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Friday 6 November 2026
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Waters Corporation
WAT Healthcare Diagnostics & Research
Waters Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 6.99% from fiscal 2024.
- Revenue
- +120.9%
- EPS
- −67.0%
- Free cash flow
- −66.7%
- Total debt
- +308.2%
Quarter to September 2026, against a year earlier
454.74
12.86
−2.75%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,167 | 2,309 | 2,420 | 2,407 | 2,365 | 2,786 | 2,972 | 2,956 | 2,958 | 3,165 | 5,611 | +4.3% | 6,456 | 7,130 | 7,575 | +33.8% | |
| Gross margin, % | 58.87 | 58.99 | 58.98 | 58.00 | 57.44 | 58.49 | 58.00 | 59.57 | 59.43 | 59.28 | 49.53 | +0.4 pt | ||||||
| EBT | 600 | 641 | 682 | 678 | 611 | 806 | 838 | 736 | 755 | 755 | 109 | +2.6% | ||||||
| EBT margin, % | 27.69 | 27.76 | 28.19 | 28.18 | 25.83 | 28.94 | 28.19 | 24.90 | 25.52 | 23.85 | 1.94 | (3.8) pt | ||||||
| Net income | 522 | 20 | 594 | 592 | 522 | 693 | 708 | 642 | 638 | 643 | 98 | +2.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 26.83 | 28.94 | 31.43 | 35.59 | 38.09 | 45.24 | 49.55 | 50.04 | 49.86 | 53.19 | 57.11 | +7.9% | |||||
| Earnings | 6.46 | 0.25 | 7.71 | 8.76 | 8.40 | 11.25 | 11.80 | 10.87 | 10.75 | 10.80 | 2.34 | +5.9% | ||||||
| Cash flow | 7.96 | 8.74 | 7.85 | 9.51 | 12.73 | 12.14 | 10.20 | 10.20 | 12.84 | 10.97 | 4.69 | +3.6% | ||||||
| Capex | (1.13) | (1.13) | (1.25) | (2.42) | (4.07) | (2.73) | (3.06) | (24.43) | (2.40) | (2.44) | (2.06) | +9.0% | ||||||
| Free cash flow | 6.83 | 7.61 | 6.60 | 7.09 | 8.66 | 9.40 | 7.14 | (14.22) | 10.44 | 8.53 | 2.63 | +2.5% | ||||||
| Book value | 28.49 | 27.99 | 20.36 | (3.20) | 3.74 | 5.97 | 8.41 | 19.47 | 30.82 | 43.04 | 155.63 | +4.7% | ||||||
| Shares, m | 81 | 80 | 77 | 68 | 62 | 62 | 60 | 59 | 59 | 60 | 85 | (3.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 21.09 | 815.38 | 24.37 | 26.40 | 29.49 | 33.06 | 29.24 | 30.18 | 34.48 | 35.20 | 193.97 | 107.9 | |||||
| P/S | 5.09 | 6.76 | 6.00 | 6.57 | 6.50 | 8.24 | 6.98 | 6.57 | 7.44 | 7.14 | 7.96 | 6.7 | ||||||
| P/B | 4.79 | 6.99 | 9.27 | 0.00 | 66.18 | 62.42 | 41.09 | 16.88 | 12.04 | 8.82 | 2.94 | 22.8 | ||||||
| EV/Sales | 4.57 | 6.11 | 5.76 | 7.08 | 6.82 | 8.57 | 7.33 | 7.21 | 7.88 | 7.25 | 8.73 | 6.9 | ||||||
| EV/FCF | 18.50 | 23.25 | 27.69 | 35.94 | 30.28 | 41.26 | 50.85 | (25.38) | 37.62 | 45.24 | 189.55 | 28.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 643 | 698 | 604 | 643 | 791 | 747 | 612 | 603 | 762 | 653 | 461 | +0.2% | |||||
| Capex | (91) | (90) | (96) | (164) | (253) | (168) | (183) | (1,443) | (142) | (145) | (202) | +5.3% | ||||||
| Free cash flow | 552 | 607 | 508 | 479 | 538 | 579 | 428 | (840) | 620 | 508 | 258 | (0.9%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 3,115 | 3,664 | 2,214 | 721 | 596 | 948 | 978 | 963 | 879 | 908 | (1,752) | (12.8%) | |||||
| Net debt | (1,111) | (1,496) | (587) | 1,244 | 763 | 945 | 1,043 | 1,910 | 1,301 | 360 | (593) | n/m | ||||||
| Shareholders’ equity | 2,302 | 2,234 | 1,567 | (216) | 232 | 368 | 504 | 1,150 | 1,829 | 2,561 | 15,291 | +1.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 11.68 | 0.41 | 13.12 | 18.85 | 19.33 | 23.35 | 22.20 | 16.24 | 13.90 | 13.35 | 0.68 | +1.7 pt | |||||
| ROIC | 32.80 | 56.11 | 47.17 | 43.10 | 40.52 | 39.14 | 35.26 | 16.70 | 16.50 | 17.17 | 1.13 | (15.6) pt | ||||||
| ROE | 23.92 | 0.90 | 31.24 | 87.67 | 6,576.65 | 231.06 | 162.32 | 77.62 | 42.82 | 29.28 | 0.00 | +5.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 6,900 | 7,000 | 7,200 | 7,500 | 7,400 | 7,800 | 8,200 | 7,900 | 7,600 | 7,900 | — | +1.5% | |||||
| Revenue/emp, $m | 0.31 | 0.33 | 0.34 | 0.32 | 0.32 | 0.36 | 0.36 | 0.37 | 0.39 | 0.40 | — | +2.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Waters Instrument Systems | 1,102 | 34.81% |
|---|---|---|
| Waters Service | 1,080 | 34.13% |
| Chemistry consumables | 631 | 19.95% |
