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Waters Corporation WAT

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461.51 USD +8.43 (+1.86%)

Nov 6, 2026, 1:11 PM EST

451.20 Day range 463.72
282.77 52-week range 482.28
YTD
+21.50%
1 year
+24.34%

Financial health

Altman Z-Score

3.46 Safe zone

Bankruptcy-risk model: below 1.81 distress, above 2.99 safe.

Piotroski F-Score

4 / 9 Average

Nine pass/fail tests of profitability, leverage and efficiency.

Rating

B-2 / 5 overall

  • DCF 3
  • Return on Equity 2
  • Return on Assets 3
  • Debt / Equity 2
  • P/E 1
  • P/B 3

Valuation

P/E 35.2×
FY 2016: 20.8×FY 2017: 773×FY 2018: 24.5×FY 2019: 26.7×FY 2020: 29.5×FY 2021: 33.1×FY 2022: 29.0×FY 2023: 30.3×FY 2024: 34.5×FY 2025: 35.2×
FY 2016 5y median 33.1× FY 2025
P/S 7.1×
FY 2016: 5.0×FY 2017: 6.7×FY 2018: 6.0×FY 2019: 6.6×FY 2020: 6.5×FY 2021: 8.2×FY 2022: 6.9×FY 2023: 6.6×FY 2024: 7.4×FY 2025: 7.1×
FY 2016 5y median 7.1× FY 2025
P/B 8.8×
FY 2016: 4.7×FY 2017: 6.9×FY 2018: 9.3×FY 2019: -73.1×FY 2020: 66.2×FY 2021: 62.4×FY 2022: 40.7×FY 2023: 16.9×FY 2024: 12.0×FY 2025: 8.8×
FY 2016 5y median 16.9× FY 2025
P/FCF 41.9×
FY 2016: 20.3×FY 2017: 25.4×FY 2018: 30.5×FY 2019: 33.0×FY 2020: 24.9×FY 2021: 39.6×FY 2022: 48.0×FY 2023: 44.0×FY 2024: 35.5×FY 2025: 41.9×
FY 2016 5y median 41.9× FY 2025
EV/EBITDA 23.2×
FY 2016: 16.4×FY 2017: 20.9×FY 2018: 17.7×FY 2019: 20.7×FY 2020: 20.9×FY 2021: 24.5×FY 2022: 21.4×FY 2023: 21.5×FY 2024: 22.6×FY 2025: 23.2×
FY 2016 5y median 22.6× FY 2025
EV/Sales 7.4×
FY 2016: 5.6×FY 2017: 7.3×FY 2018: 6.1×FY 2019: 7.2×FY 2020: 6.9×FY 2021: 8.6×FY 2022: 7.3×FY 2023: 7.3×FY 2024: 7.9×FY 2025: 7.4×
FY 2016 5y median 7.4× FY 2025
FCF Yield 2.4%
FY 2016: 4.9%FY 2017: 3.9%FY 2018: 3.3%FY 2019: 3.0%FY 2020: 4.0%FY 2021: 2.5%FY 2022: 2.1%FY 2023: 2.3%FY 2024: 2.8%FY 2025: 2.4%
FY 2016 5y median 2.4% FY 2025

Profitability

Gross Margin 57.8%
FY 2016: 58.9%FY 2017: 59.0%FY 2018: 59.0%FY 2019: 58.0%FY 2020: 57.4%FY 2021: 58.5%FY 2022: 58.0%FY 2023: 59.6%FY 2024: 59.4%FY 2025: 57.8%
FY 2016 5y median 58.5% FY 2025
Operating Margin 28.2%
FY 2016: 28.8%FY 2017: 28.7%FY 2018: 30.6%FY 2019: 29.4%FY 2020: 27.3%FY 2021: 29.5%FY 2022: 29.4%FY 2023: 27.7%FY 2024: 27.9%FY 2025: 28.2%
FY 2016 5y median 28.2% FY 2025
Net Margin 20.3%
FY 2016: 24.1%FY 2017: 0.9%FY 2018: 24.5%FY 2019: 24.6%FY 2020: 22.1%FY 2021: 24.9%FY 2022: 23.8%FY 2023: 21.7%FY 2024: 21.6%FY 2025: 20.3%
FY 2016 5y median 21.7% FY 2025
ROE 25.1%
FY 2016: 22.7%FY 2017: 0.9%FY 2018: 37.9%FY 2019: -273.8%FY 2020: 224.7%FY 2021: 188.5%FY 2022: 140.3%FY 2023: 55.8%FY 2024: 34.9%FY 2025: 25.1%
FY 2016 5y median 55.8% FY 2025
ROIC 17.6%
FY 2016: 12.7%FY 2017: 0.4%FY 2018: 19.6%FY 2019: 29.6%FY 2020: 24.9%FY 2021: 28.9%FY 2022: 28.7%FY 2023: 18.2%FY 2024: 18.4%FY 2025: 17.6%
FY 2016 5y median 18.4% FY 2025
ROA 12.7%
FY 2016: 11.2%FY 2017: 0.4%FY 2018: 15.9%FY 2019: 23.2%FY 2020: 18.4%FY 2021: 22.4%FY 2022: 21.6%FY 2023: 13.9%FY 2024: 14.0%FY 2025: 12.7%
FY 2016 5y median 14.0% FY 2025

