Waters Corp. (WAT)
Results announcedQ3 FY2026quarter ended 3 October 2026, announced 3 November 2026
Revenue$1.8 billionup 120.9% on Q3 FY2025
Net income$81 milliondown 45.6% on Q3 FY2025
Diluted EPS$0.82$2.50 a year earlier
From the company's results press release. The tables update when the 10-Q or 10-K is filed. Read the results · Read the release
Waters makes analytical instruments and the consumables and services that go with them, used to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to predict the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals and viscous liquids in industrial, consumer goods and healthcare products. There are two operating segments. Waters covers high-performance and ultra-performance liquid chromatography, mass spectrometry, light scattering and field-flow fractionation instruments sold as Wyatt, and precision chemistry consumables with their services. TA covers thermal analysis, rheometry and calorimetry instrument systems and their service. Waters Corporation was organised in Delaware in 1991 as a holding company for its operating subsidiary and went public in November 1995. It employed approximately 7,900 people at the end of 2025, about 39 percent of them in the United States, none of them unionised.
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Latest results
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The years before, in words
Waters (WAT) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, up 7.0% on the year before. Net income was $643 million and diluted earnings per share $10.76. Revenue was $3.0 billion in fiscal 2024, $3.0 billion in fiscal 2023, $3.0 billion in fiscal 2022 and $2.8 billion in fiscal 2021. Net income in the same years was $638 million, $642 million, $708 million and $693 million. Over the twelve months to 4 July 2026, Waters reported revenue of $4.6 billion and net income of $166 million. Revenue grew 6.0% a year, compounded, over the five years to fiscal 2025. Waters had 98 million shares outstanding at the latest filed count. At 4 July 2026 it carried $5.1 billion of debt and $539 million of cash. At the close of 6 November 2026 the market cap of Waters was $45.0 billion, 114.1 times its earnings over the last twelve months.Ratios
From the filings
ROE1.1%
ROCE1.6%
Operating margin7.1%
Net margin3.6%
FCF marginn/a
Interest cover2.2x
Debt to equity0.33x
Cash conversionn/a
Share count, last 12 months0.1%
Sales CAGR, 3 years2.1%
Profit CAGR, 3 years-3.2%
EPS, TTM$4.01
At the close of 6 November 2026
Price$457.69
Market cap$45.0 billion
Stock P/E114.1x
Price to book3.0x
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales9.7x
52-week high$480.01
52-week low$283.32
Price, 1 year23.3%
Price CAGR, 3 years20.6%
Price CAGR, 5 years5.9%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Waters Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.WATgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q3 FY2021 | Q4 FY2021 | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 659 | 836 | 691 | 714 | 709 | 859 | 685 | 741 | 712 | 819 | 637 | 709 | 740 | 873 | 662 | 771 | 800 | 932 | 1,267 | 1,645 |
| Cost of revenue | 271 | 351 | 286 | 307 | 307 | 348 | 284 | 301 | 291 | 318 | 262 | 288 | 302 | 349 | 277 | 321 | 328 | 363 | 679 | 911 |
