WAT Waters Corporation Common Stock
NYSE · Life Sciences Tools & Services · View on SEC EDGAR ↗ close Oct 5, 2026 10-K/10-Q Aug 11, 2026WAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Aug. 28, 2000 | 2-for-1 | Forward |
| June 11, 1999 | 2-for-1 | Forward |
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.
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 ↗
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?
| Metric | 5Y trend | WAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 40.95Y avg ≈32.6 | ≈32.6 | 31.1 | Overvalued | |
| P/S | 8.35Y avg ≈5.7 | ≈5.7 | 5.4 | Overvalued | |
| P/B | 10.25Y avg ≈25.5 | ≈25.5 | 6.9 | Overvalued | |
| EV / EBITDA | 33.75Y avg ≈22.0 | ≈22.0 | 24.2 | Overvalued | |
| Price / FCF | 48.6 | · | · | · | |
| Price / Cash Flow | 40.25Y avg ≈26.1 | ≈26.1 | 25.7 | Overvalued | |
| EV / Revenue | 8.55Y avg ≈6.1 | ≈6.1 | · | · | |
| EV / FCF | 50.1 | · | · | · | |
| Price / Tangible Book | 39.5 | · | · | · | |
| PEG Ratio | ≈7.9 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | WAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 7.1%5Y avg ≈28.0% | ≈28.0% | 18.0% | Weak | |
| EBITDA Margin | 25.4%5Y avg ≈28.0% | ≈28.0% | 18.6% | Weak | |
| Pretax Margin (TTM) | 4.4%5Y avg ≈26.3% | ≈26.3% | 18.9% | Weak | |
| Net Profit Margin | 20.3%5Y avg ≈22.5% | ≈22.5% | 15.8% | Weak | |
| ROA | 13.4%5Y avg ≈17.8% | ≈17.8% | 11.5% | Top tier | |
| ROE | 27.2%5Y avg ≈99.0% | ≈99.0% | 18.4% | Top tier | |
| ROIC | 17.2%5Y avg ≈26.2% | ≈26.2% | 13.8% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | WAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.55Y avg ≈2.1 | ≈2.1 | 0.2 | High debt | |
| Current Ratio | 1.75Y avg ≈2.1 | ≈2.1 | 1.6 | In line | |
| Quick Ratio | 1.15Y avg ≈1.4 | ≈1.4 | 0.7 | Strong liquidity | |
| Long-Term Debt / Equity | 0.45Y avg ≈2.1 | ≈2.1 | 0.5 | Low debt | |
| Interest Coverage | 11.55Y avg ≈13.0 | ≈13.0 | 8.3 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | WAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 7.0%5Y avg ≈6.2% | ≈6.2% | · | · | |
| Revenue CAGR 3Y | 2.1%5Y avg ≈4.0% | ≈4.0% | · | · | |
| Revenue CAGR 5Y | 6.0% | · | · | · | |
| EPS YoY | 0.47%5Y avg ≈6.1% | ≈6.1% | · | · | |
| Net Income YoY | 0.75%5Y avg ≈5.2% | ≈5.2% | · | · | |
| EPS CAGR 3Y | -2.8%5Y avg ≈1.6% | ≈1.6% | · | · | |
| EPS CAGR 5Y | 5.2% | · | · | · | |
| Net Income CAGR 3Y | -3.2%5Y avg ≈0.43% | ≈0.43% | · | · | |
| Net Income CAGR 5Y | 4.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | WAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.75Y avg ≈0.8 | ≈0.8 | 0.6 | In line | |
| Inventory Turnover | 2.55Y avg ≈2.8 | ≈2.8 | 3.3 | Weak | |
| Receivables Turnover | 4.15Y avg ≈4.3 | ≈4.3 | 5.5 | Weak | |
| Revenue / Employee | ≈$197.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 3, 2026 | $3.05 | $3.04 | 0.44% |
| March 31, 2026 | May 12, 2026 | $2.70 | $2.36 | 14.4% |
| Dec. 31, 2025 | $4.53 | $4.55 | -0.49% | |
| Sept. 30, 2025 | $3.40 | $3.24 | 5.1% | |
| June 30, 2025 | $2.95 | $2.97 | -0.79% | |
| March 31, 2025 | $2.25 | $2.24 | 0.35% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| 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
| 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
| 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
| 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
| 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
| 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 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $43.01 | $30789.17 | $19.44 | $8.54 | $6.05 | $3.73 | $-3.46 | $21.44 | $28.16 | $28.77 | $25.27 | $22.79 | |
| Revenue / Share | $53.01 | $49.68 | $49.88 | $49.26 | $44.91 | $37.90 | $35.30 | $31.18 | $28.65 | $26.62 | $24.58 | $23.36 | |
| Cash Flow / Share | $10.93 | $12.80 | $10.17 | $10.14 | $12.05 | $12.67 | $9.43 | $7.79 | $8.66 | $7.73 | $6.74 | $6.01 | |
