Waters Corporation (WAT) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Diagnostics & Research
EV/EBITDA
↓
21.47
-5% vs avg
5yr avg: 22.70
30Y Low8.3·High47.2
P/FCF
↑
42.21
+1% vs avg
5yr avg: 42.00
30Y Low10.6·High81.4
P/B Ratio
↓
8.15
↓-71% vs avg
5yr avg: 28.35
30Y Low4.4·High66.5
ROE
↓
29.3%
↑-73% vs avg
5yr avg: 108.6%
30Y Low-12%·High231%
Debt/EBITDA
↓
1.28
↓-27% vs avg
5yr avg: 1.75
30Y Low0.0·High5.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WAT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Waters Corporation trades at 32.5x earnings, roughly in line with its 5-year average of 32.6x, sitting at the 78th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 47%. On a free-cash-flow basis, the stock trades at 42.2x P/FCF, roughly in line with the 5-year average of 42.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.8B | $22.7B | $22.1B | $19.5B | $20.7B | $23.1B | $15.4B | $15.9B | $14.6B | $15.6B | $10.9B |
| Enterprise Value | $23.6B | $23.5B | $23.5B | $21.6B | $21.9B | $24.2B | $16.5B | $17.4B | $15.0B | $16.9B | $12.3B |
| P/E Ratio → | 32.48 | 35.30 | 34.64 | 30.37 | 29.21 | 33.36 | 29.60 | 26.89 | 24.66 | 772.76 | 20.97 |
| P/S Ratio | 7.20 | 7.16 | 7.47 | 6.60 | 6.95 | 8.30 | 6.53 | 6.62 | 6.05 | 6.74 | 5.05 |
| P/B Ratio | 8.15 | 8.85 | 12.08 | 16.96 | 40.97 | 62.88 | 66.52 | — | 9.34 | 6.97 | 4.75 |
| P/FCF | 42.21 | 42.01 | 35.65 | 44.13 | 48.27 | 39.92 | 24.98 | 33.23 | 30.71 | 25.65 | 20.49 |
| P/OCF | 34.91 | 34.75 | 28.99 | 32.37 | 33.79 | 30.93 | 19.53 | 24.77 | 24.22 | 22.32 | 17.39 |
P/E links to full P/E history page with 30-year chart
WAT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Waters Corporation's enterprise value stands at 21.5x EBITDA, 5% below its 5-year average of 22.7x. The Healthcare sector median is 14.1x, placing the stock at a 52% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.42 | 7.93 | 7.29 | 7.35 | 8.69 | 6.96 | 7.22 | 6.20 | 7.33 | 5.66 |
| EV / EBITDA | 21.47 | 21.37 | 23.05 | 21.92 | 21.77 | 25.40 | 21.35 | 21.34 | 17.68 | 22.04 | 17.00 |
| EV / EBIT | 26.42 | 29.17 | 27.79 | 25.82 | 24.64 | 28.45 | 24.94 | 23.89 | 20.52 | 24.25 | 19.01 |
| EV / FCF | — | 43.53 | 37.88 | 48.76 | 51.03 | 41.82 | 26.63 | 36.24 | 31.44 | 27.88 | 22.96 |
WAT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Waters Corporation earns an operating margin of 28.2%. ROE of 29.3% indicates solid capital efficiency. ROIC of 20.3% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.8% | 57.8% | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% | 58.0% | 59.0% | 59.0% | 58.9% |
| Operating Margin | 28.2% | 28.2% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% | 28.7% | 28.8% |
| Net Profit Margin | 20.3% | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% | 24.6% | 24.5% | 0.9% | 24.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.3% | 29.3% | 42.8% | 77.6% | 162.3% | 231.1% | 6575.9% | 87.7% | 31.2% | 0.9% | 23.9% |
| ROA | 13.3% | 13.3% | 13.9% | 16.2% | 22.2% | 23.3% | 19.3% | 18.8% | 13.1% | 0.4% | 11.7% |
| ROIC | 20.3% | 20.3% | 19.4% | 25.1% | 41.5% | 45.4% | 39.2% | 33.8% | 20.1% | 13.8% | 13.7% |
| ROCE | 18.5% | 18.5% | 21.7% | 25.8% | 35.6% | 36.9% | 32.3% | 27.0% | 18.5% | 14.9% | 15.9% |
WAT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Waters Corporation carries a Debt/EBITDA ratio of 1.3x, which is manageable (61% below the sector average of 3.3x). Net debt stands at $820M ($1.4B total debt minus $588M cash). Interest coverage of 15.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.93 | 2.12 | 3.30 | 4.36 | 6.26 | — | 0.73 | 0.89 | 0.79 |
| Debt / EBITDA | 1.28 | 1.28 | 1.67 | 2.48 | 1.66 | 1.68 | 1.88 | 2.18 | 1.35 | 2.60 | 2.53 |
