XStocksXray

Research report · 16 October 2026

Waters Corp (WAT)

Health Care · Life Sciences Tools & Services · US stock · price as of 16 Oct 2026

Key indicators

Price	$436.95
52-week range	$282.77 – $454.54
Market cap	$42.9B
P/E (trailing)	–
EV / EBITDA	144.0×
Free-cash-flow yield	–
Dividend yield	–
Revenue (last 12 months)	$4.6B
Revenue growth (3y a year)	2.1%
Operating margin	7.1%
Return on invested capital	1.3%
Net debt / EBITDA	14.9×

Fair value

Blended fair value$33.27 range $33 – $33

Versus priceData under review+0% to fair value

Peer multiples	$31.79
Fundamentals-adjusted multiple	$34.75
10-year DCF (market-scaled)	n/m
Earnings power value (floor, not blended)	$72.32
Model uncertainty	Medium

X-Ray Score

22/ 100 · Medium confidence · ahead of 2% of sector peers

Valuation5

Growth29

Profitability32

Financial health22

Dividends–

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

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.

StocksXray gives Waters Corp an X-Ray Score of 22 out of 100 (medium confidence), ahead of 2% of the S&P 500 stocks in its sector. Its strongest lens is profitability (32) and its weakest is valuation (5).

Our fair value blend is $33.27 (range $33.27 to $33.27). At $436.95 the stock trades 1,213% above that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Waters Corp (WAT)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$372.60	$342.58	$329.23	$370.98	$379.83	$436.95
Market cap	$23.1B	$20.7B	$19.5B	$22.1B	$22.7B	$42.9B
P/E	33.4×	29.2×	30.4×	34.6×	35.3×	–
EV / revenue	8.6×	7.3×	7.3×	7.9×	7.4×	10.2×
EV / EBITDA	29.3×	24.9×	26.3×	28.3×	29.3×	144.0×
Price / free cash flow	30.9×	33.8×	44.1×	35.7×	42.0×	–
Free-cash-flow yield	3.2%	3.0%	2.3%	2.8%	2.4%	–
Price / book	62.9×	41.0×	17.0×	12.1×	8.9×	2.8×
Dividend yield	–	–	–	–	–	–

Fundamentals checklist ● 1 Good · ● 1 Average · ● 10 Bad · each check graded against the sector

Risk models

Altman Z score3.7×Average

Piotroski F-Score4 of 9Bad

Growth

EPS growth (3y)−2.8%Bad

Revenue growth (3y)2.1%Bad

Growth consistency70%Bad

Balance sheet

Current ratio1.9×Good

Net debt / EBITDA14.9×Bad

Interest cover2.2×Bad

Valuation

Fair value vs price0.1×Bad

EBIT / EV yield0.7%Bad

Profitability

Return on invested capital1.3%Bad

Operating margin7.1%Bad

XStocksXray

Waters Corp (WAT)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	2,786	2,972	2,956	2,958	3,165	4,644
Gross profit	1,629	1,724	1,761	1,758	1,876	–
Operating income	822	873	818	826	803	330
Net income	693	708	642	638	643	–
Diluted EPS ($)	11.17	11.73	10.84	10.71	10.76	–
Free cash flow	747	612	442	620	540	–
Gross margin	58.5%	58.0%	59.6%	59.4%	59.3%	–
Operating margin	29.5%	29.4%	27.7%	27.9%	25.4%	7.1%
Net margin	24.9%	23.8%	21.7%	21.6%	20.3%	–
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	3,095	3,281	4,627	4,554	5,077	24,751
Cash	501	481	395	325	588	539
Total debt	1,514	1,575	2,356	1,626	1,407	5,086
Equity	368	504	1,150	1,829	2,562	15,195
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Jun 2025	Sep 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026
Revenue ($M)	771	800	800	932	1,267	1,645
Growth vs a year earlier	−11.6%	+20.8%	+20.9%	+20.9%	+64.3%	+105.7%
Net income ($M)	–	149	–	225	-72	-136
Diluted EPS ($)	2.47	2.50	2.50	3.77	-0.87	-1.39

XStocksXray

Waters Corp (WAT)

Peers in Life Sciences Tools & Services

Company	X-Ray
WAT · Waters Corp	22
MTD · Mettler Toledo Internation...	50
A · Agilent Technologies, Inc.	42
IQV · Iqvia Holdings Inc.	42
TECH · BIO-TECHNE Corp	40

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+0.7%
1 month	+1.7%
3 months	+22.2%
6 months	+33.3%
1 year	+31.4%
3 years	+64.1%
5 years	+27.2%

Technical summary

DailyStrongly bullish11 bullish · 4 neutral · 1 bearish

WeeklyStrongly bullish11 bullish · 1 neutral · 0 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$420.52 / $366.23
52-week low / high	$282.77 / $454.54
Classic pivot, support and resistance	S2 422.71 · S1 429.83 · P – · R1 446.23 · R2 455.51

XStocksXray

Waters Corp (WAT)

Strengths

No check stands out as a clear strength against its sector.

Risks and weak spots

Piotroski F-Score is weak against Health Care peers (4 of 9).
EPS growth (3y) is weak against Health Care peers (−2.8%).
Revenue growth (3y) is weak against Health Care peers (2.1%).
Growth consistency is weak against Health Care peers (70%).
Net debt / EBITDA is weak against Health Care peers (14.9×).
Interest cover is weak against Health Care peers (2.2×).
Fair value vs price is weak against Health Care peers (0.1×).
EBIT / EV yield is weak against Health Care peers (0.7%).

Latest SEC filings

Date	Form	Items
21 Aug 2026	8-K	5.02,8.01
11 Aug 2026	10-Q
4 Aug 2026	8-K	2.02,9.01
22 May 2026	8-K	5.07
12 May 2026	10-Q
5 May 2026	8-K	2.02,9.01
9 Apr 2026	DEF 14A
23 Mar 2026	8-K	1.01,2.03,8.01,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.