| Gross profit | 388 | 485 | 405 | 407 | 401 | 510 | 400 | 440 | 420 | 501 | 375 | 420 | 439 | 524 | 385 | 450 | 472 | 569 | 588 | 734 |
| Gross margin | 59% | 58% | 59% | 57% | 57% | 59% | 58% | 59% | 59% | 61% | 59% | 59% | 59% | 60% | 58% | 58% | 59% | 61% | 46% | 45% |
| R&D | 42.0 | 43.3 | 40.5 | 44.0 | 43.4 | 48.3 | 42.7 | 45.9 | 42.0 | 44.4 | 44.6 | 46.2 | 45.3 | 46.9 | 46.6 | 48.5 | 53.6 | 46.9 | 96.0 | 122 |
| SG&A | 153 | 173 | 157 | 162 | 164 | 174 | 182 | 187 | 187 | 180 | 175 | 173 | 169 | 173 | 175 | 201 | 214 | 240 | 387 | 405 |
| Operating income | 192 | 262 | 195 | 200 | 192 | 286 | 174 | 200 | 179 | 264 | 134 | 189 | 211 | 292 | 152 | 188 | 192 | 271 | -47.0 | -86.0 |
| Operating margin | 29% | 31% | 28% | 28% | 27% | 33% | 25% | 27% | 25% | 32% | 21% | 27% | 29% | 33% | 23% | 24% | 24% | 29% | -4% | -5% |
| Interest expense | 11.1 | 10.9 | 11.1 | 11.4 | 12.4 | 13.9 | 14.4 | 23.3 | 30.4 | 30.7 | 25.5 | 23.7 | 21.4 | 19.0 | 14.3 | 14.4 | 26.6 | 14.3 | 48.0 | 60.0 |
| Pre-tax income | 183 | 252 | 187 | 192 | 183 | 275 | 165 | 180 | 153 | 238 | 115 | 169 | 194 | 277 | 143 | 178 | 170 | 264 | -88.0 | -141 |
| Tax rate | 12% | 14% | 14% | 14% | 15% | 18% | 15% | 16% | 12% | 9% | 11% | 16% | 17% | 16% | 15% | 17% | 12% | 15% | n/a | n/a |
| Net income | 161 | 216 | 160 | 165 | 156 | 227 | 141 | 151 | 135 | 216 | 102 | 143 | 162 | 231 | 121 | 147 | 149 | 225 | -72.0 | -136 |
| Net margin | 24% | 26% | 23% | 23% | 22% | 26% | 21% | 20% | 19% | 26% | 16% | 20% | 22% | 27% | 18% | 19% | 19% | 24% | -6% | -8% |
| Diluted EPS | $2.60 | $3.52 | $2.62 | $2.72 | $2.60 | $3.81 | $2.38 | $2.55 | $2.27 | $3.65 | $1.72 | $2.40 | $2.71 | $3.88 | $2.03 | $2.47 | $2.50 | $3.77 | -$0.87 | -$1.39 |
| Operating cash flow | 168 | 218 | 198 | 56.9 | 158 | 199 | 197 | 18.1 | 158 | 230 | n/a | n/a | n/a | 240 | n/a | n/a | n/a | 165 | -3.0 | 201 |
| Capital expenditure | 39.7 | 44.7 | 27.8 | 47.0 | 39.0 | 62.2 | 34.4 | 46.6 | 38.0 | 41.6 | n/a | n/a | n/a | 52.1 | n/a | n/a | n/a | 39.0 | 39.0 | 48.0 |
| Free cash flow | 128 | 173 | 170 | 9.9 | 119 | 137 | 162 | -28.5 | 120 | 189 | n/a | n/a | n/a | 188 | n/a | n/a | n/a | 126 | -42.0 | 153 |
| Buybacks | 151 | 156 | 170 | 152 | 155 | 149 | 69.5 | 0.2 | 0.7 | -0.2 | n/a | n/a | n/a | 0.1 | n/a | n/a | n/a | 0.1 | 12.0 | 2.0 |
| Shares outstanding | 61m | 61m | 60m | 60m | 60m | 59m | 59m | 59m | 59m | 59m | 59m | 59m | 59m | n/a | 98m | 98m | 98m | 60m | 98m | 98m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 42 peers in Measuring and Control Equipment (9.4% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 30 peers in Measuring and Control Equipment (34.5). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2007 | FY2008 † | FY2009 † | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 † | FY2015 | FY2016 | FY2017 † | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 † | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,473 | 1,575 | 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 |
| Cost of revenue | 631 | 661 | 595 | 653 | 730 | 738 | 783 | 825 | 843 | 891 | 947 | 993 | 1,011 | 1,007 | 1,157 | 1,248 | 1,195 | 1,200 | 1,289 | 2,281 |
