Waters Corporation(WAT)Earnings, Financials & Key Ratios

WAT•NYSE

$342.53

$20.38B mkt cap·31.8× P/E·Price updated May 6, 2026

SectorHealthcare IndustryDiagnostics & Research Sub-IndustryLife Science Instruments and Sequencing Tools

AboutWaters 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.Show more

Revenue$3.17B+7.0%
EBITDA$1.1B+8.0%
Net Income$643M+0.8%
EPS (Diluted)10.76+0.5%
Gross Margin57.77%-2.8%
EBITDA Margin34.73%+0.9%
Operating Margin28.22%+1.0%
Net Margin20.3%-5.8%
ROE29.28%-31.6%
ROIC20.34%+5.1%
Debt/Equity0.55-41.0%
Interest Coverage15.87+68.5%

Analysis→Technical→

WAT Key Insights

Waters Corporation (WAT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Excellent 3Y average ROE of 49.9%
✓FCF machine: 17.1% free cash flow margin
✓Healthy 5Y average net margin of 22.5%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

WAT Price & Volume

Waters Corporation (WAT) stock price & volume — 10-year historical chart

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WAT Growth Metrics

Waters Corporation (WAT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years4.48%

5 Years6%

3 Years2.12%

TTM26.39%

Profit CAGR

10 Years3.2%

5 Years4.26%

3 Years-3.17%

TTM-31.62%

EPS CAGR

10 Years6.65%

5 Years5.18%

3 Years-2.84%

TTM-28.58%

Return on Capital

10 Years24.72%

5 Years27.72%

3 Years22.03%

Last Year18.54%

WAT Recent Earnings

Waters Corporation (WAT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 12/12 qtrs (100%)●Beat Revenue 11/12 qtrs (92%)

Q2 2026Latest

May 5, 2026

EPS

$2.70

Est $2.31

+16.9%

Revenue

$1.3B

Est $1.2B

+5.3%

Q1 2026

Feb 9, 2026

EPS

$4.53

Est $4.51

+0.4%

Revenue

$932M

Est $928M

+0.4%

Q4 2025

Nov 4, 2025

EPS

$3.40

Est $3.21

+5.9%

Revenue

$800M

Est $781M

+2.4%

Q3 2025

Aug 4, 2025

EPS

$2.95

Est $2.94

+0.3%

Revenue

$771M

Est $749M

+3.0%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 5, 2026	$2.70vs $2.31+16.9%	$1.3Bvs $1.2B+5.3%
Q1 2026	Feb 9, 2026	$4.53vs $4.51+0.4%	$932Mvs $928M+0.4%
Q4 2025	Nov 4, 2025	$3.40vs $3.21+5.9%	$800Mvs $781M+2.4%
Q3 2025	Aug 4, 2025	$2.95vs $2.94+0.3%	$771Mvs $749M+3.0%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
AAgilent Technologies, Inc.Direct Competitor	33.27B	117.53	25.72	6.73%	18.26%	18.67%	3.46%	0.50
BRKRBruker CorporationDirect Competitor	5.77B	38.01	50.01	13.56%	-0.25%	-0.34%	2.36%	1.24
MTSIMACOM Technology Solutions Holdings, Inc.Direct Competitor	22.77B	303.57	-415.85	32.58%	15.88%	11.98%	0.85%	0.41
SHIMShimmick Corporation Common StockDirect Competitor	189.19M	5.25	-7.09	2.63%	-5.19%
TMOThermo Fisher Scientific Inc.Product Competitor	173.46B	466.76	26.31	3.91%	15.18%	13.23%	3.63%	0.76
DHRDanaher CorporationProduct Competitor	123.6B	174.63	34.65	2.9%	14.89%	7.06%	4.26%	0.35
RGENRepligen CorporationProduct Competitor	7.09B	125.71	146.17	16.36%	6.73%	2.46%	1.32%	0.33
AZTAAzenta, Inc.Product Competitor	1.13B	24.61	-18.93	-9.52%	-10.34%	-3.59%	3.4%	0.03

Compare WAT vs Peers

Waters Corporation (WAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs A

Most directly comparable listed peer for WAT.

