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Waters Corporation(WAT)Earnings, Financials & Key Ratios
WAT•NYSE
33.0× P/E·Price updated Jun 19, 2026
SectorHealthcareIndustryDiagnostics & ResearchSub-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%
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.
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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
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$2.70+16.9%
$2.31
Rev
$1.3B+5.3%
$1.2B
Q1 2026
Feb 9, 2026Metric
Actual
Est
EPS
$4.53+0.4%
$4.51
Rev
$932M+0.4%
$928M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$3.40+5.9%
$3.21
Rev
$800M+2.4%
$781M
Q3 2025
Aug 4, 2025Metric
Actual
Est
EPS
$2.95+0.3%
$2.94
Rev
$771M+3.0%
$749M
| 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 →
WAT Peer Comparison
Waters Corporation (WAT) competitors in Life Science Instruments and Sequencing Tools — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 A | 35.89B | 127.06 | 27.80 | 6.73% | 19.55% | 20.84% | 0.50 | |
 BRKR | 8.71B | 57.23 | -381.53 | 2.08% | -0.34% | -0.5% | 0.81 | |
 MTSI | 29.86B | 391.41 | -536.18 | 32.58% | 16.46% | 13.19% | 0.41 | |
 SHIM | 134.31M | 3.66 | -4.95 | 2.63% | -4.44% | |||
 TMO | 172.66B | 464.61 | 26.19 | 3.91% | 15.18% | 13.23% | 0.76 | |
 DHR | 125.4B | 177.17 | 35.15 | 2.9% | 14.89% | 7.06% | 0.35 | |
 RGEN | 7.45B | 132.02 | 153.51 | 16.36% | 6.73% | 2.46% | 0.33 | |
 AZTA | 1.07B | 23.31 | -19.11 | 3.55% | -29.86% | -10.69% | 0.06 |
Compare WAT vs Peers
Waters Corporation (WAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WAT Income Statement
Waters Corporation (WAT) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | 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
| Metric | 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 | 1.2B |
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 | 4.02B |
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 | 0.34x |
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 | 4.99x |
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
| Metric | 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 | 390M |
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 | -88.19M |
Working Capital Changes | 531.89M | -135.3M | -92.98M | 96.72M | -107.17M | -269.08M | -240.26M | -111.37M | -250.44M | -475.6M |
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% | 3.34% |
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 | 2.33M |
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 | -155.81M |
Equity Issued (Net) | -332.54M | -1.32B | -2.47B | -196.41M | -648.93M | -626.06M | -70.28M | -13.54M | 6.12M | 2.81M |
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 | -12.73M |
Other Financing | 98.7M | 45.74M | 61.39M | 81.27M | 50.66M | 56.43M | 45.23M | 46.87M | -7K | -123.96M |
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 | 3.21 |
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% | 6.41% |
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 | 0.34x |
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% |
Related:WAT Dividend History·WAT Revenue History·WAT Price History·WAT P/E History·WAT Financial Ratios·WAT Institutional Holders
WAT SEC Filings & Documents
Waters Corporation (WAT) SEC filings — annual & quarterly reports (10-K, 10-Q)
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.