WATERS CORP (WAT) Fundamental Analysis & Valuation

NYSE:WAT • US9418481035

Current stock price

309.87 USD
-1.33 (-0.43%)
At close:
308.88 USD
-0.99 (-0.32%)
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

  • In the past year WAT was profitable.
  • WAT had a positive operating cash flow in the past year.
  • In the past 5 years WAT has always been profitable.
  • In the past 5 years WAT always reported a positive cash flow from operatings.
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 94.64% of the companies in the same industry.
  • WAT's Return On Equity of 25.09% is amongst the best of the industry. WAT outperforms 96.43% of its industry peers.
  • With an excellent Return On Invested Capital value of 17.74%, WAT belongs to the best of the industry, outperforming 96.43% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital 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

  • With an excellent Profit Margin value of 20.30%, WAT belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
  • WAT's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 25.36%, WAT belongs to the top of the industry, outperforming 94.64% of the companies in the same industry.
  • In the last couple of years the Operating Margin of WAT has declined.
  • WAT's Gross Margin of 59.28% is fine compared to the rest of the industry. WAT outperforms 75.00% 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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ROAROEROICOperating and Profit MarginShow most profitable peers

7

2. WAT Health Analysis

2.1 Basic Checks

  • WAT has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • WAT has more shares outstanding than it did 1 year ago.
  • The number of shares outstanding for WAT has been reduced compared to 5 years ago.
  • Compared to 1 year ago, WAT has an improved debt to assets ratio.
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 11.49 indicates that WAT is not in any danger for bankruptcy at the moment.
  • The Altman-Z score of WAT (11.49) is better than 94.64% 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.
  • WAT's Debt to FCF ratio of 2.61 is amongst the best of the industry. WAT outperforms 85.71% of its industry peers.
  • 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 46.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Altman-Z 11.49
ROIC/WACC1.62
WACC10.92%
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.
  • WAT has a Current ratio of 1.73. This is in the lower half of the industry: WAT underperforms 73.21% of its industry peers.
  • WAT has a Quick Ratio of 1.27. This is a normal value and indicates that WAT is financially healthy and should not expect problems in meeting its short term obligations.
  • The Quick ratio of WAT (1.27) is worse than 69.64% 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.
  • The Revenue has been growing slightly by 6.99% in the past year.
  • Measured over the past years, WAT shows a small growth in Revenue. The Revenue has been growing by 6.00% on average per year.
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

  • Based on estimates for the next years, WAT will show a quite strong growth in Earnings Per Share. The EPS will grow by 13.49% on average per year.
  • The Revenue is expected to grow by 22.81% on average over the next years. This is a very strong growth
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

  • WAT is valuated rather expensively with a Price/Earnings ratio of 23.60.
  • Compared to the rest of the industry, the Price/Earnings ratio of WAT indicates a somewhat cheap valuation: WAT is cheaper than 76.79% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 27.42, WAT is valued at the same level.
  • WAT is valuated rather expensively with a Price/Forward Earnings ratio of 21.31.
  • Based on the Price/Forward Earnings ratio, WAT is valued a bit cheaper than 76.79% of the companies in the same industry.
  • 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 23.6
Fwd PE 21.31
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

  • WAT's Enterprise Value to EBITDA is on the same level as the industry average.
  • WAT's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 56.35
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)2.2
PEG (5Y)3.06
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 (4/24/2026, 8:14:06 PM)

After market: 308.88 -0.99 (-0.32%)

309.87

-1.33 (-0.43%)

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 Cap30.42B
Revenue(TTM)3.17B
Net Income(TTM)642.63M
Analysts77.14
Price Target405.05 (30.72%)
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 23.6
Fwd PE 21.31
P/S 9.61
P/FCF 56.35
P/OCF 46.62
P/B 11.88
P/tB 45.88
EV/EBITDA 30.97
EPS(TTM)13.13
EY4.24%
EPS(NY)14.54
Fwd EY4.69%
FCF(TTM)5.5
FCFY1.77%
OCF(TTM)6.65
OCFY2.15%
SpS32.24
BVpS26.09
TBVpS6.75
PEG (NY)2.2
PEG (5Y)3.06
Graham Number87.7929 (-71.67%)
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
WACC10.92%
ROIC/WACC1.62
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.