.97B$2.79B$2.37B$2.41B$2.42B$2.31B
Cost of Revenue$1.20B$1.20B$1.25B$1.16B$1.01B$1.01B$992.56M$947.07M
Gross Profit$1.76B$1.76B$1.72B$1.63B$1.36B$1.40B$1.43B$1.36B
Gross Margin59.43%59.57%58.00%58.49%57.44%58.00%58.98%58.99%
Operating Expenses$931.83M$943.52M$850.38M$807.63M$713.19M$687.44M$687.59M$699.81M
Operating Income$826.35M$817.68M$873.39M$821.71M$645.49M$708.46M$739.77M$662.20M
Operating Margin27.93%27.66%29.39%29.50%27.29%29.44%30.57%28.68%
Net Income$637.83M$642.23M$707.75M$692.84M$521.57M$592.20M$593.79M$20.31M
Net Margin21.56%21.72%23.81%24.87%22.05%24.61%24.54%0.88%
EPS (Basic)$10.75$10.87$11.80$11.25$8.40$8.76$7.71$0.25
EBITDA$1.04B$1.00B$1.02B$982.81M$785.35M$832.23M$839.20M$803.94M
Stock Option Compensation Expense$44.71M$36.87M$42.56M$29.92M$36.87M$38.58M$37.54M$39.44M
Price To Earnings Ratio34.5130.2829.0333.1129.4626.6824.46758.96
Price To Sales RatioN/AN/AN/AN/AN/AN/AN/AN/A
Shares OutstandingN/AN/AN/AN/AN/AN/AN/AN/A
Market Capitalization$22.01B$19.45B$20.55B$22.94B$15.36B$15.80B$14.52B$15.42B
Balance Sheet by fiscal year, newest to oldest
MetricFY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017
Cash & Short Term InvestmentsN/AN/AN/AN/AN/AN/AN/AN/A
Short Term ReceivablesN/AN/AN/AN/AN/AN/AN/AN/A
InventoriesN/AN/AN/AN/AN/AN/AN/AN/A
Other Current AssetsN/AN/AN/AN/AN/AN/AN/AN/A
Total Current AssetsN/AN/AN/AN/AN/AN/AN/AN/A
Net Property, Plant & EquipmentN/AN/AN/AN/AN/AN/AN/AN/A
Total Investments and AdvancesN/AN/AN/AN/AN/AN/AN/AN/A
Long-Term Note ReceivableN/AN/AN/AN/AN/AN/AN/AN/A
Intangible AssetsN/AN/AN/AN/AN/AN/AN/AN/A
Deferred Tax AssetsN/AN/AN/AN/AN/AN/AN/AN/A
Other AssetsN/AN/AN/AN/AN/AN/AN/AN/A
Total Assets$4.55B$4.63B$3.28B$3.09B$2.84B$2.56B$3.73B$5.34B
Short Term Debt Incl. Current Port. of LT DebtN/AN/AN/AN/AN/AN/AN/AN/A
Accounts PayableN/AN/AN/AN/AN/AN/AN/AN/A
Income Tax PayableN/AN/AN/AN/AN/AN/AN/AN/A
Other Current LiabilitiesN/AN/AN/AN/AN/AN/AN/AN/A
Total Current LiabilitiesN/AN/AN/AN/AN/AN/AN/AN/A
Long Term DebtN/AN/AN/AN/AN/AN/AN/AN/A
Provision for Risks ChargesN/AN/AN/AN/AN/AN/AN/AN/A
Deferred Tax LiabilitiesN/AN/AN/AN/AN/AN/AN/AN/A
Other LiabilitiesN/AN/AN/AN/AN/AN/AN/AN/A
Total Liabilities$2.73B$3.48B$2.78B$2.73B$2.61B$2.77B$2.16B$3.11B
Non-Equity ReservesN/AN/AN/AN/AN/AN/AN/AN/A
Preferred Stock - Carrying ValueN/AN/AN/AN/AN/AN/AN/AN/A
Common EquityN/AN/AN/AN/AN/AN/AN/AN/A
Total Shareholders Equity$1.83B$1.15B$504.49M$367.55M$232.14M$-216.28M$1.57B$2.23B
Accumulated Minority InterestN/AN/AN/AN/AN/AN/AN/AN/A
Total Equity$1.83B$1.15B$504.49M$367.55M$232.14M$-216.28M$1.57B$2.23B
Total Liabilities & Stockholders Equity$4.55B$4.63B$3.28B$3.09B$2.84B$2.56B$3.73B$5.34B
