WAT Stock - Waters Corporation
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B |
| Gross Profit | $1.76B | $1.76B | $1.72B | $1.63B | $1.36B |
| Gross Margin | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% |
| Operating Income | $826.35M | $817.68M | $873.39M | $821.71M | $645.49M |
| Net Income | $637.83M | $642.23M | $707.75M | $692.84M | $521.57M |
| Net Margin | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% |
| EPS | $10.75 | $10.87 | $11.80 | $11.25 | $8.40 |
Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company offers thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by life science, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 10th 2025 | Wolfe Research | Upgrade | Outperform | $480 |
| December 2nd 2025 | Morgan Stanley | Initiation | Equal Weight | $423 |
| October 8th 2025 | Rothschild & Co Redburn | Initiation | Buy | $390 |
| March 31st 2025 | KeyBanc Capital Markets | Upgrade | Overweight | $460 |
| March 26th 2025 | Robert W. Baird | Upgrade | Outperform | $407← $396 |
| February 13th 2025 | Scotiabank | Upgrade | Sector Outperform | $450 |
| February 10th 2025 | Barclays | Upgrade | Equal Weight | $415← $360 |
| January 10th 2025 | Bernstein | Upgrade | Outperform | $430 |
| December 23rd 2024 | Scotiabank | Initiation | Sector Perform | - |
| October 8th 2024 | Jefferies | Upgrade | Buy | $415← $355 |
| August 28th 2024 | Wells Fargo | Initiation | Overweight | $380 |
| August 1st 2024 | Leerink Partners | Upgrade | Outperform | $375← $325 |
| June 3rd 2024 | Jefferies | Resumed | Hold | $320 |
| November 13th 2023 | Barclays | Downgrade | Underweight | $230← $270 |
| September 28th 2023 | Bernstein | Initiation | Market Perform | $280 |
Earnings History & Surprises
WATEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | May 4, 2026 | — | — | — | — |
Q1 2026 | Feb 11, 2026 | $4.50 | — | — | — |
Q4 2025 | Nov 4, 2025 | $3.21 | $3.40 | +5.9% | ✓ BEAT |
Q3 2025 | Aug 4, 2025 | $2.94 | $2.95 | +0.3% | ✓ BEAT |
Q2 2025 | May 6, 2025 | $2.22 | $2.25 | +1.4% | ✓ BEAT |
Q1 2025 | Feb 12, 2025 | $4.03 | $4.10 | +1.7% | ✓ BEAT |
Q4 2024 | Nov 1, 2024 | $2.68 | $2.93 | +9.3% | ✓ BEAT |
Q3 2024 | Jul 31, 2024 | $2.56 | $2.63 | +2.7% | ✓ BEAT |
Q2 2024 | May 7, 2024 | $2.10 | $2.21 | +5.2% | ✓ BEAT |
Q1 2024 | Feb 6, 2024 | $3.55 | $3.62 | +2.0% | ✓ BEAT |
Q4 2023 | Nov 7, 2023 | $2.55 | $2.84 | +11.4% | ✓ BEAT |
Q3 2023 | Aug 2, 2023 | $2.59 | $2.80 | +8.1% | ✓ BEAT |
Q2 2023 | May 9, 2023 | $2.61 | $2.49 | -4.6% | ✗ MISS |
Q1 2023 | Feb 15, 2023 | $3.73 | $3.84 | +2.9% | ✓ BEAT |
Q4 2022 | Nov 1, 2022 | $2.57 | $2.64 | +2.7% | ✓ BEAT |
Q3 2022 | Aug 2, 2022 | $2.66 | $2.75 | +3.4% | ✓ BEAT |
Q2 2022 | May 3, 2022 | $2.32 | $2.80 | +20.7% | ✓ BEAT |
Q1 2022 | Feb 1, 2022 | $3.47 | $3.67 | +5.8% | ✓ BEAT |
Q4 2021 | Nov 2, 2021 | $2.35 | $2.66 | +13.2% | ✓ BEAT |
Q3 2021 | Aug 3, 2021 | $2.25 | $2.60 | +15.6% | ✓ BEAT |
Latest News
Wells Fargo Maintains Equal-Weight on Waters, Raises Price Target to $415
➖ NeutralCORRECTION: Wolfe Research Upgrades Waters to Outperform, Announces $480 Price Target
📈 PositiveWolfe Research Upgrades Waters to Outperform, Announces $48 Price Target
📈 PositiveMorgan Stanley Initiates Coverage On Waters with Equal-Weight Rating, Announces Price Target of $423
➖ NeutralTD Cowen Maintains Hold on Waters, Raises Price Target to $390
➖ NeutralWells Fargo Maintains Equal-Weight on Waters, Raises Price Target to $385
➖ NeutralWaters shares are trading higher after the company reported better-than-expected Q3 financial results and raised its FY25 guidance above estimates.
📈 PositiveWaters Sees Q4 GAAP EPS $4.10-$4.20 vs $4.45 Est
📉 NegativeWaters Raises FY2025 Adj EPS Guidance from $12.95-$13.05 to $13.05-$13.15 vs $12.99 Est; Raises FY2025 Sales Guidance from $3.106B-$3.165B to $3.150B-$3.168B vs $3.137B Est
📈 PositiveWaters Lowers FY2025 GAAP EPS Guidance from $11.45-$11.55 to $11.10-$11.20 vs $11.95 Est
📉 NegativeWaters Sees Q4 Adj EPS $4.45-$4.55 vs $4.59 Est; Sees Sales $918.095M-$935.549M vs $926.107M Est
📉 NegativeWaters Q3 Adj. EPS $3.40 Beats $3.20 Estimate, Sales $799.887M Beat $781.022M Estimate
📈 PositiveFrequently Asked Questions about WAT
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