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Waters Corporation (WAT) stock

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NYSE: WAT NYSE Life Sciences Tools & Services Next results ~November 3, 2026

B Fundamentals grade

Waters Corporation is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$260

Cash-flow model

Base case. Range ~$180–$350 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 43% below it.

Price used: $449.53, November 2, 2026

Waters Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Waters files

Where Waters stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $4.64bn, up 52.5% on a year earlier, faster than 26.4% a quarter earlier. That growth ranks 1 of 9 among the life sciences tools & services companies we cover. Free-cash-flow margin fell to 9.4% from 21.6% a year earlier. Operating margin narrowed to 7.1% from 27.7%. The diluted share count is up 75560.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $0.17 a share, against a share price of $445.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Waters Corporation's trailing-twelve-month revenue grew 52.5% year on year, with a free-cash-flow margin of 9.4%. Where it stands out: change in growth rate of +26.1pp ranks 1 of 54 life sciences tools & services companies we cover. Where it lags: days sales outstanding of 156 days ranks 48 of 48 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$260 per share in the base case (~$180–$350 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 52.5% (+26.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 52.5% over the last 12 months, against a median of 6.9% for life sciences tools & services companies we cover.
  • Growth speeding up. The growth rate is 26.1 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $449.53 is 43% above our value per share of $260.
  • Margins narrowing. Operating margin is down 20.6 points on a year ago.
  • Share dilution. Diluted shares rose 25.7% in a year.
  • High earnings multiple. The shares trade at 203 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: days sales outstanding. Days sales outstanding of 156 days ranks 48 of 48 life sciences tools & services companies we cover (median 62 days).

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
$3.05 against an average estimate of $3.01: beat by 1.4%
Revenue
$1.65bn, up 113.3% on a year earlier
Share reaction
+6.7% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
organic constant currency revenue growth growth 7% to 9% (full-year 2026); organic reported revenue $3.37bn to $3.43bn (full-year 2026)
Next report
November 3, 2026; average EPS estimate $4.00

Waters' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.9%
  • 1 week-1.4%
  • 1 month+5.7%
  • This year+18.4%
  • 1 year+28.6%
  • 5 years+29.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.6B
Operating margin
7.1%
Net margin
3.6%
EPS (TTM, diluted)
$2.22

Growth

Revenue growth
+52.5%
Change in growth rate
+26.1 pts
Share count change
+25.7%

Cash

Free cash flow (TTM)
$434M
FCF margin
9.4%
Stock pay % of revenue
1.6%

Earnings

Last results
November 3, 2026
Next results (est.)
February 8, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Deal
  3. Product
  4. Regulatory
  5. Regulatory
  6. Product
  7. Product
  8. Leadership
  9. Insider trade
  10. Results
  11. Guidance
  12. Product

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Waters Corporation valuation models and calculator

What the price is pricing in

The share price implies about 26.5% a year of cash-flow growth for five years.That is faster than the 10.8% a year revenue growth Waters has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in26.5%
  • Last 12 months52.5%
  • 3 years a year15.8%
  • 5 years a year10.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($471.97, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$260
Price used
$471.97close November 3, 2026
Implied change
▼ 46%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Waters Corporation's free cash flow after stock-based pay with after-tax interest added back ($797M, FY2026 Q2 TTM), growing 38.2% and 12.1% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$350 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Waters Corporation's free cash flow after stock-based pay ( $797M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Waters Corporation as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$260 ~$180–$350 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$40 ~$12–$63 Left out: out of range vs price (0.09x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$380 ~$300–$530 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$88 ~$76–$110 Left out: out of range vs price (0.20x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$300 ~$260–$380 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Waters Corporation with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▼ −56%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $70$112$168$241$336$459
8.5% $43$73$113$165$233$321
10% $26$50$80$120$172$238

