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

461.46 8.38 +1.85%

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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) Price to free cash flow

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As of 5 November 2026, Waters Corporation (WAT) trades at a price to free cash flow of 173×. Over the past ten years it has ranged from 0.0× (December 2024) to 183× (October 2026); the current reading is higher than 100% of that period. That is above the Diagnostics & Research industry median of 33.5× and above the Healthcare sector median of 21.1×.

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

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%)

Period	Price to free cash flow	Change
Sep 2026	167×	66.32%
Jun 2026	100×	(4.88%)
Mar 2026	106×	137.19%
Dec 2025	44.5×	50.27%
43 more quarters	Free account

Against its own ten years

Low 0.0× High 183×

Ten-year median 28.8×

Current reading's percentile 100

Company	Price to free cash flow
DGX Quest Diagnostics Incorporated compare	20.3×
IQV IQVIA Holdings Inc. compare	21.0×
LH Labcorp Holdings Inc. compare	25.4×
ILMN Illumina, Inc. compare	30.4×
A Agilent Technologies, Inc. compare	38.2×
MTD Mettler-Toledo International, Inc. compare	39.1×
IDXX IDEXX Laboratories, Inc. compare	40.6×
WAT Waters Corporation	173×
NTRA Natera, Inc. compare	1,004×
Diagnostics & Research industry median	33.5×
Healthcare sector median	21.1×
Market median	14.1×

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 →

Waters Corporation (WAT) Price to free cash flow

Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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Price to free cash flow, daily

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Against its own ten years

Price to free cash flow against peers

What Price to free cash flow is

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