WAT Waters Corporation Common Stock
About Waters Corporation Common Stock Company overview from Wikipedia
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
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Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
The company has primary manufacturing facilities in 9 U.S. locations as well as 11 international locations including Wexford, Wilmslow, Birmingham, Hüllhorst, Singapore, Bangalore, Beijing, and Shanghai.
Major brands include ACQUITY UPC2 / UPLC Systems and columns, Xevo mass spectrometry systems, Synapt MS / HDMS systems, Zodiac HPLC columns, XTerra HPLC columns, XBridge columns, Alliance HPLC systems, Empower chromatography software, MassLynx mass spectrometry software, Oasis sample preparation products, and NuGenesis lab management system (LMS).
Its primary competitors are Agilent Technologies, Thermo Fisher Scientific, Revvity, and Danaher.
## History
In 1958, James (Jim) Logan Waters founded Waters Associates in an office in the basement of a police station in Framingham, Massachusetts. Early products included a boiler feedwater flame photometer, a balloon hydrometer, a nerve gas detector, a lab refractometer and process control refractometers.
Having asked Waters to design a refractometer in 1961, Dow Chemical had designed a method of analyzing polymers using gel columns. Waters negotiated an exclusive license to the patent, paying $10,000 plus a 10% royalty.
In 1962, Hardie Sheppard provided the company with $150,000, its first external financing raise.
In 1963, Waters’ produced its first five gel permeation chromatography instruments, selling three to Dow Chemical, one to BFGoodrich, and one to Esso. Dow Chemical then invested $400,000 in Waters.
In 1965, interest surged after Waters sponsored a symposium where scientists presented the results of using Waters equipment. In 1966, Dow converted its royalty receivable into equity in Waters.
In 1967, the company introduced the ALC 100, the first Waters LC system. It was a benchtop system equipped with a Milton Roy pump, syringe injection, and two detectors: a Waters differential refractometer and a UV detector from Laboratory Data Control.
In 1969, Dimitri D’Arbeloff, then president of Millipore Corporation, joined the board of directors; Millipore's venture capital subsidiary made a $600,000 equity investment in Waters and provided the company with marketing expertise. By 1972, Dow Chemical had invested $700,000 in the company and owned a 20% stake.
In 1972, Helmut Hamberger, chief post-doc for Nobel laureate Robert Burns Woodward of Harvard University, sought Jim Waters’ help to the first synthesis of vitamin B12. Dr. Hamberger wanted to purify the positional isomers, which were needed to give him the right compound for the final stages of the synthesis. Working with Dr. Hamberger, the pair took two days to develop a separation, five more days to obtain larger columns to scale up the separation, and three more days to prep his material, successfully isolating and purifying 200 mg of the precursor compound.
In 1973, a year after appointing Frank Zenie as its president, Waters Associates moved its headquarters from Framingham to a semi-rural 26-acre (110,000 m2) site in Milford, Massachusetts; Waters became chairman.
From 1972 to 1977, sales grew at a 40% compound annual growth rate. The company introduced its M6000 pump, the first high-pressure, high-accuracy pumping system, which won an award from Industrial Research Magazine. In 1973, the company became a public company via an initial public offering on the predecessor to the Nasdaq.
By 1978, Waters had a 40% market share in liquid chromatography and was five times bigger than any competitor.
By 1979, Dow owned almost 25% of the company. At that time, the company had 1,100 employees and over 10,000 customers.
In May 1980, Millipore acquired the company for $167 million and the company was referred to as the Waters Chromatography Division of Millipore. Due to competition, the early 1980s recession, the early 1990s recession, and lost focus, the company's growth stalled in the 1980s and early 1990s. D’Arbeloff, the chairman of the company, died of cancer and the COO and CTO died in a helicopter crash while commuting between facilities. The anticipated synergies never materialized.
In 1994, an investor group led by management purchased the company for $360 million. That year, the company introduced Symmetry HPLC columns. It had a renewed focus for growth under CEO Douglas A. Berthiaume. Pharmaceutical spending also increased after the failure of the Clinton health care plan of 1993.
In November 1995, the company once again became a public company via an initial public offering.
In 1996, in addition to acquiring TA Instruments, it introduced the Alliance HPLC system. The following year, Waters acquired Micromass for $176 million, entering the mass spectrometry market.
In 2004, the company introduced the Acquity UPLC system, which brought greater speed, resolution, and sensitivity to chromatographic separations and was considered a breakthrough technology. In 2006, Waters acquired Vicam, provider of bio-separation and rapid detection products for improving food safety and quality.
In January 2020, it acquired Andrew Alliance, a producer of software and robotics for laboratory automation, for $77.4 million. In September, Udit Batra was named President and Chief Executive Officer of the company.
In May 2023, Waters acquired Wyatt Technology for $1.36 billion in cash.
In July 2025, Waters agreed to merge with the biosciences & diagnostics unit of Becton Dickinson, subject to shareholder approval. As the merger approached completion, Waters faced $17.5B shareholder suits which accuse Waters of leaving out key details from the proxy statement about the deal.
On February 9, 2026, Waters Corporation announced that it had completed the merger with the former division of Becton Dickinson.
