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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/FCF

Alert me on EV/FCF

As of 16 October 2026, Waters Corporation (WAT) trades at a EV/FCF of 129×. Over the past ten years it has ranged from −37.4× (December 2024) to 155× (May 2026); the current reading is higher than 98% 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
Jun 2026 112× (9.84%)
Mar 2026 125× 175.41%
Dec 2025 45.2× 48.59%
Sep 2025 30.4× (12.77%)
42 more quarters

Against its own ten years

Low −37.4× High 155×
Ten-year median 29.8×
Current reading's percentile 98

EV/FCF against peers

Company EV/FCF
DGX Quest Diagnostics Incorporated compare 23.1×
IQV IQVIA Holdings Inc. compare 25.8×
LH Labcorp Holdings Inc. compare 30.8×
IDXX IDEXX Laboratories, Inc. compare 36.0×
A Agilent Technologies, Inc. compare 39.9×
MTD Mettler-Toledo International, Inc. compare 40.2×
ILMN Illumina, Inc. compare 44.1×
WAT Waters Corporation 129×
NTRA Natera, Inc. compare 658×

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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