WATERS CORP (WAT) Fundamental Analysis & Valuation

NYSE:WAT • US9418481035

Current stock price

307.35 USD
-1.88 (-0.61%)
Last:

This WAT fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. WAT Profitability Analysis

1.1 Basic Checks

  • In the past year WAT was profitable.
  • In the past year WAT had a positive cash flow from operations.
  • WAT had positive earnings in each of the past 5 years.
  • 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 2025 200M 400M 600M 800M

1.2 Ratios

  • WAT has a better Return On Assets (12.66%) than 92.98% of its industry peers.
  • The Return On Equity of WAT (25.09%) is better than 96.49% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 17.74%, WAT belongs to the top of the industry, outperforming 96.49% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for WAT is significantly above the industry average of 11.01%.
Industry RankSector Rank
ROA 12.66%
ROE 25.09%
ROIC 17.74%
ROA(3y)13.52%
ROA(5y)16.9%
ROE(3y)38.6%
ROE(5y)88.92%
ROIC(3y)18.51%
ROIC(5y)22.96%
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

  • With an excellent Profit Margin value of 20.30%, WAT belongs to the best of the industry, outperforming 91.23% of the companies in the same industry.
  • In the last couple of years the Profit Margin of WAT has declined.
  • Looking at the Operating Margin, with a value of 25.36%, WAT belongs to the top of the industry, outperforming 94.74% of the companies in the same industry.
  • WAT's Operating Margin has declined in the last couple of years.
  • WAT has a better Gross Margin (59.28%) than 75.44% 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 25.36%
PM (TTM) 20.3%
GM 59.28%
OM growth 3Y-5.37%
OM growth 5Y-2.63%
PM growth 3Y-5.18%
PM growth 5Y-1.64%
GM growth 3Y0.62%
GM growth 5Y0.57%
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

7

2. WAT Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so WAT is still creating some value.
  • Compared to 1 year ago, WAT has more shares outstanding
  • The number of shares outstanding for WAT has been reduced compared to 5 years ago.
  • The debt/assets ratio for WAT has been reduced compared to a year ago.
WAT Yearly Shares OutstandingWAT Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • An Altman-Z score of 11.48 indicates that WAT is not in any danger for bankruptcy at the moment.
  • WAT's Altman-Z score of 11.48 is amongst the best of the industry. WAT outperforms 94.74% of its industry peers.
  • 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 85.96% of its industry peers.
  • WAT has a Debt/Equity ratio of 0.37. This is a healthy value indicating a solid balance between debt and equity.
  • WAT has a Debt to Equity ratio of 0.37. This is comparable to the rest of the industry: WAT outperforms 45.61% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Altman-Z 11.48
ROIC/WACC1.63
WACC10.88%
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

  • WAT has a Current Ratio of 1.73. This is a normal value and indicates that WAT is financially healthy and should not expect problems in meeting its short term obligations.
  • WAT's Current ratio of 1.73 is on the low side compared to the rest of the industry. WAT is outperformed by 71.93% of its industry peers.
  • WAT has a Quick Ratio of 1.27. This is a normal value and indicates that WAT is financially healthy and should not expect problems in meeting its short term obligations.
  • WAT's Quick ratio of 1.27 is on the low side compared to the rest of the industry. WAT is outperformed by 68.42% of its industry peers.
  • WAT does not score too well on the current and quick ratio evaluation. However, as it has 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 1.73
Quick Ratio 1.27
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

6

3. WAT Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 10.61% over the past year.
  • The Earnings Per Share has been growing slightly by 7.70% on average over the past years.
  • Looking at the last year, WAT shows a small growth in Revenue. The Revenue has grown by 6.99% in the last 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 13.49% on average over the next years. This is quite good.
  • Based on estimates for the next years, WAT will show a very strong growth in Revenue. The Revenue will grow by 22.81% on average per year.
EPS Next Y10.74%
EPS Next 2Y12.17%
EPS Next 3Y11.75%
EPS Next 5Y13.49%
Revenue Next Year102.82%
Revenue Next 2Y49.64%
Revenue Next 3Y32.2%
Revenue Next 5Y22.81%

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 accelerating.
  • 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 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B 8B
WAT Yearly EPS VS EstimatesWAT Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10 20 30

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Find the best growth stocksShow best growing peers

3

4. WAT Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 23.41, the valuation of WAT can be described as rather expensive.
  • Based on the Price/Earnings ratio, WAT is valued a bit cheaper than 78.95% of the companies in the same industry.
  • WAT's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 26.77.
  • WAT is valuated rather expensively with a Price/Forward Earnings ratio of 21.14.
  • Based on the Price/Forward Earnings ratio, WAT is valued a bit cheaper than 77.19% 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 21.75.
Industry RankSector Rank
PE 23.41
Fwd PE 21.14
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of WAT is on the same level as its industry peers.
  • WAT's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 55.89
EV/EBITDA 30.9
WAT Per share dataWAT EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • WAT has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)2.18
PEG (5Y)3.04
EPS Next 2Y12.17%
EPS Next 3Y11.75%