Book Value Per Share$30.82$19.47$8.41$5.97$3.74$-3.20$20.36$27.99
Tangible Book Value Per Share$-0.59$-13.28$-2.55$-5.08$-7.58$-12.02$12.53$20.62
Full-Time EmployeesN/AN/AN/AN/AN/AN/AN/AN/A
Price to Book RatioN/AN/AN/AN/AN/AN/AN/AN/A
Return on Assets14.01%13.88%21.57%22.39%18.37%23.16%15.93%0.38%
Return on Equity34.88%55.83%140.29%188.50%224.68%-273.81%37.89%0.91%
Return on Invested Capital18.43%18.22%28.68%28.91%24.91%29.55%19.64%0.44%
Quick Ratio1.511.571.661.871.361.685.286.60
Current Ratio2.112.222.242.391.742.225.937.04
Cash Flow by fiscal year, newest to oldest
MetricFY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017
Net Income$637.83M$642.23M$707.75M$692.84M$521.57M$592.20M$593.79M$20.31M
Depreciation$191.82M$165.91M$130.42M$131.68M$125.36M$105.30M$108.41M$106.00M
Other Funds (Non Cash)N/AN/AN/AN/AN/AN/AN/AN/A
Funds from OperationsN/AN/AN/AN/AN/AN/AN/AN/A
Extraordinary ItemN/AN/AN/AN/AN/AN/AN/AN/A
Changes in Working CapitalN/AN/AN/AN/AN/AN/AN/AN/A
Income Taxes PayableN/AN/AN/AN/AN/AN/AN/AN/A
Cash from Operating Activities$762.12M$602.81M$611.66M$747.27M$790.51M$643.09M$604.45M$697.64M
Capital Expenditures$142.48M$160.63M$183.46M$168.27M$172.38M$163.82M$127.56M$90.47M
Net Assets From AcquisitionsN/AN/AN/AN/AN/AN/AN/AN/A
Sale of Fixed Assets and BusinessesN/AN/AN/AN/AN/AN/AN/AN/A
Purchase or Sale of InvestmentsN/AN/AN/AN/AN/AN/AN/AN/A
Purchase of InvestmentsN/AN/AN/AN/AN/AN/AN/AN/A
Sale Or Maturity of InvestmentsN/AN/AN/AN/AN/AN/AN/AN/A
Other UsesN/AN/AN/AN/AN/AN/AN/AN/A
Other SourcesN/AN/AN/AN/AN/AN/AN/AN/A
Cash from Investing ActivitiesN/AN/AN/AN/AN/AN/AN/AN/A
Cash Dividends Paid$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Change in Capital StockN/AN/AN/AN/AN/AN/AN/AN/A
Repurchase of Common Pref Stock$13.54M$70.28M$626.06M$648.93M$196.41M$2.47B$1.32B$332.54M
Sale of Common Pref StockN/AN/AN/AN/AN/AN/AN/AN/A
Proceeds from Stock OptionsN/AN/AN/AN/AN/AN/AN/AN/A
Issuance or Reduction of Debt, NetN/AN/AN/AN/AN/AN/AN/AN/A
Change in Long Term DebtN/AN/AN/AN/AN/AN/AN/AN/A
Issuance of Long Term DebtN/AN/AN/AN/AN/AN/AN/AN/A
Reduction of Long Term DebtN/AN/AN/AN/AN/AN/AN/AN/A
Net Financing Active Other Cash FlowN/AN/AN/AN/AN/AN/AN/AN/A
Other Financing Activities UsesN/AN/AN/AN/AN/AN/AN/AN/A
Cash from Financing ActivitiesN/AN/AN/AN/AN/AN/AN/AN/A
Exchange Rate EffectN/AN/AN/AN/AN/AN/AN/AN/A
Net Change in CashN/AN/AN/AN/AN/AN/AN/AN/A
Free Cash Flow$619.64M$442.18M$428.20M$579.01M$618.12M$479.26M$476.88M$607.17M
Preferred Dividends (Cash Flow)N/AN/AN/AN/AN/AN/AN/AN/A
Price to Free Cash FlowN/AN/AN/AN/AN/AN/AN/AN/A

