WATERS CORP (WAT) Stock Fundamental Analysis

NYSE:WAT • US9418481035

323.37 USD
+3.54 (+1.11%)
At close: Feb 13, 2026
323.37 USD
0 (0%)
After Hours: 2/13/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

Overall WAT gets a fundamental rating of 5 out of 10. We evaluated WAT against 58 industry peers in the Life Sciences Tools & Services industry. While WAT has a great profitability rating, there are some minor concerns on its financial health. WAT has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

7

1. Profitability

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 4 of the past 5 years.
  • WAT had a positive operating cash flow in 4 of the past 5 years.
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 200M 400M 600M 800M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 13.34%, WAT belongs to the top of the industry, outperforming 94.83% of the companies in the same industry.
  • The Return On Equity of WAT (27.84%) is better than 93.10% of its industry peers.
  • WAT has a Return On Invested Capital of 19.60%. This is amongst the best in the industry. WAT outperforms 93.10% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for WAT is significantly above the industry average of 12.42%.
Industry RankSector Rank
ROA 13.34%
ROE 27.84%
ROIC 19.6%
ROA(3y)16.49%
ROA(5y)18.04%
ROE(3y)77%
ROE(5y)128.85%
ROIC(3y)22.94%
ROIC(5y)25.43%
WAT Yearly ROA, ROE, ROICWAT Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 200 -200

1.3 Margins

  • WAT's Profit Margin of 20.89% is amongst the best of the industry. WAT outperforms 96.55% of its industry peers.
  • In the last couple of years the Profit Margin of WAT has declined.
  • WAT has a Operating Margin of 26.54%. This is amongst the best in the industry. WAT outperforms 96.55% of its industry peers.
  • WAT's Operating Margin has been stable in the last couple of years.
  • WAT has a better Gross Margin (58.96%) than 75.86% 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 26.54%
PM (TTM) 20.89%
GM 58.96%
OM growth 3Y-1.6%
OM growth 5Y-0.88%
PM growth 3Y-4.65%
PM growth 5Y-2.61%
GM growth 3Y0.51%
GM growth 5Y0.43%
WAT Yearly Profit, Operating, Gross MarginsWAT Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so WAT is creating value.
  • WAT has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
WAT Yearly Shares OutstandingWAT Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 1B 2B 3B 4B 5B

2.2 Solvency

  • WAT has an Altman-Z score of 8.81. This indicates that WAT is financially healthy and has little risk of bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 8.81, WAT belongs to the top of the industry, outperforming 93.10% of the companies in the same industry.
  • The Debt to FCF ratio of WAT is 2.34, which is a good value as it means it would take WAT, 2.34 years of fcf income to pay off all of its debts.
  • With an excellent Debt to FCF ratio value of 2.34, WAT belongs to the best of the industry, outperforming 86.21% of the companies in the same industry.
  • WAT has a Debt/Equity ratio of 0.41. This is a healthy value indicating a solid balance between debt and equity.
  • WAT's Debt to Equity ratio of 0.41 is in line compared to the rest of the industry. WAT outperforms 41.38% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.41
Debt/FCF 2.34
Altman-Z 8.81
ROIC/WACC1.83
WACC10.72%
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 0 500M 1B 1.5B 2B

2.3 Liquidity

  • A Current Ratio of 1.53 indicates that WAT should not have too much problems paying its short term obligations.
  • WAT has a Current ratio of 1.53. This is in the lower half of the industry: WAT underperforms 74.14% of its industry peers.
  • WAT has a Quick Ratio of 1.08. 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 Quick ratio, with a value of 1.08, WAT is doing worse than 75.86% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.53
Quick Ratio 1.08
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 1B 2B 3B 4B

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

3

3. Growth

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.
  • 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.
EPS 1Y (TTM)10.61%
EPS 3Y2.96%
EPS 5Y7.7%
EPS Q2Q%10.49%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
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 8.47% on average per year.
  • The Revenue is expected to grow by 6.64% on average over the next years.
EPS Next Y10.18%
EPS Next 2Y10.22%
EPS Next 3Y10.24%
EPS Next 5Y8.47%
Revenue Next Year6.39%
Revenue Next 2Y6.39%
Revenue Next 3Y6.16%
Revenue Next 5Y6.64%

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 stable.
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 1B 2B 3B 4B
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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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 24.63, WAT is valued on the expensive side.
  • Based on the Price/Earnings ratio, WAT is valued a bit cheaper than the industry average as 72.41% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 27.97, WAT is valued at the same level.
  • With a Price/Forward Earnings ratio of 22.35, WAT is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of WAT indicates a somewhat cheap valuation: WAT is cheaper than 74.14% of the companies listed in the same industry.
  • WAT's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.96.
Industry RankSector Rank
PE 24.63
Fwd PE 22.35
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 72.41% of the companies in the same industry.
  • 68.97% of the companies in the same industry are more expensive than WAT, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 31.96
EV/EBITDA 19.47
WAT Per share dataWAT EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40 50

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 decent profitability rating of WAT may justify a higher PE ratio.
PEG (NY)2.42
PEG (5Y)3.2
EPS Next 2Y10.22%
EPS Next 3Y10.24%

More info and screens

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

0

5. Dividend

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

WATERS CORP

NYSE:WAT (2/13/2026, 8:04:00 PM)

After market: 323.37 0 (0%)

