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Friday 6 November 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.

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%
Market cap
$44.5B
P/E
194×
Fwd P/E
81.0×
Dividend yield
—
F-score
5/9
Altman Z
9.63
Beneish M
−2.37
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Waters Corporation (WAT) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, Waters Corporation (WAT) trades at a EV/EBITDA of 51.9×. Over the past ten years it has ranged from 12.9× (February 2016) to 54.6× (October 2026); the current reading is higher than 100% of that period. That is above the Diagnostics & Research industry median of 23.4× and above the Healthcare sector median of 8.4×.

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
Sep 2026 50.3× 15.27%
Jun 2026 43.7× 46.34%
Mar 2026 29.8× 31.12%
Dec 2025 22.8× 27.45%
43 more quarters

Against its own ten years

Low 12.9× High 54.6×
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 14.2×
LH Labcorp Holdings Inc. compare 15.6×
IQV IQVIA Holdings Inc. compare 16.5×
ILMN Illumina, Inc. compare 26.4×
A Agilent Technologies, Inc. compare 26.4×
MTD Mettler-Toledo International, Inc. compare 27.4×
IDXX IDEXX Laboratories, Inc. compare 31.8×
WAT Waters Corporation 51.9×
Diagnostics & Research industry median 23.4×
Healthcare sector median 8.4×
Market median 10.9×

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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