| Net Debt / Equity | — | 0.32 | 0.75 | 1.78 | 2.34 | 2.99 | 4.38 | — | 0.22 | 0.61 | 0.57 |
| Net Debt / EBITDA | 0.75 | 0.75 | 1.35 | 2.08 | 1.18 | 1.15 | 1.32 | 1.77 | 0.42 | 1.76 | 1.83 |
| Debt / FCF | — | 1.52 | 2.22 | 4.63 | 2.76 | 1.90 | 1.64 | 3.00 | 0.74 | 2.23 | 2.47 |
| Interest Coverage | 15.87 | 15.87 | 9.42 | 8.45 | 18.17 | 18.94 | 13.45 | 14.93 | 15.02 | 12.28 | 14.36 |
WAT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio has declined from 2.22x to 2.11x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 2.11 | 2.22 | 2.24 | 2.39 | 1.74 | 2.22 | 5.93 | 7.04 | 6.99 |
| Quick Ratio | — | — | 1.51 | 1.57 | 1.66 | 1.87 | 1.36 | 1.68 | 5.28 | 6.60 | 6.48 |
| Cash Ratio | — | — | 0.41 | 0.50 | 0.61 | 0.84 | 0.55 | 0.57 | 3.87 | 5.60 | 5.41 |
| Asset Turnover | — | 0.62 | 0.65 | 0.64 | 0.91 | 0.90 | 0.83 | 0.94 | 0.65 | 0.43 | 0.46 |
| Inventory Turnover | 2.34 | 2.34 | 2.51 | 2.32 | 2.74 | 3.25 | 3.31 | 3.15 | 3.40 | 3.50 | 3.39 |
| Days Sales Outstanding | — | 95.58 | 90.48 | 86.69 | 88.78 | 80.27 | 88.47 | 89.14 | 85.72 | 84.38 | 82.41 |
WAT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Waters Corporation returns 0.1% to shareholders annually primarily through share buybacks. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 2.8% | 2.9% | 3.3% | 3.4% | 3.0% | 3.4% | 3.7% | 4.1% | 0.1% | 4.8% |
| FCF Yield | 2.4% | 2.4% | 2.8% | 2.3% | 2.1% | 2.5% | 4.0% | 3.0% | 3.3% | 3.9% | 4.9% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.4% | 3.0% | 2.8% | 1.3% | 15.5% | 9.0% | 2.1% | 3.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.1% | 0.4% | 3.0% | 2.8% | 1.3% | 15.5% | 9.0% | 2.1% | 3.0% |
| Shares Outstanding | — | $60M | $60M | $59M | $60M | $62M | $62M | $68M | $78M | $81M | $81M |
Peer Comparison
Compare WAT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WATYou | $23B | 32.5 | 21.5 | 42.2 | 57.8% | 28.2% | 29.3% | 20.3% | 1.3 |
 A | $33B | 25.8 | 19.7 | 28.9 | 52.4% | 21.3% | 20.6% | 13.5% | 1.9 |
 BRKR | $6B | -282.0 | 17.9 | 148.7 | 45.9% | 6.9% | -0.4% | 4.4% | 4.5 |
 MTSI | $23B | -424.4 | 122.7 | 120.5 | 54.9% | 13.4% | -4.4% | 6.0% | 2.8 |
 SHIM | $204M | -7.7 | — | — | 6.8% | -3.9% | — | — | — |
 TMO | $176B | 26.7 | 19.0 | 27.9 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
 DHR | $124B | 34.7 | 18.1 | 23.5 | 60.9% | 20.9% | 7.1% | 5.9% | 2.4 |
 RGEN | $7B | 146.2 | 52.2 | 75.5 | 47.1% | 8.1% | 2.4% | 2.2% | 5.0 |
 AZTA | $847M | -15.1 | 13.6 | 22.1 | 45.5% | -1.9% | -3.2% | -0.5% | 2.2 |
 FELE | $4B | 31.1 | 14.0 | 23.0 | 35.5% | 12.7% | 11.3% | 14.7% | 0.8 |
 IDXX | $46B | 44.3 | 32.1 | 43.8 | 61.8% | 31.6% | 66.2% | 42.5% | 0.7 |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonWAT — Frequently Asked Questions
Quick answers to the most common questions about buying WAT stock.
What is Waters Corporation's P/E ratio?
Waters Corporation's current P/E ratio is 32.5x. The historical average is 27.8x. This places it at the 78th percentile of its historical range.
What is Waters Corporation's EV/EBITDA?
Waters Corporation's current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.1x.
What is Waters Corporation's ROE?
Waters Corporation's return on equity (ROE) is 29.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 47.8%.
Is WAT stock overvalued?
Based on historical data, Waters Corporation is trading at a P/E of 32.5x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Waters Corporation's profit margins?
Waters Corporation has 57.8% gross margin and 28.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Waters Corporation have?
Waters Corporation's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.