Waters Corporation
WATWaters beats Q2 guidance, raises 2026 outlook and unveils multi-year plan for mid-teens EPS growth, 100 bps annual margin expansion
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 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 Margin | 59.43% | 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 Margin | 27.93% | 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 Margin | 21.56% | 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 Ratio | 34.51 | 30.28 | 29.03 | 33.11 | 29.46 | 26.68 | 24.46 | 758.96 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | $22.01B | $19.45B | $20.55B | $22.94B | $15.36B | $15.80B | $14.52B | $15.42B |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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 Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.73B | $3.48B | $2.78B | $2.73B | $2.61B | $2.77B | $2.16B | $3.11B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $1.83B | $1.15B | $504.49M | $367.55M | $232.14M | $-216.28M | $1.57B | $2.23B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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 Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 14.01% | 13.88% | 21.57% | 22.39% | 18.37% | 23.16% | 15.93% | 0.38% |
| Return on Equity | 34.88% | 55.83% | 140.29% | 188.50% | 224.68% | -273.81% | 37.89% | 0.91% |
| Return on Invested Capital | 18.43% | 18.22% | 28.68% | 28.91% | 24.91% | 29.55% | 19.64% | 0.44% |
| Quick Ratio | 1.51 | 1.57 | 1.66 | 1.87 | 1.36 | 1.68 | 5.28 | 6.60 |
| Current Ratio | 2.11 | 2.22 | 2.24 | 2.39 | 1.74 | 2.22 | 5.93 | 7.04 |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 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/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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 Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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 Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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.