NYSE: WAT
Waters
Health Care · Laboratory Analytical Instruments
52-week range
$282.77$482.28
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$37.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.8B |
| FY2017, ended Dec 31, 2017 | $15.2B |
| FY2018, ended Dec 31, 2018 | $13.5B |
| FY2019, ended Dec 31, 2019 | $14.5B |
| FY2020, ended Dec 31, 2020 | $15.4B |
| FY2021, ended Dec 31, 2021 | $22.5B |
| FY2022, ended Dec 31, 2022 | $20.2B |
| FY2023, ended Dec 31, 2023 | $19.5B |
| FY2024, ended Dec 31, 2024 | $22.0B |
| FY2025, ended Dec 31, 2025 | $37.3B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $37.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$4.64B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.17B |
| FY2017, ended Dec 31, 2017 | $2.31B |
| FY2018, ended Dec 31, 2018 | $2.42B |
| FY2019, ended Dec 31, 2019 | $2.41B |
| FY2020, ended Dec 31, 2020 | $2.37B |
| FY2021, ended Dec 31, 2021 | $2.79B |
| FY2022, ended Dec 31, 2022 | $2.97B |
| FY2023, ended Dec 31, 2023 | $2.96B |
| FY2024, ended Dec 31, 2024 | $2.96B |
| FY2025, ended Dec 31, 2025 | $3.17B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $4.64B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $522M | — |
| FY2017, ended Dec 31, 2017 | $20.3M | — |
| FY2018, ended Dec 31, 2018 | $594M | — |
| FY2019, ended Dec 31, 2019 | $592M | — |
| FY2020, ended Dec 31, 2020 | $522M | — |
| FY2021, ended Dec 31, 2021 | $693M | — |
| FY2022, ended Dec 31, 2022 | $708M | — |
| FY2023, ended Dec 31, 2023 | $642M | $442M |
| FY2024, ended Dec 31, 2024 | $638M | $620M |
| FY2025, ended Dec 31, 2025 | $643M | $540M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $167M | $399M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$539M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $506M |
| FY2017, ended Dec 31, 2017 | $642M |
| FY2018, ended Dec 31, 2018 | $796M |
| FY2019, ended Dec 31, 2019 | $336M |
| FY2020, ended Dec 31, 2020 | $437M |
| FY2021, ended Dec 31, 2021 | $501M |
| FY2022, ended Dec 31, 2022 | $481M |
| FY2023, ended Dec 31, 2023 | $395M |
| FY2024, ended Dec 31, 2024 | $325M |
| FY2025, ended Dec 31, 2025 | $588M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $539M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.$5.09B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.83B |
| FY2017, ended Dec 31, 2017 | $1.90B |
| FY2018, ended Dec 31, 2018 | $1.15B |
| FY2019, ended Dec 31, 2019 | $1.79B |
| FY2020, ended Dec 31, 2020 | $1.51B |
| FY2021, ended Dec 31, 2021 | $1.52B |
| FY2022, ended Dec 31, 2022 | $1.63B |
| FY2023, ended Dec 31, 2023 | $2.41B |
| FY2024, ended Dec 31, 2024 | $1.63B |
| FY2025, ended Dec 31, 2025 | $1.87B |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $5.09B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 22.7% since 2016.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.98.2M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 80.1M |
| FY2017, ended Dec 31, 2017 | 78.8M |
| FY2018, ended Dec 31, 2018 | 71.5M |
| FY2019, ended Dec 31, 2019 | 62.2M |
| FY2020, ended Dec 31, 2020 | 62.2M |
| FY2021, ended Dec 31, 2021 | 60.5M |
| FY2022, ended Dec 31, 2022 | 58.9M |
| FY2023, ended Dec 31, 2023 | 59.2M |
| FY2024, ended Dec 31, 2024 | 59.4M |
| FY2025, ended Dec 31, 2025 | 98.1M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | 98.2M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 4, 2026. Hover or tap a column for another year.Net: $58.5M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $326M | $41.0M |
| FY2017, ended Dec 31, 2017 | $333M | $39.4M |
| FY2018, ended Dec 31, 2018 | $1.32B | $37.5M |
| FY2019, ended Dec 31, 2019 | $2.47B | $38.6M |
| FY2020, ended Dec 31, 2020 | $196M | $36.9M |
| FY2021, ended Dec 31, 2021 | $649M | $29.9M |
| FY2022, ended Dec 31, 2022 | $626M | $42.6M |
| FY2023, ended Dec 31, 2023 | $70.3M | $36.9M |
| FY2024, ended Dec 31, 2024 | $13.5M | $44.7M |
| FY2025, ended Dec 31, 2025 | $14.7M | $54.1M |
| Trailing 12 months to Jul 4, 2026 (through Q2 FY2026) | $14.7M | $73.1M |
Revenue (TTM)
$4.64B
+52.5% YoY
Net income (TTM)
$167M
−74.8% YoY
Cash
$539M
+46.8% YoY
Total debt
$5.09B
+249% YoY
Valuation
At current price- Market Cap
- $45.5B
- P/E
- 273×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 9.8×
- Price / Book
- 3.0×
- EV / EBITDA
- 53.1×
Growth
Trailing 12 months- Revenue (TTM)
- $4.64B
- Revenue Growth YoY
- 52.5%
- Revenue CAGR 3Y
- 2.1%
- Revenue CAGR 5Y
- 6.0%
- EPS Growth YoY
- −64.4%
- Net Income Growth YoY
- −74.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 7.1%
- Net Margin
- 3.6%
- FCF Margin
- 8.6%
- Return on Equity
- 1.9%
Earnings
Trailing 12 months- Net Income
- $167M
- EPS (diluted)
- $3.95
- EBITDA
- $942M
- Operating Income
- $329M
Balance Sheet
As of Jul 4, 2026- Cash and cash equivalents
- $539M
- Total Debt
- $5.09B
- Net Debt
- $4.55B
- Total Assets
- $24.8B
- Total Liabilities
- $9.56B
- Shareholders' Equity
- $15.2B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $550M
- Capital Expenditure
- $151M
- Free Cash Flow
- $399M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.15
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 52.5% over the last year, to $4.64B.