| TA Instrument Systems | 244 | 7.70% |
| TA Service | 108 | 3.41% |
| Gross margin | 59.28% | |
| Operating margin | 25.36% | |
| Pre-tax margin | 23.85% |
Waters Corporation vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IDXX IDEXX Laboratories, Inc. | $52.8B | 44.8× | 37.3× | +9.86% (above 0%: growing) | +17.30% (above 0%: growing) | +17.58% (above 0%: growing) | 62.94% | 33.14% | Compare |
| NTRA Natera, Inc. | $52.4B | — (loss-making) | — (loss-making) | +34.08% (above 0%: growing) | n/m | −85.80% (below 0%: shrinking) | 0.00% | (8.60%) | Compare |
| A Agilent Technologies, Inc. | $48.4B | 33.8× | 34.1× | +8.06% (above 0%: growing) | +8.47% (above 0%: growing) | +69.50% (above 0%: growing) | 55.48% | 23.64% | Compare |
| WAT Waters Corporation | $44.5B | 194× | 81.0× | +120.91% (above 0%: growing) | −67.02% (below 0%: shrinking) | −66.71% (below 0%: shrinking) | 50.25% | 7.24% | |
| IQV IQVIA Holdings Inc. | $43.7B | 31.8× | 34.8× | +8.00% (above 0%: growing) | +10.16% (above 0%: growing) | −21.25% (below 0%: shrinking) | 33.83% | 12.92% | Compare |
| MTD Mettler-Toledo International, Inc. | $33.6B | 37.6× | 36.1× | +4.48% (above 0%: growing) | +18.30% (above 0%: growing) | +33.01% (above 0%: growing) | 63.29% | 30.61% | Compare |
| ILMN Illumina, Inc. | $31.5B | 35.6× | 46.4× | +4.15% (above 0%: growing) | +48.98% (above 0%: growing) | +49.80% (above 0%: growing) | 73.52% | 27.02% | Compare |
| LH Labcorp Holdings Inc. | $29.5B | 29.5× | 26.7× | +6.92% (above 0%: growing) | +3.18% (above 0%: growing) | +44.73% (above 0%: growing) | 29.08% | 10.55% | Compare |
| DGX Quest Diagnostics Incorporated | $28.0B | 25.0× | 24.4× | +9.98% (above 0%: growing) | +29.36% (above 0%: growing) | +6.21% (above 0%: growing) | 33.65% | 15.47% | Compare |
| Median of peers | $38.6B | 33.8× | 34.8× | +8.03% | +17.30% | +25.30% | 44.66% | 19.56% |
From the latest earnings call
- Waters said organic revenue grew 7% as reported and 9% in constant currency, while orders again outpaced sales in the second quarter.
- Udit Batra said completed 2026 cost actions are expected to generate $75.0 million of cumulative savings and approximately $200.0 million of run-rate savings.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
100.41%
Held by the ten largest
49.91%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 12.17m | 12.39% | +38.04k |
| BlackRock | 8.48m | 8.64% | −58.07k |
| T. Rowe Price | 6.00m | 6.10% | +207.83k |
| State Street | 4.38m | 4.46% | +20.00k |
| MFS Investment Management | 4.22m | 4.30% | +116.78k |
| Invesco | 3.49m | 3.56% | +1.33m |
| AllianceBernstein | 2.69m | 2.74% | +577.85k |
| First Eagle Investment Management, LLC | 2.67m | 2.72% | +1.10m |
| Geode Capital Management | 2.64m | 2.68% | −10.31k |
| Fundsmith LLP | 2.27m | 2.31% | −938.44k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 9 April 2026
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
5.50%
Fundsmith LLP
5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Waters Corporation (WAT) Latest News
3 Nov
28 Oct
26 Oct
23 Oct
20 Oct
19 Oct
13 Oct
WAT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Waters Corporation makes laboratory instruments, software and supplies used to analyze materials and biological samples. Its customers include drug developers, clinical laboratories, industrial companies, universities and government agencies. Founded in 1958, Waters is headquartered in Milford. Udit Batra is its president and chief executive officer.
A core technology is liquid chromatography, which separates a sample into its components so a laboratory can identify and measure them. Waters also sells mass spectrometers, which help identify and quantify compounds. Laboratories often use the two technologies together, for example in drug development, food safety and environmental testing. Waters sells the instruments alongside software, replaceable columns, other supplies and service plans.