More info and screens

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

0

5. WAT Dividend Analysis

5.1 Amount

  • WAT does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

More info and screens

Find the best dividend stocksShow peers with best dividend

WAT Fundamentals: All Metrics, Ratios and Statistics

WATERS CORP

NYSE:WAT (5/1/2026, 11:45:04 AM)

307.35

-1.88 (-0.61%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Industry Strength21.12
Industry Growth54.04
Earnings (Last)02-09
Earnings (Next)05-05
Inst Owners61.26%
Inst Owner Change1.2%
Ins Owners0.09%
Ins Owner Change0.81%
Market Cap30.17B
Revenue(TTM)3.17B
Net Income(TTM)642.63M
Analysts77.14
Price Target405.05 (31.79%)
Short Float %3.81%
Short Ratio3.38
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)-1.38%
PT rev (3m)-3.57%
EPS NQ rev (1m)0.14%
EPS NQ rev (3m)-8.04%
EPS NY rev (1m)0.06%
EPS NY rev (3m)0.62%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)64.42%
Revenue NY rev (1m)0%
Revenue NY rev (3m)90.75%
Valuation
Industry RankSector Rank
PE 23.41
Fwd PE 21.14
P/S 9.53
P/FCF 55.89
P/OCF 46.24
P/B 11.78
P/tB 45.51
EV/EBITDA 30.9
EPS(TTM)13.13
EY4.27%
EPS(NY)14.54
Fwd EY4.73%
FCF(TTM)5.5
FCFY1.79%
OCF(TTM)6.65
OCFY2.16%
SpS32.24
BVpS26.09
TBVpS6.75
PEG (NY)2.18
PEG (5Y)3.04
Graham Number87.7929 (-71.44%)
Profitability
Industry RankSector Rank
ROA 12.66%
ROE 25.09%
ROCE 20.92%
ROIC 17.74%
ROICexc 20.95%
ROICexgc 50.39%
OM 25.36%
PM (TTM) 20.3%
GM 59.28%
FCFM 17.05%
ROA(3y)13.52%
ROA(5y)16.9%
ROE(3y)38.6%
ROE(5y)88.92%
ROIC(3y)18.51%
ROIC(5y)22.96%
ROICexc(3y)20.91%
ROICexc(5y)27.64%
ROICexgc(3y)47.91%
ROICexgc(5y)51.91%
ROCE(3y)21.83%
ROCE(5y)27.08%
ROICexgc growth 3Y-3.23%
ROICexgc growth 5Y-5.08%
ROICexc growth 3Y-17.6%
ROICexc growth 5Y-10.52%
OM growth 3Y-5.37%
OM growth 5Y-2.63%
PM growth 3Y-5.18%
PM growth 5Y-1.64%
GM growth 3Y0.62%
GM growth 5Y0.57%
F-Score4
Asset Turnover0.62
Health
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Debt/EBITDA 0.94
Cap/Depr 54.67%
Cap/Sales 3.56%
Interest Coverage 17.98
Cash Conversion 64.68%
Profit Quality 84%
Current Ratio 1.73
Quick Ratio 1.27
Altman-Z 11.48
F-Score4
WACC10.88%
ROIC/WACC1.63
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 Y10.74%
EPS Next 2Y12.17%
EPS Next 3Y11.75%
EPS Next 5Y13.49%
Revenue 1Y (TTM)6.99%
Revenue growth 3Y2.12%
Revenue growth 5Y6%
Sales Q2Q%6.83%
Revenue Next Year102.82%
Revenue Next 2Y49.64%
Revenue Next 3Y32.2%
Revenue Next 5Y22.81%
EBIT growth 1Y-4.22%
EBIT growth 3Y-3.36%
EBIT growth 5Y3.21%
EBIT Next Year105.37%
EBIT Next 3Y37.18%
EBIT Next 5Y26.08%
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 Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for WATERS CORP?

ChartMill assigns a fundamental rating of 6 / 10 to WAT.


Can you provide the valuation status for WATERS CORP?

ChartMill assigns a valuation rating of 4 / 10 to WATERS CORP (WAT). This can be considered as Fairly Valued.


What is the profitability of WAT stock?

WATERS CORP (WAT) has a profitability rating of 8 / 10.


Can you provide the expected EPS growth for WAT stock?

The Earnings per Share (EPS) of WATERS CORP (WAT) is expected to grow by 10.74% in the next year.