== Mass spectrometers ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
WAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
WAT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
WAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 8 25.8%
- Buy 9 29.0%
- Hold 14 45.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
23 analysts · 2026-08-16Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.05 | $3.04 | 0.01% |
| March 31, 2026 | $2.70 | $2.36 | 0.34% |
| Dec. 31, 2025 | $4.53 | $4.55 | -0.02% |
| Sept. 30, 2025 | $3.40 | $3.24 | 0.16% |
| June 30, 2025 | $2.95 | $2.97 | -0.02% |
| March 31, 2025 | $2.25 | $2.24 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WAT | $22.62B | 35.3 | 7.0% | 20.3% | 27.2% | — |
| TMO | $257.86B | 32.7 | 3.9% | 15.0% | 13.0% | — |
| DHR | $161.82B | 45.3 | 2.9% | 14.7% | 7.1% | 59.1% |
| A | $41.43B | 32.0 | 6.7% | 18.8% | 20.6% | — |
| IQV | $38.23B | 28.8 | 5.9% | 8.3% | 21.6% | — |
| ILMN | $20.65B | 24.8 | -0.66% | 19.6% | 34.1% | 66.1% |
| MTD | $28.38B | 33.2 | 4.0% | 21.6% | -615.5% | 59.4% |
| WST | $19.81B | 40.5 | 6.2% | 16.1% | 16.2% | 35.9% |
| MEDP | $15.93B | 36.8 | 20.0% | 17.8% | 142.9% | — |
| TEM | — | -41.9 | 83.4% | -19.3% | -61.2% | — |
| CRL | $10.02B | -70.0 | -0.85% | -3.6% | -4.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B | $2.31B | $2.17B | $2.04B | $1.99B | |
| Cost of Revenue | $1.29B | $1.20B | $1.20B | $1.25B | $1.16B | $1.01B | $1.01B | $993M | $947M | $891M | $843M | $825M | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | $1.20B | $1.16B | |
| R&D Expense | $196M | $183M | $175M | $176M | $168M | $141M | $143M | $143M | $133M | $125M | $119M | $108M | |
| SG&A Expense | $830M | $690M | $736M | $658M | $627M | $554M | $535M | $537M | $544M | $512M | $496M | $513M | |
| Operating Expenses | $2.36B | $2.13B | $2.14B | $2.10B | $1.96B | $1.72B | $1.70B | $1.68B | $1.65B | $1.54B | $1.47B | $1.47B | |
| Operating Income | $803M | $826M | $818M | $873M | $822M | $645M | $708M | $740M | $662M | $625M | $567M | $518M | |
| Interest Expense | $70M | $90M | $99M | $49M | $45M | $49M | $49M | $49M | $57M | $45M | $36M | $34M | |
| Interest Income | $19M | $17M | $17M | $11M | $12M | $16M | $22M | $39M | $36M | $21M | $11M | $7M | |
| Other Non-op | $3M | $776.0K | $807.0K | $2M | $17M | $-2M | $-4M | $-48M | $-340.0K | $-700.0K | · | · | |
| Pretax Income | $755M | $755M | $736M | $838M | $806M | $611M | $678M | $682M | $641M | $600M | $542M | $491M | |
| Income Tax | $112M | $117M | $94M | $130M | $113M | $89M | $86M | $88M | $621M | $79M | $73M | $59M | |
| Net Income | $643M | $638M | $642M | $708M | $693M | $522M | $592M | $594M | $20M | $522M | · | · | |
| EPS (Basic) | $10.80 | $10.75 | $10.87 | $11.80 | $11.25 | $8.40 | $8.76 | $7.71 | $0.25 | $6.46 | $5.70 | $5.12 | |
| EPS (Diluted) | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 | $8.36 | $8.69 | $7.65 | $0.25 | $6.41 | $5.65 | $5.07 | |
| Shares (Basic) | 59,509,000 | 59,333,000 | 59,076,000 | 59,985,000 | 61,575,000 | 62,094,000 | 67,627,000 | 76,992,000 | 79,793,000 | 80,786,000 | 82,336,000 | 84,358,000 | |
| Shares (Diluted) | 59,706,000 | 59,552,000 | 59,270,000 | 60,331,000 | 62,028,000 | 62,414,000 | 68,166,000 | 77,618,000 | 80,604,000 | 81,417,000 | 83,087,000 | 85,151,000 | |
| EBITDA | $803M | $826M | $818M | $873M | $822M | $645M | $708M | $740M | $662M | $624M | $567M | $518M |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $588M | $325M | $395M | $481M | $501M | $437M | $336M | $796M | $642M | $506M | $488M | $422M | |
| Short-term Investments | · | $934.0K | $898.0K | $862.0K | $68M | $6M | $1M | $939M | $2.75B | $2.31B | $1.91B | $1.63B | |
| Receivables | $829M | $733M | $702M | $723M | $613M | $573M | $588M | $568M | $534M | $489M | $468M | $434M | |
| Inventory | $572M | $477M | $516M | $456M | $356M | $304M | $321M | $292M | $270M | $263M | $263M | $246M | |
| Other Current Assets | $159M | $133M | $138M | $104M | $91M | $80M | $67M | $68M | $72M | $70M | $83M | $82M | |
| Current Assets | $2.15B | $1.67B | $1.75B | $1.76B | $1.63B | $1.40B | $1.31B | $2.66B | $4.27B | $3.64B | $3.21B | $2.82B | |
| PP&E (Net) | $642M | $651M | $639M | $582M | $548M | $494M | $417M | $343M | $349M | $337M | $333M | $322M | |
| PP&E (Gross) | $1.48B | $1.38B | $1.39B | $1.28B | $1.22B | $1.13B | $988M | $872M | $838M | $769M | $705M | $685M | |
| Accum. Depreciation | $840M | $729M | $752M | $702M | $674M | $634M | $570M | $529M | $489M | $431M | $371M | $363M | |
| Goodwill | $1.34B | $1.30B | $1.31B | $430M | $438M | $444M | $356M | $356M | $360M | $352M | $357M | $355M | |
| Intangibles | $558M | $568M | $629M | $227M | $242M | $259M | $240M | $247M | $228M | $207M | $218M | $230M | |
| Other Non-current Assets | $308M | $296M | $216M | $191M | $153M | $149M | $138M | $119M | $117M | $130M | $147M | $151M | |
| Total Assets | $5.08B | $4.55B | $4.63B | $3.28B | $3.09B | $2.84B | $2.56B | $3.73B | $5.32B | $4.66B | $4.27B | $3.87B | |
| Accounts Payable | $104M | $100M | $85M | $93M | $97M | $72M | $49M | $68M | $65M | $68M | $71M | $66M | |
| Accrued Liabilities | · | · | · | · | · | · | · | $23M | · | · | · | · | |
