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.
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Waters Corporation (WAT) Free cash flow margin
Waters Corporation's free cash flow margin over the twelve months to 30 June 2026 was 7.89%, down 8.2 percentage points from fiscal 2025 (16.0%). Over the past ten years it has ranged from −28.4% (fiscal 2023) to 26.3% (fiscal 2017); the current reading is higher than 27% of that period. That is above the Diagnostics & Research industry median of 0.00% and above the Healthcare sector median of 0.00%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 16.0% | (4.91) |
| FY2024 | 21.0% | 49.37 |
| FY2023 | −28.4% | (42.83) |
| FY2022 | 14.4% | (6.37) |
| FY2021 | 20.8% | (1.95) |
| FY2020 | 22.7% | 2.82 |
| FY2019 | 19.9% | (1.10) |
| FY2018 | 21.0% | (5.28) |
| FY2017 | 26.3% | 0.82 |
| FY2016 | 25.5% | 2.19 |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| IDXX IDEXX Laboratories, Inc. compare | 27.2% |
| MTD Mettler-Toledo International, Inc. compare | 20.9% |
| ILMN Illumina, Inc. compare | 20.7% |
| A Agilent Technologies, Inc. compare | 17.2% |
| IQV IQVIA Holdings Inc. compare | 13.3% |
| DGX Quest Diagnostics Incorporated compare | 11.7% |
| LH Labcorp Holdings Inc. compare | 8.16% |
| WAT Waters Corporation | 7.89% |
| NTRA Natera, Inc. compare | 3.11% |
| Diagnostics & Research industry median | 0.00% |
| Healthcare sector median | 0.00% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on WAT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement