Waters Corporation (WAT)

NYSE: WAT · USD

$477

+8.34 (+1.8%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-03

Our latest published analysis: WAT rated Reduce

Waters Corporation's published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$345 / share

Potential value

$440 / share

Upside to FV

-18.8%

from $477

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$41.7B
Revenue (ttm)	4.6B
Net income (ttm)	166.6M
EPS (ttm)	$2.21
Shares out	98.2M
P/E (trailing)	215.3x
P/E (forward)	24.8x
Volume	722,879
Beta	1.15

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 4.6B
Net income (ttm): 166.6M
EPS (ttm): $2.21
P/E (trailing): 215.3x
P/E (forward): 24.8x
Market cap: $41.7B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$2.79B	$2.97B	$2.96B	$2.96B	$3.17B	+3.2%
Gross profit	$1.63B	$1.72B	$1.76B	$1.76B	$1.83B	+2.9%
Operating income	$821.7M	$873.4M	$817.7M	$826.4M	$802.6M	-0.6%
Net income	$692.8M	$707.8M	$642.2M	$637.8M	$642.6M	-1.9%
EPS (diluted)	$11.17	$11.73	$10.84	$10.71	$10.76	-0.9%
EBITDA	$982.8M	$1.02B	$817.7M	$1.04B	$1.01B	+0.7%
R&D	$168.4M	$176.2M	$174.9M	$183.0M	$195.7M	+3.8%
SG&A	$627.0M	$658.0M	$736.0M	$690.1M	$830.4M	+7.3%

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ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	비중 축소

Base and Bull scenarios

Base60%

Price target

$345.34

-18.8% from spot

Under the modal base path, Waters delivers steady compound growth anchored by recurring chemistry consumables ($631.46M in FY2025) and service revenues ($1,188.19M). Top-line revenue expands from $6,466.84M in FY2026 to $7,136.40M in FY2027, while operating margins improve gradually toward long-term targets by FY2030 supported by 90 bps of pricing realization. Disciplined capital allocation and share buybacks offsetting SBC support diluted EPS progression from $14.58 in FY2026 to $16.54 in FY2027, yielding a synthesized fair value midpoint of $345.34.

Revenue expands from $6.47B in FY2026 to $7.14B in FY2027
Operating margin normalizes gradually toward long-term targets by FY2030
WACC of 9.098% and perpetual growth rate of 3.00%
Terminal exit multiple of 22.0x forward earnings

Bull20%

Price target

$440.18

+3.5% from spot

Under the upside trajectory, biopharmaceutical R&D and lab capital expenditure rebound sharply across North America and Europe, accelerating replacement across the 12,000-unit installed base. Expanding GLP-1 testing volumes and reagent rental compliance across 700 accounts lift pricing realization to 150 bps, while biopharma reshoring drives incremental lab placements through 2030. Operating margins expand toward 28-30%, supporting compound diluted EPS growth above consensus expectations toward the upper fair value boundary ($440.18).

Installed base replacement cycle accelerates across 12,000 units
Reagent rental pricing realization reaches 150 bps
GLP-1 testing demand drives double-digit consumable pull-through
Biopharma reshoring captures new laboratory construction from 2027 to 2030

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($345.34). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
8.6%	$340	$346	$352	$359	$367
9.1%	$324	$329	$334	$339	$346
9.6%	$310	$314	$345	$323	$328
10.1%	$298	$301	$304	$308	$313
10.6%	$287	$289	$293	$296	$299