| Short-term Debt | $460M | $0 | $50M | $50M | $0 | $150M | $100M | $178.0K | · | · | · | · | |
| Current Liabilities | $1.24B | $790M | $790M | $786M | $681M | $805M | $591M | $449M | $606M | $520M | $564M | $580M | |
| Capital Leases | $53M | $50M | $59M | $62M | $60M | $68M | $67M | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | $-18M | |
| Other Non-current Liabilities | $161M | $184M | $138M | $118M | $90M | $98M | $81M | $76M | $63M | $55M | $61M | $56M | |
| Total Liabilities | $2.52B | $2.73B | $3.48B | $2.78B | $2.73B | $2.61B | $2.77B | $2.16B | $3.09B | $2.36B | $2.21B | $1.98B | |
| Long-term Debt | $1.41B | $1.63B | $2.36B | $1.58B | $1.52B | $1.36B | $1.69B | $1.15B | $1.90B | $1.83B | · | · | |
| Total Debt | $1.41B | $1.63B | $2.36B | $1.57B | $1.51B | $1.36B | $1.68B | $1.15B | $1.90B | $1.70B | $1.49B | $1.24B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Retained Earnings | $10.43B | $9.79B | $9.15B | $8.51B | $7.80B | $7.11B | $6.59B | $6.00B | $5.41B | $5.39B | $4.86B | $4.39B | |
| Treasury Stock | $10.16B | $10.15B | $10.13B | $10.06B | $9.44B | $8.79B | $8.61B | $6.15B | $4.81B | $4.48B | $4.15B | $3.82B | |
| AOCI | $-125M | $-155M | $-134M | $-142M | $-112M | $-118M | $-119M | $-118M | $-110M | $-216M | $-147M | $-79M | |
| Stockholders' Equity | $2.56B | $1.83B | $1.15B | $504M | $368M | $232M | $-216M | $1.57B | $2.23B | $2.30B | $2.06B | $1.89B | |
| Liabilities + Equity | $5.08B | $4.55B | $4.63B | $3.28B | $3.09B | $2.84B | $2.56B | $3.73B | $5.32B | $4.66B | $4.27B | $3.87B | |
| Shares Outstanding | 59,549,000 | 59,388,000 | 59,176 | 59,104,000 | 60,728,000 | 62,309,000 | 62,587,000 | 73,115,000 | 79,337,000 | 80,023,000 | 81,472,000 | 83,147,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $54M | $45M | $37M | $43M | $30M | $37M | $39M | $38M | $39M | $41M | $33M | $33M | |
| Deferred Tax | $-15M | $-877.0K | $-1M | $-32M | $17M | $-3M | $10M | $2M | $46M | $1M | $7M | $2M | |
| Amort. of Intangibles | $118M | $105M | $81M | $58M | $60M | $57M | · | · | · | · | · | $48M | |
| Restructuring | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $653M | $762M | $603M | $612M | $747M | $791M | $643M | $604M | $698M | $643M | $573M | $512M | |
| CapEx | $113M | $142M | $161M | · | · | · | · | · | · | · | · | · | |
| Investing Cash Flow | $-152M | $-143M | $-1.44B | $-108M | $-232M | $-264M | $769M | $1.68B | $-536M | $-488M | · | · | |
| Debt Issued | $70M | $170M | $1.45B | $205M | $510M | $315M | $926M | $274.0K | $1.48B | $485M | $325M | $382M | |
| Net Debt Issued | $-220M | $-730M | $780M | $60M | $160M | $-325M | $535M | $-850M | $170M | $160M | $205M | $142M | |
| Stock Repurchased | $15M | $14M | $70M | $626M | $649M | $196M | $2.47B | $1.32B | $333M | $326M | $335M | $337M | |
| Net Stock Activity | $-15M | $-14M | $-70M | $-626M | $-649M | $-196M | $-2.47B | $-1.32B | $-333M | $-326M | $-335M | $-337M | |
| Financing Cash Flow | $-237M | $-697M | $755M | $-510M | $-438M | $-441M | $-1.87B | $-2.12B | $-64M | $-116M | · | · | |
| Net Change in Cash | $262M | $-70M | $-85M | $-21M | $65M | $101M | $-461M | $154M | $137M | $18M | $65M | $-19M | |
| Taxes Paid | $244M | $183M | $243M | $160M | $154M | $98M | $88M | $159M | $71M | $50M | $52M | $61M | |
| Free Cash Flow | $540M | · | · | · | · | · | · | · | · | · | · | · | |
| Levered FCF | $481M | · | · | · | · | · | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | 58.7% | 58.5% | |
| Operating Margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% | 28.7% | 28.8% | 27.8% | 26.0% | |
| Net Margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% | 24.6% | 24.5% | · | · | · | · | |
| Pretax Margin | 23.8% | 25.5% | 24.9% | 28.2% | 28.9% | 25.8% | 28.2% | 28.2% | 27.8% | 27.7% | 26.5% | 24.7% | |
| EBITDA Margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% | 28.7% | 28.8% | 27.8% | 26.0% | |
| ROA | 13.4% | 13.9% | 16.2% | 22.2% | 23.4% | 19.3% | 18.9% | 13.1% | · | · | · | · | |
| ROE | 27.2% | 37.2% | 62.5% | 159.1% | 209.1% | 547.4% | -1175.2% | 34.5% | · | · | · | · | |
| ROIC | 17.2% | 20.2% | 20.3% | 35.5% | 37.5% | 34.7% | 42.2% | 23.7% | 0.51% | 13.6% | 13.8% | 14.5% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 2.1 | 2.2 | 2.2 | 2.4 | 1.7 | 2.2 | 5.9 | 7.0 | 7.0 | 5.7 | 4.9 | |
| Quick Ratio | 1.1 | 1.3 | 1.4 | 1.5 | 1.7 | 1.3 | 1.6 | 5.1 | 6.5 | 6.3 | 5.1 | 4.3 | |
| Debt / Equity | 0.5 | 0.9 | 2.0 | 3.1 | 4.1 | 5.8 | -7.8 | 0.7 | 0.8 | 0.7 | 0.7 | 0.7 | |
| LT Debt / Equity | 0.4 | 0.9 | 2.0 | 3.0 | 4.1 | 5.2 | -7.3 | 0.7 | 0.8 | 0.7 | 0.7 | 0.7 | |
| Interest Coverage | 11.5 | 9.2 | 8.3 | 17.9 | 18.3 | 13.2 | 14.6 | 15.2 | 11.6 | 13.9 | 15.7 | 15.1 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.7 | 0.6 | 0.7 | 0.9 | 0.9 | 0.9 | 0.8 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
| Inventory Turnover | 2.5 | 2.4 | 2.5 | 3.1 | 3.5 | 3.2 | 3.3 | 3.5 | 3.6 | 3.4 | 3.3 | 3.4 | |