Scale Benchmark

vs TMO

Larger-name benchmark to compare WAT against a more recognizable public peer.

Peer Set

Compare Top 5

vs A, BRKR, MTSI, SHIM

WAT Income Statement

Waters Corporation (WAT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	2.31B	2.42B	2.41B	2.37B	2.79B	2.97B	2.96B	2.96B	3.17B	3.77B
Revenue Growth %	6.54%	4.8%	-0.55%	-1.71%	17.78%	6.68%	-0.52%	0.07%	6.99%	26.39%
Cost of Goods Sold	947.07M	992.56M	1.01B	1.01B	1.16B	1.25B	1.2B	1.2B	1.34B	1.7B
COGS % of Revenue	41.01%	41.02%	42%	42.56%	41.51%	42%	40.43%	40.57%	42.23%	-
Gross Profit	1.36B▲ 0%	1.43B▲ 4.8%	1.4B▼ 2.2%	1.36B▼ 2.7%	1.63B▲ 19.9%	1.72B▲ 5.8%	1.76B▲ 2.2%	1.76B▼ 0.2%	1.83B▲ 4.0%	2.07B▲ 0%
Gross Margin %	58.99%	58.98%	58%	57.44%	58.49%	58%	59.57%	59.43%	57.77%	55.02%
Gross Profit Growth %	6.74%	4.8%	-2.2%	-2.67%	19.92%	5.8%	2.17%	-0.17%	4.01%	-
Operating Expenses	699.81M	687.59M	687.44M	713.19M	807.63M	850.38M	943.52M	931.83M	935.45M	1.43B
OpEx % of Revenue	30.31%	28.41%	28.56%	30.15%	28.99%	28.61%	31.91%	31.5%	29.55%	-
Selling, General & Admin	544.36M	536.9M	534.79M	553.7M	626.97M	658.03M	736.01M	690.15M	740.27M	1.01B
SG&A % of Revenue	23.57%	22.19%	22.22%	23.41%	22.51%	22.14%	24.9%	23.33%	23.39%	-
Research & Development	132.59M	143.4M	142.96M	140.78M	168.36M	176.19M	174.94M	183.03M	195.18M	248.29M
R&D % of Revenue	5.74%	5.93%	5.94%	5.95%	6.04%	5.93%	5.92%	6.19%	6.17%	-
Other Operating Expenses	22.86M	7.29M	9.69M	18.71M	12.31M	16.16M	32.56M	58.66M	0	3M
Operating Income	662.2M▲ 0%	739.77M▲ 11.7%	708.46M▼ 4.2%	645.49M▼ 8.9%	821.71M▲ 27.3%	873.39M▲ 6.3%	817.68M▼ 6.4%	826.35M▲ 1.1%	893.22M▲ 8.1%	643.9M▲ 0%
Operating Margin %	28.68%	30.57%	29.44%	27.29%	29.5%	29.39%	27.66%	27.93%	28.22%	17.08%
Operating Income Growth %	5.95%	11.71%	-4.23%	-8.89%	27.3%	6.29%	-6.38%	1.06%	8.09%	-
EBITDA	768.2M	848.18M	813.75M	770.85M	953.39M	1B	983.58M	1.02B	1.1B	952.77M
EBITDA Margin %	33.27%	35.05%	33.81%	32.59%	34.22%	33.78%	33.27%	34.42%	34.73%	25.27%
EBITDA Growth %	6.47%	10.41%	-4.06%	-5.27%	23.68%	5.29%	-2.02%	3.52%	7.98%	-8.12%
D&A (Non-Cash Add-back)	106M	108.41M	105.3M	125.36M	131.68M	130.42M	165.91M	191.82M	206.24M	308.87M
EBIT	697.94M	730.79M	726.93M	659.98M	851.13M	886.64M	835.1M	844.54M	805.65M	615.6M
Net Interest Income	-20.76M	-9.83M	-26.63M	-32.8M	-32.72M	-37.78M	-82.24M	-72.26M	-50.77M	-82.39M
Interest Income	36.08M	38.81M	22.06M	16.27M	12.22M	11.02M	16.62M	17.42M	0	9.22M
Interest Expense	56.84M	48.64M	48.69M	49.07M	44.94M	48.8M	98.86M	89.68M	50.77M	91.61M
Other Income/Expense	-21.1M	-57.63M	-30.22M	-34.58M	-15.51M	-35.55M	-81.43M	-71.48M	-138.34M	-119.91M
Pretax Income	641.1M▲ 0%	682.15M▲ 6.4%	678.24M▼ 0.6%	610.91M▼ 9.9%	806.19M▲ 32.0%	837.85M▲ 3.9%	736.24M▼ 12.1%	754.87M▲ 2.5%	754.88M▲ 0.0%	523.99M▲ 0%
Pretax Margin %	27.76%	28.19%	28.18%	25.83%	28.94%	28.19%	24.9%	25.52%	23.85%	13.9%
Income Tax	620.79M	88.35M	86.04M	89.34M	113.35M	130.09M	94.01M	117.03M	112.25M	74.74M
Effective Tax Rate %	96.83%	12.95%	12.69%	14.62%	14.06%	15.53%	12.77%	15.5%	14.87%	14.26%
Net Income	20.31M▲ 0%	593.79M▲ 2823.5%	592.2M▼ 0.3%	521.57M▼ 11.9%	692.84M▲ 32.8%	707.75M▲ 2.2%	642.23M▼ 9.3%	637.83M▼ 0.7%	642.63M▲ 0.8%	449.25M▲ 0%
Net Margin %	0.88%	24.54%	24.61%	22.05%	24.87%	23.81%	21.72%	21.56%	20.3%	11.91%
Net Income Growth %	-96.11%	2823.51%	-0.27%	-11.93%	32.84%	2.15%	-9.26%	-0.69%	0.75%	-31.62%
Net Income (Continuing)	20.31M	593.79M	592.2M	521.57M	692.84M	707.75M	642.23M	637.83M	642.63M	449.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.25▲ 0%	7.65▲ 2960.0%	8.69▲ 13.6%	8.36▼ 3.8%	11.17▲ 33.6%	11.73▲ 5.0%	10.84▼ 7.6%	10.71▼ 1.2%	10.76▲ 0.5%	5.47▲ 0%
EPS Growth %	-96.1%	2960%	13.59%	-3.8%	33.61%	5.01%	-7.59%	-1.2%	0.47%	-28.58%
EPS (Basic)	0.25	7.71	8.76	8.40	11.25	11.80	10.87	10.75	10.80	-
Diluted Shares Outstanding	80.6M	77.62M	68.17M	62.41M	62.03M	60.33M	59.27M	59.55M	59.71M	82.14M
Basic Shares Outstanding	79.79M	76.99M	67.63M	62.09M	61.58M	59.98M	59.08M	59.33M	59.51M	82.14M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