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E24.8

P25 n/aP50 n/aP75 n/a

Trailing P/E107.4

P25 n/aP50 n/aP75 n/a

ROE1.9

P25 n/aP50 n/aP75 n/a

ROIC3.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All WAT indicators

Market & fundamental data

Available fields

269

Groups with data

Currency

USD

Showing 269 of 269 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001000697
Company name	Waters Corporation
Country	United States
Country code	US
CUSIP number	941848103
Earnings date	2026-11-03
Earnings time	bmo
Employees	7,900
Employees change	300
Employees growth	3.95%
Enterprise value	$51.8B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-07-04
First seen	2026-05-09
Fiscal year end	December
Founded	1958
In index	SP500
Industry	Diagnostics & Research
IPO date	1995-11-16
Is primary listing	Yes
Is SPAC	No
ISIN number	US9418481035
Last 10-K release date	2026-02-23
Last earnings date	2026-08-04
Last refreshed	2026-10-28
Last stock split date	2000-08-28
Last stock split type	Forward
Market cap	$46.9B
Market cap category	Large-Cap
Next earnings date	2026-11-03
Options	Yes
Price	$476.90
Price currency	USD
Sector	Healthcare
SIC code	3826
Stock price date	2026-10-28
Symbol	WAT
U.S. state	Massachusetts
Website	https://www.waters.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	34.86x
Average P/E ratio (10Y)	78.64x
Average P/E ratio (3Y)	50.23x
Average P/E ratio (5Y)	41.21x
Earnings yield	0.46%
EV/Earnings	310.9x
EV/EBIT	61.76x
EV/EBITDA	35.68x
EV/FCF	129.9x
EV/Sales	11.15x
FCF / EV yield	0.77%
FCF yield	0.85%
Forward EV/Sales	7.52x
Forward P/E	30.75x
Forward P/S	6.8x
Graham number	87.80143
Graham upside	-81.59%
Industry forward P/E	30.71x
Industry P/E	50.2x
Lynch fair value	$11.07
Lynch upside	-97.68%
P/(FCF - SBC) ratio	143.9x
P/(OCF - SBC) ratio	98.37x
P/B ratio	3.03x
P/E ratio	215.32x
P/FCF ratio	117.52x
P/OCF ratio	85.28x
P/S ratio	10.09x
PEG ratio	2.41x
Price/EBITDA ratio	32.28x
Sector forward P/E	23.53x
Sector P/E	51.01x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	18.06%
EBITDA margin	31.27%
Effective tax rate	19.06%
FCF margin	8.59%
Gross margin	56.34%
Operating margin	18.06%
Pretax margin	4.43%
Profit margin	3.59%
Profit per employee	$21,092
Profitable years	28
Revenue per employee	$587,884
ROA	3.56%
ROA (5Y)	14.31%
ROCE	3.75%
ROE	1.92%
ROE (5Y)	108.62%
ROIC	3.35%
ROIC (5Y)	35.34%
SBC / revenue	1.57%
Tax / revenue	0.85%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-80.02%
EPS growth 10Y	-9.44%
EPS growth 3Y	-42%
EPS growth 5Y	-26.86%
EPS growth years	1
FCF growth	-35.57%
FCF growth (Q)	750%
FCF growth 3Y	0.79%
FCF growth 5Y	-9.29%
Gross profit growth	45.53%
Gross profit growth (Q)	97.33%
Gross profit growth 3Y	14.31%
Gross profit growth 5Y	10.99%
Net income growth	-74.79%
Net income growth 3Y	-37.25%
Net income growth 5Y	-24.08%
Net income growth years	1
OCF growth	-26.31%
OCF growth (Q)	390.24%
OCF growth 10Y	-1.09%
OCF growth 3Y	-1.31%
OCF growth 5Y	-7.27%
Operating income growth	-3.07%
Operating income growth (Q)	-18.85%
Operating income growth 3Y	-1%
Operating income growth 5Y	0.38%
Revenue growth	52.47%
Revenue growth (Q)	113.36%
Revenue growth (QoQ)	29.83%
Revenue growth 10Y	8.27%
Revenue growth 3Y	15.78%
Revenue growth 5Y	11.7%
Revenue growth quarters	8
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-150.7M
Depreciation and amortization	$613.2M
EBIT	$838.8M
EBITDA	$1.5B
EPS	$2.21
FCF per share	$4.06
Financing cash flow	$-400.2M
Free cash flow	$398.8M
Free cash flow minus SBC	$325.7M
Gross profit	$2.6B
Income taxes	$39.2M
Investing cash flow	$29.7M
Net borrowing	$-348M
Net cash flow	$171.5M
Net income	$166.6M
Operating cash flow minus SBC	$476.4M
Operating income	$838.8M
Revenue	$4.6B
Stock-based compensation	$73.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.56
Book value per share	$154.70
Debt / EBITDA	3.67
Debt / equity	0.36
Debt / FCF	13.73
Goodwill	$9.4B
Interest coverage	5.61
Long-term assets	$20.3B
Long-term liabilities	$7.2B
Net cash (debt)	$-4.9B
Net cash / market cap	-10.54%
Net debt / EBITDA	3.4
Net debt / equity	0.32
Net debt / FCF	12.38
Piotroski F-Score	5
Property, plant and equipment	$1.9B
Shareholders' equity	$15.2B
Tangible book value	$-2.7B
Tangible book value per share	$-27.97
Total assets	$24.8B
Total cash	$539M
Total debt	$5.5B
Total liabilities	$9.6B
WACC	9.7%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.32
Current assets	$4.5B
Current liabilities	$2.4B
Current ratio	1.86
Inventory turnover	2.11
Net working capital	$1.8B
Quick ratio	1.05
Working capital	$2.1B
Working capital turnover	3.28