| Cash / Share | $9.87 | $5462.74 | $6.68 | $8.13 | $8.25 | $7.01 | $5.36 | $10.89 | $8.10 | $6.32 | $5.99 | $5.08 | |
| EPS (TTM) | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 | $8.36 | $8.69 | $7.65 | $0.25 | $6.41 | $5.65 | $5.07 |
Growth Rates
| 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)
| 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
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | $1.27B | $932M | $800M | $771M | $662M | $873M | $740M | $709M | $637M | |
| Cost of Revenue | · | · | $363M | $328M | $321M | $277M | $349M | $302M | $288M | $262M | |
| R&D Expense | $122M | $96M | $47M | $54M | $49M | $47M | $47M | $45M | $46M | $45M | |
| SG&A Expense | $405M | $387M | $240M | $214M | $201M | $175M | $173M | $169M | $173M | $175M | |
| Operating Expenses | $1.73B | $1.31B | $662M | $608M | $583M | $510M | $580M | $529M | $519M | $503M | |
| Operating Income | $-86M | $-47M | $271M | $192M | $188M | $152M | $292M | $211M | $189M | $134M | |
| Interest Expense | $60M | $48M | $14M | $27M | $14M | $14M | $19M | $21M | $24M | $26M | |
| Interest Income | $5M | $6M | $6M | $5M | $5M | $4M | $5M | $4M | $4M | $4M | |
| Other Non-op | $0 | $1M | $2M | · | · | · | $-843.0K | · | · | · | |
| Pretax Income | $-141M | $-88M | $264M | $170M | $178M | $143M | $277M | $194M | $169M | $115M | |
| Income Tax | $-5M | $-16M | $39M | $21M | $31M | $22M | $46M | $32M | $27M | $13M | |
| Net Income | $-136M | $-72M | $225M | · | · | · | $231M | · | · | · | |
| EPS (Basic) | $-1.39 | $-0.87 | $3.78 | $2.50 | $2.47 | $2.04 | $3.90 | $2.72 | $2.41 | $1.73 | |
| EPS (Diluted) | $-1.39 | $-0.87 | $3.77 | $2.50 | $2.47 | $2.03 | $3.88 | $2.71 | $2.40 | $1.72 | |
| Shares (Basic) | 98,204,000,000 | 82,139,000,000 | 59,546,000 | 59,528,000 | 59,515,000 | 59,439,000 | 59,386,000 | 59,367,000 | 59,339,000 | 59,232,000 | |
| Shares (Diluted) | 98,204,000,000 | 82,139,000,000 | 59,763,000 | 59,622,000 | 59,656,000 | 59,711,000 | 59,645,000 | 59,504,000 | 59,451,000 | 59,431,000 | |
| EBITDA | $-86M | $-47M | · | · | · | · | · | · | · | · |
Balance Sheet
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $539M | $462M | $588M | · | · | · | $325M | · | · | · | |
| Receivables | $1.99B | $1.75B | $829M | · | · | · | $733M | · | · | · | |
| Inventory | $1.38B | $1.50B | $572M | · | · | · | $477M | · | · | · | |
| Other Current Assets | $562M | $353M | $159M | · | · | · | $133M | · | · | · | |
| Current Assets | $4.46B | $4.06B | $2.15B | · | · | · | $1.67B | · | · | · | |
| PP&E (Net) | $1.49B | $1.52B | $642M | · | · | · | $651M | · | · | · | |
| PP&E (Gross) | · | · | $1.48B | · | · | · | $1.38B | · | · | · | |
| Accum. Depreciation | · | · | $840M | · | · | · | $729M | · | · | · | |
| Goodwill | $9.42B | $9.32B | $1.34B | · | · | · | $1.30B | · | · | · | |
| Intangibles | $8.52B | $8.78B | $558M | · | · | · | $568M | · | · | · | |
| Other Non-current Assets | $489M | $498M | $308M | · | · | · | $296M | · | · | · | |
| Total Assets | $24.75B | $24.53B | $5.08B | · | · | · | $4.55B | · | · | · | |
| Accounts Payable | $863M | $602M | $104M | · | · | · | $100M | · | · | · | |
| Short-term Debt | $200M | $360M | $460M | · | · | · | $0 | · | · | · | |
| Current Liabilities | $2.40B | $2.27B | $1.24B | · | · | · | $790M | · | · | · | |
| Capital Leases | $317M | $302M | $53M | · | · | · | $50M | · | · | · | |
| Other Non-current Liabilities | $158M | $156M | $198M | · | · | · | $184M | · | · | · | |
| Total Liabilities | $9.56B | $9.24B | $2.52B | · | · | · | $2.73B | · | · | · | |
| Long-term Debt | · | · | $1.41B | · | · | · | · | · | · | · | |
| Common Stock | $2M | $2M | $2M | · | · | · | $2M | · | · | · | |
| Retained Earnings | $10.22B | $10.36B | $10.43B | · | · | · | $9.79B | · | · | · | |
