Pricing Log in Create free account
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) Price to free cash flow

Alert me on Price to free cash flow

As of 16 October 2026, Waters Corporation (WAT) trades at a price to free cash flow of 117×. Over the past ten years it has ranged from 0.0× (December 2024) to 136× (May 2026); the current reading is higher than 98% of that period. That is above the Diagnostics & Research industry median of 35.8× and above the Healthcare sector median of 20.2×.

Price to free cash flow, daily

Embed this chart

Annual newest first

Period Price to free cash flow Change
FY2025 44.5× 25.36%
FY2024 35.5× —
FY2023 0.0× —
FY2022 48.4× 22.18%
FY2021 39.6× 37.36%
FY2020 28.8× (13.42%)
FY2019 33.3× 15.46%
FY2018 28.9× 12.20%
FY2017 25.7× 24.98%
FY2016 20.6× (11.16%)

Quarterly newest first

Period Price to free cash flow Change
Jun 2026 100× (4.88%)
Mar 2026 106× 137.19%
Dec 2025 44.5× 50.27%
Sep 2025 29.6× (11.70%)
42 more quarters

Against its own ten years

Low 0.0× High 136×
Ten-year median 28.8×
Current reading's percentile 98

Price to free cash flow against peers

Company Price to free cash flow
DGX Quest Diagnostics Incorporated compare 19.3×
IQV IQVIA Holdings Inc. compare 19.6×
LH Labcorp Holdings Inc. compare 25.2×
IDXX IDEXX Laboratories, Inc. compare 35.8×
MTD Mettler-Toledo International, Inc. compare 37.8×
A Agilent Technologies, Inc. compare 38.4×
ILMN Illumina, Inc. compare 43.2×
WAT Waters Corporation 117×
NTRA Natera, Inc. compare 667×
Diagnostics & Research industry median 35.8×
Healthcare sector median 20.2×
Market median 14.2×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

More on WAT