WAT Waters Corporation Common Stock

NYSE · Life Sciences Tools & Services · View on SEC EDGAR ↗
$397.89
Price · Aug 21, 2026
Fundamentals as of Aug 11, 2026

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 ↗

Wikidata ↗

WAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$397.89
Market Cap
$23.69B
P/E (TTM)
37.0
EPS (TTM)
$10.76
Revenue (TTM)
$3.17B
Div Yield
ROE
27.2%
Debt/Equity
0.5
52W Range
$283 – $422

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

Revenue & Net Income $3.17B
10-point trend, +46.0%
2016-12-31 2025-12-31
EPS $10.76
10-point trend, +67.9%
2016-12-31 2025-12-31
Free Cash Flow $540M
2025-12-31 2025-12-31
Margins 20.3%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
WAT
Peer Median
P/E (TTM)
5-point trend, +5.8%
37.0
35.2
P/S (TTM)
5-point trend, -12.0%
7.5
5.8
P/B
5-point trend, -85.7%
9.3
6.2
EV / EBITDA
5-point trend, +1.8%
30.5
Price / FCF
43.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
WAT
Peer Median
Operating Margin
5-point trend, -14.0%
25.4%
Net Profit Margin
5-point trend, -18.4%
20.3%
16.1%
ROA
5-point trend, -42.8%
13.4%
8.4%
ROE
5-point trend, -87.0%
27.2%
19.1%
ROIC
5-point trend, -54.1%
17.2%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
WAT
Peer Median
Debt / Equity
5-point trend, -86.7%
0.5
Current Ratio
5-point trend, -27.6%
1.7
1.7
Quick Ratio
5-point trend, -34.2%
1.1

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
WAT
Peer Median
Revenue YoY
5-point trend, +13.6%
7.0%
Revenue CAGR 3Y
5-point trend, +13.6%
2.1%
Revenue CAGR 5Y
5-point trend, +13.6%
6.0%
EPS YoY
5-point trend, -3.7%
0.47%
Net Income YoY
5-point trend, -7.2%
0.75%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
WAT
Peer Median
EPS (Diluted)
5-point trend, -3.7%
$10.76

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
WAT
Peer Median

WAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 31 analysts
  • 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 · 2026-08-16
Median target $440.00 +10.6%
Mean target $436.00 +9.6%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.08%
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
Annual Income Statement data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +59.1% $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 12-point trend, +56.2% $1.29B $1.20B $1.20B $1.25B $1.16B $1.01B $1.01B $993M $947M $891M $843M $825M
Gross Profit 2-point trend, +3.0% · · · · · · · · · · $1.20B $1.16B
R&D Expense 12-point trend, +81.7% $196M $183M $175M $176M $168M $141M $143M $143M $133M $125M $119M $108M
SG&A Expense 12-point trend, +62.0% $830M $690M $736M $658M $627M $554M $535M $537M $544M $512M $496M $513M
Operating Expenses 12-point trend, +60.6% $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 12-point trend, +55.0% $803M $826M $818M $873M $822M $645M $708M $740M $662M $625M $567M $518M
Interest Expense 12-point trend, +103.4% $70M $90M $99M $49M $45M $49M $49M $49M $57M $45M $36M $34M
Interest Income 12-point trend, +167.4% $19M $17M $17M $11M $12M $16M $22M $39M $36M $21M $11M $7M
Other Non-op 10-point trend, +537.3% $3M $776.0K $807.0K $2M $17M $-2M $-4M $-48M $-340.0K $-700.0K · ·
Pretax Income 12-point trend, +53.8% $755M $755M $736M $838M $806M $611M $678M $682M $641M $600M $542M $491M
Income Tax 12-point trend, +89.9% $112M $117M $94M $130M $113M $89M $86M $88M $621M $79M $73M $59M
Net Income 10-point trend, +23.2% $643M $638M $642M $708M $693M $522M $592M $594M $20M $522M · ·
EPS (Basic) 12-point trend, +110.9% $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) 12-point trend, +112.2% $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) 12-point trend, -29.5% 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) 12-point trend, -29.9% 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 12-point trend, +55.0% $803M $826M $818M $873M $822M $645M $708M $740M $662M $624M $567M $518M
Balance Sheet 30
Annual Balance Sheet data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +39.3% $588M $325M $395M $481M $501M $437M $336M $796M $642M $506M $488M $422M
Short-term Investments 11-point trend, -99.9% · $934.0K $898.0K $862.0K $68M $6M $1M $939M $2.75B $2.31B $1.91B $1.63B
Receivables 12-point trend, +91.2% $829M $733M $702M $723M $613M $573M $588M $568M $534M $489M $468M $434M
Inventory 12-point trend, +132.1% $572M $477M $516M $456M $356M $304M $321M $292M $270M $263M $263M $246M
Other Current Assets 12-point trend, +94.8% $159M $133M $138M $104M $91M $80M $67M $68M $72M $70M $83M $82M
Current Assets 12-point trend, -23.7% $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) 12-point trend, +99.6% $642M $651M $639M $582M $548M $494M $417M $343M $349M $337M $333M $322M
PP&E (Gross) 12-point trend, +116.5% $1.48B $1.38B $1.39B $1.28B $1.22B $1.13B $988M $872M $838M $769M $705M $685M
Accum. Depreciation 12-point trend, +131.5% $840M $729M $752M $702M $674M $634M $570M $529M $489M $431M $371M $363M
Goodwill 12-point trend, +277.6% $1.34B $1.30B $1.31B $430M $438M $444M $356M $356M $360M $352M $357M $355M
Intangibles 12-point trend, +142.8% $558M $568M $629M $227M $242M $259M $240M $247M $228M $207M $218M $230M
Other Non-current Assets 12-point trend, +103.4% $308M $296M $216M $191M $153M $149M $138M $119M $117M $130M $147M $151M
Total Assets 12-point trend, +31.0% $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 12-point trend, +58.3% $104M $100M $85M $93M $97M $72M $49M $68M $65M $68M $71M $66M
Accrued Liabilities · · · · · · · $23M · · · ·
Short-term Debt 8-point trend, +258327.0% $460M $0 $50M $50M $0 $150M $100M $178.0K · · · ·
Current Liabilities 12-point trend, +113.4% $1.24B $790M $790M $786M $681M $805M $591M $449M $606M $520M $564M $580M
Capital Leases 7-point trend, -20.8% $53M $50M $59M $62M $60M $68M $67M · · · · ·
Deferred Tax · · · · · · · · · · · $-18M
Other Non-current Liabilities 12-point trend, +185.2% $161M $184M $138M $118M $90M $98M $81M $76M $63M $55M $61M $56M
Total Liabilities 12-point trend, +27.0% $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 10-point trend, -23.0% $1.41B $1.63B $2.36B $1.58B $1.52B $1.36B $1.69B $1.15B $1.90B $1.83B · ·
Total Debt 12-point trend, +13.5% $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 12-point trend, +27.6% $2M $2M $2M $2M $2M $2M $2M $2M $2M $2M $2M $2M
Retained Earnings 12-point trend, +137.4% $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 12-point trend, +166.4% $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 12-point trend, -58.8% $-125M $-155M $-134M $-142M $-112M $-118M $-119M $-118M $-110M $-216M $-147M $-79M
Stockholders' Equity 12-point trend, +35.2% $2.56B $1.83B $1.15B $504M $368M $232M $-216M $1.57B $2.23B $2.30B $2.06B $1.89B
Liabilities + Equity 12-point trend, +31.0% $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 12-point trend, -28.4% 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
Annual Cash Flow data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Stock-based Comp 12-point trend, +64.0% $54M $45M $37M $43M $30M $37M $39M $38M $39M $41M $33M $33M
Deferred Tax 12-point trend, -1025.9% $-15M $-877.0K $-1M $-32M $17M $-3M $10M $2M $46M $1M $7M $2M
Amort. of Intangibles 7-point trend, +146.7% $118M $105M $81M $58M $60M $57M · · · · · $48M
Restructuring · · $8M · · · · · · · · ·
Operating Cash Flow 12-point trend, +27.5% $653M $762M $603M $612M $747M $791M $643M $604M $698M $643M $573M $512M
CapEx 3-point trend, -29.8% $113M $142M $161M · · · · · · · · ·
Investing Cash Flow 10-point trend, +68.8% $-152M $-143M $-1.44B $-108M $-232M $-264M $769M $1.68B $-536M $-488M · ·
Debt Issued 12-point trend, -81.7% $70M $170M $1.45B $205M $510M $315M $926M $274.0K $1.48B $485M $325M $382M
Net Debt Issued 12-point trend, -255.0% $-220M $-730M $780M $60M $160M $-325M $535M $-850M $170M $160M $205M $142M
Stock Repurchased 12-point trend, -95.7% $15M $14M $70M $626M $649M $196M $2.47B $1.32B $333M $326M $335M $337M
Net Stock Activity 12-point trend, +95.7% $-15M $-14M $-70M $-626M $-649M $-196M $-2.47B $-1.32B $-333M $-326M $-335M $-337M
Financing Cash Flow 10-point trend, -105.0% $-237M $-697M $755M $-510M $-438M $-441M $-1.87B $-2.12B $-64M $-116M · ·
Net Change in Cash 12-point trend, +1509.7% $262M $-70M $-85M $-21M $65M $101M $-461M $154M $137M $18M $65M $-19M
Taxes Paid 12-point trend, +300.6% $244M $183M $243M $160M $154M $98M $88M $159M $71M $50M $52M $61M
Free Cash Flow $540M · · · · · · · · · · ·
Levered FCF $481M · · · · · · · · · · ·
Profitability 8
Annual Profitability data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 2-point trend, +0.4% · · · · · · · · · · 58.7% 58.5%
Operating Margin 12-point trend, -2.6% 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 8-point trend, -17.3% 20.3% 21.6% 21.7% 23.8% 24.9% 22.1% 24.6% 24.5% · · · ·
Pretax Margin 12-point trend, -3.3% 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 12-point trend, -2.6% 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 8-point trend, +1.8% 13.4% 13.9% 16.2% 22.2% 23.4% 19.3% 18.9% 13.1% · · · ·
ROE 8-point trend, -21.1% 27.2% 37.2% 62.5% 159.1% 209.1% 547.4% -1175.2% 34.5% · · · ·
ROIC 12-point trend, +18.5% 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
Annual Liquidity & Solvency data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -64.7% 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 12-point trend, -73.3% 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 12-point trend, -16.0% 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 12-point trend, -43.5% 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 12-point trend, -23.8% 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
Annual Efficiency data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +23.3% 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 12-point trend, -27.2% 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 12-point trend, -11.9% 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 5
Annual Per Share data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +88.8% $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 12-point trend, +126.9% $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 12-point trend, +81.9% $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 12-point trend, +94.4% $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) 12-point trend, +112.2% $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 9
Annual Growth Rates data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -60.7% 7.0% 0.07% -0.52% 6.7% 17.8% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -72.5% 2.1% 2.0% 7.7% · · · · · · · · ·
Revenue CAGR 5Y 6.0% · · · · · · · · · · ·
EPS YoY 5-point trend, -98.6% 0.47% -1.2% -7.6% 5.0% 33.6% · · · · · · ·
EPS CAGR 3Y 3-point trend, -131.4% -2.8% -1.4% 9.0% · · · · · · · · ·
EPS CAGR 5Y 5.2% · · · · · · · · · · ·
Net Income YoY 5-point trend, -97.7% 0.75% -0.69% -9.3% 2.1% 32.8% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -144.2% -3.2% -2.7% 7.2% · · · · · · · · ·
Net Income CAGR 5Y 4.3% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for WAT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +59.1% $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 12-point trend, +118.1% $643M $638M $642M $708M $693M $522M $592M $594M $20M $522M $295M $295M
Market Cap 12-point trend, +141.3% $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 12-point trend, +173.9% $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 12-point trend, +58.8% 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 12-point trend, +51.7% 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 12-point trend, +78.5% 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 12-point trend, +89.2% 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 12-point trend, +76.8% 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 12-point trend, +72.1% 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 12-point trend, -37.1% 2.8% 2.9% 3.3% 3.4% 3.0% 3.4% 3.7% 4.1% 0.13% 4.8% 4.2% 4.5%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
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
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.50.92.03.14.1
Current Ratio 1.72.12.22.22.4
Quick Ratio 1.11.31.41.51.7
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
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.

Institutional activity — Q2 2026 vs prior quarter
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