Waters Corp. (WAT)

Name: Waters Corp. (WAT): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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Waters Corp. (WAT) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 4 July 2026, up 113.3% on the same quarter a year earlier. Net income was -$136 million, and diluted earnings per share $-1.39. The figures are the company's own, from the 10-Q it filed with the SEC on 11 August 2026.

Revenue$1.6 billionup 113.3%

Net income-$136 million

Diluted EPS$-1.39

QuarterQ2 FY2026ended 4 July 2026

Ratios

From the filings

ROE1.1%

ROCE1.6%

Operating margin7.1%

Net margin3.6%

FCF marginn/a

Interest cover2.21

Debt to equity0.32

Cash conversionn/a

Share count, 1 year0.1%

Sales CAGR, 3 years2.1%

Profit CAGR, 3 years-3.2%

EPS, TTM$4.01

At the close of 21 September 2026

Price$423.92

Market cap$41.6 billion

Stock P/E105.72

Price to book2.74

EV / EBITDAn/a

Dividend yieldn/a

Market cap / sales8.97

52-week high$429.72

52-week low$283.32

Price, 1 year40.9%

Price CAGR, 3 years16.4%

Price CAGR, 5 years1.4%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Waters Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. 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. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WAT

Filings	24 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 0.38 by open interest on 23 September 2026; the straddle prices a 6.4% move to 16 October 2026
Holders	10 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading	1 sale and 2 purchases on Form 4 in twelve months
Congress	3 House trades disclosed in six months
Short interest	3.3 million shares short, 4.53 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	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	712	819	637	709	740	873	662	771	800	932	1,267	1,645
Cost of revenue	291	318	262	288	302	349	277	321	328	363	n/a	n/a
Gross profit	420	501	375	420	439	524	385	450	472	569	n/a	n/a
Gross margin	59%	61%	59%	59%	59%	60%	58%	58%	59%	61%	n/a	n/a
R&D	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	187	180	175	173	169	173	175	201	214	240	387	405
Operating income	179	264	134	189	211	292	152	188	192	271	-47.0	-86.0
Operating margin	25%	32%	21%	27%	29%	33%	23%	24%	24%	29%	-4%	-5%
Interest expense	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	153	238	115	169	194	277	143	178	170	264	-88.0	-141
Tax rate	12%	9%	11%	16%	17%	16%	15%	17%	12%	15%	n/a	n/a
Net income	135	216	102	143	162	231	121	147	149	225	-72.0	-136
Net margin	19%	26%	16%	20%	22%	27%	18%	19%	19%	24%	-6%	-8%
Diluted EPS	$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	158	230	n/a	n/a	n/a	240	n/a	n/a	n/a	165	-3.0	201
Capital expenditure	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	120	189	n/a	n/a	n/a	188	n/a	n/a	n/a	126	-42.0	153
Buybacks	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	59m	59m	59m	59m	59m	n/a	98m	98m	98m	60m	98m	98m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q

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.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024 †	FY2025	TTM
Revenue	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	825	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289	n/a
Gross profit	1,164	1,200	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761	1,758	1,876	n/a
Gross margin	58.5%	58.7%	58.9%	59.0%	59.0%	58.0%	57.4%	58.5%	58.0%	59.6%	59.4%	59.3%	n/a
Research and development	108	119	125	133	143	143	141	168	176	175	183	196	319
Selling, general and administrative	513	496	513	545	537	535	554	627	658	736	690	830	1,246
Operating income	518	567	624	662	740	708	645	822	873	818	826	803	330
Operating margin	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	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	491	542	600	641	682	678	611	806	838	736	755	755	205
Income tax	59.1	72.9	78.6	621	88.4	86.0	89.3	113	130	94.0	117	112	39.2
Effective tax rate	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	432	469	522	20.3	594	592	522	693	708	642	638	643	166
Net margin	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	$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

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. 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.

Cash flow and capital returned

	FY2014 †	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024 †	FY2025	TTM
Operating cash flow	n/a	n/a	643	698	604	643	791	747	612	603	762	653	n/a
Capital expenditure	91.1	100	95.0	85.5	96.1	164	172	161	176	161	142	113	n/a
Free cash flow	n/a	n/a	548	612	508	479	618	586	436	442	620	540	n/a
Free cash flow margin	n/a	n/a	25.3%	26.5%	21.0%	19.9%	26.1%	21.0%	14.7%	15.0%	20.9%	17.1%	n/a
Depreciation and amortisation	94.2	n/a	n/a	n/a	n/a	n/a	126	132	130	166	192	206	n/a
Share-based compensation	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	337	335	326	333	1,315	2,469	196	649	626	70.3	13.5	14.7	n/a
Diluted shares, weighted	85m	83m	81m	81m	78m	68m	62m	62m	60m	59m	60m	60m	98,204m
Shares outstanding at period end	83m	81m	80m	79m	73m	63m	62m	61m	59m	59m	0m	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

Buybacks and dividends are the cash paid in the year, from the cash flow statement; 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 at year end

	FY2014 †	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024 †	FY2025	TTM
Total assets	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
Cash and equivalents	422	488	506	642	796	336	437	501	481	395	325	588	539
Receivables	434	468	489	534	568	588	573	613	723	702	733	829	1,987
Inventory	246	263	263	270	292	321	304	356	456	516	477	572	1,377
Goodwill	355	357	352	360	356	356	444	438	430	1,305	1,296	1,340	9,421
Long-term debt	1,237	1,493	1,830	2,000	1,150	1,685	1,360	1,520	1,580	2,360	1,630	1,410	4,886
Borrowings, as the company tags them	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1,400	5,100
Operating lease liabilities	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
Shareholders' equity	1,895	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,561	15,195
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

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

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%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. 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.

Peers: Laboratory Analytical Instruments

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Agilent Technologies, Inc. A	$45.7 billion	31.88	19.6%	22.2%	8.6%	0.49	0.6%
Waters Corp. WAT	$41.6 billion	105.72	1.1%	7.1%	52.5%	0.32	n/a
Illumina, Inc. ILMN	$36.1 billion	44.56	29.1%	19.7%	4.9%	0.53	n/a
Mettler Toledo International Inc/ MTD	$31.0 billion	32.25	7,062.4%	n/a	6.9%	164.70	n/a
Revvity, Inc. RVTY	$16.0 billion	68.70	3.3%	12.3%	4.1%	0.45	0.2%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

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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