WATERS CORP (WAT) Fundamental Analysis & Valuation

NYSE:WAT • US9418481035

Current stock price

307.12 USD
-2.11 (-0.68%)
At close:
307.12 USD
0 (0%)
After Hours:

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.
  • Each year in the past 5 years WAT has been profitable.
  • In the past 5 years WAT always reported a positive cash flow from operatings.
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's Return On Assets of 12.66% is amongst the best of the industry. WAT outperforms 92.98% of its industry peers.
  • The Return On Equity of WAT (25.09%) is better than 96.49% of its industry peers.
  • With an excellent Return On Invested Capital value of 17.74%, WAT belongs to the best 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.
  • WAT's Operating Margin of 25.36% is amongst the best of the industry. WAT outperforms 94.74% of its industry peers.
  • In the last couple of years the Operating Margin of WAT has declined.
  • WAT has a Gross Margin of 59.28%. This is in the better half of the industry: WAT outperforms 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

  • WAT has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • WAT has more shares outstanding than it did 1 year ago.
  • The number of shares outstanding for WAT has been reduced compared to 5 years ago.
  • 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 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 11.43 indicates that WAT is not in any danger for bankruptcy at the moment.
  • WAT has a better Altman-Z score (11.43) than 94.74% of its industry peers.
  • WAT has a debt to FCF ratio of 2.61. This is a good value and a sign of high solvency as WAT would need 2.61 years to pay back of 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.
  • A Debt/Equity ratio of 0.37 indicates that WAT is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.37, WAT is in line with its industry, outperforming 45.61% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.37
Debt/FCF 2.61
Altman-Z 11.43
ROIC/WACC1.64
WACC10.85%
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

  • A Current Ratio of 1.73 indicates that WAT should not have too much problems paying 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.
  • A Quick Ratio of 1.27 indicates that WAT should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.27, WAT is not doing good in the industry: 68.42% 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 1.73
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.
  • Measured over the past 5 years, WAT shows a small growth in Earnings Per Share. The EPS has been growing by 7.70% on average per year.
  • 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

  • WAT is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 13.49% yearly.
  • WAT is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 22.81% yearly.
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

  • 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 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

  • A Price/Earnings ratio of 23.39 indicates a rather expensive valuation of WAT.
  • 78.95% of the companies in the same industry are more expensive than WAT, based on the Price/Earnings ratio.
  • The average S&P500 Price/Earnings ratio is at 26.64. WAT is around the same levels.
  • Based on the Price/Forward Earnings ratio of 21.12, the valuation of WAT can be described as rather expensive.
  • WAT's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. WAT is cheaper than 78.95% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 21.36. WAT is around the same levels.
Industry RankSector Rank
PE 23.39
Fwd PE 21.12
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

  • WAT's Enterprise Value to EBITDA is on the same level as the industry average.
  • WAT's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 55.85
EV/EBITDA 30.7
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.
  • The excellent profitability rating of WAT 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, 8:04:00 PM)

After market: 307.12 0 (0%)

307.12

-2.11 (-0.68%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Industry Strength22.36
Industry Growth50.93
Earnings (Last)02-09
Earnings (Next)05-05
Inst Owners61.26%
Inst Owner Change1.47%
Ins Owners0.09%
Ins Owner Change0.81%
Market Cap30.15B
Revenue(TTM)3.17B
Net Income(TTM)642.63M
Analysts77.14
Price Target403.53 (31.39%)
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)-1.76%
PT rev (3m)-3.93%
EPS NQ rev (1m)0.16%
EPS NQ rev (3m)-8.02%
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 23.39
Fwd PE 21.12
P/S 9.53
P/FCF 55.85
P/OCF 46.2
P/B 11.77
P/tB 45.48
EV/EBITDA 30.7
EPS(TTM)13.13
EY4.28%
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 (-71.41%)
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 11.43
F-Score4
WACC10.85%
ROIC/WACC1.64
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 3 / 10 to WATERS CORP (WAT). This can be considered as Overvalued.


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.