323.37

+3.54 (+1.11%)

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 Owners100.29%
Inst Owner Change-2.11%
Ins Owners0.12%
Ins Owner Change0.58%
Market Cap19.25B
Revenue(TTM)N/A
Net Income(TTM)648.81M
Analysts76.8
Price Target422.91 (30.78%)
Short Float %3.41%
Short Ratio3.87
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)2.14%
Min EPS beat(2)-0.8%
Max EPS beat(2)5.07%
EPS beat(4)3
Avg EPS beat(4)1.32%
Min EPS beat(4)-0.8%
Max EPS beat(4)5.07%
EPS beat(8)7
Avg EPS beat(8)2.54%
EPS beat(12)10
Avg EPS beat(12)2.85%
EPS beat(16)14
Avg EPS beat(16)3.89%
Revenue beat(2)2
Avg Revenue beat(2)1.71%
Min Revenue beat(2)1.4%
Max Revenue beat(2)2.01%
Revenue beat(4)4
Avg Revenue beat(4)1.07%
Min Revenue beat(4)0.06%
Max Revenue beat(4)2.01%
Revenue beat(8)6
Avg Revenue beat(8)0.75%
Revenue beat(12)7
Avg Revenue beat(12)0.2%
Revenue beat(16)11
Avg Revenue beat(16)0.91%
PT rev (1m)1.48%
PT rev (3m)15%
EPS NQ rev (1m)-0.06%
EPS NQ rev (3m)-0.38%
EPS NY rev (1m)-0.03%
EPS NY rev (3m)0.94%
Revenue NQ rev (1m)-0.02%
Revenue NQ rev (3m)0.03%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.79%
Valuation
Industry RankSector Rank
PE 24.63
Fwd PE 22.35
P/S 6.2
P/FCF 31.96
P/OCF 26.44
P/B 8.26
P/tB 45.66
EV/EBITDA 19.47
EPS(TTM)13.13
EY4.06%
EPS(NY)14.47
Fwd EY4.47%
FCF(TTM)10.12
FCFY3.13%
OCF(TTM)12.23
OCFY3.78%
SpS52.17
BVpS39.15
TBVpS7.08
PEG (NY)2.42
PEG (5Y)3.2
Graham Number107.55
Profitability
Industry RankSector Rank
ROA 13.34%
ROE 27.84%
ROCE 22.83%
ROIC 19.6%
ROICexc 22.45%
ROICexgc 56.94%
OM 26.54%
PM (TTM) 20.89%
GM 58.96%
FCFM 19.39%
ROA(3y)16.49%
ROA(5y)18.04%
ROE(3y)77%
ROE(5y)128.85%
ROIC(3y)22.94%
ROIC(5y)25.43%
ROICexc(3y)26.72%
ROICexc(5y)31.12%
ROICexgc(3y)50.26%
ROICexgc(5y)55.59%
ROCE(3y)26.72%
ROCE(5y)29.62%
ROICexgc growth 3Y-9.19%
ROICexgc growth 5Y-5.06%
ROICexc growth 3Y-18.41%
ROICexc growth 5Y-11.04%
OM growth 3Y-1.6%
OM growth 5Y-0.88%
PM growth 3Y-4.65%
PM growth 5Y-2.61%
GM growth 3Y0.51%
GM growth 5Y0.43%
F-Score4
Asset Turnover0.64
Health
Industry RankSector Rank
Debt/Equity 0.41
Debt/FCF 2.34
Debt/EBITDA 0.92
Cap/Depr 62.23%
Cap/Sales 4.05%
Interest Coverage 250
Cash Conversion 70.93%
Profit Quality 92.83%
Current Ratio 1.53
Quick Ratio 1.08
Altman-Z 8.81
F-Score4
WACC10.72%
ROIC/WACC1.83
Cap/Depr(3y)103.92%
Cap/Depr(5y)115.41%
Cap/Sales(3y)5.47%
Cap/Sales(5y)5.95%
Profit Quality(3y)75.5%
Profit Quality(5y)85.71%
High Growth Momentum
Growth
EPS 1Y (TTM)10.61%
EPS 3Y2.96%
EPS 5Y7.7%
EPS Q2Q%10.49%
EPS Next Y10.18%
EPS Next 2Y10.22%
EPS Next 3Y10.24%
EPS Next 5Y8.47%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.83%
Revenue Next Year6.39%
Revenue Next 2Y6.39%
Revenue Next 3Y6.16%
Revenue Next 5Y6.64%
EBIT growth 1Y-2.9%
EBIT growth 3Y0.39%
EBIT growth 5Y3.3%
EBIT Next Year26.08%
EBIT Next 3Y17.56%
EBIT Next 5Y27.98%
FCF growth 1Y54.36%
FCF growth 3Y2.29%
FCF growth 5Y5.27%
OCF growth 1Y27.43%
OCF growth 3Y0.66%
OCF growth 5Y3.45%

WATERS CORP / WAT FAQ

Can you provide the ChartMill fundamental rating for WATERS CORP?

ChartMill assigns a fundamental rating of 5 / 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 7 / 10.


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

The Price/Earnings (PE) ratio for WATERS CORP (WAT) is 24.63 and the Price/Book (PB) ratio is 8.26.


How financially healthy is WATERS CORP?

The financial health rating of WATERS CORP (WAT) is 6 / 10.