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Stock Waters Corporation WAT

Waters Corporation — Investlytic score 2/5 on the five criteria.

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40/ 100
Score Investlytic · 5 criteria

Analysis in progress…

Investlytic score: 2/5 criteria met. Data as of 03/10/2026.

  • ✅ Price trend passed
  • ✅ Growth passed
  • ❌ Debt failed
  • ❌ P/E failed
  • ❌ Correction failed

Price trend

Overall trend (8 years): the price has been multiplied by at least 1.5.

Price change 2018 → 2019: 23.85%

Price change 2019 → 2020: 5.89%

Price change 2020 → 2021: 50.59%

Price change 2021 → 2022: -8.06%

Price change 2022 → 2023: -3.90%

Price change 2023 → 2024: 12.68%

Price change 2024 → 2025: 2.39%

Price change 2025 → 2026: 12.03%

Price change 2026 (year to date): 11.41%

Financial growth

Revenue CAGR (8 years): 3.91%

Earnings CAGR (8 years): 1.14%

Growth status: positive trend (>1%/yr) in revenue and earnings.

Debt

Debt-to-equity ratio: 0.58

Debt/equity > 0.5 (maximum threshold).

P/E (Price/Earnings)

P/E ratio: 31.08

P/E > 25.0 (maximum threshold).

Correction (6 months)

Current correction: 4.00% from the high over 6 months.

Insufficient correction (< 10.0%).

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Criteria of the Investlytic model

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Price trend

Price & trend

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⚖️ Comparison with the market

All stocks →
StockP/EDette/FPRevenue growthRating
Waters Corporation33.80.58+4.5 %🔒
Sandoz Group AG69.20.61+5.5 %–
Becton, Dickinson and Company15.20.76+7.8 %–
Lonza Group AG40.40.50+6.1 %–
Illumina, Inc.46.90.94+11.0 %–

Data from the Investlytic screener. The rating of the stock being viewed is reserved for members.

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Detailed analysis · Price trend

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Global model trend and annual price variations · visible with a free account.

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Revenues & profits

Revenue and net income

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Chart of revenues and net income over 8 periods · real data, no estimates.

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Financial indicators

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18 financial indicators analyzed by groups of criteria: valuation, profitability, growth, solidity, dividend, and momentum.

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Annual financial statements

Fiscal yearRevenueNet income Net marginEPSRevenue growth
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Complete annual financial statements: revenue, net income, margin, and EPS over 8 fiscal years.

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Key reported figures

Revenue, net income and net margin reported by Waters Corporation over the latest fiscal years.

Revenue
3.2 bn USD
fiscal year 2025
Net income
643 m USD
fiscal year 2025
Net margin
20.3 %
fiscal year 2025
Average annual growth
+6.0 %
Revenue growth over 5 years
Average annual growth
+4.5 %
Revenue growth over 10 years
Market cap
44.9 bn USD
Fiscal yearRevenueNet incomeNet marginRevenue growth
20202.4 bn522 m22.1 %n/a
20212.8 bn693 m24.9 %+17.8 %
20223.0 bn708 m23.8 %+6.7 %
20233.0 bn642 m21.7 %-0.5 %
20243.0 bn638 m21.6 %+0.1 %
20253.2 bn643 m20.3 %+7.0 %

Amounts converted to USD. Source: published annual accounts, collected on 06/11/2026.

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Accounts and financial health

Balance sheet and cash flow published by Waters Corporation over the last fiscal years, strength scores and valuation by discounted cash flow (DCF).

Overview
average accounts
according to Altman Z, Piotroski and net debt
Altman Z-score
3.49
safe zone (above 2.99)
Piotroski Score
4 / 9
4 to 6: average accounts
DCF Value
227.40 USD
DCF below share price · share price 461.21 USD, gap -50.7 %
Net Debt / EBITDA
4.02 x
high debt
Fiscal year20212022202320242025
Cash and investments569 m481 m396 m325 m588 m
Total Debt1.6 bn1.7 bn2.4 bn1.7 bn1.5 bn
Net Debt1.1 bn1.2 bn2.0 bn1.4 bn903 m
Equity368 m504 m1.2 bn1.8 bn2.6 bn
Total assets3.1 bn3.3 bn4.6 bn4.6 bn5.1 bn
Operating cash flow747 m612 m603 m762 m653 m
Investments (capex)168 m183 m161 m142 m113 m
Free cash-flow579 m428 m442 m620 m540 m
Share buybacks649 m626 m70.3 m13.5 m14.7 m
Dividends paid00000

Amounts in USD, currency of the published accounts.