| Treasury Stock | $10.18B | $10.17B | $10.16B | · | · | · | $10.15B | · | · | · | |
| AOCI | $-166M | $-168M | $-125M | · | · | · | $-155M | · | · | · | |
| Stockholders' Equity | $15.20B | $15.29B | $2.56B | · | · | · | $1.83B | · | · | · | |
| Liabilities + Equity | $24.75B | $24.53B | $5.08B | · | · | · | $4.55B | · | · | · | |
| Shares Outstanding | 98,225,000 | 98,166,000 | 59,549,000 | · | · | · | 59,388,000 | · | · | · |
Cash Flow
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | · | $20M | $15M | · | · | · | $12M | · | · | · | |
| Deferred Tax | · | $-1M | $3M | · | · | · | $1M | · | · | · | |
| Amort. of Intangibles | $266M | $171M | $31M | · | · | · | $26M | · | · | · | |
| Restructuring | $49M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | · | $-3M | $165M | · | · | · | $240M | · | · | · | |
| CapEx | · | $39M | · | · | · | · | · | · | · | · | |
| Investing Cash Flow | · | $95M | $-42M | · | · | · | $-51M | · | · | · | |
| Debt Issued | · | $3.53B | $0 | · | · | · | $0 | · | · | · | |
| Net Debt Issued | · | $-170M | · | · | · | · | · | · | · | · | |
| Stock Repurchased | · | $12M | $144.0K | · | · | · | $66.0K | · | · | · | |
| Net Stock Activity | · | $-12M | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | · | $-213M | $3M | · | · | · | $-194M | · | · | · | |
| Net Change in Cash | · | $-126M | $129M | · | · | · | $-5M | · | · | · | |
| Free Cash Flow | · | $-42M | · | · | · | · | · | · | · | · | |
| Levered FCF | · | $-81M | · | · | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -5.2% | -3.7% | · | · | · | · | · | · | · | · | |
| Net Margin | -8.3% | -5.7% | · | · | · | · | · | · | · | · | |
| Pretax Margin | -8.6% | -7.0% | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -5.2% | -3.7% | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | -1.4 | -1.0 | · | · | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $0.02 | $0.02 | · | · | · | · | · | · | · | · | |
| Cash Flow / Share | · | $0.00 | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $4.01 | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q3 2026 | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.64B | · | · | · | · | · | · | · | · | · | |
| Net Income TTM | $166M | $449M | · | $648M | $661M | $657M | · | $623M | $596M | · | |
| P/E | 94.6 | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 1.1% | · | · | · | · | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 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 |
| Metric | 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 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $540M | · | · | · | · |
Institutional owners (13F) 1,238 filers · $37.4B total · As of Sept. 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 |
|---|---|---|---|---|
| 152 (-327 vs prior Q) | 129 (+50 vs prior Q) | 346 (-213 vs prior Q) | 478 (+371 vs prior Q) | +3.4M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $3,182,191,259 | 8,484,939 | 8.51% | Shares |
| VANGUARD GROUP INC | $2,837,305,792 | 7,469,936 | 7.59% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $2,526,510,262 | 4,625,035 | 6.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,406,088,623 | 6,415,552 | 6.43% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,777,886,121 | 4,740,524 | 4.75% | Shares |
| STATE STREET CORP | $1,643,428,280 | 4,382,008 | 4.39% | Shares |
| Invesco Ltd. | $1,310,489,770 | 3,494,267 | 3.50% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $984,754,202 | 2,636,146 | 2.63% | Shares |
| Fundsmith LLP | $852,702,945 | 2,273,632 | 2.28% | Shares |
| ALLIANCEBERNSTEIN L.P. | $802,448,902 | 2,694,590 | 2.15% | Shares |
| JPMORGAN CHASE & CO | $796,166,229 | 2,158,391 | 2.13% | Shares |
| VIKING GLOBAL INVESTORS LP | $623,368,986 | 1,662,140 | 1.67% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $514,986,178 | 1,373,150 | 1.38% | Shares |
