Saturday 17 October 2026 Export WAT’s income statement to Excel — free account

Waters Corporation

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%

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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

Share dilution Aug 11, 2026 Receivables outpacing revenue Aug 11, 2026

All filings →

Insider Decisions trades per month

Total buys 0.45

Total sells 1.44

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	2	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	1	—	—

Insider Ownership 0.10%

Capital & Financial Ratios $m

Market Cap 43,640.00

Revenue 4,644.29

Net Income 166.63

Free Cash Flow 366.60

Net Debt 4,347.00

Current Ratio 1.86

Debt/Equity 0.32

P/E ratio 108.69

Fwd P/E 44.30

P/S ratio 9.24

P/B ratio 2.82

Past 5Y EPS Growth 5.18%

This Y EPS Growth 11.03%

Next Y EPS Growth 13.08%

Next Y revenue growth 104.34%

Next 5Y EPS Growth 11.93%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 90.60%

10-year low 10-year high

P/S against its own 10 years 98.89%

10-year low 10-year high

P/B against its own 10 years 5.45%

10-year low 10-year high

EV/Sales against its own 10 years 99.82%

10-year low 10-year high

EV/FCF against its own 10 years 97.77%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	396	325	588	539
Receivables	702	733	829	1,987
Inventory	516	477	572	1,377
Other	138	133	159	562
	1,753	1,669	2,148	4,465

	2023	2024	2025	Q'26
Payables	85	100	104	863
ST’ Debt	—	—	—	—
Other	169	149	231	545
	790	790	1,239	2,399

Compound Annual Growth %

	10y	5y	3y
Sales	4.48%	6.00%	2.12%
Cash Flow	1.30%	(3.76%)	2.18%
Earnings	3.20%	4.26%	(3.17%)
Book Value	2.21%	61.64%	71.87%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,267	1,645	—	—	—
’25	662	771	800	932	3,165
’24	637	709	740	873	2,958
’23	685	741	712	819	2,956
’22	691	714	709	859	2,972
’21	609	682	659	836	2,786
’20	465	520	594	787	2,365

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(3)	201	—	—	—
’25	260	41	187	165	653
’24	263	55	205	240	762
’23	197	18	158	230	603
’22	198	57	158	199	612
’21	218	143	168	218	747
’20	152	199	173	267	791

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(42)	153	—	—	—
’25	234	18	162	93	508
’24	234	18	179	188	620
’23	162	(28)	120	(1,094)	(840)
’22	165	10	116	137	428
’21	179	99	128	173	579
’20	101	153	144	140	538

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.87)	(1.39)	—	—	—
’25	2.03	2.47	2.50	3.77	10.76
’24	1.72	2.40	2.71	3.88	10.71
’23	2.38	2.55	2.27	3.65	10.84
’22	2.62	2.72	2.60	3.81	11.73
’21	2.37	2.69	2.60	3.52	11.17
’20	0.86	1.98	2.03	3.49	8.36

