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/S ratio

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As of 5 November 2026, Waters Corporation (WAT) trades at a P/S ratio of 8.0×. Over the past ten years it has ranged from 4.6× (March 2020) to 9.8× (September 2021); the current reading is higher than 93% of that period. That is above the Diagnostics & Research industry median of 4.2× and above the Healthcare sector median of 3.5×.

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

Period	P/S ratio	Change
FY2025	7.1×	(4.02%)
FY2024	7.4×	13.31%
FY2023	6.6×	(5.86%)
FY2022	7.0×	(15.30%)
FY2021	8.2×	26.79%
FY2020	6.5×	(1.08%)
FY2019	6.6×	9.39%
FY2018	6.0×	(11.24%)
FY2017	6.8×	32.98%
FY2016	5.1×	(6.28%)

Period	P/S ratio	Change
Sep 2026	7.7×	(2.98%)
Jun 2026	7.9×	22.23%
Mar 2026	6.5×	(9.15%)
Dec 2025	7.1×	24.26%
43 more quarters	Free account

Against its own ten years

Low 4.6× High 9.8×

Ten-year median 6.4×

Current reading's percentile 93

Company	P/S ratio
LH Labcorp Holdings Inc. compare	2.0×
DGX Quest Diagnostics Incorporated compare	2.4×
IQV IQVIA Holdings Inc. compare	2.5×
A Agilent Technologies, Inc. compare	6.6×
ILMN Illumina, Inc. compare	7.0×
WAT Waters Corporation	8.0×
MTD Mettler-Toledo International, Inc. compare	8.2×
IDXX IDEXX Laboratories, Inc. compare	11.3×
NTRA Natera, Inc. compare	18.1×
Diagnostics & Research industry median	4.2×
Healthcare sector median	3.5×
Market median	1.9×

What P/S ratio is

Price to Sales Ratio shows how much investors pay for each dollar of a company’s annual sales, whether or not it is profitable.

(Stock Price × Shares (Basic, Weighted) (latest quarter)) ÷ Revenue (TTM)

The full definition of P/S ratio →

Waters Corporation (WAT) P/S ratio

P/S ratio, daily

Annual newest first

Quarterly newest first

Against its own ten years

P/S ratio against peers

What P/S ratio is

More on WAT

P/S ratio, daily

Annual newest first

Quarterly newest first

Against its own ten years

P/S ratio against peers

What P/S ratio is

More on WAT

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