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Saturday 17 October 2026 Export WAT’s income statement to Excel — free account

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
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Waters Corporation (WAT) EV/EBITDA

Alert me on EV/EBITDA

As of 16 October 2026, Waters Corporation (WAT) trades at a EV/EBITDA of 50.1×. Over the past ten years it has ranged from 12.9× (February 2016) to 50.9× (October 2026); the current reading is higher than 100% of that period. That is above the Diagnostics & Research industry median of 24.3× and above the Healthcare sector median of 9.2×.

EV/EBITDA, daily

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Annual newest first

Period EV/EBITDA Change
FY2025 22.8× (0.59%)
FY2024 22.9× 5.62%
FY2023 21.7× (0.05%)
FY2022 21.7× (13.43%)
FY2021 25.1× 19.76%
FY2020 20.9× (0.12%)
FY2019 20.9× 27.47%
FY2018 16.4× (10.59%)
FY2017 18.4× 33.80%
FY2016 13.7× (11.24%)

Quarterly newest first

Period EV/EBITDA Change
Jun 2026 43.7× 46.34%
Mar 2026 29.8× 31.12%
Dec 2025 22.8× 27.45%
Sep 2025 17.9× (13.98%)
42 more quarters

Against its own ten years

Low 12.9× High 50.9×
Ten-year median 19.1×
Current reading's percentile 100

EV/EBITDA against peers

Company EV/EBITDA
NTRA Natera, Inc. compare n/m
DGX Quest Diagnostics Incorporated compare 14.1×
LH Labcorp Holdings Inc. compare 14.5×
IQV IQVIA Holdings Inc. compare 17.1×
A Agilent Technologies, Inc. compare 26.5×
MTD Mettler-Toledo International, Inc. compare 26.6×
IDXX IDEXX Laboratories, Inc. compare 27.6×
ILMN Illumina, Inc. compare 35.0×
WAT Waters Corporation 50.1×
Diagnostics & Research industry median 24.3×
Healthcare sector median 9.2×
Market median 11.0×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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