Growth (YoY)

Revenue 7.0%
FY 2016: 6.1%FY 2017: 6.5%FY 2018: 4.8%FY 2019: -0.6%FY 2020: -1.7%FY 2021: 17.8%FY 2022: 6.7%FY 2023: -0.5%FY 2024: 0.1%FY 2025: 7.0%
FY 2016 FY 2025
Operating Income 8.1%
FY 2016: 10.1%FY 2017: 5.9%FY 2018: 11.7%FY 2019: -4.2%FY 2020: -8.9%FY 2021: 27.3%FY 2022: 6.3%FY 2023: -6.4%FY 2024: 1.1%FY 2025: 8.1%
FY 2016 FY 2025
EPS (diluted) 0.5%
FY 2016: 13.5%FY 2017: -96.1%FY 2018: 2960.0%FY 2019: 13.6%FY 2020: -3.8%FY 2021: 33.6%FY 2022: 5.0%FY 2023: -7.6%FY 2024: -1.2%FY 2025: 0.5%
FY 2016 FY 2025
Free Cash Flow -12.9%
FY 2016: 16.8%FY 2017: 13.7%FY 2018: -21.5%FY 2019: 0.5%FY 2020: 29.0%FY 2021: -6.3%FY 2022: -26.0%FY 2023: 3.3%FY 2024: 40.1%FY 2025: -12.9%
FY 2016 FY 2025

Financial Health

Current Ratio 1.7×
FY 2016: 7.0×FY 2017: 7.0×FY 2018: 5.9×FY 2019: 2.2×FY 2020: 1.7×FY 2021: 2.4×FY 2022: 2.2×FY 2023: 2.2×FY 2024: 2.1×FY 2025: 1.7×
FY 2016 5y median 2.2× FY 2025
Quick Ratio 1.3×
FY 2016: 6.5×FY 2017: 6.6×FY 2018: 5.3×FY 2019: 1.7×FY 2020: 1.4×FY 2021: 1.9×FY 2022: 1.7×FY 2023: 1.6×FY 2024: 1.5×FY 2025: 1.3×
FY 2016 5y median 1.6× FY 2025
Debt / Equity 0.6×
FY 2016: 0.8×FY 2017: 0.9×FY 2018: 0.7×FY 2019: -8.2×FY 2020: 6.3×FY 2021: 4.4×FY 2022: 3.3×FY 2023: 2.1×FY 2024: 0.9×FY 2025: 0.6×
FY 2016 5y median 2.1× FY 2025
Net Debt / EBITDA 0.9×
FY 2016: 1.8×FY 2017: 1.7×FY 2018: 0.4×FY 2019: 1.7×FY 2020: 1.3×FY 2021: 1.1×FY 2022: 1.2×FY 2023: 2.0×FY 2024: 1.3×FY 2025: 0.9×
FY 2016 5y median 1.2× FY 2025
Interest Coverage 12.8×
FY 2016: 13.9×FY 2017: 11.7×FY 2018: 15.2×FY 2019: 14.6×FY 2020: 13.2×FY 2021: 18.3×FY 2022: 17.9×FY 2023: 8.3×FY 2024: 9.2×FY 2025: 12.8×
FY 2016 5y median 12.8× FY 2025

Dividends

Dividend Yield 0.0%
FY 2016: 0.0%FY 2017: 0.0%FY 2018: 0.0%FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2016 5y median 0.0% FY 2025
Payout Ratio 0.0%
FY 2016: 0.0%FY 2017: 0.0%FY 2018: 0.0%FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2016 5y median 0.0% FY 2025

Annual · latest fiscal year ends 2025-12-31