Trailing 12-month ratios

Price / earnings (P/E)194.72 x
Price / book value2.94 x
Return on Equity (ROE)0.8 %
Return on Invested Capital (ROIC)1.1 %
Net margin1.8 %
Debt / equity0.34 x
Current ratio0.00 x
Interest coverage1.86 x
Free cash-flow yield0.7 %

Altman Z: default risk estimated from the balance sheet and earnings. Piotroski: 9 tests on profitability, debt and efficiency. DCF: estimated value from discounted future cash flows, a model and not a forecast. Source: annual accounts published by the company, data as of 09/11/2026.

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Valuation and competitors

Waters Corporation compared with its sector on the same exchange and with its main competitors.

Company P/E
33.5
25.0 % above the sector
Sector median P/E
26.8
healthcare, NYSE
Sector over 10 years
22.3
10-year median, range 18.4 to 44.9

Direct competitors

CompanyMarket cap (USD)P/ENet margin
Waters Corporation44.9 bn33.520.3 %
Agilent Technologies, Inc. A49.3 bn30.118.8 %
Thermo Fisher Scientific Inc. TMO257 bn30.015.1 %
Mettler-Toledo International Inc. MTD34.5 bn39.621.6 %
Revvity, Inc. RVTY17.3 bn29.08.5 %
Danaher Corporation DHR162 bn28.914.7 %
Bruker Corporation BRKR9.3 bn30.8-0.2 %
Shimadzu Corporation SHMZF6.7 bn16.010.0 %
HORIBA, Ltd. HRIBF4.8 bn17.011.1 %
Sector median (NYSE)26.8

Trailing 12-month P/E. Sector: median of companies in the same sector listed on the same exchange, collected on . Competitors: comparable companies named by the data provider.

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Analyst consensus and forecasts

What the financial analysts covering Waters Corporation publish: ratings, price targets and earnings forecasts.

Majority rating
buy
37 analysts
Average price target
453.50 USD
from 387.00 USD to 515.00 USD, 29 targets over 12 months
Gap with the share price
-2.0 %
price 462.72 USD on 30/10/2026

Breakdown of ratings

strong buy 0buy 19hold 16sell 2strong sell 0

Analysts' average target 453.50 USD, DCF value 227.40 USD, share price 462.72 USD.

Average target over the last 3 months: 461.82 USD (11 targets).

Analyst forecasts

Fiscal yearRevenueNet incomeExpected EPS (range)P/E on this EPSAnalysts
20266.5 bn871 m14.59 (14.53 / 14.64)31.712
20277.1 bn1.0 bn16.51 (16.04 / 17.69)28.013
20287.5 bn1.1 bn18.47 (14.70 / 22.39)25.15

Amounts in USD, the reporting currency.

Track record against expectations: reported EPS above consensus 12 times over the last 12 releases.

Rating changes (12 months)

DateFirmBeforeAfter
13/10/2026TD CowenBuyBuy
07/10/2026BarclaysOverweightOverweight
01/10/2026GuggenheimBuyBuy
21/09/2026Goldman SachsBuyBuy
09/09/2026UBSNeutralBuy

Source: ratings and forecasts published by analysts, collected on 07/11/2026. An analyst rating or target is not a guarantee.

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Dividends and earnings

Waters Corporation: dividend history, last distributions, stock splits and earnings releases.

