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) Operating margin
Waters Corporation's operating margin over the twelve months to 30 June 2026 was 7.10%, down 18.3 percentage points from fiscal 2025 (25.4%). Over the past ten years it has ranged from 25.4% (fiscal 2025) to 30.6% (fiscal 2018) — the current reading is the lowest in ten years. That is above the Diagnostics & Research industry median of −8.57% and above the Healthcare sector median of 0.00%.
Operating margin, annual
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Annual newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| FY2025 | 25.4% | (2.57) |
| FY2024 | 27.9% | 0.27 |
| FY2023 | 27.7% | (1.73) |
| FY2022 | 29.4% | (0.11) |
| FY2021 | 29.5% | 2.21 |
| FY2020 | 27.3% | (2.15) |
| FY2019 | 29.4% | (1.13) |
| FY2018 | 30.6% | 1.89 |
| FY2017 | 28.7% | (0.16) |
| FY2016 | 28.8% | 1.06 |
Quarterly newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| Jun 2026 | −5.23% | (1.52) |
| Mar 2026 | −3.71% | (32.72) |
| Dec 2025 | 29.0% | 4.99 |
| Sep 2025 | 24.0% | (0.36) |
| 42 more quarters | Free account |
Against its own ten years
Operating margin against peers
| Company | Operating margin |
|---|---|
| IDXX IDEXX Laboratories, Inc. compare | 32.0% |
| MTD Mettler-Toledo International, Inc. compare | 28.4% |
| A Agilent Technologies, Inc. compare | 22.2% |
| ILMN Illumina, Inc. compare | 19.7% |
| DGX Quest Diagnostics Incorporated compare | 14.1% |
| IQV IQVIA Holdings Inc. compare | 13.0% |
| LH Labcorp Holdings Inc. compare | 10.4% |
| WAT Waters Corporation | 7.10% |
| NTRA Natera, Inc. compare | −10.7% |
| Diagnostics & Research industry median | −8.57% |
| Healthcare sector median | 0.00% |
| Market median | 0.00% |
What Operating margin is
EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.
EBIT ÷ Revenue
More on WAT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross 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