| First Eagle Investment Management, LLC | $500,718,821 | 1,335,108 | 1.34% | Shares |
| JANUS HENDERSON GROUP PLC | $488,027,923 | 1,638,772 | 1.31% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $474,135,320 | 1,264,226 | 1.27% | Shares |
| Mawer Investment Management Ltd. | $456,403,803 | 1,216,947 | 1.22% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $417,842,492 | 1,114,092 | 1.12% | Shares |
| MORGAN STANLEY | $411,533,113 | 1,097,302 | 1.10% | Shares |
| NORTHERN TRUST CORP | $387,313,559 | 1,032,726 | 1.04% | Shares |
| D. E. Shaw & Co., Inc. | $355,777,571 | 948,639 | 0.95% | Shares |
| FMR LLC | $346,815,184 | 924,742 | 0.93% | Shares |
| MILLENNIUM MANAGEMENT LLC | $335,533,286 | 894,660 | 0.90% | Shares |
| Veritas Asset Management LLP | $319,393,065 | 851,624 | 0.85% | Shares |
| Holocene Advisors, LP | $317,949,161 | 847,774 | 0.85% | Shares |
| BANK OF AMERICA CORP /DE/ | $314,880,434 | 839,592 | 0.84% | Shares |
| FUNDSMITH INVESTMENT SERVICES LTD. | $314,195,011 | 837,764 | 0.84% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $306,224,660 | 816,512 | 0.82% | Shares |
| FRANKLIN RESOURCES INC | $303,534,347 | 809,339 | 0.81% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $300,389,705 | 801,084 | 0.80% | Shares |
| Allspring Global Investments Holdings, LLC | $292,988,737 | 774,836 | 0.78% | Shares |
| UBS Group AG | $260,596,918 | 694,851 | 0.70% | Shares |
| Legal & General Group Plc | $258,833,111 | 690,148 | 0.69% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $244,687,088 | 653,967 | 0.65% | Shares |
| NEUBERGER BERMAN GROUP LLC | $239,367,458 | 638,786 | 0.64% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $236,628,604 | 794,589 | 0.63% | Shares |
| GOLDMAN SACHS GROUP INC | $219,118,434 | 584,254 | 0.59% | Shares |
| MARSHALL WACE, LLP | $218,022,754 | 581,332 | 0.58% | Shares |
| Artisan Partners Limited Partnership | $210,304,687 | 560,753 | 0.56% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $206,796,306 | 551,398 | 0.55% | Shares |
| Bank of New York Mellon Corp | $188,725,344 | 503,214 | 0.50% | Shares |
| Focus Partners Wealth | $182,115,551 | 485,602 | 0.49% | Shares |
| Amundi | $174,206,455 | 464,501 | 0.47% | Shares |
| Findlay Park Partners LLP | $169,489,952 | 451,925 | 0.45% | Shares |
| Point72 Asset Management, L.P. | $166,602,144 | 444,225 | 0.45% | Shares |
| AMERIPRISE FINANCIAL INC | $163,665,532 | 436,388 | 0.44% | Shares |
| BECK MACK & OLIVER LLC | $162,823,241 | 434,149 | 0.44% | Shares |
| DEUTSCHE BANK AG\ | $156,335,424 | 416,850 | 0.42% | Shares |
| HSBC HOLDINGS PLC | $148,918,920 | 397,310 | 0.40% | Shares |
| Liontrust Investment Partners LLP | $134,631,484 | 358,979 | 0.36% | 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 | Sept. 30, 2026 A | 1,338 | 0 | 0 | $0 |
| Wei Jiang | Director | Sept. 30, 2026 A | 3,630 | 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 111 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 | 7.28% | 323,452 SH | Oct. 2, 2026 | Daily |
| PIO · Invesco Exchange-Traded Fund Trust … | 4.26% | 25,954 SH | Oct. 2, 2026 | Daily |
| EQTY · Valued Advisers Trust | 3.73% | 140,842 NS | July 31, 2026 | N-PORT |
| NUMG · Nushares ETF Trust | 2.17% | 20,146 NS | July 31, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.74% | 35,574 SH | Oct. 2, 2026 | Daily |
| LCLG · Advisors Series Trust | 0.98% | 2,812 NS | July 31, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.81% | 752,232 SH | Aug. 19, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.78% | 5,002 NS | July 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.64% | 57,563 SH | Sept. 11, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.54% | 295,648 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.54% | 46,780 NS | July 31, 2026 | N-PORT |