WAT Balance Sheet

Waters Corporation (WAT) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	4.27B	2.66B	1.31B	1.4B	1.63B	1.76B	1.75B	1.67B	1.99B	3.72B
Cash & Short-Term Investments	3.39B	1.74B	337.14M	443.15M	569.28M	481.39M	395.97M	325.36M	587.83M	462M
Cash Only	642.32M	796.28M	335.71M	436.69M	501.23M	480.53M	395.08M	324.42M	587.83M	462M
Short-Term Investments	2.75B	938.94M	1.43M	6.45M	68.05M	862K	898K	934K	0	0
Accounts Receivable	533.83M	568.32M	587.73M	573.32M	612.65M	722.89M	702.17M	733.37M	828.84M	1.76B
Days Sales Outstanding	84.38	85.72	89.14	88.47	80.27	88.78	86.69	90.48	95.58	98.41
Inventory	270.29M	291.57M	320.55M	304.28M	356.1M	455.71M	516.24M	477.26M	572.37M	1.5B
Days Inventory Outstanding	104.17	107.22	115.76	110.32	112.38	133.26	157.65	145.14	156.3	171.19
Other Current Assets	72.31M	68.05M	67.06M	80.29M	90.91M	103.91M	138.49M	133.13M	0	0
Total Non-Current Assets	1.05B	1.06B	1.24B	1.44B	1.47B	1.52B	2.87B	2.88B	3.09B	20.81B
Property, Plant & Equipment	349.28M	343.08M	510.7M	587.25M	632.65M	668.72M	723.66M	725.39M	642.05M	1.52B
Fixed Asset Turnover	6.61x	7.05x	4.71x	4.03x	4.40x	4.44x	4.09x	4.08x	4.93x	4.19x
Goodwill	359.82M	355.61M	356.13M	444.36M	437.87M	430.33M	1.31B	1.3B	1.34B	9.32B
Intangible Assets	228.4M	246.9M	240.2M	258.64M	242.4M	227.4M	629.19M	567.91M	558.18M	8.78B
Long-Term Investments	0	0	0	0	0	0	0	0	0	346K
Other Non-Current Assets	116.73M	118.66M	137.53M	148.63M	153.08M	191.1M	215.69M	295.67M	554.62M	2.37B
Total Assets	5.34B▲ 0%	3.73B▼ 30.2%	2.56B▼ 31.4%	2.84B▲ 11.1%	3.09B▲ 9.0%	3.28B▲ 6.0%	4.63B▲ 41.0%	4.55B▼ 1.6%	5.08B▲ 11.6%	24.53B▲ 0%
Asset Turnover	0.43x	0.65x	0.94x	0.83x	0.90x	0.91x	0.64x	0.65x	0.62x	0.38x
Asset Growth %	14.53%	-30.19%	-31.4%	11.06%	8.98%	6.03%	41%	-1.58%	11.64%	459.73%
Total Current Liabilities	606.16M	448.93M	591.33M	804.98M	680.51M	785.74M	789.58M	789.76M	0	0
Accounts Payable	64.54M	68.17M	49M	72.21M	96.8M	93.3M	84.7M	99.93M	0	0
Days Payables Outstanding	24.87	25.07	17.7	26.18	30.55	27.28	25.87	30.39	-	11.49
Short-Term Debt	100.27M	178K	100.37M	150M	0	50M	50M	0	0	0
