Waters (WAT) FY2015 results: revenue $2.0 billion, up 2.7% on the year
Waters Corp. (WAT) reported revenue of $2.0 billion for fiscal 2015, the year ended 31 December 2015, up 2.7% on the year before. Net income was $469 million, up 8.7%, and diluted earnings per share $5.65. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$2.0 billion
+2.7% on the year
FY2008FY2015
Operating margin
27.8%
26.0% a year earlier
FY2008FY2015
Net income
$469 million
+8.7% on the year
FY2008FY2015
Diluted EPS
$5.65
+11.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,042
1,989
1,904
+2.7%
Cost of revenue
843
825
783
+2.2%
Gross profit
1,200
1,164
1,121
+3.0%
Gross margin
58.7%
58.5%
58.9%
Research and development
119
108
101
+10.0%
Selling, general and administrative
496
513
493
-3.3%
Operating income
567
518
517
+9.6%
Operating margin
27.8%
26.0%
27.2%
Interest expense
36.2
34.2
30.1
+6.0%
Pre-tax income
542
491
490
+10.4%
Income tax
72.9
59.1
40.1
+23.3%
Effective tax rate
13.4%
12.0%
8.2%
Net income
469
432
450
+8.7%
Net margin
23.0%
21.7%
23.6%
Diluted EPS
$5.65
$5.07
$5.20
+11.4%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
n/a
512
485
Capital expenditure
100
91.1
118
+9.8%
Free cash flow
n/a
421
366
Free cash flow margin
n/a
21.1%
19.2%
Cash from investing
n/a
n/a
-465
Cash from financing
n/a
n/a
-64.6
Depreciation and amortisation
n/a
94.2
79.7
Share-based compensation
33.4
33.0
31.7
+1.1%
Buybacks
335
337
302
-0.8%
Diluted shares, weighted
83m
85m
87m
-2.4%
Shares outstanding at period end
81m
83m
85m
-2.0%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,059
1,895
1,763
+8.7%
Debt
1,668
1,463
1,323
+14.1%
Other liabilities
541
521
496
+4.0%
Total liabilities and equity
4,269
3,878
3,583
+10.1%
Fixed assets
333
322
325
+3.7%
Goodwill
357
355
350
+0.6%
Intangible assets
218
230
239
-5.1%
Investments
1,914
1,635
1,366
+17.0%
Cash and equivalents
488
422
441
+15.5%
Receivables
468
434
431
+8.0%
Inventory
263
246
243
+6.9%
Other assets
227
234
188
-2.9%
Total assets
4,269
3,878
3,583
+10.1%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.