| Gross profit | 842 | 914 | 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 | 2,364 |
| Gross margin | 57.2% | 58.0% | 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% | 50.9% |
| Research and development | 80.6 | 81.6 | 77.2 | 84.3 | 92.3 | 96.0 | 101 | 108 | 119 | 125 | 133 | 143 | 143 | 141 | 168 | 176 | 175 | 183 | 196 | 319 |
| Selling, general and administrative | 404 | 427 | 421 | 445 | 490 | 477 | 493 | 513 | 496 | 513 | 545 | 537 | 535 | 554 | 627 | 658 | 736 | 690 | 830 | 1,246 |
| Operating income | 349 | 390 | 395 | 450 | 529 | 511 | 517 | 518 | 567 | 624 | 662 | 740 | 708 | 645 | 822 | 873 | 818 | 826 | 803 | 330 |
| Operating margin | 23.7% | 24.7% | 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% |
| Interest expense | -56.5 | 38.5 | 11.0 | 13.9 | 22.0 | 28.1 | 30.1 | 34.2 | 36.2 | 44.9 | 56.8 | 48.6 | 48.7 | 49.1 | 44.9 | 48.8 | 98.9 | 89.7 | 69.5 | 149 |
| Pre-tax income | 323 | 372 | 387 | 438 | 509 | 488 | 490 | 491 | 542 | 600 | 641 | 682 | 678 | 611 | 806 | 838 | 736 | 755 | 755 | 205 |
| Income tax | 55.1 | 49.7 | 63.3 | 56.1 | 76.3 | 26.2 | 40.1 | 59.1 | 72.9 | 78.6 | 621 | 88.4 | 86.0 | 89.3 | 113 | 130 | 94.0 | 117 | 112 | 39.2 |
| Effective tax rate | 17.1% | 13.4% | 16.4% | 12.8% | 15.0% | 5.4% | 8.2% | 12.0% | 13.4% | 13.1% | 96.8% | 13.0% | 12.7% | 14.6% | 14.1% | 15.5% | 12.8% | 15.5% | 14.9% | 19.1% |
| Net income | 268 | 322 | 323 | n/a | n/a | 461 | 450 | 432 | 469 | 522 | 20.3 | 594 | 592 | 522 | 693 | 708 | 642 | 638 | 643 | 166 |
| Net margin | 18.2% | 20.5% | 21.6% | n/a | n/a | 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% |
| Diluted EPS | $2.62 | $3.21 | $3.34 | n/a | n/a | n/a | $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 | $4.01 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.Revenue by product or service FY2016 to FY2025
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Waters Instrument Systems | 943 | 989 | 1,001 | 964 | 891 | 1,089 | 1,210 | 1,109 | 1,032 | 1,102 | 34.8% |
| Waters Service | 639 | 687 | 738 | 762 | 794 | 877 | 891 | 951 | 1,006 | 1,080 | 34.1% |
| Chemistry consumables | 345 | 372 | 400 | 412 | 432 | 507 | 525 | 541 | 565 | 631 | 19.9% |
| TA Instrument Systems | 172 | 191 | 204 | 191 | 174 | 226 | 252 | 253 | 246 | 244 | 7.7% |
| TA Service | 67.7 | 70.1 | 76.5 | 77.8 | 73.8 | 87.2 | 93.2 | 102 | 108 | 108 | 3.4% |
Waters Instrument SystemsWaters ServiceChemistry consumablesTA Instrument SystemsTA Service
$ million; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Revenue by region FY2013 to FY2025
| FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Americas | n/a | n/a | n/a | 807 | 810 | 835 | 830 | 798 | 925 | 1,056 | 1,109 | 1,116 | 1,162 | 36.7% |
| Total Asia | n/a | n/a | n/a | 783 | 863 | 922 | 939 | 899 | 1,076 | 1,132 | 1,008 | 969 | 1,040 | 32.9% |
| Europe | 574 | 607 | 556 | 577 | 636 | 662 | 637 | 668 | 785 | 785 | 840 | 873 | 963 | 30.4% |