| Receivables Turnover | 4.1 | 4.1 | 4.1 | 4.5 | 4.7 | 4.1 | 4.2 | 4.4 | 4.5 | 4.5 | 4.5 | 4.6 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.0% | 0.07% | -0.52% | 6.7% | 17.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.1% | 2.0% | 7.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 0.47% | -1.2% | -7.6% | 5.0% | 33.6% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -2.8% | -1.4% | 9.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 5.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 0.75% | -0.69% | -9.3% | 2.1% | 32.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -3.2% | -2.7% | 7.2% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 4.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B | $2.31B | $2.17B | $2.04B | $1.99B | |
| Net Income TTM | $643M | $638M | $642M | $708M | $693M | $522M | $592M | $594M | $20M | $522M | $295M | $295M | |
| Market Cap | $22.62B | $22M | $19.48B | $20.25B | $22.63B | $15.42B | $14.62B | $13.79B | $15.33B | $10.75B | $10.96B | $9.37B | |
| Enterprise Value | $23.44B | $1.32B | $21.44B | $21.34B | $23.57B | $16.33B | $15.97B | $13.21B | $13.83B | $9.64B | $10.06B | $8.56B | |
| P/E | 35.3 | 34.6 | 30.4 | 29.2 | 33.4 | 29.6 | 26.9 | 24.7 | 772.8 | 21.0 | 23.8 | 22.2 | |
| P/S | 7.1 | 0.0 | 6.6 | 6.8 | 8.1 | 6.5 | 6.1 | 5.7 | 6.6 | 5.0 | 5.4 | 4.7 | |
| P/B | 8.8 | 0.0 | 16.9 | 40.1 | 61.6 | 66.4 | -67.6 | 8.8 | 6.9 | 4.7 | 5.3 | 4.9 | |
| P / Tangible Book | 34.1 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 34.7 | 0.0 | 32.3 | 33.1 | 30.3 | 19.5 | 22.7 | 22.8 | 22.0 | 17.1 | 19.6 | 18.3 | |
| P / FCF | 41.9 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | 29.2 | 1.6 | 26.2 | 24.4 | 28.7 | 25.3 | 22.5 | 17.9 | 20.9 | 15.4 | 17.7 | 16.5 | |
| EV / FCF | 43.4 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 7.4 | 0.4 | 7.3 | 7.2 | 8.5 | 6.9 | 6.6 | 5.5 | 6.0 | 4.4 | 4.9 | 4.3 | |
| Earnings Yield | 2.8% | 2.9% | 3.3% | 3.4% | 3.0% | 3.4% | 3.7% | 4.1% | 0.13% | 4.8% | 4.2% | 4.5% |
Income Statement 17
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | $1.27B | $932M | $800M | $771M | $662M | $873M | $740M | $709M | $637M | $819M | $712M | |
| Cost of Revenue | · | · | $363M | · | · | · | $349M | $302M | $288M | $262M | $318M | $291M | |
| R&D Expense | $122M | $96M | $47M | $54M | $49M | $47M | $47M | $45M | $46M | $45M | $44M | $42M | |
| SG&A Expense | $405M | $387M | $240M | $214M | $198M | $174M | $173M | $169M | $173M | $175M | $180M | $187M | |
| Operating Expenses | $1.73B | $1.31B | $662M | $608M | $583M | $510M | $580M | $529M | $519M | $503M | $555M | $532M | |
| Operating Income | $-86M | $-47M | $271M | $192M | $188M | $152M | $292M | $211M | $189M | $134M | $264M | $179M | |
| Interest Expense | $60M | $48M | $14M | $27M | $15M | $14M | $19M | $21M | $24M | $26M | $31M | $30M | |
| Interest Income | $5M | $6M | $6M | $5M | $5M | $4M | $5M | $4M | $4M | $4M | $5M | $4M | |
| Other Non-op | $0 | $1M | $2M | $-70.0K | $-1M | $1M | $-843.0K | · | · | · | $-557.0K | $328.0K | |
| Pretax Income | $-141M | $-88M | $264M | $170M | $178M | $143M | $277M | $194M | $169M | $115M | $238M | $153M | |
| Income Tax | $-5M | $-16M | $39M | $21M | $31M | $22M | $46M | $32M | $27M | $13M | $21M | $19M | |
| Net Income | $-136M | $-72M | $225M | $149M | $147M | $121M | $231M | · | · | · | $216M | $135M | |
| EPS (Basic) | $-1.39 | $-0.87 | $3.78 | $2.50 | $2.47 | $2.04 | $3.90 | $2.72 | $2.41 | $1.73 | $3.66 | $2.28 | |
| EPS (Diluted) | $-1.39 | $-0.87 | $3.77 | $2.50 | $2.47 | $2.03 | $3.88 | $2.71 | $2.40 | $1.72 | $3.65 | $2.27 | |
| Shares (Basic) | 98,204,000,000 | 82,139,000,000 | 59,546,000 | 59,528,000 | 59,515,000,000 | 59,439,000,000 | 59,386,000 | 59,367,000 | 59,339,000 | 59,232,000 | 15,000 | 59,093,000 | |
| Shares (Diluted) | 98,204,000,000 | 82,139,000,000 | 59,763,000 | 59,622,000 | 59,656,000,000 | 59,711,000,000 | 59,645,000 | 59,504,000 | 59,451,000 | 59,431,000 | 8,000 | 59,225,000 | |
| EBITDA | $-86M | $-47M | · | $192M | $188M | $152M | · | · | · | · | · | $179M |
Balance Sheet 28
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $539M | $462M | $588M | $459M | $367M | $383M | $325M | · | · | · | · | $336M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | $898.0K | |
| Receivables | $1.99B | $1.75B | $829M | $749M | $730M | $713M | $733M | · | · | · | · | $631M | |
| Inventory | $1.38B | $1.50B | $572M | $573M | $541M | $511M | $477M | · | · | · | · | $544M | |
| Other Current Assets | $562M | $353M | $159M | $139M | $144M | $132M | $133M | · | · | · | · | $122M | |
| Current Assets | $4.46B | $4.06B | $2.15B | $1.92B | $1.78B | $1.74B | $1.67B | · | · | · | · | $1.63B | |
| PP&E (Net) | $1.49B | $1.52B | $642M | $637M | $645M | $643M | $651M | · | · | · | $639M | $617M | |
| PP&E (Gross) | · | · | $1.48B | · | · | · | $1.38B | · | · | · | · | · | |
| Accum. Depreciation | · | · | $840M | · | · | · | $729M | · | · | · | · | · | |
| Goodwill | $9.42B | $9.32B | $1.34B | $1.34B | $1.34B | $1.30B | $1.30B | · | · | · | · | $1.31B | |
| Intangibles | $8.52B | $8.78B | $558M | $571M | $579M | $561M | $568M | · | · | · | · | $631M | |
| Other Non-current Assets | $489M | $498M | $308M | $321M | $294M | $270M | $296M | · | · | · | · | $222M | |
| Total Assets | $24.75B | $24.53B | $5.08B | $4.86B | $4.72B | $4.59B | $4.55B | · | · | · | · | $4.50B | |
