Waters (WAT) FY2021 results: revenue $2.8 billion, up 17.8% on the year

Waters Corp. (WAT) reported revenue of $2.8 billion for fiscal 2021, the year ended 31 December 2021, up 17.8% on the year before. Net income was $693 million, up 32.8%, and diluted earnings per share $11.17. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$2.8 billion

+17.8% on the year

FY2014FY2021

Operating margin

29.5%

27.3% a year earlier

FY2014FY2021

Net income

$693 million

+32.8% on the year

FY2014FY2021

Diluted EPS

$11.17

+33.6% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,786	2,365	2,407	+17.8%
Cost of revenue	1,157	1,007	1,011	+14.9%
Gross profit	1,629	1,359	1,396	+19.9%
Gross margin	58.5%	57.4%	58.0%
Research and development	168	141	143	+19.6%
Selling, general and administrative	627	554	535	+13.2%
Operating income	822	645	708	+27.3%
Operating margin	29.5%	27.3%	29.4%
Interest expense	44.9	49.1	48.7	-8.4%
Pre-tax income	806	611	678	+32.0%
Income tax	113	89.3	86.0	+26.9%
Effective tax rate	14.1%	14.6%	12.7%
Net income	693	522	592	+32.8%
Net margin	24.9%	22.1%	24.6%
Diluted EPS	$11.17	$8.36	$8.69	+33.6%

$ million except per share.

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.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	747	791	643	-5.5%
Capital expenditure	161	172	164	-6.4%
Free cash flow	586	618	479	-5.2%
Free cash flow margin	21.0%	26.1%	19.9%
Cash from investing	-232	-264	769
Cash from financing	-438	-441	-1,873
Depreciation and amortisation	132	126	n/a	+4.7%
Share-based compensation	29.9	36.9	38.6	-18.8%
Buybacks	649	196	2,469	+230.4%
Diluted shares, weighted	62m	62m	68m	-0.6%
Shares outstanding at period end	61m	62m	63m	-2.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	368	232	-216	+58.3%
Debt	1,520	1,360	1,685	+11.8%
Operating lease liabilities	59.6	68.2	66.9	-12.6%
Other liabilities	1,148	1,180	1,021	-2.7%
Total liabilities and equity	3,095	2,840	2,557	+9.0%
Fixed assets	548	494	417	+10.9%
Goodwill	438	444	356	-1.5%
Intangible assets	242	259	240	-6.3%
Investments	68.1	6.5	1.4	+954.9%
Cash and equivalents	501	437	336	+14.8%
Receivables	613	573	588	+6.9%
Inventory	356	304	321	+17.0%
Other assets	329	322	298	+2.0%
Total assets	3,095	2,840	2,557	+9.0%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.