Waters Corp (WAT)
Health Care · Life Sciences Tools & Services · US stock · S&P 500 component
$436.95
▼ -7.20 (1.62%)
Fair valueData under review
$33
$17fair band $23–$43$50
Day's range
$431.99 – $448.39
52-week range
$282.77 – $454.54
About Waters Corp
Waters makes analytical instruments and software that laboratories use to separate, identify and measure chemical and biological substances. Its products centre on liquid chromatography and mass spectrometry, and it also offers thermal analysis equipment through TA Instruments. Customers include pharmaceutical and biotechnology companies, industrial and food testing laboratories, environmental agencies and academic researchers. It also supplies consumables, columns and service plans for its installed systems.
Instruments and recurring consumables, software and service contracts generated revenue of $4.6 billion over the last twelve months. Revenue has grown at 2.1% a year across the last three years. The operating margin is 7.1%, the business earns 1% on the capital invested in it, and net debt is 14.9 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 22 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $282.77 – $454.54Volume 902,000Daily, split-adjusted
Vitals
Market cap$42.9B
52-week range$282.77 – $454.54
Volume (last day)902,000
P/E (TTM)–
EBIT / EV yield0.7%
Free-cash-flow yield–
Dividend yieldNo dividend
Revenue (TTM)$4.6B
Net income (TTM)–
Operating margin7.1%
Return on capital1.3%
Debt incl. leases$5.5B
Cash & securities$539M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$33model spread $33 – $33
Data under review
+0.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $437
Undervalued < $23Fair $23 – $43Overvalued > $43
10-year DCF (market-scaled)
$-26
Peer multiples
$32
Earnings power floor (not blended)
$72
Fundamentals-adjusted multiple
$35
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Read the lenses below
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Valuation
Weak
5/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield0.7%
Fair value vs price0.1×
Growth
Weak
29/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)2.1%
EPS growth (3y)-2.8%
Growth consistency70%
Profitability
Weak
32/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital1.3%
Operating margin7.1%
Financial health
Weak
22/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA14.9×
Interest cover2.2×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
-11.6%
Jun '25
+20.8%
Sep '25
+20.9%
Sep '25
+20.9%
Dec '25
+64.3%
Apr '26
+105.7%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.6B, diluted EPS $-1.39.
Compare with peers
MTD Mettler Toledo Interna...50 A Agilent Technologies,...42 IQV Iqvia Holdings Inc.42 TECH BIO-TECHNE Corp40Other Life Sciences Tools & Services companies by X-Ray Score.
Fundamentals checklist
● 1 Good · ● 1 Average · ● 10 BadCash quality
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 19/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Operating income | $822M | $873M | $818M | $826M | $803M |
| Net income | $693M | $708M | $642M | $638M | $643M |
| Operating cash flow | $747M | $612M | $603M | $762M | $653M |
| Operating margin | 29.5% | 29.4% | 27.7% | 27.9% | 25.4% |
| Free cash flow | – | – | $442M | $620M | $540M |
| Diluted EPS | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
11 bullish · 4 neutral · 1 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 435.4 | Bullish |
| EMA 10 | 435.2 | Bullish |
| SMA 20 | 433.2 | Bullish |
| EMA 20 | 431.6 | Bullish |
| SMA 50 | 420.5 | Bullish |
| EMA 50 | 418.5 | Bullish |
| SMA 100 | 396.3 | Bullish |
| EMA 100 | 399.6 | Bullish |
| SMA 200 | 366.2 | Bullish |
| EMA 200 | 379.3 | Bullish |
Oscillators (daily)
| RSI (14) | 55.87 | Neutral |
| MACD (12, 26) | 5.50 | Bullish |
| Momentum (12) | -0.56 | Bearish |
| Stochastic %K (14) | 46.58 | Neutral |
| Williams %R (14) | -53.42 | Neutral |
| CCI (20) | 77.05 | Neutral |
Pivot points (classic, last session)
S3 413.4 | S2 422.7 | S1 429.8 | Pivot 439.1 | R1 446.2 | R2 455.5 | R3 462.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
WAT SEC filings
21 Aug 2026
8-KSEC EDGAR
Director or officer change; Other events
11 Aug 2026
10-QSEC EDGAR
Quarterly report
4 Aug 2026
8-KSEC EDGAR
Results of operations
22 May 2026
8-KSEC EDGAR
Shareholder vote results
12 May 2026
10-QSEC EDGAR
Quarterly report
5 May 2026
8-KSEC EDGAR
Results of operations
9 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
23 Mar 2026
8-KSEC EDGAR
Entered a material agreement; Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.