| Accounts Payable | $863M | $602M | $104M | $116M | $98M | $102M | $100M | · | · | · | · | $80M | |
| Short-term Debt | $200M | $360M | $460M | $460M | $260M | $100M | $0 | · | · | · | · | $50M | |
| Current Liabilities | $2.40B | $2.27B | $1.24B | $1.25B | $1.02B | $961M | $790M | · | · | · | · | $745M | |
| Capital Leases | $317M | $302M | $53M | $50M | $53M | $52M | $50M | · | · | · | · | $60M | |
| Other Non-current Liabilities | $158M | $156M | $198M | $204M | $220M | $182M | $184M | · | · | · | · | $134M | |
| Total Liabilities | $9.56B | $9.24B | $2.52B | $2.53B | $2.56B | $2.63B | $2.73B | · | · | · | · | $3.59B | |
| Long-term Debt | · | · | $1.41B | · | · | · | · | · | · | · | · | · | |
| Total Debt | · | · | · | $1.41B | $1.46B | $1.46B | · | · | · | · | · | $2.51B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | · | · | · | $2M | |
| Retained Earnings | $10.22B | $10.36B | $10.43B | $10.21B | $10.06B | $9.91B | $9.79B | · | · | · | · | $8.93B | |
| Treasury Stock | $10.18B | $10.17B | $10.16B | $10.16B | $10.16B | $10.16B | $10.15B | · | · | · | · | $10.13B | |
| AOCI | $-166M | $-168M | $-125M | $-111M | $-117M | $-150M | $-155M | · | · | · | · | $-146M | |
| Stockholders' Equity | $15.20B | $15.29B | $2.56B | $2.33B | $2.16B | $1.96B | $1.83B | · | · | · | $1.15B | $906M | |
| Liabilities + Equity | $24.75B | $24.53B | $5.08B | $4.86B | $4.72B | $4.59B | $4.55B | · | · | · | · | $4.50B | |
| Shares Outstanding | 98,225,000 | 98,166,000 | 59,549,000 | 59,525,000 | 59,514,000 | 59,498,000 | 59,388,000 | · | · | · | · | 59,116,000 |
Cash Flow 15
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | · | $20M | $15M | $14M | $13M | $13M | $12M | · | · | · | $5M | $8M | |
| Deferred Tax | · | $-1M | $3M | $-19M | $-429.0K | $2M | $1M | · | · | · | $-1M | $7M | |
| Amort. of Intangibles | $266M | $171M | $31M | $30M | $29M | $28M | $26M | · | · | · | $25M | $26M | |
| Restructuring | $49M | · | · | · | $3M | · | · | · | · | · | · | · | |
| Operating Cash Flow | · | $-3M | $165M | $187M | $41M | $260M | $240M | · | · | · | $230M | $158M | |
| CapEx | · | $39M | · | · | $23M | $26M | · | · | · | · | · | · | |
| Investing Cash Flow | · | $95M | $-42M | $-26M | $-58M | $-26M | $-51M | · | · | · | $-38M | $-37M | |
| Debt Issued | · | $3.53B | $0 | $0 | $70M | $0 | $0 | · | · | · | $-1.0K | $1.0K | |
| Net Debt Issued | · | $-170M | · | · | · | $-170M | · | · | · | · | · | · | |
| Stock Repurchased | · | $12M | $144.0K | $214.0K | $375.0K | $14M | $66.0K | · | · | · | $-156.0K | $692.0K | |
| Net Stock Activity | · | $-12M | · | · | · | $-14M | · | · | · | · | · | · | |
| Financing Cash Flow | · | $-213M | $3M | $-66M | $-1M | $-173M | $-194M | · | · | · | $-130M | $-114M | |
| Net Change in Cash | · | $-126M | $129M | $92M | $-16M | $58M | $-5M | · | · | · | $59M | $7M | |
| Free Cash Flow | · | $-42M | · | · | · | · | · | · | · | · | · | · | |
| Levered FCF | · | $-81M | · | · | · | · | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -5.2% | -3.7% | · | 24.0% | 24.4% | 22.9% | · | · | · | · | · | 25.2% | |
| Net Margin | -8.3% | -5.7% | · | 18.6% | 19.1% | 18.3% | · | · | · | · | · | · | |
| Pretax Margin | -8.6% | -7.0% | · | 21.3% | 23.0% | 21.6% | · | · | · | · | · | 21.5% | |
| EBITDA Margin | -5.2% | -3.7% | · | 24.0% | 24.4% | 22.9% | · | · | · | · | · | 25.2% | |
| ROA | · | · | · | 3.2% | 3.2% | 2.7% | · | · | · | · | · | · | |
| ROE | · | · | · | 7.6% | 8.2% | 7.5% | · | · | · | · | · | · | |
| ROIC | · | · | · | 4.5% | 4.3% | 3.8% | · | · | · | · | · | 4.6% |
Liquidity & Solvency 5
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | · | 1.5 | 1.8 | 1.8 | · | · | · | · | · | 2.2 | |
| Quick Ratio | · | · | · | 1.0 | 1.1 | 1.1 | · | · | · | · | · | 1.3 | |
| Debt / Equity | · | · | · | 0.6 | 0.7 | 0.7 | · | · | · | · | · | 2.8 | |
| LT Debt / Equity | · | · | · | 0.4 | 0.6 | 0.7 | · | · | · | · | · | 2.7 | |
| Interest Coverage | -1.4 | -1.0 | · | 7.2 | 13.1 | 10.6 | · | · | · | · | · | 5.9 |
Efficiency 2
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.2 | 0.2 | 0.1 | · | · | · | · | · | 0.2 | |
| Receivables Turnover | · | · | · | 1.1 | 1.2 | 1.0 | · | · | · | · | · | 1.2 |
Valuation (TTM) 10
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.64B | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income TTM | $88M | $345M | · | $579M | $573M | $528M | · | · | · | · | · | · | |
| Market Cap | · | · | · | $17.36B | $20.97B | $21.55B | · | · | · | · | · | $16.21B | |
| Enterprise Value | · | · | · | $18.31B | $22.06B | $22.62B | · | · | · | · | · | $18.38B | |
| P/E | 94.6 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | · | · | · | 7.5 | 9.7 | 11.0 | · | · | · | · | · | 17.9 | |
| P / Tangible Book | · | · | · | 41.2 | 86.4 | 212.0 | · | · | · | · | · | · | |
| P / Cash Flow | · | · | · | · | · | 83.0 | · | · | · | · | · | · | |
| EV / EBITDA | · | · | · | 95.3 | 117.2 | 149.1 | · | · | · | · | · | 102.4 | |
| Earnings Yield | 1.1% | · | · | · | · | · | · | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B |
| Operating Margin % | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% |
| Net Income | $643M | $638M | $642M | $708M | $693M |
