WAT Healthcare

Waters Corporation

$459.90+2.31%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Diagnostics & Research
Country: United States
Market cap: 45.2B USD
Enterprise value: 47.5B USD
Full-time employees: 16,000

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.19 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.19 vs peers 0.63)
About average: profitability

Ranks #708 of 1,157 healthcare companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $136M vs $98M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.8% from December 2022 to December 2025.
Over three fiscal years Waters recorded $136M of stock-based pay expense and spent $98M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Waters recorded $136M of stock-based pay expense and spent $98M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 6-year low. 25% in 2025, the weakest of the last 6 years.
Waters's operating margin fell to 25% in 2025, its lowest in the 6 years of filings we have.
Cash flow well above reported profit. Free cash flow is 2.4× reported profit.
Free cash flow is 2.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Fast revenue growth. Revenue grew 52% in the 12 months to July 2026 vs the 12 months before, faster than 90% of peers.
Revenue grew 52% in the 12 months to July 2026 vs the 12 months before, faster than 90% of its peers.

StockQuotient Score

46/ 100

Oct 5 46 → Nov 4 46

Valuation

Is the price right?

38/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.4%

SEC filings · 12 months to Jul 2026Reported value30% base weight · Z-score -0.75Sector median: 0.0148 · MAD: 0.0148

EBITDA yield1.9%

SEC filings · 12 months to Jul 2026Reported value50% base weight · Z-score -0.53Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield0.9%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield33.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 23.2%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-84.7%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.79Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth15.8%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score 1.18Sector median: 0.0584 · MAD: 0.0840

Revenue growth52.5%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 4.76Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

43/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 8.9 points to 7.1%

Why

Held back by:

▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin7.1%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.00Sector median: 0.0706 · MAD: 0.1217

Return on assets0.7%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.18Sector median: 0.0166 · MAD: 0.0537

Return on invested capital1.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.34Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin56.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity1.1%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.19

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.68Sector median: 0.6250 · MAD: 0.3380

Current ratio1.86×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.52Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.33×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.55Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Waters

Is Waters getting weaker?: Its latest SEC filing (Aug 11, 2026) got weaker in some ways: operating margin fell 8.9 points to 7.1%. Its overall score is unchanged at 46/100 since Oct 28, 2026.
How is Waters valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 1,393 healthcare peers. EBITDA yield 1.9% vs a peer median of 4.0% (weaker than 61% of peers).EBITDA yield 1.9% vs peers 4.0% (weaker than 61% of peers).
Is Waters growing?: Yes, faster than most of its peers. Growth scores 71/100 against 1,393 healthcare peers. Revenue growth 52.5% vs a peer median of 6.1% (stronger than 90% of peers).Revenue growth 52.5% vs peers 6.1% (stronger than 90% of peers). Earnings per share growth -84.7% vs a peer median of 9.8% (weaker than 100% of peers).Earnings per share growth -84.7% vs peers 9.8% (weaker than 100% of peers).
How profitable is Waters?: About as profitable as its peers. Profitability scores 43/100 against 1,393 healthcare peers. Return on invested capital 1.3% vs a peer median of 4.7% (weaker than 61% of peers).Return on invested capital 1.3% vs peers 4.7% (weaker than 61% of peers).
How risky is Waters?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 1.19 vs a peer median of 0.63 (weaker than 80% of peers).Beta 1.19 vs peers 0.63 (weaker than 80% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 4, 2026 · filed Aug 11, 2026 · compared with the quarter ended Apr 4, 2026

Got weaker

Operating margin fell 8.9 points to 7.1%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.8B USD	4.6B USD	+23.2%
Net income (12 months)	449.6M USD	166.6M USD	−62.9%
Operating margin	16.0%	7.1%	−8.9 pts
Free cash flow (12 months)	263.8M USD	398.8M USD	+51.2%
Debt	5.2B USD	5.1B USD	−2.5%
Cash	462.0M USD	539.0M USD	+16.7%
Shares outstanding	98.2M	98.2M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Diagnostics & Research · 26 companies

Valuations in Diagnostics & Research are within their usual range since Nov 2018.

53% of months since Nov 2018 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +109% vs the whole market, against a usual +111%.