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	112.00	134.68	167.94	174.95	154.39	244.77	265.61	231.90	279.24	275.05	Analyst estimates 2026–2028 Powerpack
	High	162.53	201.95	220.20	255.21	252.67	428.22	372.24	350.97	397.02	423.56
People
People	Employees	6,900	7,000	7,200	7,500	7,400	7,800	8,200	7,900	7,600	7,900
	Revenue/emp, $m	0.31	0.33	0.34	0.32	0.32	0.36	0.36	0.37	0.39	0.40
Income, $m
Income, $m	Revenue	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
	Gross margin, %	58.87	58.99	58.98	58.00	57.44	58.49	58.00	59.57	59.43	59.28
	EBT	600	641	682	678	611	806	838	736	755	755
	EBT margin, %	27.69	27.76	28.19	28.18	25.83	28.94	28.19	24.90	25.52	23.85
	Net income	522	20	594	592	522	693	708	642	638	643
	Depreciation	96	106	108	105	125	132	130	166	192	206
Per share, $
Per share, $	Revenue	26.83	28.94	31.43	35.59	38.09	45.24	49.55	50.04	49.86	53.19
	Earnings	6.46	0.25	7.71	8.76	8.40	11.25	11.80	10.87	10.75	10.80
	Cash flow	7.96	8.74	7.85	9.51	12.73	12.14	10.20	10.20	12.84	10.97
	Capex	(1.13)	(1.13)	(1.25)	(2.42)	(4.07)	(2.73)	(3.06)	(24.43)	(2.40)	(2.44)
	Free cash flow	6.83	7.61	6.60	7.09	8.66	9.40	7.14	(14.22)	10.44	8.53
	Book value	28.49	27.99	20.36	(3.20)	3.74	5.97	8.41	19.47	30.82	43.04
	Shares, m	81	80	77	68	62	62	60	59	59	60
Valuation, ×
Valuation, ×	P/E	21.09	815.38	24.37	26.40	29.49	33.06	29.24	30.18	34.48	35.20
	P/S	5.09	6.76	6.00	6.57	6.50	8.24	6.98	6.57	7.44	7.14
	P/B	4.79	6.99	9.27	0.00	66.18	62.42	41.09	16.88	12.04	8.82
	EV/Sales	4.57	6.11	5.76	7.08	6.82	8.57	7.33	7.21	7.88	7.25
	EV/FCF	18.50	23.25	27.69	35.94	30.28	41.26	50.85	(25.38)	37.62	45.24
Cash, $m
Cash, $m	Operating cash flow	643	698	604	643	791	747	612	603	762	653
	Capex	(91)	(90)	(96)	(164)	(253)	(168)	(183)	(1,443)	(142)	(145)
	Free cash flow	552	607	508	479	538	579	428	(840)	620	508
Balance, $m
Balance, $m	Working capital	3,115	3,664	2,214	721	596	948	978	963	879	908
	Total debt	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626	947
	Net debt	(1,111)	(1,496)	(587)	1,244	763	945	1,043	1,910	1,301	360
	Shareholders’ equity	2,302	2,234	1,567	(216)	232	368	504	1,150	1,829	2,561
Returns, %
Returns, %	ROA	11.68	0.41	13.12	18.85	19.33	23.35	22.20	16.24	13.90	13.35
	ROIC	32.80	56.11	47.17	43.10	40.52	39.14	35.26	16.70	16.50	17.17
	ROE	23.92	0.90	31.24	87.67	6,576.65	231.06	162.32	77.62	42.82	29.28

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NTRA Natera, Inc.	$58.4B	— (loss-making)	— (loss-making)	+37.71% (above 0%: growing)	n/m	−173.96% (below 0%: shrinking)	64.46%	(10.07%)	Compare
A Agilent Technologies, Inc.	$49.5B	34.0×	26.3×	+8.06% (above 0%: growing)	+8.47% (above 0%: growing)	+69.50% (above 0%: growing)	55.48%	23.64%	Compare
IQV IQVIA Holdings Inc.	$44.6B	32.8×	22.3×	+8.74% (above 0%: growing)	−0.65% (below 0%: shrinking)	+23.29% (above 0%: growing)	32.85%	11.58%	Compare
WAT Waters Corporation	$43.6B	109×	44.3×	+113.36% (above 0%: growing)	n/m	+750.00% (above 0%: growing)	44.62%	(5.23%)
IDXX IDEXX Laboratories, Inc.	$43.1B	39.1×	38.3×	+9.66% (above 0%: growing)	+17.21% (above 0%: growing)	+111.44% (above 0%: growing)	64.04%	34.98%	Compare
ILMN Illumina, Inc.	$40.5B	48.4×	34.7×	+9.44% (above 0%: growing)	−8.05% (below 0%: shrinking)	−18.27% (below 0%: shrinking)	66.44%	21.14%	Compare
MTD Mettler-Toledo International, Inc.	$32.8B	36.4×	25.5×	+4.48% (above 0%: growing)	+18.30% (above 0%: growing)	+33.01% (above 0%: growing)	63.29%	30.61%	Compare
DGX Quest Diagnostics Incorporated	$26.4B	24.6×	20.8×	+10.21% (above 0%: growing)	+14.74% (above 0%: growing)	+5.28% (above 0%: growing)	33.75%	15.08%	Compare
LH Labcorp Holdings Inc.	$26.4B	26.2×	19.0×	+5.78% (above 0%: growing)	+28.42% (above 0%: growing)	−42.01% (below 0%: shrinking)	29.80%	12.10%	Compare
Median of peers	$41.8B	34.0×	25.5×	+9.09%	+14.74%	+14.29%	59.39%	18.11%

All 52 Diagnostics & Research stocks →

Waters Corporation (WAT) key facts

Strength: Waters Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 6.99% from fiscal 2024.
Waters Corporation (WAT) is a Diagnostics & Research company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 16, 2026, WAT traded at $436.95, a market capitalization of $43.6 billion.
Return on equity was 29.3% and debt-to-equity 0.32.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 9.63 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.