| Diluted EPS | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.5 | 0.9 | 2.0 | 3.1 | 4.1 |
| Current Ratio | 1.7 | 2.1 | 2.2 | 2.2 | 2.4 |
| Quick Ratio | 1.1 | 1.3 | 1.4 | 1.5 | 1.7 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $540M | — | — | — | — |
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Institutional owners (13F) 1,249 filers · $20.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 151 (-327 vs prior Q) | 127 (+49 vs prior Q) | 335 (-205 vs prior Q) | 464 (+341 vs prior Q) | +188K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $2,406,088,623 | 6,415,552 | 11.99% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,777,886,121 | 4,740,524 | 8.86% | Shares |
| STATE STREET CORP | $1,643,428,280 | 4,382,008 | 8.19% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $864,051,704 | 2,314,307 | 4.30% | Shares |
| Fundsmith LLP | $852,702,945 | 2,273,632 | 4.25% | Shares |
| ALLIANCEBERNSTEIN L.P. | $802,448,902 | 2,694,590 | 4.00% | Shares |
| VIKING GLOBAL INVESTORS LP | $623,368,986 | 1,662,140 | 3.11% | Shares |
| Mawer Investment Management Ltd. | $456,403,803 | 1,216,947 | 2.27% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $422,450,307 | 1,126,414 | 2.10% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $399,242,831 | 1,064,534 | 1.99% | Shares |
| MILLENNIUM MANAGEMENT LLC | $335,533,286 | 894,660 | 1.67% | Shares |
| Veritas Asset Management LLP | $319,393,065 | 851,624 | 1.59% | Shares |
| Holocene Advisors, LP | $317,949,161 | 847,774 | 1.58% | Shares |
| FUNDSMITH INVESTMENT SERVICES LTD. | $314,195,011 | 837,764 | 1.57% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $257,000,457 | 685,261 | 1.28% | Shares |
| FMR LLC | $230,312,148 | 614,100 | 1.15% | Shares |
| NEUBERGER BERMAN GROUP LLC | $229,481,029 | 612,425 | 1.14% | Shares |
| Artisan Partners Limited Partnership | $210,304,687 | 560,753 | 1.05% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $206,796,306 | 551,398 | 1.03% | Shares |
| Focus Partners Wealth | $182,115,551 | 485,602 | 0.91% | Shares |
| Findlay Park Partners LLP | $169,489,952 | 451,925 | 0.84% | Shares |
| Point72 Asset Management, L.P. | $166,602,144 | 444,225 | 0.83% | Shares |
| BECK MACK & OLIVER LLC | $162,823,241 | 434,149 | 0.81% | Shares |
| Liontrust Investment Partners LLP | $134,631,484 | 358,979 | 0.67% | Shares |
| Capital Research Global Investors | $134,338,578 | 358,198 | 0.67% | Shares |
| VANGUARD GROUP INC | $128,188,067 | 337,488 | 0.64% | Shares |
| LONDON CO OF VIRGINIA | $127,804,091 | 340,771 | 0.64% | Shares |
| AMERIPRISE FINANCIAL INC | $125,737,450 | 335,250 | 0.63% | Shares |
| BANK OF AMERICA CORP /DE/ | $125,686,780 | 335,129 | 0.63% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $108,818,148 | 290,639 | 0.54% | Shares |
| TD Asset Management Inc | $107,799,997 | 287,436 | 0.54% | Shares |
| BlackRock, Inc. | $106,209,078 | 283,194 | 0.53% | Shares |
| Madison Asset Management, LLC | $104,957,082 | 279,856 | 0.52% | Shares |
| Madison Investment Advisors, LLC | $104,644,665 | 282,076 | 0.52% | Shares |
| Swiss National Bank | $104,011,343 | 277,334 | 0.52% | Shares |
| FIRST TRUST ADVISORS LP | $102,187,282 | 272,470 | 0.51% | Shares |
| First Pacific Advisors, LP | $100,572,227 | 268,164 | 0.50% | Shares |
| Legal & General Group Plc | $95,586,446 | 254,870 | 0.48% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $89,864,460 | 239,613 | 0.45% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $88,189,531 | 235,147 | 0.44% | Shares |
| GOLDMAN SACHS GROUP INC | $85,859,032 | 228,933 | 0.43% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $80,312,941 | 214,145 | 0.40% | Shares |
| Vanguard Global Advisers, LLC | $79,459,725 | 211,870 | 0.40% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $78,585,197 | 209,540 | 0.39% | Shares |
| LPL Financial LLC | $74,886,660 | 199,677 | 0.37% | Shares |
| XN LP | $72,437,476 | 193,146 | 0.36% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $71,528,161 | 190,721 | 0.36% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $70,996,947 | 189,305 | 0.35% | Shares |
| NORGES BANK | $70,632,783 | 188,334 | 0.35% | Shares |
| Newport Trust Company, LLC | $68,528,059 | 182,722 | 0.34% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $66,507,343 | 177,334 | 0.33% | Shares |
| Clearbridge Investments, LLC | $64,089,411 | 170,887 | 0.32% | Shares |
| AMERICAN CENTURY COMPANIES INC | $63,559,902 | 169,474 | 0.32% | Shares |
| National Pension Service | $63,306,377 | 168,799 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $63,295,838 | 168,771 | 0.32% | Shares |
| TUDOR INVESTMENT CORP ET AL | $62,406,656 | 166,400 | 0.31% | Call option |
| WELLS FARGO & COMPANY/MN | $62,369,152 | 166,300 | 0.31% | Put option |
| COOKE & BIELER LP | $60,879,868 | 162,329 | 0.30% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $60,801,485 | 162,120 | 0.30% | Shares |
| Robeco Schweiz AG | $57,079,213 | 152,195 | 0.28% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $54,214,282 | 144,556 | 0.27% | Shares |
| Balyasny Asset Management L.P. | $51,921,663 | 138,443 | 0.26% | Shares |
| MILFORD FUNDS LTD | $50,794,292 | 135,437 | 0.25% | Shares |