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-25.49%
Dividend yield	0%
Shareholder yield	-25.49%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	239.55%
10Y return CAGR	13.01%
10Y total return	239.55%
150-day SMA	$378.82
15Y price change	490.59%
15Y return CAGR	12.57%
15Y total return	490.59%
1D price change	1.78%
1M price change	10.27%
1M total return	10.27%
1W price change	7.96%
1W total return	7.96%
1Y price change	35.92%
1Y return CAGR	35.94%
1Y total return	35.92%
20-day SMA	$442.58
200-day SMA	$368.74
20Y price change	867.19%
20Y return CAGR	12.02%
20Y total return	867.19%
3M price change	28.79%
3M total return	28.79%
3Y price change	95.33%
3Y return CAGR	25%
3Y total return	95.33%
50-day SMA	$427.76
50-day SMA vs 200-day SMA	50over200
52-week high	$482.28
52-week high date	2026-10-28
52-week low	$282.77
52-week low date	2026-03-13
5Y price change	32.37%
5Y return CAGR	5.77%
5Y total return	32.37%
6M price change	59.47%
6M total return	59.47%
All-time high	$482.28
All-time high date	2026-10-28
All-time low	$3.31
All-time low date	1995-11-28
Average true range (ATR)	$14.26
Average volume	887.4K
Beta (1Y)	1.31
Beta (2Y)	0.85
Beta (5Y)	1.15
Change from 52-week high	-1.12%
Change from 52-week low	68.65%
Change from all-time high	-0.87%
Change from all-time low	14,330.43%
Change from open	1.46%
Day's gap	0.31%
Dollar volume	$344.7M
High price	$481.57
Low price	$470.02
Monthly RSI	66.19
Open price	$470.02
Position in 52-week range	59.57%
Premarket change	-0.01%
Premarket close	$468.55
Premarket price	$468.49
Previous close	$468.55
Price vs 150-day SMA	26.2%
Price vs 20-day SMA	8.02%
Price vs 200-day SMA	29.65%
Price vs 50-day SMA	11.76%
Relative volume	0.81
RSI	72.92
Sharpe ratio	0.94
Sharpe ratio (3Y)	0.65
Sharpe ratio (5Y)	0.22
Sortino ratio	1.58
Sortino ratio (3Y)	1.16
Sortino ratio (5Y)	0.51
Volume	722.9K
Weekly RSI	74.17
YTD price change	25.87%
YTD total return	25.87%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	98.1M
Float percentage	99.81%
Shares change (QoQ)	19.56%
Shares change (YoY)	25.49%
Shares held by insiders	0.08%
Shares held by institutions	101.23%
Shares outstanding	98.2M
Short % of float	3.47%
Short % of shares	3.47%
Short ratio	5 days

Deeper analysis on WAT

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this WAT report

What is the latest published WAT stock rating?

Waters Corporation is shown with Reduce in the latest published report, analyzed 2026-10-03. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full WAT analysis?

The full latest published report, analyzed 2026-10-03, lives at /stocks/WAT/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for WAT?

The latest published report analyzed 2026-10-03 gives WAT a fair value of USD 345 and a potential value of USD 440. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the WAT page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-03). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReduceWAT · Fair value $345-18.8%

Read full analysis →

Waters Corporation (WAT)

Our latest published analysis: WAT rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · WAT

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All WAT indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on WAT

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	3.0
Management	6.5
Balance Sheet	7.0
Profitability	3.5
Revenue Growth	9.0
Risk Assessment	6.5
Competitive Moat	9.0
Earnings Quality	6.0
Capital Efficiency	6.5