WATERS CORP (WAT) Fundamental Analysis & Valuation

NYSE:WAT • US9418481035

Current stock price

290.02 USD
+3.45 (+1.2%)
At close:
290.02 USD
0 (0%)
After Hours:

This WAT fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. WAT Profitability Analysis

1.1 Basic Checks

  • WAT had positive earnings in the past year.
  • WAT had a positive operating cash flow in the past year.
  • WAT had positive earnings in each of the past 5 years.
  • Each year in the past 5 years WAT had a positive operating cash flow.
WAT Yearly Net Income VS EBIT VS OCF VS FCFWAT Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 12.66%, WAT belongs to the top of the industry, outperforming 94.74% of the companies in the same industry.
  • The Return On Equity of WAT (25.09%) is better than 94.74% of its industry peers.
  • The Return On Invested Capital of WAT (17.74%) is better than 94.74% of its industry peers.
  • WAT had an Average Return On Invested Capital over the past 3 years of 18.51%. This is significantly above the industry average of 11.85%.
Industry RankSector Rank
ROA 12.66%
ROE 25.09%
ROIC 17.74%
ROA(3y)13.52%
ROA(5y)16.9%
ROE(3y)38.6%
ROE(5y)88.92%
ROIC(3y)18.51%
ROIC(5y)22.96%
WAT Yearly ROA, ROE, ROICWAT Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100 -100 200 -200

1.3 Margins

  • WAT has a Profit Margin of 20.30%. This is amongst the best in the industry. WAT outperforms 91.23% of its industry peers.
  • In the last couple of years the Profit Margin of WAT has declined.
  • WAT has a Operating Margin of 25.36%. This is amongst the best in the industry. WAT outperforms 94.74% of its industry peers.
  • In the last couple of years the Operating Margin of WAT has declined.
  • Looking at the Gross Margin, with a value of 59.28%, WAT is in the better half of the industry, outperforming 77.19% of the companies in the same industry.
  • In the last couple of years the Gross Margin of WAT has remained more or less at the same level.
Industry RankSector Rank
OM 25.36%
PM (TTM) 20.3%
GM 59.28%
OM growth 3Y-5.37%
OM growth 5Y-2.63%
PM growth 3Y-5.18%
PM growth 5Y-1.64%
GM growth 3Y0.62%
GM growth 5Y0.57%
WAT Yearly Profit, Operating, Gross MarginsWAT Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

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7

2. WAT Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), WAT is creating some value.
  • The number of shares outstanding for WAT has been increased compared to 1 year ago.
  • Compared to 5 years ago, WAT has less shares outstanding
  • The debt/assets ratio for WAT has been reduced compared to a year ago.
WAT Yearly Shares OutstandingWAT Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M
WAT Yearly Total Debt VS Total AssetsWAT Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • An Altman-Z score of 10.94 indicates that WAT is not in any danger for bankruptcy at the moment.
  • WAT has a better Altman-Z score (10.94) than 94.74% of its industry peers.
  • WAT has a debt to FCF ratio of 2.61. This is a good value and a sign of high solvency as WAT would need 2.61 years to pay back of all of its debts.
  • The Debt to FCF ratio of WAT (2.61) is better than 85.96% of its industry peers.
  • WAT has a Debt/Equity ratio of 0.37. This is a healthy value indicating a solid balance between debt and equity.
  • WAT has a Debt to Equity ratio (0.37) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Altman-Z 10.94
ROIC/WACC1.64
WACC10.82%
WAT Yearly LT Debt VS Equity VS FCFWAT Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

  • A Current Ratio of 1.73 indicates that WAT should not have too much problems paying its short term obligations.
  • WAT has a Current ratio of 1.73. This is in the lower half of the industry: WAT underperforms 73.68% of its industry peers.
  • A Quick Ratio of 1.27 indicates that WAT should not have too much problems paying its short term obligations.
  • WAT's Quick ratio of 1.27 is on the low side compared to the rest of the industry. WAT is outperformed by 71.93% of its industry peers.
  • WAT does not score too well on the current and quick ratio evaluation. However, as it has excellent solvency and profitability, these ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 1.73
Quick Ratio 1.27
WAT Yearly Current Assets VS Current LiabilitesWAT Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. WAT Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 10.61% over the past year.
  • Measured over the past 5 years, WAT shows a small growth in Earnings Per Share. The EPS has been growing by 7.70% on average per year.
  • The Revenue has been growing slightly by 6.99% in the past year.
  • The Revenue has been growing slightly by 6.00% on average over the past years.
EPS 1Y (TTM)10.61%
EPS 3Y2.96%
EPS 5Y7.7%
EPS Q2Q%10.49%
Revenue 1Y (TTM)6.99%
Revenue growth 3Y2.12%
Revenue growth 5Y6%
Sales Q2Q%6.83%

