Waters Corporation logo

Waters Corporation

WAT

NYSEHealthcareMedical - Diagnostics & Research

Previous close

$410.7

+$6.01 · +1.49%

Aug 21, 4:00 PM ET

WAT company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

41

Fair Value

Momentum

46

Neutral

Sentiment

70

Bullish

Risk resilience

69

Moderate Risk

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Company profile

Company website

Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems. This includes essential consumables like chromatography columns and comprehensive post-warranty service plans. The TA segment focuses on designing, producing, selling, and servicing instruments for thermal analysis, rheometry, and calorimetry. Additionally, Waters develops and supplies sophisticated software that integrates with both its own instruments and those from other manufacturers. The company's advanced MS technology plays a crucial role in various applications, such as drug discovery and development (including clinical trial assessments), analyzing proteins involved in disease processes, ensuring nutritional safety, and conducting environmental testing. Its thermal analysis, rheometry, and calorimetry instruments are vital for assessing the suitability and stability of a wide range of materials, including fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids. These instruments support diverse sectors like industrial manufacturing, consumer goods, healthcare products, and life science research. Waters' extensive client base spans the life sciences, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental sectors, where its products are instrumental in research and development, quality assurance, and general laboratory operations. Established in 1958, Waters Corporation is headquartered in Milford, Massachusetts.

Industry
Medical - Diagnostics & Research
Sector
Healthcare
Headquarters
US
CEO
Udit Batra
Listed since
Nov 17, 1995
Employees
7,900

Market position

Day range

Current $410.7

52-week range

Current $410.7

Open
$400.5
Previous close
$404.69
Volume
683.84K
0.7× average
Average volume
977.47K
Average daily volume
Market cap
30.72B USD
Beta
1.18
Market reference 1
50-day average
$381.24
+7.73% above average
200-day average
$358.96
+14.41% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
23.51B USD
P/E (TTM)
102.16×
P/B (TTM)
2.65×
P/S (TTM)
6.61×
EV / EBITDA
23.23×
Earnings yield
2.84%
Free cash flow yield
2.39%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
50.78%
Operating margin
7.96%
Net margin
3.58%
Return on equity
25.09%
Return on assets
12.66%
Return on invested capital
17.57%

Financial health

Debt / equity
0.35×
Current ratio
1.73×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends63%48%32%16%Gross margin, FY2021: 58.49%Gross margin, FY2022: 58.00%Gross margin, FY2023: 59.57%Gross margin, FY2024: 59.43%Gross margin, FY2025: 57.77%Operating margin, FY2021: 29.50%Operating margin, FY2022: 29.39%Operating margin, FY2023: 27.66%Operating margin, FY2024: 27.93%Operating margin, FY2025: 28.22%Net margin, FY2021: 24.87%Net margin, FY2022: 23.81%Net margin, FY2023: 21.72%Net margin, FY2024: 21.56%Net margin, FY2025: 20.30%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 58.49%. Gross margin FY2022 58.00%. Gross margin FY2023 59.57%. Gross margin FY2024 59.43%. Gross margin FY2025 57.77%. Operating margin FY2021 29.50%. Operating margin FY2022 29.39%. Operating margin FY2023 27.66%. Operating margin FY2024 27.93%. Operating margin FY2025 28.22%. Net margin FY2021 24.87%. Net margin FY2022 23.81%. Net margin FY2023 21.72%. Net margin FY2024 21.56%. Net margin FY2025 20.30%.

Income trends

Revenue

3.17B USD+6.99%

Operating income

893.22M USD+8.09%

Net income

642.63M USD+0.75%
Income trends across reported periods3.42B USD2.41B USD1.4B USD385.09M USDRevenue, FY2021: 2.79B USDRevenue, FY2022: 2.97B USDRevenue, FY2023: 2.96B USDRevenue, FY2024: 2.96B USDRevenue, FY2025: 3.17B USDOperating income, FY2021: 821.71M USDOperating income, FY2022: 873.4M USDOperating income, FY2023: 817.68M USDOperating income, FY2024: 826.35M USDOperating income, FY2025: 893.22M USDNet income, FY2021: 692.84M USDNet income, FY2022: 707.76M USDNet income, FY2023: 642.23M USDNet income, FY2024: 637.83M USDNet income, FY2025: 642.63M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 2.79B USD. Revenue FY2022 2.97B USD. Revenue FY2023 2.96B USD. Revenue FY2024 2.96B USD. Revenue FY2025 3.17B USD. Operating income FY2021 821.71M USD. Operating income FY2022 873.4M USD. Operating income FY2023 817.68M USD. Operating income FY2024 826.35M USD. Operating income FY2025 893.22M USD. Net income FY2021 692.84M USD. Net income FY2022 707.76M USD. Net income FY2023 642.23M USD. Net income FY2024 637.83M USD. Net income FY2025 642.63M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue3.17B USD2.96B USD2.96B USD2.97B USD2.79B USD
Cost of goods sold1.34B USD1.2B USD1.2B USD1.25B USD1.16B USD
Gross profit1.83B USD1.76B USD1.76B USD1.72B USD1.63B USD
Research and development195.18M USD183.03M USD174.95M USD176.19M USD168.36M USD
Selling, general, and administrative740.27M USD690.15M USD736.01M USD658.03M USD626.97M USD
Operating expenses935.45M USD931.83M USD943.52M USD850.38M USD807.63M USD
Interest income7.39M USD17.42M USD16.62M USD11.02M USD12.22M USD
Interest expense69.55M USD89.68M USD98.86M USD48.8M USD44.94M USD
Depreciation and amortization206.24M USD191.83M USD165.91M USD130.42M USD131.68M USD
Operating income893.22M USD826.35M USD817.68M USD873.4M USD821.71M USD
Net income642.63M USD637.83M USD642.23M USD707.76M USD692.84M USD

Company facts updated Aug 24, 2026.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$420.64

2.42% upside
Past 12 months12-month forecastHigh $475Average $420.64Low $375

Rating distribution

36 ratings
Strong buy00%
Buy1747%
Hold1747%
Sell26%
Strong sell00%

Corporate actions

Corporate action history

Dividend

Ex-dividend Nov 26, 1996

$0.16

Irregular

WAT peers

ETFs holding WAT

Funds reporting this stock among their holdings, ordered by reported position size.

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