Waters sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users.
It is a $42.6B technology company. Revenue grew 26.1% over the last year, it keeps 4¢ of every dollar of sales as profit, and its net debt equals ~0.8 years of free cash flow. It trades at 255.2× earnings — near the highest of its own history.
- Website
- waters.com
- Location
- Milford, MA
- Employees
- 7 900
- Sector
- Technology
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation, Growth, Profitability and Quality lag behind.
Valuation17
- P/E vs own history95th pct · 0/25
- FCF yield1.1% · 5/25
- P/S9.1x · 12/25
- EV/EBITDA62.6x · 0/25
Growth43
- Revenue CAGR3.2% · 6/25
- Net income CAGR-1.9% · 0/25
- EPS CAGR ~5Y5.2% · 12/25
- Fwd implied growth762.2% · 25/25
Profitability36
- ROIC23.9% · 20/25
- ROE1.9% · 5/25
- Net margin3.6% · 6/25
- Operating margin7.1% · 5/25
Health63
- Altman Zn/a · 0/25
- Current ratio1.79 · 18/25
- Interest coverage16.5x · 25/25
- Net cash / debtD/A 7% · 20/25
Quality47
- Piotroski F5/9 · 15/25
- Beneish M-2.13 · 12/25
- FCF conversionn/a · 0/25
- Margin stabilityσ 7.2% · 20/25
Moat62
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin59.1% · 25/25
- FCF-positive yearsn/a · 0/25
- Worst-year net marginworst 0.9% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- Q1 2026Insiders2 open-market insider purchases~2K shares bought by insiders
- FY2022FinancialBest year on record$708M net income
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$2.17B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (50.9%)
- Revenue growing 26.1% year over year
- Interest covered 16.5× by operating earnings
- High returns on invested capital (ROIC 23.9%)
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+26.1% YoY
- Profitable — makes more than it spends$166M TTM
- Profit growing — earnings are higher than last year-2.8% YoY
- Generates cash — cash left after running and investing$463M TTM
- Debt under control — could handle its obligations~0.8y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$42.6B market cap
- Not printing shares — share count not ballooning — you keep your slice-4.3% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 18/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 255.2
Peer comparisonWaters Corp vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| WAT this company | $42.6B | 255.2 | +26.1% | 3.6% | Strained |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: WAT vs NVDA · WAT vs AAPL · WAT vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/WAT
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of WAT on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $433.77 · market cap $42.6B.