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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) P/B ratio

Alert me on P/B ratio

As of 16 October 2026, Waters Corporation (WAT) trades at a P/B ratio of 2.8×. Over the past ten years it has ranged from 0.0× (December 2020) to 134× (December 2019); the current reading is higher than 13% of that period. That is below the Diagnostics & Research industry median of 3.1× and above the Healthcare sector median of 2.3×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 8.8× (26.71%)
FY2024 12.0× (28.67%)
FY2023 16.9× (58.93%)
FY2022 41.1× (34.17%)
FY2021 62.4× (5.68%)
FY2020 66.2× —
FY2019 0.0× —
FY2018 9.3× 32.58%
FY2017 7.0× 45.99%
FY2016 4.8× (11.04%)

Quarterly newest first

Period P/B ratio Change
Jun 2026 2.4× 51.53%
Mar 2026 1.6× (81.87%)
Dec 2025 8.8× 15.22%
Sep 2025 7.7× (20.38%)
42 more quarters

Against its own ten years

Low 0.0× High 134×
Ten-year median 8.3×
Current reading's percentile 5

P/B ratio against peers

Company P/B ratio
WAT Waters Corporation 2.8×
LH Labcorp Holdings Inc. compare 3.0×
DGX Quest Diagnostics Incorporated compare 3.3×
A Agilent Technologies, Inc. compare 6.6×
IQV IQVIA Holdings Inc. compare 7.0×
ILMN Illumina, Inc. compare 13.9×
IDXX IDEXX Laboratories, Inc. compare 27.4×
NTRA Natera, Inc. compare 30.8×
MTD Mettler-Toledo International, Inc. compare 2,546×
Diagnostics & Research industry median 3.1×
Healthcare sector median 2.3×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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