WATERS CORP (WAT) Fundamental Analysis & Valuation

NYSE:WAT • US9418481035

Current stock price

299.79 USD
-10.08 (-3.25%)
At close:
299.79 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.
  • In the past year WAT had a positive cash flow from operations.
  • 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

  • WAT's Return On Assets of 12.66% is amongst the best of the industry. WAT outperforms 92.98% of its industry peers.
  • WAT's Return On Equity of 25.09% is amongst the best of the industry. WAT outperforms 96.49% of its industry peers.
  • WAT's Return On Invested Capital of 17.74% is amongst the best of the industry. WAT outperforms 96.49% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for WAT is significantly above the industry average of 11.41%.
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's Profit Margin of 20.30% is amongst the best of the industry. WAT outperforms 91.23% of its industry peers.
  • In the last couple of years the Profit Margin of WAT has declined.
  • With an excellent Operating Margin value of 25.36%, WAT belongs to the best of the industry, outperforming 94.74% of the companies in the same industry.
  • WAT's Operating Margin has declined in the last couple of years.
  • WAT's Gross Margin of 59.28% is fine compared to the rest of the industry. WAT outperforms 75.44% of its industry peers.
  • 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

  • WAT has an Altman-Z score of 11.49. This indicates that WAT is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of WAT (11.49) is better than 94.74% of its industry peers.
  • The Debt to FCF ratio of WAT is 2.61, which is a good value as it means it would take WAT, 2.61 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 2.61, WAT belongs to the top of the industry, outperforming 85.96% of the companies in the same industry.
  • A Debt/Equity ratio of 0.37 indicates that WAT is not too dependend on debt financing.
  • WAT's Debt to Equity ratio of 0.37 is in line compared to the rest of the industry. WAT outperforms 45.61% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Altman-Z 11.49
ROIC/WACC1.65
WACC10.78%
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

  • WAT has a Current Ratio of 1.73. This is a normal value and indicates that WAT is financially healthy and should not expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 1.73, WAT is doing worse than 71.93% of the companies in the same industry.
  • A Quick Ratio of 1.27 indicates that WAT should not have too much problems paying its short term obligations.
  • WAT has a worse Quick ratio (1.27) than 68.42% of its industry peers.
  • The current and quick ratio evaluation for WAT is rather negative, while it does have 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

  • WAT shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10.61%, which is quite good.
  • WAT shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 7.70% yearly.
  • WAT shows a small growth in Revenue. In the last year, the Revenue has grown by 6.99%.
  • 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 13.49% yearly.
  • Based on estimates for the next years, WAT will show a very strong growth in Revenue. The Revenue will grow by 22.81% on average per year.
EPS Next Y10.74%
EPS Next 2Y12.17%
EPS Next 3Y11.75%
EPS Next 5Y13.49%
Revenue Next Year102.82%
Revenue Next 2Y49.64%
Revenue Next 3Y32.2%
Revenue Next 5Y22.81%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
WAT Yearly Revenue VS EstimatesWAT Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B 8B
WAT Yearly EPS VS EstimatesWAT Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10 20 30

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Find the best growth stocksShow best growing peers

3

4. WAT Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 22.83, which indicates a rather expensive current valuation of WAT.
  • Based on the Price/Earnings ratio, WAT is valued a bit cheaper than the industry average as 77.19% of the companies are valued more expensively.
  • WAT is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.42, which is the current average of the S&P500 Index.
  • WAT is valuated rather expensively with a Price/Forward Earnings ratio of 20.62.
  • 77.19% of the companies in the same industry are more expensive than WAT, based on the Price/Forward Earnings ratio.
  • WAT is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.29, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 22.83
Fwd PE 20.62
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

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as WAT.
  • WAT's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 54.52
EV/EBITDA 30.97
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.
  • The excellent profitability rating of WAT may justify a higher PE ratio.
PEG (NY)2.13
PEG (5Y)2.96
EPS Next 2Y12.17%
EPS Next 3Y11.75%

More info and screens

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

0

5. WAT Dividend Analysis

5.1 Amount

  • WAT does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

More info and screens

Find the best dividend stocksShow peers with best dividend

WAT Fundamentals: All Metrics, Ratios and Statistics

WATERS CORP

NYSE:WAT (4/27/2026, 5:05:00 PM)

After market: 299.79 0 (0%)

299.79

-10.08 (-3.25%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)02-09
Earnings (Next)05-05
Inst Owners61.26%
Inst Owner Change1.2%
Ins Owners0.09%
Ins Owner Change0.81%
Market Cap29.43B
Revenue(TTM)3.17B
Net Income(TTM)642.63M
Analysts77.14
Price Target405.05 (35.11%)
Short Float %3.39%
Short Ratio2.56
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)-1.38%
PT rev (3m)-3.57%
EPS NQ rev (1m)0.14%
EPS NQ rev (3m)-8.04%
EPS NY rev (1m)0.06%
EPS NY rev (3m)0.62%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)64.42%
Revenue NY rev (1m)0%
Revenue NY rev (3m)90.75%
Valuation
Industry RankSector Rank
PE 22.83
Fwd PE 20.62
P/S 9.3
P/FCF 54.52
P/OCF 45.1
P/B 11.49
P/tB 44.39
EV/EBITDA 30.97
EPS(TTM)13.13
EY4.38%
EPS(NY)14.54
Fwd EY4.85%
FCF(TTM)5.5
FCFY1.83%
OCF(TTM)6.65
OCFY2.22%
SpS32.24
BVpS26.09
TBVpS6.75
PEG (NY)2.13
PEG (5Y)2.96
Graham Number87.7929 (-70.72%)
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 11.49
F-Score4
WACC10.78%
ROIC/WACC1.65
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 Y10.74%
EPS Next 2Y12.17%
EPS Next 3Y11.75%
EPS Next 5Y13.49%
Revenue 1Y (TTM)6.99%
Revenue growth 3Y2.12%
Revenue growth 5Y6%
Sales Q2Q%6.83%
Revenue Next Year102.82%
Revenue Next 2Y49.64%
Revenue Next 3Y32.2%
Revenue Next 5Y22.81%
EBIT growth 1Y-4.22%
EBIT growth 3Y-3.36%
EBIT growth 5Y3.21%
EBIT Next Year105.37%
EBIT Next 3Y37.18%
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.


Can you provide the valuation status for WATERS CORP?

ChartMill assigns a valuation rating of 3 / 10 to WATERS CORP (WAT). This can be considered as Overvalued.


What is the profitability of WAT stock?

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


Can you provide the expected EPS growth for WAT stock?

The Earnings per Share (EPS) of WATERS CORP (WAT) is expected to grow by 10.74% in the next year.