stockrowWaters 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
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Waters Corporation (WAT) Gross margin
Waters Corporation's gross margin over the twelve months to 30 September 2026 was 49.5%, down 9.8 percentage points from fiscal 2025 (59.3%). Over the past ten years it has ranged from 57.4% (fiscal 2020) to 59.6% (fiscal 2023); the current reading is higher than 82% of that period. That is in line with the Diagnostics & Research industry median of 48.3% and below the Healthcare sector median of 53.9%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 59.3% | (0.15) |
| FY2024 | 59.4% | (0.14) |
| FY2023 | 59.6% | 1.57 |
| FY2022 | 58.0% | (0.49) |
| FY2021 | 58.5% | 1.05 |
| FY2020 | 57.4% | (0.56) |
| FY2019 | 58.0% | (0.98) |
| FY2018 | 59.0% | (0.01) |
| FY2017 | 59.0% | 0.12 |
| FY2016 | 58.9% | 0.13 |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Sep 2026 | 50.3% | 5.63 |
| Jun 2026 | 44.6% | (1.79) |
| Mar 2026 | 46.4% | (14.66) |
| Dec 2025 | 61.1% | 2.05 |
| 43 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| ILMN Illumina, Inc. compare | 67.9% |
| IDXX IDEXX Laboratories, Inc. compare | 62.7% |
| MTD Mettler-Toledo International, Inc. compare | 60.3% |
| A Agilent Technologies, Inc. compare | 53.8% |
| WAT Waters Corporation | 49.5% |
| DGX Quest Diagnostics Incorporated compare | 33.1% |
| IQV IQVIA Holdings Inc. compare | 33.1% |
| LH Labcorp Holdings Inc. compare | 29.0% |
| NTRA Natera, Inc. compare | 0.00% |
| Diagnostics & Research industry median | 48.3% |
| Healthcare sector median | 53.9% |
| Market median | 45.1% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on WAT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow 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