Waters

US · WAT #515 by market cap Listed 1970

435.99 -0.44 -0.10%

Live - 5344 symbols - heartbeat 107s ago · 2026-10-07 20:02

After-hours 426.80 -2.11%

Market cap: 42.84B
P/E (TTM): 110.38
P/B: 2.82
EPS: 10.76
Div yield: 0.00%
52W pos: 89%

Reader sentiment Are you bullish or bearish on WAT?

Anonymous reader poll. Unscientific, not investment advice.

✦ Quant Financial Health how this is computed

Good

Altman Z-Score is 14.45, above the 3.0 "safe zone" threshold.
Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.

Revenue annual, last 8 years

Latest year +6.99% YoY

Margins

Gross margin: 59.28%
Operating margin: 25.36%
Net margin: 20.30%

Key ratios & quality

Enterprise value: 43.69B
Altman Z-Score: 14.45

Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.

Income statement

Line item	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	2.42B	2.41B	2.37B	2.79B	2.97B	2.96B	2.96B	3.17B
Gross profit	1.43B	1.40B	1.36B	1.63B	1.72B	1.76B	1.76B	1.88B
Selling & admin expenses	536.90M	534.79M	553.70M	626.97M	658.03M	736.01M	690.15M	830.37M
Research & development	143.40M	142.96M	140.78M	168.36M	176.19M	174.95M	183.03M	195.71M
Operating profit	739.35M	708.46M	653.61M	826.87M	883.19M	817.68M	837.92M	802.59M
Pretax profit	682.15M	678.24M	610.91M	806.19M	837.85M	736.24M	754.87M	754.88M
Tax	88.35M	86.04M	89.34M	113.35M	130.09M	94.01M	117.03M	112.25M
Net profit	593.79M	592.20M	521.57M	692.84M	707.76M	642.23M	637.83M	642.63M
Basic EPS	8	9	8	11	12	11	11	11
Diluted EPS	7.65	8.69	8.36	11.17	11.73	10.84	10.71	10.76

Line item	2025-03	2025-06	2025-09	2025-12	2026-04	2026-07
Revenue	662.00M	771.00M	799.89M	932.36M	1.27B	1.65B
Gross profit	385.00M	450.00M	472.08M	569.50M	588.00M	734.00M
Selling & admin expenses	174.00M	198.00M	214.23M	240.01M	387.00M	405.00M
Research & development	47.00M	49.00M	53.64M	46.90M	96.00M	122.00M
Operating profit	152.00M	191.00M	192.11M	270.52M	-47.00M	-37.00M
Pretax profit	143.00M	178.00M	170.12M	264.18M	-88.00M	-141.00M
Tax	22.00M	31.00M	21.20M	38.97M	-16.00M	-5.00M
Net profit	121.00M	147.00M	148.92M	225.21M	-72.00M	-136.00M
Basic EPS	2	2	3	4	-1	-1
Diluted EPS	2.03	2.47	2.50	3.77	-0.87	-1.39

Balance sheet

Line item	2018	2019	2020	2021	2022	2023	2024	2025
Total current assets	2.66B	1.31B	1.40B	1.63B	1.76B	1.75B	1.67B	2.15B
Cash & ST investments	1.74B	337.14M	443.15M	569.29M	481.39M	395.97M	325.36M	587.83M
Inventory	291.57M	320.55M	304.28M	356.10M	455.71M	516.24M	477.26M	572.37M
Total assets	3.73B	2.56B	2.84B	3.09B	3.28B	4.63B	4.55B	5.08B
Total current liabilities	448.93M	591.33M	804.98M	680.51M	785.74M	789.58M	789.76M	1.24B
Short-term debt	178.00K	127.49M	177.76M	27.91M	76.43M	77.83M	25.54M	491.09M
Long-term debt	1.15B	1.58B	1.21B	1.51B	1.52B	2.31B	1.63B	947.45M
Total liabilities	2,160,168,000.00	2,773,336,000.00	2,607,776,000.00	2,727,378,000.00	2,776,965,000.00	3,476,513,000.00	2,725,288,000.00	2,515,308,000.00
Total equity	1.57B	-216.28M	232.14M	367.55M	504.49M	1.15B	1.83B	2.56B
Retained earnings	6.00B	6.59B	7.11B	7.80B	8.51B	9.15B	9.79B	10.43B

Line item	2025-03	2025-06	2025-09	2025-12	2026-04	2026-07
Total current assets	1.74B	1.78B	1.92B	2.15B	4.06B	4.47B
Cash & ST investments	382.87M	367.22M	459.12M	587.83M	462.00M	539.00M
Inventory	511.50M	540.75M	572.94M	572.37M	1.50B	1.38B
Total assets	4.59B	4.72B	4.86B	5.08B	24.53B	24.75B
Total current liabilities	960.97M	1.02B	1.25B	1.24B	2.27B	2.40B
Short-term debt	127.30M	288.75M	488.49M	491.09M	413.00M	251.00M
Long-term debt	1.36B	1.20B	947.21M	947.45M	4.86B	4.89B
Total liabilities	2,629,179,000.00	2,558,263,000.00	2,531,871,000.00	2,515,308,000.00	9,239,000,000.00	9,556,000,000.00
Total equity	1.96B	2.16B	2.33B	2.56B	15.29B	15.20B
Retained earnings	9.91B	10.06B	10.21B	10.43B	10.36B	10.22B