| California Public Employees Retirement System | $49,868,694 | 132,969 | 0.25% | Shares |
| Assenagon Asset Management S.A. | $48,796,079 | 130,109 | 0.24% | Shares |
| D. E. Shaw & Co., Inc. | $48,033,623 | 128,076 | 0.24% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $45,878,770 | 154,059 | 0.23% | Shares |
| LGT Group Foundation | $44,690,141 | 119,161 | 0.22% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $44,506,226 | 82,215 | 0.22% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $42,137,832 | 112,356 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $41,782,081 | 111,407 | 0.21% | Shares |
| Iron Triangle Partners LP | $39,945,582 | 105,167 | 0.20% | Shares |
| Empyrean Capital Partners, LP | $39,566,720 | 105,500 | 0.20% | Shares |
| BARCLAYS PLC | $39,454,582 | 105,201 | 0.20% | Shares |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI | $39,201,056 | 104,525 | 0.20% | Shares |
| ROYAL BANK OF CANADA | $38,984,000 | 103,945 | 0.19% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $38,197,739 | 101,873 | 0.19% | Shares |
| Meridiem Capital Partners LP | $37,226,470 | 99,260 | 0.19% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $34,036,005 | 90,753 | 0.17% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $32,797,289 | 87,450 | 0.16% | Shares |
| AVIVA PLC | $31,998,413 | 85,320 | 0.16% | Shares |
| Champlain Investment Partners, LLC | $31,668,378 | 84,440 | 0.16% | Shares |
| Quantinno Capital Management LP | $31,530,780 | 84,073 | 0.16% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $31,342,468 | 83,571 | 0.16% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $31,266,335 | 83,368 | 0.16% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $31,177,989 | 83,132 | 0.16% | Shares |
| Smith Group Asset Management, LLC | $31,174,450 | 83,123 | 0.16% | Shares |
| BOSTON FINANCIAL MANGEMENT LLC | $31,053,623 | 83,707 | 0.15% | Shares |
| STRS OHIO | $30,299,482 | 80,790 | 0.15% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $29,351,721 | 80,242 | 0.15% | Shares |
| RAYMOND JAMES FINANCIAL INC | $28,261,899 | 75,357 | 0.14% | Shares |
| ARMISTICE CAPITAL, LLC | $28,129,500 | 75,004 | 0.14% | Shares |
| Swedbank AB | $26,517,579 | 70,706 | 0.13% | Shares |
| Investment Management Corp of Ontario | $25,599,105 | 68,257 | 0.13% | Shares |
| Boston Trust Walden Corp | $25,264,570 | 67,365 | 0.13% | Shares |
| Rivermont Capital Management LP | $24,552,744 | 65,467 | 0.12% | Shares |
| Gotham Asset Management, LLC | $24,543,745 | 65,443 | 0.12% | Shares |
| Ensign Peak Advisors, Inc | $24,326,970 | 64,865 | 0.12% | Shares |
| Sone Capital Management, LLC | $22,767,178 | 60,706 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $22,677,919 | 60,468 | 0.11% | Shares |
Company insiders 48 insiders · 23 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Udit Batra | President and CEO | March 2, 2026 F | 33,140 | 0 | 0 | $0 |
| Christopher J Oconnell | CEO and President | July 31, 2020 M | 27,595 | 0 | 0 | $0 |
| Amol Chaubal | SVP & Chief Financial Officer | May 12, 2026 F | 7,623 | 0 | 0 | $0 |
| Sherry Buck | SVP and CFO | Oct. 30, 2020 M | 3,720 | 0 | 0 | $0 |
| John A Ornell | CFO | Dec. 6, 2013 A | 5,550 | 0 | 0 | $0 |
| Robert L Carpio III | SVP Waters Analytical Sciences | June 24, 2026 F | 3,426 | 0 | 0 | $0 |
| Jianqing Bennett | SVP Waters Adv. Diagnostics | April 6, 2026 F | 6,532 | 0 | 0 | $0 |
| Jonathan M Pratt | SVP Waters Division | Oct. 10, 2023 F | 3,887 | 0 | 0 | $0 |
| Michael F Silveira | VP, Corporate Controller | May 3, 2022 F | 3,288 | 0 | 0 | $0 |
| Keeley A Aleman | SVP General Counsel & Corp Sec | March 9, 2022 A | 201 | 0 | 0 | $0 |
| Daniel J. Welch | SVP Global Operations | Feb. 23, 2022 F | 2,847 | 0 | 0 | $0 |
| Belinda Hyde | SVP, Global Human Resources | Feb. 17, 2022 A | 1,223 | 0 | 0 | $0 |
| Ian King | SVP, Global Products | March 1, 2021 F | 5,529 | 0 | 0 | $0 |
| Elizabeth B Rae | SVP, Global HR | Aug. 20, 2020 M | 6,692 | 0 | 0 | $0 |
| Mark T Beaudouin | SVP and General Counsel | Nov. 15, 2019 S | 4,090 | 0 | 0 | $0 |
| Terrence P Kelly | SVP, President TA Instruments | March 11, 2019 G | 0 | 0 | 0 | $0 |
| David Terricciano | SVP, Global Operations | Feb. 28, 2018 M | 3,173 | 0 | 0 | $0 |
| Eugene G Cassis | SVP | Feb. 14, 2018 S | 5,905 | 0 | 0 | $0 |
| Rohit Khanna | SVP, Applied Technology | Dec. 29, 2017 F | 2,160 | 0 | 0 | $0 |
| Arthur G Caputo | EVP and President, Waters Div | Dec. 6, 2016 F | 85,217 | 0 | 0 | $0 |
| William Curry | VP, CORP CONT & PRIN ACCT OFF | June 12, 2013 D | 0 | 0 | 0 | $0 |
| Brian K Mazar | SVP | Dec. 14, 2005 G | 244,484 | 0 | 0 | $0 |
| John R Nelson | EVP | Oct. 29, 2004 G | 62,800 | 0 | 0 | $0 |
| Heather Knight | Director | June 30, 2026 A | 1,281 | 0 | 0 | $0 |
| Wei Jiang | Director | June 30, 2026 A | 3,573 | 1 | 0 | $144,730 |
| Richard H Fearon | Director | March 6, 2026 P | 3,302 | 1 | 0 | $306,340 |
| Pearl S Huang | Director | Feb. 25, 2026 A | 3,276 | 0 | 0 | $0 |
| Flemming Ornskov | Director | Feb. 25, 2026 A | 5,271 | 0 | 0 | $0 |
| Daniel J. Brennan | Director | Feb. 25, 2026 A | 1,355 | 0 | 0 | $0 |