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$134.58$134.39$193.19$188.65$233.65$247.42$372.60$342.58$329.23$370.98$379.83$449.53
Market value$11.2bn$10.9bn$15.6bn$14.6bn$15.9bn$15.4bn$23.1bn$20.7bn$19.5bn$22.1bn$22.7bn$33.7bn
+ Net debt (− = net cash)$1.2bn$1.3bn$1.4bn$352m$1.5bn$1.1bn$1.0bn$1.1bn$2.0bn$1.3bn$1.3bn$4.6bn
Enterprise value$12.4bn$12.3bn$16.9bn$15.0bn$17.4bn$16.5bn$24.1bn$21.8bn$21.5bn$23.4bn$24.0bn$38.2bn
Multiples
Price / sales 5.5x5.0x6.7x6.1x6.6x6.5x8.3x7.0x6.6x7.5x7.2x7.3x
Price / earnings 23.8x21.0xn/m24.7x26.9x29.6x33.4x29.2x30.4x34.6x35.3xn/m
Price / free cash flow ————————44.1x35.7x42.0x—
EV / EBITDA 20.2x18.1x23.4x18.8x22.8x23.1x27.0x23.1x23.9x25.6x26.9x86.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

78 /100

Strong moat

How hard Waters's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.2% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 59.0%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 13 / 20

    Operating margin has been a median 28.5%; its worst year was 7.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.6% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 20.1% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (83 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $1.8bn and EPS of $4.00 (range $3.92 to $4.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $14.58 +11% $6.5bn +104%
Next $16.55 +14% $7.1bn +10%

Next year's EPS estimate has moved +0.4% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 2 analysts raised Waters Corporation's forecast and 0 cut it.

Consensus EPS forecast Waters Corporation, last 90 days
$14.00 $15.00 $16.00 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.51 Current fiscal year, 60 days ago: $14.58 Current fiscal year, 30 days ago: $14.57 Current fiscal year, 7 days ago: $14.58 Current fiscal year, Now: $14.58 $14.58 Next fiscal year, 90 days ago: $16.49 Next fiscal year, 60 days ago: $16.55 Next fiscal year, 30 days ago: $16.55 Next fiscal year, 7 days ago: $16.53 Next fiscal year, Now: $16.55 $16.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.51$16.49
60 days ago $14.58$16.55
30 days ago $14.57$16.55
7 days ago $14.58$16.53
Now $14.58$16.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.01 $3.05 +1.4%
Mar 2026 $2.31 $2.70 +17.0%
Dec 2025 $4.51 $4.53 +0.5%
Sept 2025 $3.22 $3.40 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Total Company reported revenue full-year 2026 $6.415bn to $6.476bn GAAP Raised
    “Total Company reported revenue for full-year 2026 is expected to be in the range of $6.415 billion to $6.476 billion.” source
  • Total Company reported revenue third quarter of 2026 $1.745bn to $1.762bn GAAP
    “Total Company reported revenue for the third quarter of 2026 is expected to be in the range of $1.745 billion to $1.762 billion.” source
  • Adjusted EPS full-year 2026 $14.45 to $14.65 Non-GAAP Raised
    “The Company is raising its full-year 2026 adjusted EPS guidance to the range of $14.45 to $14.65, which represents 10% to 12% year-over-year adjusted EPS growth and is 12% to 14% on a constant currency basis.” source
  • Adjusted EPS third quarter 2026 $3.95 to $4.05 Non-GAAP
    “The Company expects third quarter 2026 adjusted EPS to be in the range of $3.95 to $4.05, which represents 16% to 19% year-over-year adjusted EPS growth.” source
  • Organic constant currency revenue growth full-year 2026 7% growth to 9% growth Non-GAAP Raised
    “The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 7.0% to 9.0%.” source
  • Organic reported revenue full-year 2026 $3.37bn to $3.431bn Non-GAAP Raised
    “Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.370 billion to $3.431 billion.” source
Show 4 more items
  • Acquired business reported revenue · Acquired business (BDS) full-year 2026 about $3.045bn Non-GAAP Raised
    “The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.045 billion on an owned-period basis.” source
  • Organic constant currency revenue growth third quarter 2026 8% growth to 10% growth Non-GAAP
    “The Company expects third quarter 2026 organic constant currency revenue growth to be in the range of 8% to 10%.” source
  • Organic reported revenue third quarter 2026 $850m to $867m Non-GAAP
    “Including the effect of currency translation, third quarter 2026 organic reported revenue is expected to be in the range of $850 million to $867 million.” source
  • Acquired business reported revenue · Acquired business (BDS) third quarter of 2026 about $895m Non-GAAP
    “The Company expects acquired business reported revenue for the third quarter of 2026 to be approximately $895 million.” source