3.2 Future

  • WAT is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.55% yearly.
  • The Revenue is expected to grow by 21.25% on average over the next years. This is a very strong growth
EPS Next Y10.67%
EPS Next 2Y11.88%
EPS Next 3Y11.64%
EPS Next 5Y10.55%
Revenue Next Year102.82%
Revenue Next 2Y49.72%
Revenue Next 3Y31.72%
Revenue Next 5Y21.25%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
WAT Yearly Revenue VS EstimatesWAT Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2B 4B 6B 8B
WAT Yearly EPS VS EstimatesWAT Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15 20

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4

4. WAT Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 22.09, WAT is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Earnings ratio of WAT indicates a somewhat cheap valuation: WAT is cheaper than 78.95% of the companies listed in the same industry.
  • WAT is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.96, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 19.96 indicates a rather expensive valuation of WAT.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of WAT indicates a somewhat cheap valuation: WAT is cheaper than 78.95% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of WAT to the average of the S&P500 Index (24.04), we can say WAT is valued inline with the index average.
Industry RankSector Rank
PE 22.09
Fwd PE 19.96
WAT Price Earnings VS Forward Price EarningsWAT Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, WAT is valued a bit cheaper than 61.40% of the companies in the same industry.
  • WAT's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 52.71
EV/EBITDA 28.68
WAT Per share dataWAT EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • WAT has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)2.07
PEG (5Y)2.87
EPS Next 2Y11.88%
EPS Next 3Y11.64%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. WAT Dividend Analysis

5.1 Amount

  • No dividends for WAT!.
Industry RankSector Rank
Dividend Yield 0%

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Find the best dividend stocksShow peers with best dividend

WAT Fundamentals: All Metrics, Ratios and Statistics

WATERS CORP

NYSE:WAT (3/16/2026, 8:04:00 PM)

After market: 290.02 0 (0%)