Deferred Revenue (Current)	166.84M	164.97M	176.36M	198.24M	227.56M	227.91M	256.68M	250.81M	0	635.19M
Other Current Liabilities	188.47M	180.38M	180.55M	269.26M	256.25M	243.6M	238.07M	243.22M	0	0
Current Ratio	7.04x	5.93x	2.22x	1.74x	2.39x	2.24x	2.22x	2.11x	-	-
Quick Ratio	6.60x	5.28x	1.68x	1.36x	1.87x	1.66x	1.57x	1.51x	-	-
Cash Conversion Cycle	163.68	167.87	187.21	172.61	162.1	194.76	218.47	205.23	-	258.11
Total Non-Current Liabilities	2.48B	1.71B	2.18B	1.8B	2.05B	1.99B	2.69B	1.94B	2.52B	9.24B
Long-Term Debt	1.9B	1.15B	1.58B	1.21B	1.51B	1.52B	2.31B	1.63B	1.41B	5.21B
Capital Lease Obligations	0	0	66.88M	68.2M	59.62M	62.11M	58.93M	50.32M	0	103.13M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	30.88M
Other Non-Current Liabilities	586.91M	563.07M	534.32M	528.08M	473.38M	404.24M	322.49M	258.73M	1.12B	5.68B
Total Liabilities	3.11B	2.16B	2.77B	2.61B	2.73B	2.78B	3.48B	2.73B	2.52B	9.24B
Total Debt	2B	1.15B	1.78B	1.45B	1.6B	1.66B	2.44B	1.7B	1.41B	5.21B
Net Debt	1.36B	352.07M	1.44B	1.02B	1.1B	1.18B	2.05B	1.38B	819.61M	4.75B
Debt / Equity	0.89x	0.73x	-	6.26x	4.36x	3.30x	2.12x	0.93x	0.55x	0.55x
Debt / EBITDA	2.60x	1.35x	2.18x	1.88x	1.68x	1.66x	2.48x	1.67x	1.28x	5.47x
Net Debt / EBITDA	1.76x	0.42x	1.77x	1.32x	1.15x	1.18x	2.08x	1.35x	0.75x	0.75x
Interest Coverage	12.28x	15.02x	14.93x	13.45x	18.94x	18.17x	8.45x	9.42x	15.87x	6.72x
Total Equity	2.23B▲ 0%	1.57B▼ 29.8%	-216.28M▼ 113.8%	232.14M▲ 207.3%	367.55M▲ 58.3%	504.49M▲ 37.3%	1.15B▲ 128.0%	1.83B▲ 59.0%	2.56B▲ 40.1%	15.29B▲ 0%
Equity Growth %	-2.96%	-29.84%	-113.8%	207.33%	58.33%	37.26%	128.02%	58.95%	40.07%	817.68%
Book Value per Share	27.71	20.19	-3.17	3.72	5.93	8.36	19.41	30.70	42.90	186.17
Total Shareholders' Equity	2.23B	1.57B	-216.28M	232.14M	367.55M	504.49M	1.15B	1.83B	2.56B	15.29B
Common Stock	1.6M	1.6M	1.61M	1.62M	1.62M	1.62M	1.63M	1.63M	2.56B	0
Retained Earnings	5.41B	6B	6.59B	7.11B	7.8B	8.51B	9.15B	9.79B	0	0
Treasury Stock	-4.81B	-6.15B	-8.61B	-8.79B	-9.44B	-10.06B	-10.13B	-10.15B	0	0
Accumulated OCI	-110.07M	-117.97M	-119.47M	-117.94M	-111.86M	-141.57M	-134.12M	-155.28M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

