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. In the quarter to June 2026, revenue grew 113.4%, EPS fell 156.3%, free cash flow grew 750.0% and total debt rose 308.2%, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.

436.95 7.20 −1.62%
Market cap
$43.6B
P/E
109×
Fwd P/E
44.3×
Dividend yield
—
F-score
5/9
Altman Z
9.63
Beneish M
−2.37
Dividend safety
n/a

Waters Corporation 10-Q filed Aug 11, 2026

Fiscal Q2 2026 · Period ended Jul 4, 2026 · Filed · accepted 4:16 PM ET · Document on sec.gov · Filing index

Red flags

What changed

Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed May 12, 2026: 6 added · 44 modified; 7 with only figures updated

  1. Modified · Business Overview

    The Company has four operating segments: Analytical Sciences, Biosciences, Advanced Diagnostics, and Materials Sciences. Analytical Sciences products and services primarily consist of high-performance liquid chromatography (“HPLC”), ultra-performance liquid chromatography (“UPLCTMUPLC” and, together with HPLC, referred to as “LC”), mass spectrometry (“MS”), light scattering and field-flow fractionation instruments (Wyatt), and precision chemistry consumable products and related services. Materials Sciences products and services primarily consist of thermal analysis, rheometry and calorimetry instrument systems and service revenue. Biosciences products and services primarily consist of instruments, software and informatics, reagents, and single cell multiomics solutions, supporting the advanced analysis of cell populations for use in fields such as immunology, oncology, and infectious disease research. Advanced Diagnostics products and services primarily consist of a broad range of diagnostic instrumentation, assays, consumables, automation, and informatics that support the detection, identification and drug susceptibility testing of infectious disease organisms.

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