Frequency
irregular
Last dividend
0.0400 USD
ex-dividend on 26/11/1996
Yield
0.0 %
on the last known price
Years of increases
0
consecutive
Years of payments
0
uninterrupted

Latest ex-dividend dates

Ex-dividendAmountPayment
26/11/19960.0400 USDn/a

Earnings releases

DatePublished EPSExpected EPSSurprise
04/08/20263.053.01+1.3 %
05/05/20262.702.31+16.9 %
09/02/20264.534.51+0.4 %
04/11/20253.403.21+5.9 %
04/08/20252.952.94+0.3 %
06/05/20252.252.22+1.4 %

Stock splits

DateOperation
28/08/2000split: 2 shares for 1
11/06/1999split: 2 shares for 1

Factual data: ex-dividend history and earnings calendar, as of 05/11/2026. A past dividend does not guarantee the next one.

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Who owns the stock

Free float, institutional investors, large funds, executives and elected officials: declared positions in Waters Corporation.

Free float
99.9 %
share of freely traded shares
Large funds tracked
30
hold the stock as of 2026Q2
Executives (insiders)
0 / 1
0 purchases, 1 sales in 130 days
US elected officials
10
4 purchases, 4 sales in 12 months

Indices: S&P 500 (since 02/01/2002).

Large funds tracked

FundSharesValue (USD)Weight in the fundChangeQuarter
State Street8.8 m3.3 bn0.1 %+100.9 %2026Q2
BlackRock8.5 m3.2 bn0.1 %-0.7 %2026Q2
Vanguard Group7.5 m2.8 bn0.0 %-2.4 %2025Q4
Invesco3.5 m1.3 bn0.1 %+61.2 %2026Q2
Geode Capital Management2.6 m985 m0.1 %-0.4 %2026Q2
T. Rowe Price2.2 m817 m0.1 %+93.8 %2026Q2
JPMorgan Chase2.2 m796 m0.1 %+9.4 %2026Q2
Viking Global Investors1.7 m623 m1.8 %+32.3 %2026Q2

Latest insider transactions

DatePersonSideAmount
06/08/2026Kuebler Christopher Asale1.4 m USD

Elected officials' disclosures

DateOfficialSideAmount
13/08/2026Kevin Hernsale$1,001 - $15,000
13/04/2026Ro Khannapurchase$1,001 - $15,000
10/03/2026Thomas Keansale$1,001 - $15,000
18/03/2026Gilbert Cisnerospurchase$1,001 - $15,000
13/02/2026Thomas Keansale$1,001 - $15,000

Sources: 13F filings (quarter shown), executives' Form 4 filings and US Congress members' disclosures, collected on 08/11/2026. Detailed disclosure obligations mainly apply to companies listed in the United States.

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PEA and practical information

PEA eligibility
no
head office outside the EU and EEA
Listing exchange
NYSE
IPO: 17/11/1995
ISIN code
US9418481035
Workforce
7,600
full-time employees
Chief executive
Udit Batra

Rule applied: the French PEA accepts shares of companies headquartered in the European Union or the European Economic Area and subject to corporate income tax; ADRs and tax-exempt property companies (SIIC) are excluded. The institution holding the PEA confirms eligibility.

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Frequently asked questions about Waters Corporation

What is the Waters Corporation share price?

Latest recorded price: 457.60 USD on 06/11/2026, for a market cap of 44.9 bn USD.

What is the revenue of Waters Corporation?

3.2 bn USD for fiscal year 2025, with net income of 643 m USD (net margin 20.3 %).

Does Waters Corporation pay a dividend?

Yes. Latest dividend: 0.0400 USD per share, ex-dividend on 26/11/1996. Over 12 months: 0.0000 USD. Yield on the latest known price: 0.0 %.

What do analysts say about Waters Corporation?

Out of 37 analysts: 19 buy or strong buy, 16 hold, 2 sell or strong sell. Average price target: 453.50 USD, i.e. -2.0 % from the share price.

What is the P/E ratio of Waters Corporation?

Trailing 12-month P/E of 33.5, against 26.8 for the sector median on the same exchange (10-year median: 22.3).

Is Waters Corporation stock eligible for the French PEA?

No: the company is headquartered outside the European Union and the European Economic Area (ISIN US9418481035).

How many employees does Waters Corporation have?

7,600 full-time employees according to the latest published profile.

Who runs Waters Corporation?

Udit Batra is the company's chief executive.

Which large funds own Waters Corporation?

As of 2026Q2, among the large funds tracked: State Street, BlackRock, Vanguard Group, Invesco, Geode Capital Management.

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