How earlier guidance turned out

  • total company reported revenue, second quarter of 2026 guided $1.616bn to $1.631bn Above range: $1.645bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Waters Corporation's revenue by +38.2% next year and +12.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+46.5%, weight 57%) , management guidance (+46.3%, weight 19%) and the company's own record (+13.0%, weight 25%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1878%
Hold417%
Sell14%

Monthly trend

  1. Oct 2026315423
  2. Sep 2026315524
  3. Aug 2026314624
  4. Jul 2026313824

Counts of recommendations published by analysts covering Waters Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
3.72
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.1%
of shares
Employees
16,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +28.6%

$349.60 on October 31, 2025 to $449.53

ThenNowEffect
Revenue (last 12 months) $3.0bn $4.6bn +52.5%
Net margin 21.7% 3.6% −83.5%
P/E multiple 31.5x n/m +543.3%
Share count 60m 75m −20.4%

Biggest factor: p/e multiple.

Last 3 years +72.6%

$260.49 on November 3, 2023 to $449.53

ThenNowEffect
Revenue (last 12 months) $3.0bn $4.6bn +55.2%
Net margin 22.5% 3.6% −84.1%
P/E multiple 23.0x n/m +782.2%
Share count 60m 75m −20.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WAT+51%−8%−4%+13%+2%+18%
Industry peers (median)+4%−53%−3%−15%−7%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WAT83%42%42%50%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WAT−23%−28%−32%−22%−33%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 44% from September 8, 2021 to October 30, 2023. Getting back needed a 79% gain, reached on September 17, 2026, 1053 days after the low.

Price behaviour

52-week range
$283.32 – $480.07
From 52-week high
−6.4%
vs 50-day average
+4.3%
vs 200-day average
+21.6%
Volatility (1 year)
36%
Beta vs S&P 500
0.93