| IXJ · iShares Trust | 0.50% | 51,727 SH | Sept. 11, 2026 | Daily |
| CURE · Direxion Shares ETF Trust | 0.42% | 1,932 NS | July 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.39% | 146,943 SH | Sept. 11, 2026 | Daily |
| IMCG · iShares Trust | 0.38% | 37,944 SH | Sept. 11, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.36% | 2,127,871 SH | Aug. 19, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 3,953 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.29% | 402,810 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.27% | 11,486 SH | Sept. 10, 2026 | Daily |
| SUSA · iShares Trust | 0.27% | 27,170 SH | Sept. 11, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.26% | 316,000 | Oct. 2, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 32,045 NS | July 31, 2026 | N-PORT |
| EGUS · iShares Trust | 0.25% | 175 SH | Sept. 11, 2026 | Daily |
| XT · iShares Trust | 0.23% | 22,553 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.23% | 2,434 SH | Sept. 10, 2026 | Daily |
| XOEF · iShares Trust | 0.22% | 122 SH | Sept. 11, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.22% | 482,501 SH | Oct. 2, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 9,384 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.17% | 2,381 NS | July 31, 2026 | N-PORT |
| LCOW · Pacer Funds Trust | 0.17% | 116 NS | July 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.17% | 4,808 SH | Sept. 11, 2026 | Daily |
| EVUS · iShares Trust | 0.16% | 1,548 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.16% | 5,835 SH | Sept. 11, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.15% | 6,832,000 | Oct. 2, 2026 | Daily |
| QUAL · iShares Trust | 0.14% | 158,823 SH | Sept. 11, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.14% | 4,120,000 | Oct. 2, 2026 | Daily |
| IVE · iShares Trust | 0.13% | 163,005 SH | Sept. 11, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.13% | 22,583 SH | Aug. 19, 2026 | Daily |
| IUSV · iShares Trust | 0.13% | 85,879 SH | Sept. 11, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.12% | 21,218 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.12% | 52,207 SH | Sept. 11, 2026 | Daily |
| AQLT · iShares Trust | 0.12% | 951 SH | Sept. 11, 2026 | Daily |
| SUSL · iShares Trust | 0.12% | 3,465 SH | Sept. 11, 2026 | Daily |
| CHRI · Global X Funds | 0.11% | 24 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 0.11% | 15,088 SH | Sept. 11, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.11% | 960 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.11% | 43,564 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.11% | 218,142 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.10% | 1,882 SH | Oct. 2, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.10% | 59,339 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.09% | 117,380 NS | July 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.09% | 6,624 SH | Sept. 11, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.08% | 110,000 | Oct. 2, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.08% | 4,923 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.08% | 8,599 SH | Oct. 2, 2026 | Daily |
| USCL · iShares Trust | 0.07% | 5,233 SH | Sept. 11, 2026 | Daily |
| TOPC · iShares Trust | 0.07% | 60 SH | Sept. 10, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.07% | 6,449 NS | July 31, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.07% | 23,446 NS | July 31, 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0.07% | 466,368 SH | Aug. 19, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 0.07% | 696,412 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.07% | 994 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.07% | 1,125 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.06% | 2,537 SH | Oct. 2, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.06% | 586 SH | Oct. 2, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.06% | 17,000 SH | Oct. 2, 2026 | Daily |