Company coverage

Latest news

20 stories
Yesterday · 4:14AMWaters Corporation $WAT Shares Acquired by Empowered Funds LLCdefenseworld.net ↗Aug 5 · 2:51PMWaters Q2 Earnings Beat Estimates, 2026 Revenue Growth View Raisedzacks.com ↗Aug 5 · 3:42AMCetera Investment Advisers Grows Stock Holdings in Waters Corporation $WATdefenseworld.net ↗Aug 4 · 4:00PMWaters Corporation (WAT) Q2 2026 Earnings Call Transcriptseekingalpha.com ↗Aug 4 · 8:26AMWaters (WAT) Q2 Earnings and Revenues Beat Estimateszacks.com ↗Aug 4 · 6:30AMIs Waters Corp (WAT) Holding Value Amidst Q2 Losses? Earnings Beat Estimates with Revenue of $1.645 Billion -- GF Score: 94/100gurufocus.com ↗Aug 4 · 6:00AMWaters Corporation (NYSE: WAT) Reports Second Quarter 2026 Financial Resultsprnewswire.com ↗Jul 31 · 9:49AMMadison Mid Cap Fund Q2 2026 Portfolio Activityseekingalpha.com ↗
Show 12 more stories↓
Jul 28 · 11:06AMWaters (WAT) Earnings Expected to Grow: Should You Buy?zacks.com ↗Jul 27 · 1:11PMWill Waters (WAT) Beat Estimates Again in Its Next Earnings Report?zacks.com ↗Jul 27 · 8:10AMWaters Launches Industry's Most Sensitive and Robust Clinical IVD System with Xevo TQ Absolute XR IVD Mass Spectrometerprnewswire.com ↗Jul 24 · 4:23AMAssetmark Inc. Grows Stock Holdings in Waters Corporation $WATdefenseworld.net ↗Jul 23 · 1:34AMNestle to Offload Half of Waters Business in Joint Venture With Platinum Equitywsj.com ↗Jul 17 · 9:00AMPitchBook Named Best Alternative Data Provider in Waters Technology Rankings 2026businesswire.com ↗Jul 14 · 11:48AMWaters Corporation Is Getting Awfully Priceyseekingalpha.com ↗Jul 2 · 6:00AMWaters Corporation Schedules Second Quarter 2026 Earnings Conference Callprnewswire.com ↗Jun 24 · 8:00AMIMU Biosciences Selects Waters to Advance Breakthrough AI Immune Mapping Platform to Transform Early Diagnosis, Monitoring, and Precision Medicinebusinesswire.com ↗Jun 9 · 8:00AMWaters Launches Coin Cell Differential Scanning Calorimeter (DSC) to Advance Battery Safety with Integrated Thermal, Evolved Gas, and Electrochemical Analysisprnewswire.com ↗Jun 8 · 8:00AMWaters Launches Industry-First Reversed-Phase Bioseparation Columns to Deliver Up to 3x Faster GLP-1 Characterization and 2x Faster LNP Component Analysisprnewswire.com ↗Jun 4 · 12:35PMWhy Is Waters (WAT) Up 8.7% Since Last Earnings Report?zacks.com ↗

Insider Trading

View All
Insider
Type
Shares
Price
Value
Date
KUEBLER CHRISTOPHER A
Sell
3.6K
$397.94
$1.4M
Aug 6, 26
Jiang Wei
Award
67.42
—
—
Jun 30, 26
Knight Heather
Award
63.03
—
—
Jun 30, 26
Carpio Robert L III
F
189
$369.18
$70K
Jun 24, 26
Knight Heather
Award
307
—
—
Jan 2, 26

Company

CEO: Udit BatraEmployees: 7900www.waters.com
About the company↓

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.

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