Mettler Toledo vs Waters
Mettler Toledo is the larger business, with $4.03bn of revenue in fiscal 2025 against $3.17bn for Waters (1.3 times as much). Waters grew faster (7.0% against 4.0%). Mettler Toledo kept more of each dollar of sales as profit: a net margin of 21.6% against 20.3%.
| Latest fiscal year | Mettler ToledoMTD, 2025 | WatersWAT, 2025 |
|---|---|---|
| Revenue | $4.03bn | $3.17bn |
| Revenue growth | 4.0% | 7.0% |
| Net income | $869m | $643m |
| Operating margin | — | — |
| Net margin | 21.6% | 20.3% |
| Return on equity | — | 29.3% |
| Free cash flow | $849m | $540m |
| Cash | $66.9m | $588m |
| Total debt | $2.15bn | $1.87bn |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $800m | $14.7m |
| Employees | 16,600 | 8,200 |
| Market value | $36.76bn | $45.35bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 90 (Strong) | 78 (Strong) |
| Insider trades, 12 months | 0 buys, 19 sales | 2 buys, 1 sales |