Watch
Operating margin narrowed 20.6 pts in a year, to 7.1%.
Watch
Net debt is 4.8× EBITDA ($4.55B), a heavy load.
Note
Free cash flow of $399M, 8.6% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 23, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K55Some concerns
55Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 25, 2025 · Read the filing on EDGAR
- Sales were flat at $2.96 billion. China fell another 10%, which cancelled out 2% growth elsewhere, mainly in India and Europe.
- Operating income rose 1% to $826 million while net income slipped 1% to $638 million, partly because the tax rate was higher.
- Operating cash flow rose to $762 million, and net debt was cut by $730 million to $1.6 billion.
- The board approved a new company-wide ERP (business management software) system costing about $130 million over three years, and extended the $1.0 billion share buyback to 2028.
Business momentum
Stable
“The Company’s net sales were flat in 2024 as compared to 2023 and decreased 1% in 2023 as compared to 2022 as the Company’s sales growth in most major geographies was offset by a 10% and a 22% reduction in sales in China, respectively.”
Outlook
Cautious
“At current foreign currency exchange rates, the Company expects foreign currency translation to be negative to gross profit during 2025.”
Financial stress
Low
“The Company’s net debt borrowings as of December 31, 2024 were $730 million lower than as of December 31, 2023”
Tone against the previous report
About the same
Red flags
- Minor
Major lawsuit
“The Company incurred $12 million of litigation provisions of 2024, primarily related to a patent litigation settlement.”
Positives
Operating cash flow up sharply
“The Company generated $762 million, $603 million and $612 million of net cash flow from operating activities in 2024, 2023 and 2022, respectively.”
Recurring consumables and service revenue keeps growing
“Recurring revenues (combined sales of precision chemistry consumables and services) increased 5% and 6% in 2024 and 2023, respectively.”
Strong growth in India
“The sales growth outside of China was led by India where sales increased 15% and 2% in 2024 and 2023, respectively.”
Concerns
China sales fell again
“In 2024, the Company generated $397 million of total net sales from China, down from $565 million in 2022.”
Instrument sales declining
“Instrument system sales decreased 6% in 2024 as compared to 2023 and 7% in 2023 as compared to 2022 as a result of weaker customer demand in most geographies”
Currency swings cut profit
“In addition, foreign currency translation lowered operating income by $43 million.”
New risks since the previous report
Risks from adding artificial intelligence to products and operations
“The Company is beginning to integrate artificial intelligence (“AI”) into its business operations and products and continues to research further uses and opportunities for AI development.”
Costly multi-year switch to a new ERP system
“The Company anticipates spending approximately $130 million over the next three years in connection with the implementation of the new ERP system.”
Further job cuts in China as sales there keep falling
“For example, in March 2024, the Company had a reduction in workforce that impacted approximately 2% of its employees, primarily in China due to the significant decline in sales resulting from lower customer demand.”
Policy and tariff changes under the new US administration
“Policy, regulatory and enforcement changes introduced by the new presidential administration and regulatory leadership in the United States may impact the business and capital expenditure strategies of the Company’s customers”
Large debt repayment due in 2026
“$830 million in 2026; $50 million in 2028; $300 million in 2029; $50 million in 2030 and $400 million in 2031.”
Biggest risks named
- Weak demand, regulation and tariffs in China
- Currency swings, with 68% of sales outside the US
- Reliance on pharma customers (58% of sales)
- Weak instrument demand and competition
- Execution risk from the ERP rollout and Wyatt integration
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.2 | |
| New risks | −2 | |
| Score | 55 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 23, 2026 | Pro | |||
| 10-K | Feb 25, 2025 | 55 | Stable | 1 minor | |
| 10-K | Feb 27, 2024 | 50 | Weakening | None | |
| 10-K | Feb 27, 2023 | 62 | Improving | None | |
| 10-K | Feb 24, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 24, 2021 | 48 | Weakening | 2 minor | |
| 10-K | Feb 25, 2020 | 49 | Weakening | None | |
| 10-K | Feb 26, 2019 | 70 | Strong improvement | None | |
| 10-K | Feb 27, 2018 | 42 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 24, 2017 | 63 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jul 4, 2026), filed Aug 11, 2026. View filings on SEC EDGAR