Waters Corporation
WAT · Price history
Price at last available close
$468.55
+$25.61 (+5.78%) 1M
2026-10-27
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Company & revenue
About Waters Corporation
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems.
How they make money
Waters Corporation generates revenue by designing, manufacturing, selling, and servicing high-precision analytical instruments, including liquid chromatography and mass spectrometry systems, alongside thermal analysis and rheometry equipment. The company also provides recurring revenue through the sale of precision chemistry consumables, software solutions, and long-term service contracts to customers in the pharmaceutical, life science, and industrial sectors.
Products & services
Analytical instruments (LC, MS, thermal analysis, rheometry, calorimetry), precision chemistry consumables (columns), and laboratory software.
Brands & revenue mix
Primary brand for liquid chromatography and mass spectrometry systems.
Separate brand revenue is not available in this research.Source
Brand for thermal analysis, rheometry, and calorimetry products.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Customer types
Customer concentration
The company does not rely on any single customer for more than 10% of its total consolidated revenue as of the fiscal year ended December 31, 2025.
Suppliers, materials & equipment
- Unnamed third-party contract manufacturers and component suppliers — The company relies on various third-party suppliers for raw materials, electronic components, and contract manufacturing services to support its instrument production.Source
Competitors
- Agilent Technologies — Competes in the development and sale of liquid chromatography and mass spectrometry instrumentation.Source
- Thermo Fisher Scientific — Competes across the analytical instrument and laboratory consumables market.Source
- Danaher Corporation — Competes in the analytical and life sciences instrumentation space.Source
Strengths
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-07-04.
Quarterly EPS turned negative at -1.39 versus 2.47 a year earlier.
Separate recurring operating losses from noncash or one-time charges, and check cash flow rather than interpreting negative EPS as a cash-outflow amount.
Quarterly net income turned from a profit to a loss versus the same quarter last year.
Identify the causes in the interim report and distinguish operating cash use from accounting charges. Prior profitability is not a guarantee of recovery.
Diluted weighted-average shares increased 64.6% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Total debt increased 241.5% versus the same quarter last year.
Compare the added borrowing with available cash, cash generation and maturities. A percentage increase from a small starting balance can look large without measuring the full debt burden.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
32
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
65
Fair
Financial Strength
70
Business Quality / Moat
47
Management
43
Growth Quality
90
Risk / Durability
99
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
25
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
32/100
Building Historical Record
Model Score 32/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Balance-sheet / debt profile scores strongly
- •Recent buyback activity is present
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for WAT
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can WAT maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is WAT's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is WAT's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What future growth or profitability would be needed to justify WAT's current valuation?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of WAT's score?
Essential Investment Snapshot
Wall Street Score
32
Opportunity Score
25
Market Cap
$46.00B
P/E Ratio
114.4
EPS
$4.02
52-Week High
$465.36
52-Week Low
$282.77
Beta
1.15
Intrinsic Value
$51.24
Analyst Target
$455.00
Shares Outstanding
59.7M
Total Revenue
$4.64B
Total Debt
$5.25B
Dividend
No current dividend
Liquidation Value / Share
$254.50
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Building upward momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for WAT
Detected from reported data — verify before acting.Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on WAT.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strong recurring revenue base from consumables and service contracts.
- +Leading market position in liquid chromatography and mass spectrometry.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Medical - Diagnostics & Research industry.
- −Dependence on pharmaceutical and biotechnology industry R&D spending.
- −Risks associated with international operations and foreign currency fluctuations.
- −Diluted weighted-average shares increased 64.6% year over year.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
4 historical score records availablePrevious Score
32
Oct 1, 2026
Change
-0.1
points
Current Score
32
Oct 26, 2026
Category Changes
WAT decreased 0.1 points because some fundamentals weakened.
Projected Score
Projected Score
30
Projected Change
-2.4 points
Preliminary comparable-period financial changes suggest decline of approximately 2.4 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
OvervaluedCurrent Price
$468.55
Model Intrinsic Value
$51.24
Difference
+$417.31
+814.4% vs IV
Margin of Safety
-814.4%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.64B | $3.17B | $2.96B | $2.96B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $2.29B | $1.34B | $1.20B | $1.20B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $2.36B | $1.83B | $1.76B | $1.76B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $321.7M | $195.2M | $183.0M | $174.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $1.21B | $740.3M | $690.1M | $736.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $1.99B | $935.5M | $931.8M | $943.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $950.8M | $1.01B | $1.04B | $1.00B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $369.7M | $893.2M | $826.4M | $817.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $138.3M | $69.5M | $89.7M | $98.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $205.3M | $754.9M | $754.9M | $736.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $39.2M | $112.2M | $117.0M | $94.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $166.1M | $642.6M | $637.8M | $642.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $4.02 | $10.80 | $10.75 | $10.87 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 98.20M | 59.51M | 59.33M | 59.08M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 98.20M | 59.71M | 59.55M | 59.27M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$1.65B
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$1.39
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+241.5%
Cash Change
+46.8%
Margin Change
-27.3 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
What Weakened
- Margins contracted
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, cash levels. Pressure indicators included EPS growth, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 113.3%. EPS declined 156.3%. Cash increased 46.8%. Total debt increased 241.5%. Net income margin declined by 27.3 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
51
Smart Money
51
Number of Gurus
6
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
4 historical recordsHistorical Score Chart
3 of 4 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Medical - Diagnostics & ResearchNews
Waters and Labcorp to Expand Access to Cervical Cancer Screening with the Most Comprehensive FDA-Approved HPV Testing Option Beginning in Late 2026
Waters Launches AI Link to Advance AI-Enabled LC-MS Workflows
Waters Corporation and Quest Diagnostics Help Close Cervical Cancer Screening Gap Bringing Nationwide Access to the Most Comprehensive FDA-Cleared At-Home HPV Screening Option
Two stocks poised to benefit from rotation out of AI
Rumor Mill · WAT
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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