Last 48 quarters of trend data · Healthcare · Medical - Diagnostics & Research
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has expanded 150.1% YoY to 70.8x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 32.55 | — | 25.19 | 29.17 | 35.67 | 44.60 | 23.90 | 32.96 | 30.22 | 50.03 | 22.55 | 30.20 | 26.13 |
| — | — | +5.4% | -11.5% | +18.0% | -10.9% | +6.0% | +9.2% | +15.6% | +53.8% | +0.3% | +16.5% | -15.6% | |
| P/S Ratio | 7.21 | 4.93 | 6.09 | 5.44 | 6.81 | 8.17 | 6.34 | 7.18 | 6.09 | 8.03 | 5.96 | 5.71 | 5.31 |
| — | -39.6% | -4.0% | -24.3% | +12.0% | +1.7% | +6.4% | +25.8% | +14.6% | +19.8% | +0.1% | -0.1% | -25.6% | |
| P/B Ratio | 8.17 | 1.63 | 8.86 | 7.46 | 9.73 | 11.02 | 12.10 | 13.26 | 12.22 | 16.28 | 16.97 | 17.94 | 20.39 |
| — | -85.2% | -26.8% | -43.7% | -20.3% | -32.3% | -28.7% | -26.1% | -40.1% | -46.8% | -58.1% | -57.3% | -60.8% | |
| P/FCF | 42.30 | — | 45.19 | 26.86 | 283.38 | 23.12 | 29.42 | 29.70 | 233.97 | 21.84 | 25.89 | 33.92 | — |
| — | — | +53.6% | -9.6% | +21.1% | +5.9% | +13.6% | -12.4% | — | -22.8% | -30.8% | -2.4% | — | |
| EV / EBITDA | 21.51 | 70.82 | 16.19 | 18.81 | 23.13 | 28.32 | 17.24 | 22.07 | 20.11 | 30.52 | 17.27 | 20.36 | 18.98 |
| — | +150.1% | -6.1% | -14.8% | +15.0% | -7.2% | -0.2% | +8.4% | +6.0% | +28.9% | +1.5% | +5.1% | -17.6% | |
| EV / EBIT | 26.48 | — | 21.55 | 23.40 | 28.89 | 36.23 | 19.85 | 26.55 | 24.61 | 39.64 | 20.10 | 25.19 | 22.26 |
| — | — | +8.6% | -11.8% | +17.4% | -8.6% | -1.2% | +5.4% | +10.6% | +46.5% | +7.7% | +13.5% | -15.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Waters Corporation's operating margin was -3.7% in Q1 2026, down 37.0 pp QoQ and down 26.6 pp YoY. The trailing four-quarter average of 19.5% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 19.3% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.8% | 47.0% | 59.8% | 59.0% | 58.3% | 58.2% | 60.1% | 59.3% | 59.3% | 58.9% | 61.2% | 59.1% | 59.3% |
| — | -19.3% | -0.5% | -0.4% | -1.7% | -1.2% | -1.8% | +0.3% | -0.0% | +0.7% | +2.9% | +4.2% | +4.1% | |
| Operating Margin | 28.2% | -3.7% | 33.3% | 24.0% | 24.4% | 22.9% | 33.5% | 28.5% | 26.7% | 21.0% | 32.2% | 25.2% | 27.0% |
| — | -116.2% | -0.5% | -15.8% | -8.6% | +9.1% | +3.9% | +13.1% | -1.1% | -17.4% | -3.3% | -7.0% | -3.4% | |
| Net Margin | 20.3% | -5.7% | 24.2% | 18.6% | 19.1% | 18.3% | 26.5% | 21.8% | 20.1% | 16.0% | 26.4% | 18.9% | 20.3% |
| — | -131.0% | -8.9% | -14.7% | -5.3% | +14.3% | +0.5% | +15.4% | -0.9% | -22.0% | -0.2% | -14.1% | -11.9% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.3% | -0.8% | 9.2% | 6.6% | 7.1% | 6.4% | 13.5% | 10.7% | 10.7% | 8.5% | 21.0% | 16.0% | 22.0% |
| — | -112.6% | -31.7% | -38.1% | -33.3% | -24.6% | -35.9% | -33.2% | -51.3% | -66.7% | -58.8% | -60.0% | -48.9% | |
| ROA | 13.3% | -0.5% | 4.5% | 3.1% | 3.2% | 2.7% | 5.1% | 3.6% | 3.2% | 2.2% | 4.7% | 3.0% | 3.8% |
| — | -118.3% | -11.3% | -13.8% | -0.8% | +18.6% | +7.7% | +21.2% | -16.9% | -47.7% | -33.7% | -41.7% | -29.3% | |
| ROIC | 20.3% | -0.3% | 6.9% | 4.3% | 4.4% | 3.6% | 6.9% | 5.0% | 4.6% | 3.2% | 6.2% | 4.3% | 6.2% |
| — | -108.4% | +0.7% | -13.6% | -3.8% | +12.2% | +10.2% | +17.2% | -26.4% | -58.6% | -52.7% | -54.0% | -38.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Waters Corporation's Debt/EBITDA ratio is 49.7x, up from 3.9x last quarter — elevated, raising questions about debt serviceability. Debt/Equity has declined for 12 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.34 | 0.55 | 0.64 | 0.71 | 0.78 | 0.93 | 1.19 | 1.48 | 1.70 | 2.12 | 2.86 | 3.53 |
| — | -56.4% | -41.0% | -46.3% | -51.9% | -54.0% | -56.1% | -58.5% | -58.1% | -34.8% | -35.6% | -32.4% | -11.8% | |
| Debt / EBITDA | 1.28 | 49.67 | 3.88 | 6.07 | 6.41 | 7.64 | 4.99 | 7.36 | 8.84 | 11.73 | 7.82 | 11.41 | 11.41 |
| — | +550.2% | -22.4% | -17.6% | -27.4% | -34.9% | -36.1% | -35.4% | -22.5% | +53.7% | +49.3% | +56.9% | +69.9% | |
| Current Ratio | — | — | — | 1.53 | 1.75 | 1.81 | 2.11 | 2.02 | 2.10 | 1.94 | 2.22 | 2.19 | 2.08 |
| — | — | — | -24.0% | -16.6% | -6.5% | -4.8% | -8.0% | +1.3% | -12.4% | -1.1% | +1.9% | -0.9% | |
| Quick Ratio | — | — | — | 1.08 | 1.22 | 1.28 | 1.51 | 1.38 | 1.42 | 1.30 | 1.57 | 1.46 | 1.41 |
| — | — | — | -22.2% | -13.8% | -1.8% | -3.6% | -5.5% | +0.2% | -18.1% | -5.9% | -5.5% | -8.6% | |
| Interest Coverage | 15.87 | -1.10 | 31.65 | 7.39 | 13.38 | 11.01 | 15.58 | 10.03 | 8.14 | 5.50 | 8.74 | 6.03 | 8.75 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Waters Corporation's current P/E is 32.6x. The average P/E over the last 3 quarters is 30.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Waters Corporation's current operating margin is 28.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Waters Corporation's business trajectory between earnings reports.