WAT

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Waters Corp.

Physical products Sells to businessesTags from an AI model reading the company description.

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Key Metrics

Previous Close: $425.53
52-Week Range: $282.77 – $448.21
Market Cap: $41.75B
P/E (TTM): 107.65
EPS (TTM): 3.95
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 2.75
PEG Ratio: 1.58
Return on Equity: 1.92%
Return on Assets: 3.56%
Gross Margin: 56.34%
Operating Margin: 9.42%
Profit Margin: 3.59%
Current Ratio: 1.86
Debt/Equity: 0.36
Total Debt: $5.48B
Free Cash Flow: $-142.07M
Revenue Growth: 113.40%
Earnings Growth: —
Enterprise Value: $46.71B

WAT Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$2.97B	$2.96B	$2.96B	$3.17B
Cost of Revenue	$1.25B	$1.20B	$1.20B	$1.29B
Gross Profit	$1.72B	$1.76B	$1.76B	$1.88B
Research & Development	$176.19M	$174.94M	$183.03M	$195.71M
Selling, General & Admin	$658.03M	$736.01M	$690.15M	$830.37M
Operating Expenses	$840.58M	$943.52M	$920.26M	$1.07B
Operating Income	$883.19M	$817.68M	$837.92M	$802.59M
EBITDA	$1.02B	$1.00B	$1.04B	$1.03B
Pretax Income	$837.85M	$736.24M	$754.87M	$754.88M
Income Tax	$130.09M	$94.01M	$117.03M	$112.25M
Net Income	$707.75M	$642.23M	$637.83M	$642.63M
Diluted EPS	11.73	10.84	10.71	10.76
Diluted Shares	60.33M	59.27M	59.55M	59.71M

WAT Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$480.53M	$395.08M	$325.36M	$587.83M
Receivables	$722.89M	$702.17M	$733.37M	$828.84M
Inventory	$455.71M	$516.24M	$477.26M	$572.37M
Current Assets	$1.76B	$1.75B	$1.67B	$2.15B
Total Assets	$3.28B	$4.63B	$4.55B	$5.08B
Current Liabilities	$785.74M	$789.58M	$789.76M	$1.24B
Long-Term Debt	$1.52B	$2.31B	$1.63B	$947.45M
Total Debt	$1.66B	$2.44B	$1.70B	$1.49B
Total Liabilities	$2.78B	$3.48B	$2.73B	$2.52B
Retained Earnings	$8.51B	$9.15B	$9.79B	$10.43B
Shareholders' Equity	$504.49M	$1.15B	$1.83B	$2.56B
Working Capital	$978.17M	$963.29M	$879.35M	$908.15M
Net Debt	$1.09B	$1.96B	$1.30B	$819.61M

WAT Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$611.66M	$602.81M	$762.12M	$652.55M
Capital Expenditure	-$183.46M	-$160.63M	-$142.48M	-$112.75M
Free Cash Flow	$428.20M	$442.18M	$619.64M	$539.81M
Depreciation & Amortisation	$130.42M	$165.91M	$191.82M	$206.24M
Stock-Based Compensation	$42.56M	$36.87M	$44.71M	$54.13M
Investing Cash Flow	-$107.97M	-$1.44B	-$143.09M	-$152.25M
Financing Cash Flow	-$509.63M	$754.95M	-$696.67M	-$237.21M
Share Repurchases	-$626.06M	-$70.28M	-$13.54M	-$14.67M
Net Change in Cash	-$5.94M	-$84.50M	-$77.64M	$263.10M

WAT Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$662.00M	$771.00M	$799.89M	$932.36M	$1.27B	$1.65B
Cost of Revenue	$277.00M	$321.00M	$327.81M	$362.86M	$679.00M	$911.00M
Gross Profit	$385.00M	$450.00M	$472.08M	$569.50M	$588.00M	$734.00M
Research & Development	$47.00M	$49.00M	$53.64M	$46.90M	$96.00M	$122.00M
Selling, General & Admin	$174.00M	$198.00M	$214.23M	$240.01M	$387.00M	$405.00M
Operating Expenses	$233.00M	$259.00M	$279.97M	$298.98M	$635.00M	$771.00M
Operating Income	$152.00M	$191.00M	$192.11M	$270.52M	-$47.00M	-$37.00M
EBITDA	$207.00M	$244.00M	$249.45M	$331.01M	$167.00M	$220.00M
Pretax Income	$143.00M	$178.00M	$170.12M	$264.18M	-$88.00M	-$141.00M
Income Tax	$22.00M	$31.00M	$21.20M	$38.97M	-$16.00M	-$5.00M
Net Income	$121.00M	$147.00M	$148.92M	$225.21M	-$72.00M	-$136.00M
Diluted EPS	2.03	2.47	2.50	3.77	-0.87	-1.39
Diluted Shares	59.71M	59.66M	59.62M	59.76M	82.14M	98.20M

WAT Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$382.87M	$367.21M	$459.12M	$587.83M	$462.00M	$539.00M
Receivables	$713.28M	$730.07M	$748.52M	$828.84M	$1.75B	$1.99B
Inventory	$511.50M	$540.75M	$572.94M	$572.37M	$1.50B	$1.38B
Current Assets	$1.74B	$1.78B	$1.92B	$2.15B	$4.06B	$4.46B
Total Assets	$4.59B	$4.72B	$4.86B	$5.08B	$24.53B	$24.75B
Current Liabilities	$960.97M	$1.02B	$1.25B	$1.24B	$2.27B	$2.40B
Long-Term Debt	$1.36B	$1.20B	$947.21M	$947.45M	$4.86B	$4.89B
Total Debt	$1.54B	$1.54B	$1.49B	$1.49B	$5.57B	$5.45B
Total Liabilities	$2.63B	$2.56B	$2.53B	$2.52B	$9.24B	$9.56B
Retained Earnings	$9.91B	$10.06B	$10.21B	$10.43B	$10.36B	$10.22B
Shareholders' Equity	$1.96B	$2.16B	$2.33B	$2.56B	$15.29B	$15.20B
Working Capital	$778.91M	$765.99M	$667.89M	$908.15M	$1.79B	$2.07B
Net Debt	$1.07B	$1.09B	$948.09M	$819.61M	$4.75B	$4.55B

WAT Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$260.00M	$41.00M	$187.00M	$164.55M	-$3.00M	$201.00M
Capital Expenditure	-$26.00M	-$23.00M	-$24.77M	-$38.97M	-$39.00M	-$48.00M
Free Cash Flow	$234.00M	$18.00M	$162.23M	$125.58M	-$42.00M	$153.00M
Depreciation & Amortisation	$50.00M	$51.00M	$52.70M	$52.54M	$207.00M	$301.00M
Stock-Based Compensation	$13.00M	$13.00M	$13.63M	$14.50M	$20.00M	$25.00M
Investing Cash Flow	-$26.00M	-$59.00M	-$25.12M	-$42.13M	$95.00M	$2.00M
Financing Cash Flow	-$173.00M	-$1.00M	-$66.54M	$3.34M	-$213.00M	-$124.00M
Share Repurchases	-$14.00M	$0.00	-$523.00K	-$144.00K	-$12.00M	-$2.00M
Net Change in Cash	$61.00M	-$19.00M	$95.34M	$125.76M	-$121.00M	$79.00M

Market Snapshot

About

Waters Corporation is a specialty measurement company providing analytical instruments, software, and services for life science research, pharmaceutical, food, environmental, and industrial applications. The company is a leader in liquid chromatography, mass spectrometry, and thermal analysis technologies.