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±7.6%
After a week
6 up, 5 down
typical move ±9.5%
After a month
6 up, 5 down
typical move ±11.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +6.7% +1.6% +10.7% +10.0%
May 5, 2026 +15.8% +2.2% +16.7% +24.7%
February 9, 2026 −14.2% +0.2% −15.7% −22.0%
November 4, 2025 +7.6% −0.8% +11.7% +14.7%
August 4, 2025 −3.1% +1.0% −3.8% −0.1%
May 6, 2025 −0.8% −0.4% +3.1% −0.6%
February 12, 2025 −6.5% +0.7% −6.0% −6.9%
November 1, 2024 +19.9% +0.2% +19.0% +19.8%
July 31, 2024 +7.6% +0.2% −1.8% +5.2%
May 7, 2024 +1.2% +0.1% +12.2% −6.0%
February 6, 2024 −0.4% +1.1% −4.1% +11.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Waters Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Waters Corporation in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Waters Corporation
$2.5B $3B $3.5B $4B $4.5B $5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3B Revenue (TTM), FY23 Q4: $3B Revenue (TTM), FY24 Q1: $2.9B Revenue (TTM), FY24 Q2: $2.9B Revenue (TTM), FY24 Q3: $2.9B Revenue (TTM), FY24 Q4: $3B Revenue (TTM), FY25 Q1: $3B Revenue (TTM), FY25 Q2: $3B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $4.6B $4.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3B
FY23 Q4 $3B
FY24 Q1 $2.9B
FY24 Q2 $2.9B
FY24 Q3 $2.9B
FY24 Q4 $3B
FY25 Q1 $3B
FY25 Q2 $3B
FY25 Q3 $3.1B
FY25 Q4 $3.2B
FY26 Q1 $3.8B
FY26 Q2 $4.6B
Revenue growth, TTM YoY Waters Corporation
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1.5% Revenue growth, TTM YoY, FY23 Q4: -0.5% Revenue growth, TTM YoY, FY24 Q1: -1.9% Revenue growth, TTM YoY, FY24 Q2: -3.9% Revenue growth, TTM YoY, FY24 Q3: -3.0% Revenue growth, TTM YoY, FY24 Q4: 0.1% Revenue growth, TTM YoY, FY25 Q1: 2.6% Revenue growth, TTM YoY, FY25 Q2: 5.9% Revenue growth, TTM YoY, FY25 Q3: 6.9% Revenue growth, TTM YoY, FY25 Q4: 7.0% Revenue growth, TTM YoY, FY26 Q1: 26.4% Revenue growth, TTM YoY, FY26 Q2: 52.5% 52.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1.5%
FY23 Q4 -0.5%
FY24 Q1 -1.9%
FY24 Q2 -3.9%
FY24 Q3 -3.0%
FY24 Q4 0.1%
FY25 Q1 2.6%
FY25 Q2 5.9%
FY25 Q3 6.9%
FY25 Q4 7.0%
FY26 Q1 26.4%
FY26 Q2 52.5%
Operating margin (TTM) Waters Corporation
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 28.0% Operating margin (TTM), FY23 Q4: 27.7% Operating margin (TTM), FY24 Q1: 26.7% Operating margin (TTM), FY24 Q2: 26.7% Operating margin (TTM), FY24 Q3: 27.5% Operating margin (TTM), FY24 Q4: 27.9% Operating margin (TTM), FY25 Q1: 28.3% Operating margin (TTM), FY25 Q2: 27.7% Operating margin (TTM), FY25 Q3: 26.5% Operating margin (TTM), FY25 Q4: 25.4% Operating margin (TTM), FY26 Q1: 16.0% Operating margin (TTM), FY26 Q2: 7.1% 7.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 28.0%
FY23 Q4 27.7%
FY24 Q1 26.7%
FY24 Q2 26.7%
FY24 Q3 27.5%
FY24 Q4 27.9%
FY25 Q1 28.3%
FY25 Q2 27.7%
FY25 Q3 26.5%
FY25 Q4 25.4%
FY26 Q1 16.0%
FY26 Q2 7.1%
FCF margin (TTM) Waters Corporation
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 16.4% FCF margin (TTM), FY23 Q4: 17.5% FCF margin (TTM), FY24 Q1: 20.0% FCF margin (TTM), FY24 Q2: 21.4% FCF margin (TTM), FY24 Q3: 22.9% FCF margin (TTM), FY24 Q4: 22.8% FCF margin (TTM), FY25 Q1: 22.5% FCF margin (TTM), FY25 Q2: 21.6% FCF margin (TTM), FY25 Q3: 20.6% FCF margin (TTM), FY25 Q4: 17.8% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 16.4%
FY23 Q4 17.5%
FY24 Q1 20.0%
FY24 Q2 21.4%
FY24 Q3 22.9%
FY24 Q4 22.8%
FY25 Q1 22.5%
FY25 Q2 21.6%
FY25 Q3 20.6%
FY25 Q4 17.8%
FY26 Q1 7.6%
FY26 Q2 9.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Waters took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.2B
  2. Cost of revenue $1.3B · 40.7%
  3. Gross profit $1.9B · 59.3%
  4. Research and development $196M · 6.2%
  5. Selling, general and admin $830M · 26.2%
  6. Other operating costs $47.8M · 1.5%
  7. Operating income $803M · 25.4%
  8. Income tax $112M · 3.5%
  9. Interest and other $47.7M · 1.5%
  10. Net income $643M · 20.3%

