Friday 6 November 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.

Revenue: +120.9%
EPS: −67.0%
Free cash flow: −66.7%
Total debt: +308.2%

Quarter to September 2026, against a year earlier

454.74 12.86 −2.75%

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Market cap: $44.5B
P/E: 194×
Fwd P/E: 81.0×
Dividend yield: —
F-score: 5/9
Altman Z: 9.63
Beneish M: −2.37
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Waters Corporation (WAT) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, Waters Corporation (WAT) trades at a P/B ratio of 2.9×. 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 3.4× and above the Healthcare sector median of 2.3×.

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<iframe src="https://stockrow.com/embed/WAT/pb-ratio" width="100%" height="360" style="border:0" loading="lazy" title="Waters Corporation P/B ratio, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/WAT/metrics/pb-ratio">Waters Corporation (WAT) P/B ratio — stockrow.com</a></p>

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%)

Period	P/B ratio	Change
Sep 2026	2.8×	17.22%
Jun 2026	2.4×	51.53%
Mar 2026	1.6×	(81.87%)
Dec 2025	8.8×	15.22%
43 more quarters	Free account

Against its own ten years

Low 0.0× High 134×

Ten-year median 8.3×

Current reading's percentile 6

Company	P/B ratio
WAT Waters Corporation	2.9×
LH Labcorp Holdings Inc. compare	3.3×
DGX Quest Diagnostics Incorporated compare	3.5×
IQV IQVIA Holdings Inc. compare	6.4×
A Agilent Technologies, Inc. compare	6.6×
ILMN Illumina, Inc. compare	10.1×
NTRA Natera, Inc. compare	28.2×
IDXX IDEXX Laboratories, Inc. compare	28.2×
MTD Mettler-Toledo International, Inc. compare	2,631×
Diagnostics & Research industry median	3.4×
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 →

Waters Corporation (WAT) P/B ratio

P/B ratio, daily

Annual newest first

Quarterly newest first

Against its own ten years

P/B ratio against peers

What P/B ratio is

More on WAT

P/B ratio, daily

Annual newest first

Quarterly newest first

Against its own ten years

P/B ratio against peers

What P/B ratio is

More on WAT

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