WATERS CORP (WAT) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:WAT • US9418481035

381.29 USD
+4.4 (+1.17%)
At close: Feb 6, 2026
381.29 USD
0 (0%)
After Hours: 2/6/2026, 8:11:17 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

6

Overall WAT gets a fundamental rating of 6 out of 10. We evaluated WAT against 58 industry peers in the Life Sciences Tools & Services industry. Both the health and profitability get an excellent rating, making WAT a very profitable company, without any liquidiy or solvency issues. WAT is not valued too expensively and it also shows a decent growth rate. These ratings would make WAT suitable for quality investing!


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year WAT was profitable.
  • In the past year WAT had a positive cash flow from operations.
  • In the past 5 years WAT has always been profitable.
  • WAT had a positive operating cash flow in each 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

  • WAT has a Return On Assets of 13.34%. This is amongst the best in the industry. WAT outperforms 94.74% of its industry peers.
  • With an excellent Return On Equity value of 27.84%, WAT belongs to the best of the industry, outperforming 92.98% of the companies in the same industry.
  • The Return On Invested Capital of WAT (19.60%) is better than 92.98% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for WAT is significantly above the industry average of 13.34%.
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 has a better Profit Margin (20.89%) than 96.49% 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 94.74% of its industry peers.
  • In the last couple of years the Operating Margin of WAT has remained more or less at the same level.
  • Looking at the Gross Margin, with a value of 58.96%, WAT is in the better half of the industry, outperforming 75.44% 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 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

7

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), WAT is creating value.
  • Compared to 1 year ago, WAT has more shares outstanding
  • Compared to 5 years ago, WAT has less shares outstanding
  • WAT has a better debt/assets ratio than last year.
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

  • An Altman-Z score of 9.68 indicates that WAT is not in any danger for bankruptcy at the moment.
  • WAT has a Altman-Z score of 9.68. This is amongst the best in the industry. WAT outperforms 92.98% of its industry peers.
  • WAT has a debt to FCF ratio of 2.34. This is a good value and a sign of high solvency as WAT would need 2.34 years to pay back of all of its debts.
  • The Debt to FCF ratio of WAT (2.34) is better than 85.96% of its industry peers.
  • WAT has a Debt/Equity ratio of 0.41. This is a healthy value indicating a solid balance between debt and equity.
  • With a Debt to Equity ratio value of 0.41, WAT perfoms like the industry average, outperforming 42.11% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.41
Debt/FCF 2.34
Altman-Z 9.68
ROIC/WACC1.8
WACC10.86%
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

  • WAT has a Current Ratio of 1.53. This is a normal value and indicates that WAT is financially healthy and should not expect problems in meeting its short term obligations.
  • The Current ratio of WAT (1.53) is worse than 73.68% of its industry peers.
  • A Quick Ratio of 1.08 indicates that WAT should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.08, WAT is not doing good in the industry: 75.44% of the companies in the same industry are doing better.
  • 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 1.53
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

5

3. Growth

3.1 Past

  • WAT shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 11.50%, which is quite good.
  • The Earnings Per Share has been growing slightly by 5.53% on average over the past years.
  • Looking at the last year, WAT shows a small growth in Revenue. The Revenue has grown by 6.90% in the last year.
  • WAT shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.21% yearly.
EPS 1Y (TTM)11.5%
EPS 3Y1.89%
EPS 5Y5.53%
EPS Q2Q%16.04%
Revenue 1Y (TTM)6.9%
Revenue growth 3Y2.02%
Revenue growth 5Y4.21%
Sales Q2Q%8.05%

3.2 Future

  • The Earnings Per Share is expected to grow by 10.30% on average over the next years. This is quite good.
  • Based on estimates for the next years, WAT will show a small growth in Revenue. The Revenue will grow by 6.59% on average per year.
EPS Next Y11.56%
EPS Next 2Y10.4%
EPS Next 3Y10.35%
EPS Next 5Y10.3%
Revenue Next Year7.43%
Revenue Next 2Y6.91%
Revenue Next 3Y6.73%
Revenue Next 5Y6.59%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • 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 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

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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • WAT is valuated quite expensively with a Price/Earnings ratio of 30.02.
  • Based on the Price/Earnings ratio, WAT is valued a bit cheaper than 66.67% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 27.93. WAT is around the same levels.
  • The Price/Forward Earnings ratio is 26.36, which means the current valuation is very expensive for WAT.
  • WAT's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. WAT is cheaper than 71.93% of the companies in the same industry.
  • WAT's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.77.
Industry RankSector Rank
PE 30.02
Fwd PE 26.36
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

  • 66.67% of the companies in the same industry are more expensive than WAT, based on the Enterprise Value to EBITDA ratio.
  • 66.67% 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 37.69
EV/EBITDA 23.03
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 excellent profitability rating of WAT may justify a higher PE ratio.
PEG (NY)2.6
PEG (5Y)5.43
EPS Next 2Y10.4%
EPS Next 3Y10.35%

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%

More info and screens

Find the best dividend stocksShow peers with best dividend

WATERS CORP

NYSE:WAT (2/6/2026, 8:11:17 PM)

After market: 381.29 0 (0%)

381.29

+4.4 (+1.17%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)11-04
Earnings (Next)02-09
Inst Owners100.29%
Inst Owner Change-2.11%
Ins Owners0.12%
Ins Owner Change0.58%
Market Cap22.70B
Revenue(TTM)3.11B
Net Income(TTM)648.81M
Analysts74.55
Price Target422.91 (10.92%)
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 30.02
Fwd PE 26.36
P/S 7.31
P/FCF 37.69
P/OCF 31.17
P/B 9.74
P/tB 53.84
EV/EBITDA 23.03
EPS(TTM)12.7
EY3.33%
EPS(NY)14.47
Fwd EY3.79%
FCF(TTM)10.12
FCFY2.65%
OCF(TTM)12.23
OCFY3.21%
SpS52.17
BVpS39.15
TBVpS7.08
PEG (NY)2.6
PEG (5Y)5.43
Graham Number105.77
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 9.68
F-Score4
WACC10.86%
ROIC/WACC1.8
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)11.5%
EPS 3Y1.89%
EPS 5Y5.53%
EPS Q2Q%16.04%
EPS Next Y11.56%
EPS Next 2Y10.4%
EPS Next 3Y10.35%
EPS Next 5Y10.3%
Revenue 1Y (TTM)6.9%
Revenue growth 3Y2.02%
Revenue growth 5Y4.21%
Sales Q2Q%8.05%
Revenue Next Year7.43%
Revenue Next 2Y6.91%
Revenue Next 3Y6.73%
Revenue Next 5Y6.59%
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 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 30.02 and the Price/Book (PB) ratio is 9.74.


How financially healthy is WATERS CORP?

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