Shares of revenue. Source: Waters's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jul 2026
Income
Revenue 1,499 1,643 1,851 1,844 1,904 1,989 2,042 2,167 2,309 2,420 2,407 2,365 2,786 2,972 2,956 2,958 3,165 4,644
Gross profit 904 990 1,121 1,106 1,121 1,164 1,200 1,276 1,362 1,427 1,396 1,359 1,629 1,724 1,761 1,758 1,876 —
EBITDA 426 484 565 549 556 564 613 677 724 798 762 714 893 945 902 913 891 445
Operating income 395 450 529 511 517 518 567 625 662 740 708 645 822 873 818 826 803 330
Net income 323 — — 461 450 432 469 522 20 594 592 522 693 708 642 638 643 166
Diluted EPS $3.34 — — — $5.20 $5.07 $5.65 $6.41 $0.25 $7.65 $8.69 $8.36 $11.17 $11.73 $10.84 $10.71 $10.76 $2.22
Growth (year on year)
Revenue −4.9% +9.7% +12.6% −0.4% +3.3% +4.5% +2.7% +6.1% +6.5% +4.8% −0.6% −1.7% +17.8% +6.7% −0.5% +0.1% +7.0% +52.5%
EBITDA +1.8% +13.6% +16.7% −2.9% +1.2% +1.6% +8.6% +10.4% +6.9% +10.2% −4.4% −6.3% +25.1% +5.8% −4.6% +1.2% −2.5% —
Operating income +1.2% +14.0% +17.5% −3.2% +1.1% +0.1% +9.6% +10.1% +5.9% +11.7% −4.2% −8.9% +27.3% +6.3% −6.4% +1.1% −2.9% −60.9%
Net income +0.3% — — — −2.5% −4.1% +8.7% +11.2% −96.1% — −0.3% −11.9% +32.8% +2.2% −9.3% −0.7% +0.8% −74.9%
Diluted EPS +4.0% — — — — −2.5% +11.4% +13.5% −96.1% — +13.6% −3.8% +33.6% +5.0% −7.6% −1.2% +0.5% −80.0%
Margins
Gross margin 60.3% 60.2% 60.5% 60.0% 58.9% 58.5% 58.7% 58.9% 59.0% 59.0% 58.0% 57.4% 58.5% 58.0% 59.6% 59.4% 59.3% —
EBITDA margin 28.5% 29.5% 30.5% 29.8% 29.2% 28.4% 30.0% 31.2% 31.3% 33.0% 31.7% 30.2% 32.1% 31.8% 30.5% 30.9% 28.1% 9.6%
Operating margin 26.3% 27.4% 28.6% 27.7% 27.2% 26.0% 27.8% 28.8% 28.7% 30.6% 29.4% 27.3% 29.5% 29.4% 27.7% 27.9% 25.4% 7.1%
Net margin 21.6% — — 25.0% 23.6% 21.7% 23.0% 24.1% 0.9% 24.5% 24.6% 22.1% 24.9% 23.8% 21.7% 21.6% 20.3% 3.6%
Free-cash-flow margin — — — — — — — — — — — — — — 15.0% 20.9% 17.1% —
Cash flow
Cash from operations 418 458 497 449 485 512 573 643 698 604 643 791 747 612 603 762 653 550
Capital spending — — — — — — — — — — — — — — 161 142 113 —
Free cash flow — — — — — — — — — — — — — — 442 620 540 —
Stock-based pay 28 25 28 29 32 33 33 41 39 38 39 37 30 43 37 45 54 73
Free cash flow after stock pay — — — — — — — — — — — — — — 405 575 486 —
Balance sheet
Cash 341 308 384 481 441 422 488 506 642 796 336 437 501 481 395 325 588 539
Total debt 632 766 991 1,178 1,323 1,463 1,668 1,830 1,998 1,148 1,786 1,510 1,520 1,630 2,410 1,630 1,870 5,100
Net debt (negative = net cash) 291 458 607 697 883 1,041 1,181 1,325 1,355 352 1,450 1,073 1,019 1,149 2,015 1,305 1,282 4,561
Diluted shares 97m 94m 92m 89m 87m 85m 83m 81m 81m 78m 68m 62m 62m 60m 59m 60m 60m 75m
Returned to shareholders
Buybacks 211 296 371 296 302 337 335 326 333 1,315 2,469 196 649 626 70 14 15 15
Total returned 211 296 371 296 302 337 335 326 333 1,315 2,469 196 649 626 70 14 15 15

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · July 4, 2026
What it owns · $24.8bn
Short-term assets $4.5bnLonger-term assets $20.3bn
What it owes, and who funded it · $24.8bn
Short-term liabilities $2.4bnLonger-term liabilities $7.2bnShareholders' equity $15.2bn
  • Short-term assets cover short-term liabilities $4.5bn of assets due within a year against $2.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.5bn short-term assets against $7.2bn of longer-dated liabilities.
  • More cash than debt $539m of cash against $4.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 32% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 412% to 32% over five years.
  • A year's operating cash flow covers at least 20% of debt $550m of operating cash flow against $4.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $330m against $149m of interest.

From Waters Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$14.7M
Returned to shareholders
3%
of free cash flow
Buybacks, last 3 fiscal years
$98.5M
Diluted share count
+25.7%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
6.9%
of revenue
Sales & admin spending
26.8%
of revenue
Days sales outstanding
156 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated WAT ILMN MTD CRL BRKR AVTR Median
Revenue, last 12 months $4.6bn $4.5bn $4.1bn $4.0bn $3.5bn $6.6bn $229m
Revenue growth, last 12 months 52.5% 5.8% 6.9% −0.7% 1.6% 0.9% 6.9%
Revenue growth, 3-year average 15.8% 0.5% 1.5% −1.5% 8.8% −1.9% 2.9%
Revenue growth, latest quarter 113.3% 4.2% 4.5% −2.7% 5.2% 4.6% 8.5%
Gross margin 59.3% 67.9% 60.3% 36.7% 46.4% 31.6% 51.9%
Operating margin 7.1% 21.2% — 2.3% −0.9% 7.3% −14.3%
Operating margin, 3-year average 20.5% 4.2% — 6.4% 5.1% 6.9% −22.4%
Net margin 3.6% 19.7% 21.9% −6.0% −2.0% 5.1% −16.1%
Cash from operations / revenue 11.8% 27.1% 23.6% 14.6% 5.4% 8.8% 1.3%
Free-cash-flow margin 9.4% 23.3% 20.9% 9.3% 2.7% 6.6% −2.2%
Free-cash-flow margin, 3-year average 17.5% 19.7% 22.3% 11.9% 3.2% 8.5% 0.6%
Stock pay / revenue 1.6% 5.9% 0.6% 2.1% 0.6% 0.7% 4.4%
Change in share count 25.7% −2.1% −3.0% −3.9% −2.0% −0.6% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 52.5% 6.9% 2 of 54
Change in growth rate Growth +26.1pp +0.4pp 1 of 54
Gross margin Profitability 59.3% 52.0% 13 of 45
Operating margin Profitability 7.1% -14.3% 12 of 52
Net margin Profitability 3.6% -12.2% 14 of 54
Free-cash-flow margin Cash generation 9.4% -1.3% 16 of 54
Stock pay as % of revenue Cash generation 1.6% 4.4% 9 of 53
Long-term debt as % of assets Balance sheet 19.7% 26.3% 14 of 35
Change in share count Balance sheet 25.7% 1.0% 43 of 46
Days sales outstanding Balance sheet 156 days 62 days 48 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $2B 62.5% ▲ 7.2%
Waters Instrument Systems $1.1B 55.7% ▲ 6.7%
Chemistry Consumables $631M 31.9% ▲ 11.7%
Ta Instrument Systems $244M 12.3% ▼ 1.0%
Services $1.2B 37.5% ▲ 6.6%
Waters Service $1.1B 90.9% ▲ 7.3%
Ta Service $108M 9.1% ▲ 0.2%
Geography
Region Revenue Share YoY
Americas $1.2B 36.7% ▲ 4.1%
United States $966M 83.1% ▲ 3.4%
Americas Other $196M 16.9% ▲ 7.6%
Asia Pacific $1B 32.9% ▲ 7.3%
Asia Other $603M 58.0% ▲ 5.3%
China $437M 42.0% ▲ 10.3%
Europe $963M 30.4% ▲ 10.3%

From Waters Corporation's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$36.9B
Institutions reporting
1,176
Shares held vs prior quarter
▲ 4.9%
Positions opened / closed
140 / 136

Top buyers and sellers, Q2 2026: 495 institutions bought and 607 sold ; the biggest buyer was Invesco Ltd (+1.3M shares) and the biggest seller Fundsmith LLP (−938K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.2B 8.5M 8.6% ▼ 0.7%
Vanguard Capital Management LLC $2.4B 6.4M 6.5% ▲ 0.6%
Vanguard Portfolio Management LLC $1.8B 4.7M 4.8% ▼ 0.3%
Massachusetts Financial Services Co $1.7B 4.2M 4.5% ▲ 2.8%
State Street Corp $1.6B 4.4M 4.4% ▲ 0.5%
T. Rowe Price Investment Management, Inc. $1.4B 3.8M 3.9% ▼ 18.1%
Invesco Ltd. $1.3B 3.5M 3.5% ▲ 61.2%
First Eagle Investment Management, LLC $1B 2.7M 2.7% ▲ 69.5%
Geode Capital Management, LLC $985M 2.6M 2.7% ▼ 0.4%
Fundsmith LLP $853M 2.3M 2.3% ▼ 29.2%
Price T Rowe Associates Inc $817M 2.2M 2.2% ▲ 93.8%
Alliancebernstein L.P. $802M 2.7M 2.2% ▲ 27.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Waters Corporation's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $451,070 2 trades by 2 insiders, last 12 months Insider sales History → $1.4M 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $991,860 net selling
Insider Date Trade Shares Price Value
Kuebler Christopher A Director August 6, 2026 Sell 3,626 $397.94 $1.4M
Jiang Wei Director March 16, 2026 Buy 500 $289.46 $144,730
Fearon Richard H Director March 6, 2026 Buy 1,000 $306.34 $306,340

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

In the last 12 months, 5 members of Congress disclosed 2 purchases and 3 sales of Waters Corporation shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 13, 2026, filed September 1, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 18, 2026, filed April 7, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded March 10, 2026, filed April 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 8, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 9, 2026
  • November 4, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Waters Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Waters Corporation in brief

What does Waters Corporation do?
Waters Corporation is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Waters Corporation's stock ticker?
Waters Corporation trades under the ticker WAT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Waters Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Waters Corporation reported revenue of $4.6B, 52.5% higher than a year earlier, according to its SEC filings.
What is Waters Corporation's free cash flow?
Waters Corporation's free-cash-flow margin is 9.4% of revenue over the trailing twelve months, ranking 16 of the 54 life sciences tools & services companies we cover.
What is Waters Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Waters Corporation's free cash flow after stock-based pay gives ~$260 per share in the base case, and ~$180–$350 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Waters Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Waters Corporation buying back stock, and does it pay a dividend?
Waters Corporation spent $14.7M on share repurchases over the trailing twelve months, and its diluted share count still rose 25.7% over the year.
What is Waters Corporation's market cap?
On November 2, 2026, Waters Corporation's market capitalisation was about $33.7B, with a price-to-earnings ratio of 202.7 and net debt of $4.6B. Market figures come from third-party market data and may be delayed.
How much debt does Waters Corporation have?
Waters Corporation's debt-to-equity ratio is 32.2%, from its latest balance sheet (411.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Waters Corporation's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Waters Corporation are Illumina, Inc., Mettler Toledo, Charles River Laboratories, Bruker Corp and Avantor, Inc. The side-by-side comparison below sets their revenue, margins and growth against Waters Corporation's.
Are insiders buying or selling Waters Corporation stock?
Over the last 12 months, Waters Corporation's directors and officers reported 2 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Waters Corporation's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Waters Corporation announces its own schedule.