| Asia Other | 216 | 238 | 272 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| China | 241 | 239 | 279 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Japan | 170 | 163 | 145 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Other Geographic Area | 146 | 146 | 134 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| United States | 558 | 597 | 656 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Total Americas FY2016 to FY2025Total Asia FY2016 to FY2025EuropeUnited States FY2013 to FY2015China FY2013 to FY2015Asia Other FY2013 to FY2015Japan FY2013 to FY2015Other Geographic Area FY2013 to FY2015
$ million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 42 peers in Measuring and Control Equipment (9.4% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2007 | FY2008 † | FY2009 † | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 † | FY2015 | FY2016 | FY2017 † | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 † | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 371 | 418 | 418 | 458 | 497 | 449 | 485 | 512 | n/a | 643 | 698 | 604 | 643 | 791 | 747 | 612 | 603 | 762 | 653 | n/a |
| Capital expenditure | n/a | 69.1 | 93.8 | 62.7 | 85.4 | 105 | 118 | 91.1 | 100 | 95.0 | 85.5 | 96.1 | 164 | 172 | 161 | 176 | 161 | 142 | 113 | n/a |
| Free cash flow | n/a | 349 | 324 | 395 | 412 | 345 | 366 | 421 | n/a | 548 | 612 | 508 | 479 | 618 | 586 | 436 | 442 | 620 | 540 | n/a |
| Free cash flow margin | n/a | 22.2% | 21.6% | 24.0% | 22.3% | 18.7% | 19.2% | 21.1% | n/a | 25.3% | 26.5% | 21.0% | 19.9% | 26.1% | 21.0% | 14.7% | 15.0% | 20.9% | 17.1% | n/a |
| Cash from investing | -168 | 18.8 | -419 | -412 | -356 | -296 | -465 | n/a | n/a | -488 | -536 | 1,683 | 769 | -264 | -232 | -108 | -1,442 | -143 | -152 | n/a |
| Cash from financing | -120 | -573 | -90.3 | -60.3 | -60.4 | -66.5 | -64.6 | n/a | n/a | -116 | -63.9 | -2,120 | -1,873 | -441 | -438 | -510 | 755 | -697 | -237 | n/a |
| Depreciation and amortisation | 53.3 | 65.3 | 57.3 | 62.6 | 66.4 | 68.8 | 79.7 | 94.2 | n/a | n/a | n/a | n/a | n/a | 126 | 132 | 130 | 166 | 192 | 206 | n/a |
| Share-based compensation | 28.9 | 30.8 | 28.3 | 24.9 | 27.6 | 29.2 | 31.7 | 33.0 | 33.4 | 41.0 | 39.4 | 37.5 | 38.6 | 36.9 | 29.9 | 42.6 | 36.9 | 44.7 | 54.1 | n/a |
| Buybacks | -201 | 238 | 211 | 296 | 371 | 296 | 302 | 337 | 335 | 326 | 333 | 1,315 | 2,469 | 196 | 649 | 626 | 70.3 | 13.5 | 14.7 | n/a |
| Diluted shares, weighted | 103m | 101m | 97m | 94m | 92m | 89m | 87m | 85m | 83m | 81m | 81m | 78m | 68m | 62m | 62m | 60m | 59m | 60m | 60m | 98m |
| Shares outstanding at period end | n/a | 98m | 94m | 92m | 89m | 86m | 85m | 83m | 81m | 80m | 79m | 73m | 63m | 62m | 61m | 59m | 59m | 59m | 60m | 98m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet
| FY2007 | FY2008 † | FY2009 † | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 † | FY2015 | FY2016 | FY2017 † | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 † | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||||||||||||
| Shareholders' equity | 586 | 661 | 849 | 1,069 | 1,227 | 1,467 | 1,763 | 1,895 | 2,059 | 2,302 | 2,234 | 1,567 | -216 | 232 | 368 | 504 | 1,150 | 1,829 | 2,561 | 15,195 |
| Debt | n/a | 500 | 500 | 766 | 991 | 1,178 | 1,323 | 1,463 | 1,668 | 1,830 | 2,000 | 1,150 | 1,685 | 1,360 | 1,520 | 1,580 | 2,360 | 1,630 | 1,410 | 5,086 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 66.9 | 68.2 | 59.6 | 62.1 | 58.9 | 50.3 | 52.5 | 317 |
