Waters Corporation: stock overview

WATNYSEHealthcare · Laboratory Analytical Instruments

Price

$460.25

November 13, 2026Market cap $45.2B

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  • The full history: 17 fiscal years, from 2009
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

Sign in with a free account to see the last 5 fiscal years.

Notes on these figures

  • Earnings per share here are the last twelve months' earnings over today's shares, so they agree with the P/E. The number of shares changed a lot during the year, so they differ from the earnings per share the company filed, which use the year's average number of shares.

In short

Waters had revenue of $5.6B over the last 12 months and net income of $98M, a net margin of 1.8%. Revenue grew by 6.0% a year on average over the last 5 years. At $460.25 the shares trade at a P/E of 459.7, against a median of 33.4 over the last 5 fiscal years. It has net debt of $4.5B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$45.2B
98.10M shares
P/E
459.7
Today459.7
Median33.4
Revenue, 12 months
$5.6B
+6.0% a year over 5 years
Net margin
1.8%
2025: 20.3%, above 91% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+3.5% a year over 2 years

  • 202510-K
    Revenue$3.2B
  • 202410-K
    Revenue$3.0B
  • 202310-K
    Revenue$3.0B

Fiscal years in figures

WAT's revenue, profit, cash flow and dividend with each year-end price, from 2009 to 2022, 14 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $22.0B
$45.2B
Enterprise value 
$49.7B
P/E 3-year median: 34.6
459.7
EV / EBIT 
187.2
EV / Revenue 
8.9
P/B 3-year median: 14.5
3.0
FCF yield 3-year median: 2.3%
0.6%
Earnings yield 3-year median: 2.9%
0.2%

Profitability

Gross margin 
77.0%
Operating margin 
4.7%
Net margin 3-year median: 21.6%
1.8%
ROIC 
1.7%
ROIC, 5-year average 
24.2%
ROE 
1.0%

Growth

Revenue, yearly change 
+7.0%
EPS, yearly change 
+0.5%
FCF, yearly change 
-12.9%
Revenue, average a year 
+6.0%
EPS, average a year 
+5.2%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$593M
Total debt 
$5.5B
Of which operating leases 
$366M
Net debt 
$4.5B
Net debt / EBITDA 
12.8x
Interest cover 
1.5x
Current ratio 
1.89

Balance sheet of October 3, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
0.03%
Total returned 
0.03%
Shares, yearly change 
+65.1%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 38).

Operating margin

25.4%

Above 94% of the 186 companies in its industry, and 89% of all.

Net margin

20.3%

Above 91% of the 189 companies in its industry, and 82% of all.

ROE

25.1%

Above 93% of the 174 companies in its industry, and 89% of all.

ROA

12.7%

Above 89% of the 190 companies in its industry, and 92% of all.

Revenue growth

7.0%

Above 46% of the 186 companies in its industry, and 52% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
WATERS CORP /DE/
CIK
1000697
Exchange
NYSE
Industry (SIC)
3826 · Laboratory Analytical Instruments
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
98.10M

Other companies: Healthcare

The largest companies of the same sector, each with its own page.

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The full analysis

What do Waters's filings show?

These are Waters's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about WAT

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What is WAT's market cap?

Waters Corporation's market cap is $45.2B, at a price of $460.25 on November 13, 2026 and 98.10M shares.

What is WAT's P/E?

WAT's P/E is 459.7, on earnings per share of $1.00 over the last 12 months. The median over the last 5 fiscal years was 33.4.

How much revenue does WAT have?

Waters had revenue of $5.6B over the last 12 months. Over the last 5 years it changed by +6.0% a year on average.

Does WAT pay a dividend?

No. Waters paid no regular dividend over the last 12 months.

Where do the figures come from?

From Waters Corporation's SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.