Charles River Laboratories vs Waters
Charles River Laboratories is the larger business, with $4.02bn of revenue in fiscal 2025 against $3.17bn for Waters (1.3 times as much). Waters grew faster (7.0% against -0.9%). Waters kept more of each dollar of sales as profit: a net margin of 20.3% against -3.6%.
| Latest fiscal year | Charles River LaboratoriesCRL, 2025 | WatersWAT, 2025 |
|---|---|---|
| Revenue | $4.02bn | $3.17bn |
| Revenue growth | -0.9% | 7.0% |
| Net income | −$144m | $643m |
| Operating margin | 0.6% | — |
| Net margin | -3.6% | 20.3% |
| Return on equity | -4.4% | 29.3% |
| Free cash flow | $518m | $540m |
| Cash | $214m | $588m |
| Total debt | $2.14bn | $1.87bn |
| Debt to equity | 67.6% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $361m | $14.7m |
| Employees | 19,700 | 8,200 |
| Market value | $16.81bn | $45.35bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 60 (Moderate) | 78 (Strong) |
| Insider trades, 12 months | 2 buys, 21 sales | 2 buys, 1 sales |