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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/FCF

Alert me on EV/FCF

As of 5 November 2026, Waters Corporation (WAT) trades at a EV/FCF of 190×. Over the past ten years it has ranged from −37.4× (December 2024) to 199× (October 2026); the current reading is higher than 100% of that period.

EV/FCF, daily

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Annual newest first

Period EV/FCF Change
FY2025 45.2× 20.24%
FY2024 37.6× —
FY2023 −25.4× —
FY2022 50.8× 23.25%
FY2021 41.3× 36.25%
FY2020 30.3× (15.75%)
FY2019 35.9× 29.80%
FY2018 27.7× 19.07%
FY2017 23.3× 25.67%
FY2016 18.5× (13.00%)

Quarterly newest first

Period EV/FCF Change
Sep 2026 184× 63.56%
Jun 2026 112× (9.84%)
Mar 2026 125× 175.41%
Dec 2025 45.2× 48.59%
43 more quarters

Against its own ten years

Low −37.4× High 199×
Ten-year median 29.9×
Current reading's percentile 100

EV/FCF against peers

Company EV/FCF
DGX Quest Diagnostics Incorporated compare 23.8×
IQV IQVIA Holdings Inc. compare 27.5×
LH Labcorp Holdings Inc. compare 29.8×
ILMN Illumina, Inc. compare 31.3×
A Agilent Technologies, Inc. compare 39.7×
IDXX IDEXX Laboratories, Inc. compare 40.7×
MTD Mettler-Toledo International, Inc. compare 41.4×
WAT Waters Corporation 190×
NTRA Natera, Inc. compare 991×

What EV/FCF is

EV/Free CF shows how the value of a whole company, debt included, compares with the free cash its business produces.

((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)) ÷ (Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM))

The full definition of EV/FCF →

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