WATERS CORP (WAT) Stock Fundamental Analysis

NYSE:WAT • US9418481035

318.29 USD
-1.15 (-0.36%)
Last: Feb 26, 2026, 10:29 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to WAT. WAT was compared to 58 industry peers in the Life Sciences Tools & Services industry. There are concerns on the financial health of WAT while its profitability can be described as average. WAT has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

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

  • The Return On Assets of WAT (12.64%) is better than 93.10% of its industry peers.
  • The Return On Equity of WAT (25.09%) is better than 93.10% of its industry peers.
Industry RankSector Rank
ROA 12.64%
ROE 25.09%
ROIC N/A
ROA(3y)13.51%
ROA(5y)16.9%
ROE(3y)38.6%
ROE(5y)88.92%
ROIC(3y)N/A
ROIC(5y)N/A
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 better Profit Margin (20.30%) than 94.83% of its industry peers.
  • In the last couple of years the Profit Margin of WAT has declined.
  • Looking at the Operating Margin, with a value of 26.91%, WAT belongs to the top of the industry, outperforming 96.55% of the companies in the same industry.
  • WAT's Operating Margin has been stable in the last couple of years.
  • The Gross Margin of WAT (59.28%) is better than 77.59% of its industry peers.
  • WAT's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 26.91%
PM (TTM) 20.3%
GM 59.28%
OM growth 3Y-1.06%
OM growth 5Y0.01%
PM growth 3Y-5.18%
PM growth 5Y-1.64%
GM growth 3Y0.65%
GM growth 5Y0.59%
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

3

2. Health

2.1 Basic Checks

  • WAT does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • The number of shares outstanding for WAT has been increased compared to 1 year ago.
  • Compared to 5 years ago, WAT has more shares outstanding
  • 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 80M
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

  • 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 84.48% of its industry peers.
  • A Debt/Equity ratio of 0.55 indicates that WAT is somewhat dependend on debt financing.
  • WAT's Debt to Equity ratio of 0.55 is on the low side compared to the rest of the industry. WAT is outperformed by 67.24% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF 2.61
Altman-Z N/A
ROIC/WACCN/A
WACC10.76%
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

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
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

4

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an nice 10.61% over the past year.
  • 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

  • The Earnings Per Share is expected to grow by 8.47% 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 6.64% on average per year.
EPS Next Y10.18%
EPS Next 2Y10.22%
EPS Next 3Y10.24%
EPS Next 5Y8.47%
Revenue Next Year102.07%
Revenue Next 2Y49.85%
Revenue Next 3Y29.99%
Revenue Next 5Y6.64%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same 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 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 2B 4B 6B
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

More info and screens

Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • WAT is valuated rather expensively with a Price/Earnings ratio of 24.24.
  • 72.41% of the companies in the same industry are more expensive than WAT, based on the Price/Earnings ratio.
  • When comparing the Price/Earnings ratio of WAT to the average of the S&P500 Index (27.05), we can say WAT is valued inline with the index average.
  • A Price/Forward Earnings ratio of 22.00 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 75.86% of the companies listed in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 28.03. WAT is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 24.24
Fwd PE 22
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 74.14% of the companies in the same industry.
  • WAT's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. WAT is cheaper than 67.24% of the companies in the same industry.
Industry RankSector Rank
P/FCF 35.1
EV/EBITDA 18.75
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)2.38
PEG (5Y)3.15
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%

More info and screens

Find the best dividend stocksShow peers with best dividend

WATERS CORP

NYSE:WAT (2/26/2026, 10:29:04 AM)

318.29

-1.15 (-0.36%)

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-0.7%
Ins Owners0.12%
Ins Owner Change0.58%
Market Cap18.95B
Revenue(TTM)3.17B
Net Income(TTM)642.63M
Analysts76.8
Price Target422.91 (32.87%)
Short Float %3.79%
Short Ratio2.76
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)0.68%
PT rev (3m)6.09%
EPS NQ rev (1m)-7.79%
EPS NQ rev (3m)-9.47%
EPS NY rev (1m)0.11%
EPS NY rev (3m)0.44%
Revenue NQ rev (1m)64.42%
Revenue NQ rev (3m)63.21%
Revenue NY rev (1m)90.05%
Revenue NY rev (3m)91.74%
Valuation
Industry RankSector Rank
PE 24.24
Fwd PE 22
P/S 5.99
P/FCF 35.1
P/OCF 29.04
P/B 7.4
P/tB 28.58
EV/EBITDA 18.75
EPS(TTM)13.13
EY4.13%
EPS(NY)14.47
Fwd EY4.55%
FCF(TTM)9.07
FCFY2.85%
OCF(TTM)10.96
OCFY3.44%
SpS53.17
BVpS43.02
TBVpS11.14
PEG (NY)2.38
PEG (5Y)3.15
Graham Number112.74
Profitability
Industry RankSector Rank
ROA 12.64%
ROE 25.09%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM 26.91%
PM (TTM) 20.3%
GM 59.28%
FCFM 17.05%
ROA(3y)13.51%
ROA(5y)16.9%
ROE(3y)38.6%
ROE(5y)88.92%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y-1.06%
OM growth 5Y0.01%
PM growth 3Y-5.18%
PM growth 5Y-1.64%
GM growth 3Y0.65%
GM growth 5Y0.59%
F-Score5
Asset Turnover0.62
Health
Industry RankSector Rank
Debt/Equity 0.55
Debt/FCF 2.61
Debt/EBITDA 1.33
Cap/Depr 54.67%
Cap/Sales 3.56%
Interest Coverage 250
Cash Conversion 61.69%
Profit Quality 84%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC10.76%
ROIC/WACCN/A
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 Y10.18%
EPS Next 2Y10.22%
EPS Next 3Y10.24%
EPS Next 5Y8.47%
Revenue 1Y (TTM)6.99%
Revenue growth 3Y2.12%
Revenue growth 5Y6%
Sales Q2Q%6.83%
Revenue Next Year102.07%
Revenue Next 2Y49.85%
Revenue Next 3Y29.99%
Revenue Next 5Y6.64%
EBIT growth 1Y1.64%
EBIT growth 3Y1.04%
EBIT growth 5Y6%
EBIT Next Year35.15%
EBIT Next 3Y13.69%
EBIT Next 5Y28.13%
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 FAQ

Can you provide the ChartMill fundamental rating for WATERS CORP?

ChartMill assigns a fundamental rating of 4 / 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 6 / 10.


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

The Price/Earnings (PE) ratio for WATERS CORP (WAT) is 24.24 and the Price/Book (PB) ratio is 7.4.


How financially healthy is WATERS CORP?

The financial health rating of WATERS CORP (WAT) is 3 / 10.