Nov 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	29.5%	29.4%	27.7%	27.9%	25.4%	▼ 2.6 pts
Net margin	24.9%	23.8%	21.7%	21.6%	20.3%	▼ 1.3 pts
Return on assets (ROA)	22.4%	21.6%	13.9%	14.0%	12.7%	▼ 1.3 pts
Return on equity (ROE)	188.5%	140.3%	55.8%	34.9%	25.1%	▼ 9.8 pts
Free cash flow margin	—	—	15.0%	20.9%	17.1%	▼ 3.9 pts
Current ratio	2.39×	2.24×	2.22×	2.11×	1.73×	▼ 18%
Quick ratio	1.87×	1.66×	1.57×	1.51×	1.27×	▼ 16%
Debt to equity	4.14×	3.23×	2.10×	0.89×	0.73×	▼ 18%
Interest coverage	18.29×	17.90×	8.27×	9.21×	11.54×	▲ 25%

WAT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.19 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.19 vs peers 0.63)

About average: profitability

Ranks #708 of 1,157 healthcare companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $136M vs $98M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.8% from December 2022 to December 2025.

Over three fiscal years Waters recorded $136M of stock-based pay expense and spent $98M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Waters recorded $136M of stock-based pay expense and spent $98M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating margin at a 6-year low. 25% in 2025, the weakest of the last 6 years.

Waters's operating margin fell to 25% in 2025, its lowest in the 6 years of filings we have.

Cash flow well above reported profit. Free cash flow is 2.4× reported profit.

Free cash flow is 2.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Fast revenue growth. Revenue grew 52% in the 12 months to July 2026 vs the 12 months before, faster than 90% of peers.

Revenue grew 52% in the 12 months to July 2026 vs the 12 months before, faster than 90% of its peers.

Questions investors ask about Waters

Is Waters getting weaker?

Its latest SEC filing (Aug 11, 2026) got weaker in some ways: operating margin fell 8.9 points to 7.1%. Its overall score is unchanged at 46/100 since Oct 28, 2026.

How is Waters valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 1,393 healthcare peers. EBITDA yield 1.9% vs a peer median of 4.0% (weaker than 61% of peers).EBITDA yield 1.9% vs peers 4.0% (weaker than 61% of peers).

Is Waters growing?

Yes, faster than most of its peers. Growth scores 71/100 against 1,393 healthcare peers. Revenue growth 52.5% vs a peer median of 6.1% (stronger than 90% of peers).Revenue growth 52.5% vs peers 6.1% (stronger than 90% of peers). Earnings per share growth -84.7% vs a peer median of 9.8% (weaker than 100% of peers).Earnings per share growth -84.7% vs peers 9.8% (weaker than 100% of peers).

How profitable is Waters?

About as profitable as its peers. Profitability scores 43/100 against 1,393 healthcare peers. Return on invested capital 1.3% vs a peer median of 4.7% (weaker than 61% of peers).Return on invested capital 1.3% vs peers 4.7% (weaker than 61% of peers).

How risky is Waters?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 1.19 vs a peer median of 0.63 (weaker than 80% of peers).Beta 1.19 vs peers 0.63 (weaker than 80% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.8B USD

4.6B USD

+23.2%

Net income (12 months)

449.6M USD

166.6M USD

−62.9%

Operating margin

16.0%

7.1%

−8.9 pts

Free cash flow (12 months)

263.8M USD

398.8M USD

+51.2%

Debt

5.2B USD

5.1B USD

−2.5%

Cash

462.0M USD

539.0M USD

+16.7%

Shares outstanding

98.2M

98.2M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

29.5%

29.4%

27.7%

27.9%

25.4%

▼ 2.6 pts

Net margin

24.9%

23.8%

21.7%

21.6%

20.3%

▼ 1.3 pts

Return on assets (ROA)

22.4%

21.6%

13.9%

14.0%

12.7%

▼ 1.3 pts

Return on equity (ROE)

188.5%

140.3%

55.8%

34.9%

25.1%

▼ 9.8 pts

Free cash flow margin

—

15.0%

20.9%

17.1%

▼ 3.9 pts

Current ratio

2.39×

2.24×

2.22×

2.11×

1.73×

▼ 18%

Quick ratio

1.87×

1.66×

1.57×

1.51×

1.27×

▼ 16%

Debt to equity

4.14×

3.23×

2.10×

0.89×

0.73×

▼ 18%

Interest coverage

18.29×

17.90×

8.27×

9.21×

11.54×

▲ 25%