| Other liabilities | n/a | 462 | 559 | 493 | 506 | 523 | 496 | 521 | 541 | 530 | 1,090 | 1,010 | 1,021 | 1,180 | 1,148 | 1,135 | 1,058 | 1,045 | 1,053 | 4,153 |
| Total liabilities and equity | n/a | 1,623 | 1,908 | 2,328 | 2,723 | 3,168 | 3,583 | 3,878 | 4,269 | 4,662 | 5,324 | 3,727 | 2,557 | 2,840 | 3,095 | 3,281 | 4,627 | 4,554 | 5,077 | 24,751 |
| Owned | ||||||||||||||||||||
| Fixed assets | n/a | 172 | 211 | 215 | 237 | 273 | 325 | 322 | 333 | 337 | 349 | 343 | 417 | 494 | 548 | 582 | 639 | 651 | 642 | 1,489 |
| Goodwill | n/a | 268 | 293 | 292 | 297 | 317 | 350 | 355 | 357 | 352 | 360 | 356 | 356 | 444 | 438 | 430 | 1,305 | 1,296 | 1,340 | 9,421 |
| Intangible assets | n/a | 150 | 182 | 181 | 192 | 220 | 239 | 230 | 218 | 207 | 228 | 247 | 240 | 259 | 242 | 227 | 629 | 568 | 558 | 8,521 |
| Investments | n/a | 0.0 | 293 | 642 | 901 | 1,061 | 1,366 | 1,635 | 1,914 | 2,307 | 2,758 | 939 | 1.4 | 6.5 | 68.1 | 0.9 | 0.9 | 0.9 | n/a | n/a |
| Cash and equivalents | 597 | 429 | 341 | 308 | 384 | 481 | 441 | 422 | 488 | 506 | 642 | 796 | 336 | 437 | 501 | 481 | 395 | 325 | 588 | 539 |
| Receivables | n/a | 292 | 314 | 358 | 367 | 405 | 431 | 434 | 468 | 489 | 534 | 568 | 588 | 573 | 613 | 723 | 702 | 733 | 829 | 1,987 |
| Inventory | n/a | 173 | 179 | 204 | 213 | 230 | 243 | 246 | 263 | 263 | 270 | 292 | 321 | 304 | 356 | 456 | 516 | 477 | 572 | 1,377 |
| Other assets | n/a | 140 | 94.6 | 127 | 132 | 182 | 188 | 234 | 227 | 201 | 182 | 187 | 298 | 322 | 329 | 382 | 439 | 502 | 547 | 1,417 |
| Total assets | n/a | 1,623 | 1,908 | 2,328 | 2,723 | 3,168 | 3,583 | 3,878 | 4,269 | 4,662 | 5,324 | 3,727 | 2,557 | 2,840 | 3,095 | 3,281 | 4,627 | 4,554 | 5,077 | 24,751 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | 4.5% | 6.0% | 2.1% | 52.5% |
| Profit growth, compounded | 3.2% | 4.3% | -3.2% | -74.9% |
| Return on equity, average | 81.2% | 88.9% | 38.6% | 25.1% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Waters' revenue in fiscal 2025?
Waters (WAT) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, up 7.0% on the year before.
How much did Waters earn in fiscal 2025?
Net income was $643 million for fiscal 2025, and diluted earnings per share $10.76.
What is Waters' P/E ratio?
At the close of 6 November 2026, Waters traded at 114.1 times its earnings over the twelve months to 4 July 2026.
What is Waters' market cap?
The market cap of Waters was $45.0 billion at the close of 6 November 2026.
How much debt does Waters have?
At 4 July 2026 Waters carried $5.1 billion of debt and $539 million of cash.
Peers: Measuring and Control Equipment
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Agilent Technologies, Inc. A | $49.3 billion | 34.40 | 19.6% | 22.2% | 8.6% | 0.54 | 0.6% |
| Waters Corp. WAT | $45.0 billion | 114.14 | 1.1% | 7.1% | 52.5% | 0.33 | n/a |
| Mettler Toledo International Inc. MTD | $37.3 billion | 37.30 | 1,202.8% | n/a | 6.5% | 26.06 | n/a |
| Illumina, Inc. ILMN | $32.2 billion | 36.67 | 28.5% | 21.2% | 5.8% | 0.57 | n/a |
| Revvity, Inc. RVTY | $17.3 billion | 73.89 | 3.3% | 12.3% | 4.1% | 0.45 | 0.2% |
| Avantor, Inc. AVTR | $10.5 billion | 30.93 | 5.8% | 7.3% | 0.9% | 0.63 | n/a |
| Bio-Rad Laboratories, Inc. BIO | $10.3 billion | 10.06 | 13.5% | -2.4% | 1.4% | 0.16 | n/a |