| Mark Vergnano | Director | Feb. 25, 2026 A | 4,540 | 0 | 0 | $0 |
| Claire Fraser | Director | Feb. 25, 2026 A | 489 | 0 | 0 | $0 |
| Linda Baddour | Director | Feb. 25, 2026 A | 2,899 | 0 | 0 | $0 |
| Edward Conard | Director | March 31, 2023 A | 74,542 | 0 | 0 | $0 |
| Gary E Hendrickson | Director | May 5, 2022 M | 2,283 | 0 | 0 | $0 |
| John M Ballbach | Director | Jan. 3, 2022 A | 379 | 0 | 0 | $0 |
| Thomas P Salice | Director | Dec. 31, 2021 A | 56,774 | 0 | 0 | $0 |
| Michael J Berendt | Director | Aug. 13, 2021 S | 16,449 | 0 | 0 | $0 |
| Joann A Reed | Director | March 5, 2021 M | 39,685 | 0 | 0 | $0 |
| Laurie H Glimeher | Director | Jan. 2, 2020 A | 4,067 | 0 | 0 | $0 |
| William J Miller | Director | Dec. 5, 2017 M | 22,349 | 0 | 0 | $0 |
| BERTHIAUME DOUGLAS A | Director | Nov. 3, 2017 G | 2,144,365 | 0 | 0 | $0 |
| Joshua Bekenstein | Director | Jan. 3, 2017 A | 60,349 | 0 | 0 | $0 |
| CALDWELL PHILIP | Director | April 25, 2005 A | 2,000 | 0 | 0 | $0 |
| Christopher A Kuebler | — | Aug. 6, 2026 M | 17,808 | 0 | 1 | $-1,442,930 |
| Robert G Carson | — | March 1, 2021 F | 1,228 | 0 | 0 | $0 |
| Michael C Harrington | — | March 1, 2021 F | 2,660 | 0 | 0 | $0 |
| Francis Kim | — | March 2, 2020 F | 2,533 | 0 | 0 | $0 |
| Laurie H Glimcher MD | — | Jan. 31, 2005 M | 2,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 174 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PHO · Invesco Exchange-Traded Fund Trust | 7.09% | 356,300 SH | Aug. 19, 2026 | Daily |
| PIO · Invesco Exchange-Traded Fund Trust … | 4.14% | 27,836 SH | Aug. 19, 2026 | Daily |
| TMFM · RBB Fund, Inc. | 3.86% | 11,732 NS | May 31, 2026 | N-PORT |
| EQTY · Valued Advisers Trust | 3.39% | 143,738 NS | April 30, 2026 | N-PORT |
| POWA · Invesco Exchange-Traded Self-Indexe… | 2.22% | 9,910 SH | Aug. 19, 2026 | Daily |
| TOLL · Tema ETF Trust | 2.11% | 2,696 NS | May 31, 2026 | N-PORT |
| TMFG · RBB Fund, Inc. | 2.00% | 18,580 NS | May 31, 2026 | N-PORT |
| NUMG · Nushares ETF Trust | 1.73% | 19,754 NS | April 30, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.65% | 32,565 SH | Aug. 19, 2026 | Daily |
| MMID · MFS Active Exchange Traded Funds Tr… | 1.51% | 1,344 NS | May 31, 2026 | N-PORT |
| PSET · Principal Exchange-Traded Funds | 1.38% | 1,058 NS | June 30, 2026 | N-PORT |
| MFSG · MFS Active Exchange Traded Funds Tr… | 1.31% | 11,739 NS | May 31, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 0.90% | 25,416 NS | April 30, 2026 | N-PORT |
| FPAG · Investment Managers Series Trust III | 0.86% | 12,424 NS | June 30, 2026 | N-PORT |
| LCLG · Advisors Series Trust | 0.85% | 2,785 NS | April 30, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.81% | 752,232 SH | Aug. 19, 2026 | Daily |
| FEGE · RBB Fund Trust | 0.73% | 36,783 NS | May 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.62% | 57,912 SH | Aug. 19, 2026 | Daily |
| LRGC · AB Active ETFs, Inc. | 0.60% | 19,688 NS | May 31, 2026 | N-PORT |
| RXL · ProShares Trust | 0.54% | 1,024 NS | May 31, 2026 | N-PORT |
| ANEW · ProShares Trust | 0.54% | 109 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.54% | 295,648 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.49% | 45,335 NS | April 30, 2026 | N-PORT |
| IXJ · iShares Trust | 0.48% | 51,477 SH | Aug. 19, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.48% | 594,000 | Aug. 19, 2026 | Daily |
| CURE · Direxion Shares ETF Trust | 0.44% | 1,957 NS | April 30, 2026 | N-PORT |
| EGUS · iShares Trust | 0.43% | 299 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.38% | 147,590 SH | Aug. 19, 2026 | Daily |
| IMCG · iShares Trust | 0.37% | 37,674 SH | Aug. 19, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.36% | 2,127,871 SH | Aug. 19, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.34% | 3,571 NS | May 31, 2026 | N-PORT |
| PEXL · Pacer Funds Trust | 0.28% | 417 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.28% | 400,288 SH | Aug. 19, 2026 | Daily |
| SUSA · iShares Trust | 0.27% | 27,953 SH | Aug. 19, 2026 | Daily |
| IMCB · iShares Trust | 0.27% | 11,354 SH | Aug. 19, 2026 | Daily |
| EVUS · iShares Trust | 0.25% | 2,355 SH | Aug. 19, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 3,398 NS | April 30, 2026 | N-PORT |
| XT · iShares Trust | 0.23% | 22,289 SH | Aug. 19, 2026 | Daily |
| SIZE · iShares Trust | 0.22% | 2,380 SH | Aug. 19, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.21% | 9,906 NS | May 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.21% | 10,314 SH | Aug. 19, 2026 | Daily |
| XOEF · iShares Trust | 0.21% | 122 SH | Aug. 19, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 514,098 SH | Aug. 19, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 24,288 NS | April 30, 2026 | N-PORT |
| JSTC · Tidal Trust I | 0.18% | 1,582 NS | May 31, 2026 | N-PORT |
| CRTC · DBX ETF Trust | 0.18% | 596 NS | May 31, 2026 | N-PORT |
| NBCR · Neuberger Berman ETF Trust | 0.17% | 3,881 NS | May 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.16% | 4,808 SH | Aug. 19, 2026 | Daily |
| USXF · iShares Trust | 0.15% | 5,744 SH | Aug. 19, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.15% | 2,381 NS | April 30, 2026 | N-PORT |