202610월
WAT Oct 2026 · Reduce
At a share price of $425.21 (as of 2026-10-02), the stock trades at a 23.13% premium to fair value, implying an expected return of -18.78%. Although Waters commands a wide economic moat rooted in high regulatory switching costs across an installed base of 12,000 instruments and recurring consumables and service revenues representing 57.5% of net sales, valuation multiples of 24.75x forward earnings fully price in multi-year recovery and leave no margin of safety against biopharmaceutical capital expenditure deferrals, Chinese healthcare procurement headwinds, and foreign exchange translation pressure.Latest published research · analyzed 2026-10-03 · current · sources aging