| Bruker Corp. BRKR | $9.4 billion | n/a | -5.4% | -2.0% | 2.2% | 0.74 | n/a |
| 10x Genomics, Inc. TXG | $7.8 billion | n/a | -8.0% | -11.7% | -3.6% | 0.00 | n/a |
| Alamar Biosciences, Inc. ALMR | $1.9 billion | n/a | -18.1% | -42.1% | n/a | 0.00 | n/a |
| Cytek Biosciences, Inc. CTKB | $765 million | n/a | -25.3% | -21.1% | 5.5% | 0.00 | n/a |
| Pacific Biosciences of California, Inc. PACB | $703 million | n/a | n/a | -81.3% | 4.4% | n/a | 0.0% |
All 49 in Measuring and Control Equipment
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Thermo Fisher Scientific Inc. TMO | $257.5 billion | 36.65 | 12.9% | 17.9% | 8.3% | 0.76 | 0.3% |
| KLA Corp. KLAC | $180.5 billion | 34.62 | 80.6% | n/a | 15.8% | 0.88 | 0.6% |
| Danaher Corp. DHR | $162.0 billion | 37.69 | 8.1% | 20.4% | 5.5% | 0.49 | 0.6% |
| Trane Technologies plc TT | $88.0 billion | 28.38 | 34.6% | 17.9% | 10.3% | 0.46 | 1.0% |
| AMETEK Inc. AME | $52.4 billion | 32.25 | 13.9% | 26.0% | 14.3% | 0.57 | 0.6% |
| Agilent Technologies, Inc. A | $49.3 billion | 34.40 | 19.6% | 22.2% | 8.6% | 0.54 | 0.6% |
| Roper Technologies Inc. ROP | $47.2 billion | 18.81 | 13.5% | 28.0% | 9.2% | 0.51 | 0.8% |
| Keysight Technologies, Inc. KEYS | $46.3 billion | 37.33 | 19.2% | 20.3% | 25.5% | 0.38 | n/a |
| Waters Corp. WAT | $45.0 billion | 114.14 | 1.1% | 7.1% | 52.5% | 0.33 | n/a |
| Rockwell Automation, Inc. ROK | $41.7 billion | 35.21 | 34.4% | 22.7% | 11.3% | 0.93 | 1.5% |
| Coherent Corp. COHR | $38.0 billion | 40.01 | 8.5% | 12.5% | 30.8% | 0.35 | n/a |
| Mettler Toledo International Inc. MTD | $37.3 billion | 37.30 | 1,202.8% | n/a | 6.5% | 26.06 | n/a |
| Teradyne, Inc. TER | $34.1 billion | 25.05 | 37.2% | 32.1% | 74.9% | 0.00 | 0.2% |
| Illumina, Inc. ILMN | $32.2 billion | 36.67 | 28.5% | 21.2% | 5.8% | 0.57 | n/a |
| Veralto Corp. VLTO | $28.5 billion | 28.98 | 31.0% | 21.8% | 6.4% | 0.90 | 0.4% |
| Fortive Corp. FTV | $19.5 billion | 31.14 | 11.0% | 19.6% | 7.0% | 0.59 | 0.4% |
| Revvity, Inc. RVTY | $17.3 billion | 73.89 | 3.3% | 12.3% | 4.1% | 0.45 | 0.2% |
| MKS Inc. MKSI | $13.0 billion | 22.80 | 18.3% | 18.2% | 24.6% | 1.15 | 0.5% |
| Trimble Inc. TRMB | $12.4 billion | n/a | -3.2% | 16.5% | 6.9% | 0.31 | n/a |
| Avantor, Inc. AVTR | $10.5 billion | 30.93 | 5.8% | 7.3% | 0.9% | 0.63 | n/a |
| Bio-Rad Laboratories, Inc. BIO | $10.3 billion | 10.06 | 13.5% | -2.4% | 1.4% | 0.16 | n/a |
| Bruker Corp. BRKR | $9.4 billion | n/a | -5.4% | -2.0% | 2.2% | 0.74 | n/a |
| Onto Innovation Inc. ONTO | $8.5 billion | 65.10 | 6.9% | 12.0% | 8.1% | 0.00 | n/a |
| Cognex Corp. CGNX | $8.0 billion | 33.37 | 14.1% | 25.0% | 15.8% | 0.00 | 0.7% |
| 10x Genomics, Inc. TXG | $7.8 billion | n/a | -8.0% | -11.7% | -3.6% | 0.00 | n/a |
| Ralliant Corp. RAL | $7.5 billion | n/a | -73.4% | -48.3% | n/a | 0.71 | 0.3% |
| Sensata Technologies Holding plc ST | $5.7 billion | 15.72 | 12.0% | 15.1% | 4.1% | 0.78 | 1.2% |
| Vontier Corp. VNT | $5.7 billion | 17.30 | 28.4% | 19.4% | 0.3% | 1.57 | 0.2% |
| Badger Meter Inc. BMI | $4.5 billion | 36.47 | 19.4% | 18.8% | -2.2% | 0.00 | 1.0% |
| Mirion Technologies, Inc. MIR | $4.4 billion | 149.58 | 1.6% | 6.0% | 19.6% | 0.67 | n/a |