| XYLD · Global X Funds | 0.06% | 5,392 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.06% | 104 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.06% | 1,237,624 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.06% | 2,551,503 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.06% | 114,671 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.06% | 22,214 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.06% | 426 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.06% | 1,919 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.06% | 19,372 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.06% | 9 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.06% | 8,357 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.06% | 4,965 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 13,518 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.06% | 1,660 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.06% | 4,244 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.06% | 67,845 SH | Sept. 11, 2026 | Daily |
| XRMI · Global X Funds | 0.06% | 73 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.05% | 7 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.05% | 128,289 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.05% | 26,902 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.05% | 78 SH | Oct. 2, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.05% | 29,459 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.05% | 370 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.05% | 5 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.05% | 2,335 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.05% | 3,116,888 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.05% | 16,205 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.05% | 8,281 SH | Aug. 19, 2026 | Daily |
| TOK · iShares Trust | 0.05% | 272 SH | Sept. 10, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.05% | 684 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.04% | 10,167 SH | Oct. 2, 2026 | Daily |
| URTH · iShares, Inc. | 0.04% | 8,799 SH | Sept. 10, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.04% | 7,678 NS | July 31, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.04% | 1,226,000 | Oct. 2, 2026 | Daily |
| ACWI · iShares Trust | 0.04% | 30,809 SH | Sept. 11, 2026 | Daily |
| ILCV · iShares Trust | 0.03% | 1,140 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.03% | 1,896 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.03% | 83,408 SH | Aug. 19, 2026 | Daily |
| CRBN · iShares Trust | 0.03% | 804 SH | Sept. 10, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.03% | 107 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.03% | 5,715 SH | Oct. 2, 2026 | Daily |
| NUMV · Nushares ETF Trust | 0.02% | 218 NS | July 31, 2026 | N-PORT |
| BSMR · Invesco Exchange-Traded Self-Indexe… | 0.01% | 25,000 | Sept. 30, 2026 | Daily |
| HFSI · Hartford Funds Exchange-Traded Trust | 0.00% | 2 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | -2.10% | -853 NS | July 31, 2026 | N-PORT |
WAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
23 analysts · 2026-10-04Mean target $448.91 +2.0%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| 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% | · |
| ILMN | $20.65B | 24.8 | -0.66% | 19.6% | 34.1% | 66.1% |
| IQV | $38.23B | 28.8 | 5.9% | 8.3% | 21.6% | · |
| 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% |
| RVTY | $10.86B | 46.7 | 3.7% | 8.5% | 3.3% | · |
| MEDP | $15.93B | 36.8 | 20.0% | 17.8% | 142.9% | · |
| TEM | · | -41.9 | 83.4% | -19.3% | -61.2% | · |
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