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) Net margin
Waters Corporation's net margin over the twelve months to 30 June 2026 was 3.59%, down 16.7 percentage points from fiscal 2025 (20.3%). Over the past ten years it has ranged from 0.88% (fiscal 2017) to 24.9% (fiscal 2021); the current reading is higher than 18% of that period. That is above the Diagnostics & Research industry median of −6.37% and above the Healthcare sector median of 0.00%.
Net margin, annual
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Annual newest first
| Period | Net margin | Change (points) |
|---|---|---|
| FY2025 | 20.3% | (1.26) |
| FY2024 | 21.6% | (0.16) |
| FY2023 | 21.7% | (2.09) |
| FY2022 | 23.8% | (1.06) |
| FY2021 | 24.9% | 2.82 |
| FY2020 | 22.1% | (2.56) |
| FY2019 | 24.6% | 0.07 |
| FY2018 | 24.5% | 23.66 |
| FY2017 | 0.88% | (23.18) |
| FY2016 | 24.1% | 1.09 |
Quarterly newest first
| Period | Net margin | Change (points) |
|---|---|---|
| Jun 2026 | −8.27% | (2.59) |
| Mar 2026 | −5.68% | (29.89) |
| Dec 2025 | 24.2% | 5.59 |
| Sep 2025 | 18.6% | (0.45) |
| 42 more quarters | Free account |
Against its own ten years
Net margin against peers
| Company | Net margin |
|---|---|
| IDXX IDEXX Laboratories, Inc. compare | 25.0% |
| MTD Mettler-Toledo International, Inc. compare | 21.9% |
| A Agilent Technologies, Inc. compare | 19.5% |
| ILMN Illumina, Inc. compare | 18.4% |
| DGX Quest Diagnostics Incorporated compare | 9.15% |
| IQV IQVIA Holdings Inc. compare | 8.10% |
| LH Labcorp Holdings Inc. compare | 6.99% |
| WAT Waters Corporation | 3.59% |
| NTRA Natera, Inc. compare | −7.11% |
| Diagnostics & Research industry median | −6.37% |
| Healthcare sector median | 0.00% |
| Market median | 0.45% |
What Net margin is
Net Profit Margin tells an investor how much of each unit of revenue ends up as profit for shareholders after all costs, interest and taxes.
Net Income Allotted to Shareholders ÷ Revenue
More on WAT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating 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