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

03
Price $440.12
Market Cap $26.21B
P/E 40.9
EPS $10.76
Revenue $3.17B
ROE 27.2%
Debt/Equity 0.5
52W Range $283–$448

WAT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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Stock splits 2
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

05 · wikidata

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 ↗

sectorHealthcare industryLife Sciences Tools & Services employees16,000 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$3.17B
2016-12-31 → 2025-12-31
EPS$10.76
2016-12-31 → 2025-12-31
Free Cash Flow$540M
2025-12-31 → 2025-12-31
Net margin20.3%
2018-12-31 → 2025-12-31
Valuation & Ratios 07–12

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.

value · ≈ 5Y avg · industry median · verdict relative to median

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

14
Avg Surprise 3.2%
Next Report Nov 02, 2026
PeriodReportEPS ActualEPS EstSurprise
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

15
Income Statement 18
Metric Trend 202520242023202220212020201920182017201620152014
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) 59,509,00059,333,00059,076,00059,985,00061,575,00062,094,00067,627,00076,992,00079,793,00080,786,00082,336,00084,358,000
Shares (Diluted) 59,706,00059,552,00059,270,00060,331,00062,028,00062,414,00068,166,00077,618,00080,604,00081,417,00083,087,00085,151,000
EBITDA $803M$826M$818M$873M$822M$645M$708M$740M$662M$624M$567M$518M
Balance Sheet 30
Metric Trend 202520242023202220212020201920182017201620152014
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 59,549,00059,388,00059,17659,104,00060,728,00062,309,00062,587,00073,115,00079,337,00080,023,00081,472,00083,147,000
Cash Flow 16
Metric Trend 202520242023202220212020201920182017201620152014
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 202520242023202220212020201920182017201620152014
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 202520242023202220212020201920182017201620152014
Current Ratio 1.72.12.22.22.41.72.25.97.07.05.74.9
Quick Ratio 1.11.31.41.51.71.31.65.16.56.35.14.3
Debt / Equity 0.50.92.03.14.15.8-7.80.70.80.70.70.7
LT Debt / Equity 0.40.92.03.04.15.2-7.30.70.80.70.70.7
Interest Coverage 11.59.28.317.918.313.214.615.211.613.915.715.1
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.70.60.70.90.90.90.80.50.50.50.50.5
Inventory Turnover 2.52.42.53.13.53.23.33.53.63.43.33.4
Receivables Turnover 4.14.14.14.54.74.14.24.44.54.54.54.6
Per Share 5
Metric Trend 202520242023202220212020201920182017201620152014
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 9
Metric Trend 202520242023202220212020201920182017201620152014
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 202520242023202220212020201920182017201620152014
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 35.334.630.429.233.429.626.924.7772.821.023.822.2
P/S 7.10.06.66.88.16.56.15.76.65.05.44.7
P/B 8.80.016.940.161.666.4-67.68.86.94.75.34.9
P / Tangible Book 34.1···········
P / Cash Flow 34.70.032.333.130.319.522.722.822.017.119.618.3
P / FCF 41.9···········
EV / EBITDA 29.21.626.224.428.725.322.517.920.915.417.716.5
EV / FCF 43.4···········
EV / Revenue 7.40.47.37.28.56.96.65.56.04.44.94.3
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%

Most recent period on the left · null values shown as ·

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

16
Metric 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

Institutional owners (13F) 1,238 filers · $37.4B total · As of Sept. 30, 2026

17

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.

Holders 1,238
Value held $37.4B
New positions 152
Exited positions 129
Institutional activity — Q2 2026 vs prior quarter
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

Show all 1,238 institutional owners →

Company insiders 48 insiders · 23 officers · 21 directors

19
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

20

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

21
rating · 31 analysts BUY
Median target $455.00 +3.4%
9 29.0% Strong Buy
11 35.5% Buy
11 35.5% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

23 analysts · 2026-10-04

Mean target $448.91 +2.0%

Now Current price $440.12
Low$349.00 Mean$448.91 High$515.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

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% ·

Latest News Recent headlines mentioning this company

23

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26

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Source: SEC 10-Q filed Aug 11, 2026