WAT Cash Flow Statement

Waters Corporation (WAT) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	697.64M	604.45M	643.09M	790.51M	747.27M	611.66M	602.81M	762.12M	652.55M	652.55M
Operating CF Margin %	30.21%	24.98%	26.72%	33.42%	26.82%	20.58%	20.39%	25.76%	20.62%	-
Operating CF Growth %	10.9%	-13.36%	6.39%	22.92%	-5.47%	-18.15%	-1.45%	26.43%	-14.38%	-165.63%
Net Income	20.31M	593.79M	592.2M	521.57M	692.84M	707.75M	642.23M	637.83M	642.63M	449.25M
Depreciation & Amortization	106M	108.41M	105.3M	135.35M	131.68M	130.42M	165.91M	191.82M	206.24M	462.87M
Stock-Based Compensation	39.44M	37.54M	38.58M	36.87M	29.92M	42.56M	36.87M	44.71M	54.13M	61.25M
Deferred Taxes	45.51M	2.4M	9.62M	-2.69M	16.63M	-31.99M	-1.2M	-877K	0	-19.58M
Other Non-Cash Items	-45.51M	-2.4M	-9.62M	2.69M	-16.63M	31.99M	-742K	0	0	-345.19M
Working Capital Changes	531.89M	-135.3M	-92.98M	96.72M	-107.17M	-269.08M	-240.26M	-111.37M	-250.44M	-218.6M
Change in Receivables	-24.01M	-47.92M	-22.2M	37.47M	-62.45M	-137.87M	49.18M	-66.24M	0	-6.94M
Change in Inventory	731K	-25.4M	-31.85M	18.94M	-67.25M	-101.9M	-45.44M	20.94M	0	-39.97M
Change in Payables	3.17M	-81.66M	9.78M	140.6M	46.11M	60.98M	-79.52M	61.59M	0	-84.25M
Cash from Investing	-535.75M	1.68B	768.8M	-264.09M	-231.63M	-107.97M	-1.44B	-144.02M	-152.25M	-31M
Capital Expenditures	-90.47M	-127.56M	-163.82M	-172.38M	-168.27M	-183.46M	-160.63M	-142.48M	-112.75M	-126M
CapEx % of Revenue	3.92%	5.27%	6.81%	7.29%	6.04%	6.17%	5.43%	4.82%	3.56%	-
Acquisitions	-2.52B	-31.49M	8.84M	-86.69M	7M	-1.37M	-1.28B	-1.49M	-35.05M	109.45M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-7M	31.49M	-8.84M	6.14M	-225.08M	1.37M	0	0	2.84M	-7.67M
Cash from Financing	-63.87M	-2.12B	-1.87B	-440.5M	-438.27M	-509.63M	754.95M	-696.67M	-237.21M	-276.96M
Debt Issued (Net)	169.98M	-850.16M	535.19M	-325.37M	160M	60M	780M	-730M	-243.32M	39.19M
Equity Issued (Net)	-332.54M	-1.32B	-2.47B	-196.41M	-648.93M	-626.06M	-70.28M	-13.54M	6.12M	11.81M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-332.54M	-1.32B	-2.47B	-196.41M	-648.93M	-626.06M	-70.28M	-13.54M	-14.67M	-733K
Other Financing	98.7M	45.74M	61.39M	81.27M	50.66M	56.43M	45.23M	46.87M	-7K	-327.96M
Net Change in Cash	136.69M▲ 0%	153.96M▲ 12.6%	-460.56M▼ 399.1%	100.98M▲ 121.9%	64.54M▼ 36.1%	-20.7M▼ 132.1%	-85.45M▼ 312.7%	-70.66M▲ 17.3%	262.48M▲ 471.5%	78.96M▲ 0%
Free Cash Flow	607.17M▲ 0%	476.88M▼ 21.5%	479.26M▲ 0.5%	618.12M▲ 29.0%	579.01M▼ 6.3%	428.2M▼ 26.0%	442.18M▲ 3.3%	619.64M▲ 40.1%	539.81M▼ 12.9%	264M▲ 0%
FCF Margin %	26.29%	19.71%	19.91%	26.13%	20.78%	14.41%	14.96%	20.95%	17.05%	7%
FCF Growth %	13.68%	-21.46%	0.5%	28.97%	-6.33%	-26.05%	3.26%	40.13%	-12.88%	-57.37%
FCF per Share	7.53	6.14	7.03	9.90	9.33	7.10	7.46	10.41	9.04	9.04
FCF Conversion (FCF/Net Income)	34.35x	1.02x	1.09x	1.52x	1.08x	0.86x	0.94x	1.19x	1.02x	0.59x
Interest Paid	56.5M	50.8M	42.84M	52.1M	42.41M	48.08M	94.1M	92.1M	0	0
Taxes Paid	70.58M	159.4M	88M	97.62M	153.5M	160.08M	243.32M	183.34M	0	0