290.02

+3.45 (+1.2%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)02-09
Earnings (Next)05-04
Inst Owners60.64%
Inst Owner Change-0.87%
Ins Owners0.1%
Ins Owner Change0.81%
Market Cap28.45B
Revenue(TTM)3.17B
Net Income(TTM)642.63M
Analysts77.14
Price Target410.74 (41.62%)
Short Float %2.63%
Short Ratio2.36
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)2.29%
Min EPS beat(2)-0.49%
Max EPS beat(2)5.07%
EPS beat(4)2
Avg EPS beat(4)1.03%
Min EPS beat(4)-0.8%
Max EPS beat(4)5.07%
EPS beat(8)6
Avg EPS beat(8)2.37%
EPS beat(12)9
Avg EPS beat(12)2.65%
EPS beat(16)13
Avg EPS beat(16)3.57%
Revenue beat(2)1
Avg Revenue beat(2)0.43%
Min Revenue beat(2)-0.54%
Max Revenue beat(2)1.4%
Revenue beat(4)3
Avg Revenue beat(4)0.73%
Min Revenue beat(4)-0.54%
Max Revenue beat(4)2.01%
Revenue beat(8)6
Avg Revenue beat(8)0.74%
Revenue beat(12)6
Avg Revenue beat(12)-0.01%
Revenue beat(16)10
Avg Revenue beat(16)0.83%
PT rev (1m)-2.88%
PT rev (3m)2.34%
EPS NQ rev (1m)-4.79%
EPS NQ rev (3m)-9.17%
EPS NY rev (1m)0.45%
EPS NY rev (3m)0.66%
Revenue NQ rev (1m)47.1%
Revenue NQ rev (3m)63.81%
Revenue NY rev (1m)90.64%
Revenue NY rev (3m)90.75%
Valuation
Industry RankSector Rank
PE 22.09
Fwd PE 19.96
P/S 8.99
P/FCF 52.71
P/OCF 43.6
P/B 11.11
P/tB 42.91
EV/EBITDA 28.68
EPS(TTM)13.13
EY4.53%
EPS(NY)14.53
Fwd EY5.01%
FCF(TTM)5.5
FCFY1.9%
OCF(TTM)6.65
OCFY2.29%
SpS32.27
BVpS26.11
TBVpS6.76
PEG (NY)2.07
PEG (5Y)2.87
Graham Number87.82
Profitability
Industry RankSector Rank
ROA 12.66%
ROE 25.09%
ROCE 20.92%
ROIC 17.74%
ROICexc 20.95%
ROICexgc 50.39%
OM 25.36%
PM (TTM) 20.3%
GM 59.28%
FCFM 17.05%
ROA(3y)13.52%
ROA(5y)16.9%
ROE(3y)38.6%
ROE(5y)88.92%
ROIC(3y)18.51%
ROIC(5y)22.96%
ROICexc(3y)20.91%
ROICexc(5y)27.64%
ROICexgc(3y)47.91%
ROICexgc(5y)51.91%
ROCE(3y)21.83%
ROCE(5y)27.08%
ROICexgc growth 3Y-3.23%
ROICexgc growth 5Y-5.08%
ROICexc growth 3Y-17.6%
ROICexc growth 5Y-10.52%
OM growth 3Y-5.37%
OM growth 5Y-2.63%
PM growth 3Y-5.18%
PM growth 5Y-1.64%
GM growth 3Y0.62%
GM growth 5Y0.57%
F-Score4
Asset Turnover0.62
Health
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Debt/EBITDA 0.94
Cap/Depr 54.67%
Cap/Sales 3.56%
Interest Coverage 17.98
Cash Conversion 64.68%
Profit Quality 84%
Current Ratio 1.73
Quick Ratio 1.27
Altman-Z 10.94
F-Score4
WACC10.82%
ROIC/WACC1.64
Cap/Depr(3y)75.26%
Cap/Depr(5y)98.84%
Cap/Sales(3y)4.6%
Cap/Sales(5y)5.2%
Profit Quality(3y)83.33%
Profit Quality(5y)78.81%
High Growth Momentum
Growth
EPS 1Y (TTM)10.61%
EPS 3Y2.96%
EPS 5Y7.7%
EPS Q2Q%10.49%
EPS Next Y10.67%
EPS Next 2Y11.88%
EPS Next 3Y11.64%
EPS Next 5Y10.55%
Revenue 1Y (TTM)6.99%
Revenue growth 3Y2.12%
Revenue growth 5Y6%
Sales Q2Q%6.83%
Revenue Next Year102.82%
Revenue Next 2Y49.72%
Revenue Next 3Y31.72%
Revenue Next 5Y21.25%
EBIT growth 1Y-4.22%
EBIT growth 3Y-3.36%
EBIT growth 5Y3.21%
EBIT Next Year103.92%
EBIT Next 3Y35.98%
EBIT Next 5Y26.08%
FCF growth 1Y-12.88%
FCF growth 3Y8.03%
FCF growth 5Y-2.67%
OCF growth 1Y-14.38%
OCF growth 3Y2.18%
OCF growth 5Y-3.76%

WATERS CORP / WAT Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for WATERS CORP?

ChartMill assigns a fundamental rating of 6 / 10 to WAT.


What is the valuation status for WAT stock?

ChartMill assigns a valuation rating of 4 / 10 to WATERS CORP (WAT). This can be considered as Fairly Valued.


Can you provide the profitability details for WATERS CORP?

WATERS CORP (WAT) has a profitability rating of 8 / 10.


What are the PE and PB ratios of WATERS CORP (WAT) stock?

The Price/Earnings (PE) ratio for WATERS CORP (WAT) is 22.09 and the Price/Book (PB) ratio is 11.11.


How financially healthy is WATERS CORP?

The financial health rating of WATERS CORP (WAT) is 7 / 10.