| Itron, Inc. ITRI | $4.3 billion | 15.90 | 16.5% | 13.7% | -3.6% | 0.95 | n/a |
| Alamar Biosciences, Inc. ALMR | $1.9 billion | n/a | -18.1% | -42.1% | n/a | 0.00 | n/a |
| Cohu Inc. COHU | $1.9 billion | n/a | -2.9% | -2.4% | 34.0% | 0.38 | n/a |
| Aehr Test Systems AEHR | $1.7 billion | 1,338.88 | 1.0% | -5.6% | 26.8% | 0.00 | n/a |
| Allient Inc. ALNT | $1.4 billion | 36.68 | 11.4% | 9.8% | 12.6% | 0.53 | 0.2% |
| Transcat Inc. TRNS | $953 million | n/a | n/a | n/a | n/a | 0.38 | n/a |
| Cytek Biosciences, Inc. CTKB | $765 million | n/a | -25.3% | -21.1% | 5.5% | 0.00 | n/a |
| Mesa Laboratories Inc. MLAB | $718 million | 152.76 | 2.5% | 9.0% | 3.0% | 0.76 | 0.5% |
| Pacific Biosciences of California, Inc. PACB | $703 million | n/a | n/a | -81.3% | 4.4% | n/a | 0.0% |
| Frequency Electronics Inc. FEIM | $661 million | 241.04 | 2.2% | 2.5% | 6.3% | 0.00 | n/a |
| Senseonics Holdings, Inc. SENS | $454 million | n/a | -121.1% | -223.2% | 90.6% | 0.62 | n/a |
| 908 Devices Inc. MASS | $402 million | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Quantum-Si Inc. QSI | $291 million | n/a | -53.1% | -7,474.5% | -60.2% | 0.00 | n/a |
| Nautilus Biotechnology, Inc. NAUT | $284 million | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Intest Corp. INTT | $173 million | 38.59 | 3.4% | 3.3% | 16.6% | 0.05 | n/a |
| Hurco Companies Inc. HURC | $132 million | n/a | -3.4% | -2.8% | -1.9% | n/a | n/a |
| Kewaunee Scientific Corp. KEQU | $97 million | 12.14 | 11.0% | 5.4% | 5.3% | 0.25 | n/a |
| Seer, Inc. SEER | $90 million | n/a | -30.1% | -498.2% | -12.7% | 0.00 | 0.0% |
| Rapid Micro Biosystems, Inc. RPID | $32 million | n/a | -288.5% | -141.5% | 16.1% | 1.08 | n/a |
15 companies share its SEC industry code (Laboratory Analytical Instruments); the rest are the names nearest in size in its wider industry, Measuring and Control Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on WAT
| Dividends | no dividend in its filings for fiscal 2007 onward |
| Filings | 23 in twelve months: 12 current reports (8-K), about 5 other events; 4 results of operations; 3 regulation FD disclosure; 2 officer or director change; 2 shareholder vote |
| Planned insider sales | 1 Form 144 notice in twelve months, $1.4 million; latest 6 August 2026 |
| Options tape | put/call 0.91 by open interest at the 6 November 2026 close; the straddle prices a 5.6% move to 20 November 2026 |
| 13F holders | 1,188 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc. |
| Insider trading | 1 sale and 2 purchases on Form 4 in twelve months |
| Congress | 1 House trade disclosed in six months |
| Short interest | 3.2 million shares short, 3.40 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 4 July 2026 | 11 August 2026 | EDGAR |
| 10-Q | 4 April 2026 | 12 May 2026 | EDGAR |
| 10-K | 31 December 2025 | 23 February 2026 | EDGAR |
| 10-Q | 27 September 2025 | 4 November 2025 | EDGAR |
| 10-Q | 28 June 2025 | 4 August 2025 | EDGAR |
| 10-Q | 29 March 2025 | 6 May 2025 | EDGAR |
| 10-K | 31 December 2024 | 25 February 2025 | EDGAR |
| 10-Q | 28 September 2024 | 1 November 2024 | EDGAR |
| 10-Q | 29 June 2024 | 31 July 2024 | EDGAR |
| 10-Q | 30 March 2024 | 7 May 2024 | EDGAR |
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