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WATWaters Corporation
$425.74$31.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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WAT logo

Waters Corporation

WAT
NYSE · Diagnostics & Research
$425.74
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$31.84B
P/E39.6x
52W High$433.09
Volume648.3K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Revenue Surge Masks Deep Margin Erosion

Waters Corporation's 2026Q2 revenue surged 113.3% year-over-year to $1.6B, but this growth appears non-recurring and masks severe operational deterioration, with gross margin collapsing 15 points to 44.6% and operating income swinging to a $86M loss. The balan...

GrowthAccelerating
ProfitabilityStrained
ValuationAttractive
TechnicalsStrong
Explore valuation models
MARKET ACTION

WAT price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

12/12 Beats

EPS beat 12 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 83 · Leader

High momentum (Outperforming 83% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Nov 4
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue jumped 113.3% year-over-year to $1.6B in 2026Q2, but gross margin fell from 59.8% in 2025Q4 to 44.6%, driving a net loss of $136M and a 156.3% EPS decline.

Analyst Consensus+4.2% target
Buy(37 analysts)
19 Buy16 Hold2 Sell

The Bull Case

Upside Catalysts

Product portfolio expansion

Waters Corporation expanded its analytical portfolio with high-performance launches, including new BioResolve and GTxResolve columns and next-generation mass spectrometers, strengthening its position in biologics and structural omics.

Strong financial metrics

Waters Corporation's trailing and forward P/E ratios of 34.48 and 26.39 respectively indicate strong earnings potential and investor confidence in future growth.

Bullish analyst coverage

A bullish thesis on Waters Corporation was highlighted by The Wealth Dynasty Report, suggesting positive sentiment and potential upside from analyst perspectives.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
WAT+11.46%
S&P 500 (^GSPC)+13.20%
1-Year Return
WAT+40.75%
S&P 500 (^GSPC)+15.98%
3-Year Return
WAT+58.27%
S&P 500 (^GSPC)+80.34%
5-Year Return
WAT+7.62%
S&P 500 (^GSPC)+75.92%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
39.1x
Forward P/EExpansion
28.9x
EV/EBITDA100th %ile
29.4x
FCF YieldCash Flow
1.7%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
39.1x
33.4x
100th· High
EV/EBITDA
29.4x
21.9x
100th· High
Price/FCF
58.3x
42.0x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$125.85-70.4%
Base (Fair)$244.83-41.9%
Bull$278.19-34.7%
$125.85 Bear$244.83 Base$278.19 Bull
Current Market Price: $425.74
Trades at a 73.9% premium to Base DCF ($244.83)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$3.17B+7.0% YoY
Net income
$643M+0.8% YoY
Free cash flow
$540M-12.9% YoY
Operating margin
28.2%+0.3 pts YoY
ROIC (TTM)20.1%
Avg ROIC 5Y-
ROE (TTM)29.3%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate12/12 (100%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 4, 2026
$3.05+1.3%
vs $3.01
$1.6B+1.4%
vs $1.6B
Q2 2026
May 5, 2026
$2.70+16.9%
vs $2.31
$1.3B+5.3%
vs $1.2B
Q1 2026
Feb 9, 2026
$4.53+0.4%
vs $4.51
$932M+0.4%
vs $928M
Q4 2025
Nov 4, 2025
$3.40+5.9%
vs $3.21
$800M+2.4%
vs $781M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·Sep 16, 2026
Everlywell Announces a Partnership with Waters Corporation to Bring the Most Comprehensive FDA-Cleared At-Home HPV Cervical Cancer Screening Tool Available in the U.S. Today to Patients

AUSTIN, Texas--(BUSINESS WIRE)--Everlywell, a leader in digital health, today announced a partnership with Waters Corporation to ensure patients have access to the most comprehensive at-home HPV cervical cancer screening tool available in the U.S. today, the Onclarity™ HPV Self-Collection Kit, tested with the BD Onclarity™ HPV Assay.1 The new diagnostic-led solution supports health plans as they expand access to cervical cancer screening and make it easier for eligible members to complete recom.

PRNewsWire·Sep 14, 2026
Waters Sets Benchmark for Standardized Spectral Flow Cytometry with Commercial Launch of BD FACSDiscover A7 Cell Analyzer

Enables routine 50+ parameter experiments with BD SpectralFX™ Technology, accelerating breakthrough discoveries in the fight against cancer and other diseases. Minimizes instrument and user differences with first-of-its-kind FACSTruQ™ Technology, achieving industry-leading standardization for greater confidence in results.

PRNewsWire·Sep 11, 2026
Waters Corporation to Present at the J.P. Morgan U.S. All Stars Conference

MILFORD, Mass., Sept. 11, 2026 /PRNewswire/ -- Waters Corporation (NYSE: WAT) announced that Udit Batra, Ph.D.

Seeking Alpha·Sep 9, 2026
Waters Corporation (WAT) Presents at Wells Fargo 21st Annual Healthcare Conference Transcript

Waters Corporation (WAT) Presents at Wells Fargo 21st Annual Healthcare Conference Transcript

Filtered for Waters CorporationMore Headlines
04

Compare before deciding

Benchmark WAT against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Waters Corporation (WAT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
WAT logoWATWaters CorporationCurrent
$425.74$31.84B39.576.99%20.3%29.28%—
A logoAAgilent Technologies, Inc.
$167.25$47.24B36.606.73%19.53%20.47%—
BRKR logoBRKRBruker Corporation
$61.21$9.32B-408.072.08%-2.03%-2.87%—
MTSI logoMTSIMACOM Technology Solutions Holdings, Inc.
$279.69$21.34B-383.1432.58%20.7%17.09%—
SHIM logoSHIMShimmick Corp.
$3.50$143.45M-4.732.63%-3.81%——
TMO logoTMOThermo Fisher Scientific Inc.
$658.52$244.72B37.123.91%15.06%13.33%—

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

WAT SEC Filings & Documents

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

8-K Announcements

6
Material company update

Aug 4, 2026·SEC

Material company update

May 22, 2026·SEC

Material company update

May 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 12, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 4, 2025·SEC

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WAT Frequently Asked Questions

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

Growth & Financials
What is Waters Corporation's revenue?

Waters Corporation (WAT) reported $4.64B in revenue for fiscal year 2025. This represents a 1087% increase from $391.1M in 1996.

How fast is Waters Corporation growing?

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

Is WAT profitable?

Yes, Waters Corporation (WAT) is profitable, generating $166.1M in net income for fiscal year 2025 (20.3% net margin).

Dividend & Returns
What is WAT's return on equity?

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

What is Waters Corporation's free cash flow?

Waters Corporation (WAT) generated $396.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in WAT back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →