Waters Corporation

Waters Corporation

WAT
Waters CorporationUS flagNew York Stock Exchange
355.53
USD
-4.21
- -
23.17BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
22.29
23.58
24.8
26.83
28.94
31.43
35.59
38.09
45.24
49.54
50.04
49.86
53.19
57.85
Basic EPS, GAAP
5.27
5.12
5.7
6.46
0.25
7.71
8.76
8.4
11.25
11.8
10.87
10.75
10.8
6.89
Free Cash Flow per Basic Share
4.29
4.81
5.71
6.78
7.61
6.6
7.09
9.95
9.4
7.14
7.48
10.44
9.07
4.05
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
46.41
52.11
59.09
66.68
67.76
77.89
97.43
114.5
126.71
141.87
154.93
165.01
175.32
158.95
Tangible Book Value per Share
13.74
15.53
18.02
21.57
20.62
12.53
-12.02
-7.58
-5.08
-2.55
-13.28
-0.59
11.14
-42.97
Basic Weighted Avg Shares
85
84
82
81
80
77
68
62
62
60
59
59
60
65
Sales/Revenue/Turnover
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
3,771
Operating Margin (%)
27.17
26.81
28.17
29
29.38
30.55
29.44
27.63
29.68
29.72
27.66
28.32
25.36
16.01
Depreciation Expense
80
94
90
96
106
108
105
125
132
130
166
192
206
363
Net Income, GAAP
450
432
469
522
20
594
592
522
693
708
642
638
643
449
Effective Tax Rate (%)
8.18
12.05
13.45
13.1
96.83
12.95
12.69
14.62
14.06
15.53
12.77
15.5
14.87
14.26
Profit Margin (%)
23.63
21.7
22.97
24.06
0.88
24.54
24.61
22.05
24.87
23.81
21.72
21.56
20.3
11.91
Working Capital
2,069
2,237
2,649
3,115
3,664
2,214
721
596
948
978
963
879
908
1,791
LT Debt
1,190
1,237
1,493
1,702
1,898
1,148
1,648
1,275
1,573
1,587
2,364
1,677
1,000
5,157
Total Equity
1,763
1,895
2,059
2,302
2,234
1,567
-216
232
368
504
1,150
1,829
2,561
15,292
Return on Invested Capital (%)
16.37
14.48
14
13.85
0.51
18.31
28.53
33.29
37.76
34.68
23.86
19.22
17.63
4.22
Return on Capital (%)
9.57
8.28
8.08
8.15
0.3
8.74
8.18
6.66
8.14
7.65
6.69
6.18
5.99
3.93
Return on Common Equity (%)
12.03
10.33
10.13
10.17
0.38
10.41
9.41
7.61
9.29
8.68
7.27
6.73
6.36
4.43

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
488
491
413
LT Borrowings
947
947
4,855
LT Finance Leases
50
53
302
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
60
60
98
Market Capitalization
17,829
22,603
19,411

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,919
2,148
4,064
Cash, Cash Equivalents & STI
459
588
462
Accounts Receivable, Net
749
829
1,753
Inventories
573
572
1,496
Total Current Liabilities
1,251
1,239
2,273
Payables & Accruals
184
152
671
ST Debt
488
491
413
Deferred Revenue
301
267
520

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-1.95%
64.53%
40.07%
Free Cash Flow
3.25%
-0.37%
-12.88%
Net Income, GAAP
275.22%
5.16%
0.75%
Sales/Revenue/Turnover
4.62%
6.2%
6.99%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
637
709
740
873
2,958
2025
662
771
800
932
3,165
2026
1,267
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.73
2.41
2.72
3.9
10.75
2025
2.04
2.47
2.5
3.78
10.8
2026
-0.88
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

MCPAPIChat
CEO
Udit Batra
Full Time Employees
7,600
Sector
Healthcare
Industry
Medical - Diagnostics & Research
Address
34 Maple Street Milford MA United States of America 01757
IPO Date
Nov 17, 1995
Website
waters.com
Business
Waters Corporation (NYSE: WAT), founded in 1958 and headquartered in Milford, Massachusetts, develops, manufactures, and markets analytical instruments, chromatography columns, and other consumables for the life sciences, pharmaceutical, biopharmaceutical, chemical, food, environmental, and clinical diagnostics industries worldwide. The company offers high-performance liquid chromatography (HPLC) and ultra-performance liquid chromatography (UPLC) systems such as the ACQUITY Premier and Alliance iS series; mass spectrometry instruments including the Xevo G3 QTof, Xevo TQ Absolute, SELECT SERIES MRT, and BioAccord LC-MS; gel permeation and size exclusion chromatography solutions; thermal analysis and rheology products through its TA Instruments division; light-scattering devices from Wyatt Technology; software platforms like Empower and waters_connect for data management and compliance; and related consumables, columns, detectors, and accessories used in drug discovery, development, manufacturing, food safety testing, environmental monitoring, and materials science applications across more than 100 countries with 12 manufacturing facilities and operations in 35 countries. Recent developments include the 2025 acquisition of Halo Labs to expand its biological analysis portfolio for advanced characterization in drug development; the July 2025 agreement to combine with BD's Biosciences and Diagnostic Solutions business in a $17.5 billion all-stock merger creating a leader in regulated life science and high-volume diagnostics testing; and the 2023 acquisition of Wyatt Technology enhancing its capabilities in macromolecular characterization and complex mixture analysis.

Company News

MCPAPIChat
  • Waters Launches Coin Cell Differential Scanning Calorimeter (DSC) to Advance Battery Safety with Integrated Thermal, Evolved Gas, and Electrochemical Analysis

  • Waters Launches Industry-First Reversed-Phase Bioseparation Columns to Deliver Up to 3x Faster GLP-1 Characterization and 2x Faster LNP Component Analysis

  • Why Is Waters (WAT) Up 8.7% Since Last Earnings Report?

  • Waters Corporation (WAT) Presents at Jefferies Global Healthcare Conference 2026 Transcript

  • Waters Announces FDA 510(k) Clearance of BD BACTEC FXI Culture System, Enabling Broader Access to Bloodstream Infection Diagnostics

  • Waters Unveils Cyclic IMS P20 MS: The New Benchmark in Structural and Spatial Omics

  • Waters Introduces Unrivaled Sensitivity and Speed to Benchtop HRMS with Xevo MRT P10 MS, Accelerating Multiomics Research

  • Carnival: Calm Waters Despite Fuel Price Headwinds

  • Waters Corporation to Present at the Jefferies Global Healthcare Conference

  • Understanding Waters (WAT) Reliance on International Revenue

  • WAT Q1 Earnings Beat Estimates, BD Acquisition Aids Revenues

  • Conrad Industries Is Worth The Volatile Waters The Industry Faces

  • Waters Corporation (WAT) Q1 2026 Earnings Call Transcript

  • Waters raises annual profit forecast as biosciences unit drives growth

  • Waters (WAT) Beats Q1 Earnings and Revenue Estimates

  • Waters Corporation (NYSE: WAT) Reports First Quarter 2026 Financial Results

  • Teleflex (TFX) Expected to Beat Earnings Estimates: What to Know Ahead of Q1 Release

  • Will Waters (WAT) Beat Estimates Again in Its Next Earnings Report?

  • Waters (WAT) Earnings Expected to Grow: What to Know Ahead of Next Week's Release

  • Waters Corporation Schedules First Quarter 2026 Earnings Conference Call