WAT Key Ratios

Waters Corporation (WAT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	0.9%	31.24%	87.67%	6575.94%	231.06%	162.32%	77.62%	42.82%	29.28%	8.04%
Return on Invested Capital (ROIC)	13.77%	20.14%	33.82%	39.18%	45.39%	41.52%	25.11%	19.36%	20.34%	20.34%
Gross Margin	58.99%	58.98%	58%	57.44%	58.49%	58%	59.57%	59.43%	57.77%	55.02%
Net Margin	0.88%	24.54%	24.61%	22.05%	24.87%	23.81%	21.72%	21.56%	20.3%	11.91%
Debt / Equity	0.89x	0.73x	-	6.26x	4.36x	3.30x	2.12x	0.93x	0.55x	0.55x
Interest Coverage	12.28x	15.02x	14.93x	13.45x	18.94x	18.17x	8.45x	9.42x	15.87x	6.72x
FCF Conversion	34.35x	1.02x	1.09x	1.52x	1.08x	0.86x	0.94x	1.19x	1.02x	0.59x
Revenue Growth	6.54%	4.8%	-0.55%	-1.71%	17.78%	6.68%	-0.52%	0.07%	6.99%	26.39%

WAT SEC Filings & Documents

Waters Corporation (WAT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 5, 2026·SEC

Material company update

Mar 23, 2026·SEC

Material company update

Mar 16, 2026·SEC

10-K Annual Reports

FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 4, 2025·SEC

FY 2025

May 6, 2025·SEC

WAT Frequently Asked Questions

Waters Corporation (WAT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Waters Corporation (WAT) reported $3.77B in revenue for fiscal year 2025. This represents a 864% increase from $391.1M in 1996.

Waters Corporation (WAT) grew revenue by 7.0% over the past year. This is steady growth.

Yes, Waters Corporation (WAT) is profitable, generating $449.2M in net income for fiscal year 2025 (20.3% net margin).

Dividend & Returns

Waters Corporation (WAT) has a return on equity (ROE) of 29.3%. This is excellent, indicating efficient use of shareholder capital.

Waters Corporation (WAT) generated $264.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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