Cash flow

Line item	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	604.45M	643.09M	790.51M	747.27M	611.66M	602.81M	762.12M	652.56M
Depreciation & amortization	108.41M	105.30M	125.36M	131.68M	130.42M	165.91M	191.83M	206.24M
Free cash flow	508.37M	479.26M	618.12M	579.01M	428.21M	442.18M	619.64M	539.81M
Dividends paid	--	--	--	--	--	--	--	--
Stock buybacks / issuance	-1.32B	-2.47B	-196.41M	-648.93M	-626.06M	-70.28M	-13.54M	-14.67M
Ending cash balance	796.28M	335.72M	436.70M	501.23M	480.53M	395.08M	325.36M	587.83M

Line item	2025-03	2025-06	2025-09	2025-12	2026-04	2026-07
Operating cash flow	260.00M	41.00M	187.00M	164.55M	-3.00M	201.00M
Depreciation & amortization	50.00M	51.00M	52.70M	52.54M	207.00M	301.00M
Free cash flow	234.00M	18.00M	162.23M	125.58M	-42.00M	153.00M
Dividends paid	--	--	--	--	--	--
Stock buybacks / issuance	-14.00M	0	-523.00K	-144.00K	-12.00M	-2.00M
Ending cash balance	383.00M	367.00M	459.12M	587.83M	462.00M	539.00M

Returns & efficiency

Line item	2018	2019	2020	2021	2022	2023	2024	2025
ROE %	31.24	87.67	6,575.94	231.06	162.32	77.62	42.82	29.28
ROA %	13.12	18.85	19.33	23.35	22.20	16.24	13.90	13.35
ROIC %	17.34	28.80	33.89	39.47	35.76	24.79	19.62	18.09
5-year avg ROE %	20.68	33.49	1,343.93	1,385.36	1,417.65	1,426.92	1,417.95	108.62
EBIT margin %	30.20	30.21	27.90	30.55	29.83	28.25	28.55	26.05
FCF / sales %	21.01	19.91	26.13	20.78	14.41	14.96	20.95	17.05
Current ratio	5.93	2.22	1.74	2.39	2.24	2.22	2.11	1.73
Quick ratio	5.13	1.56	1.26	1.74	1.53	1.39	1.34	1.14
Debt / assets	30.81	69.42	51.15	51.74	50.69	52.78	37.38	29.37
LT debt / equity	73.26	--	549.10	428.10	314.57	205.54	91.70	39.04
Interest coverage	15.02	14.93	13.45	18.94	18.17	8.45	9.42	11.85
Revenue CAGR (3Y) %	5.82	3.55	0.81	4.81	7.29	7.72	2.02	2.12
Net income CAGR (3Y) %	8.18	4.33	195.03	5.28	6.12	7.18	-2.72	-3.17
FCF CAGR (3Y) %	2.63	-4.37	0.60	4.43	-3.69	-10.57	2.29	8.03

Line item	2025-03	2025-06	2025-09	2025-12	2026-04	2026-07
ROE %	40.82	37.03	32.99	29.28	5.21	1.92
ROA %	14.44	14.43	13.84	13.35	3.09	1.13
ROIC %	20.56	19.58	19.02	18.09	4.27	2.21
5-year avg ROE %	--	--	--	--	--	--
EBIT margin %	28.87	28.24	27.11	26.05	16.64	7.63
FCF / sales %	20.76	20.33	19.39	17.05	7.00	8.59
Current ratio	1.81	1.75	1.53	1.73	1.79	1.86
Quick ratio	1.14	1.08	0.97	1.14	0.97	1.05
Debt / assets	33.46	32.61	30.56	29.37	22.71	22.04
LT debt / equity	71.80	57.86	42.81	39.04	33.72	34.24
Interest coverage	10.98	12.46	11.34	11.85	6.06	2.37
Revenue CAGR (3Y) %	--	--	--	--	--	--
Net income CAGR (3Y) %	--	--	--	--	--	--
FCF CAGR (3Y) %	--	--	--	--	--	--

✦ Quant Revenue Concentration how this is computed

Lead segment, long tail

Analytical & Materials Sciences is the largest reported line at 45.96% of revenue, across 3 reported segments.
Advanced Diagnostics follows at 31.67%, so the top line still matters most but isn’t the whole story.

Revenue breakdown most recent period

Business

Analytical & Materials Sciences45.96%

Advanced Diagnostics31.67%

Biosciences22.37%

Quote time 2026-10-07 20:02:24 · For reference only, not investment advice and not tailored to your situation.