W 
Waters WAT · USD
Health Care · Life Sciences Tools & Services · US listing · 🇺🇸 United States
S&P 500
476.70
+4.17%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$3.17bn
FY2016FY2025
Net income
$642.6m
FY2016FY2025
Free cash flow
$539.8m
FY2016FY2025
Shareholders' equity
$2.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17bn | $2.96bn | $2.96bn | $2.97bn | $2.79bn | $2.37bn | $2.41bn | $2.42bn | $2.31bn | $2.17bn |
| Gross profit | $1.83bn | $1.76bn | $1.76bn | $1.72bn | $1.63bn | $1.36bn | $1.40bn | $1.43bn | $1.36bn | $1.28bn |
| Research and development | $195.2m | $183.0m | $174.9m | $176.2m | $168.4m | $140.8m | $143.0m | $143.4m | $132.6m | $125.2m |
| Operating income | $893.2m | $826.4m | $817.7m | $873.4m | $821.7m | $645.5m | $708.5m | $739.8m | $662.2m | $625.0m |
| Net income | $642.6m | $637.8m | $642.2m | $707.8m | $692.8m | $521.6m | $592.2m | $593.8m | $20.3m | $521.5m |
| Diluted earnings per share | 10.75 | 10.69 | 10.83 | 11.87 | 11.28 | 8.35 | 9.20 | 7.88 | 0.26 | 6.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $5.08bn | $4.55bn | $4.63bn | $3.28bn | $3.09bn | $2.84bn | $2.56bn | $3.73bn | $5.34bn | $4.66bn |
| Cash and short-term investments | $587.8m | $325.4m | $396.0m | $481.4m | $569.3m | $443.1m | $337.1m | $1.74bn | $3.39bn | $2.81bn |
| Total liabilities | $2.52bn | $2.73bn | $3.48bn | $2.78bn | $2.73bn | $2.61bn | $2.77bn | $2.16bn | $3.11bn | $2.36bn |
| Debt | $1.41bn | $1.63bn | $2.36bn | $1.57bn | $1.51bn | $1.36bn | $1.68bn | $1.15bn | $2.00bn | $1.83bn |
| Shareholders' equity | $2.56bn | $1.83bn | $1.15bn | $504.5m | $367.6m | $232.1m | −$216.3m | $1.57bn | $2.23bn | $2.30bn |
| Shares outstanding | 60m | 60m | 59m | 60m | 61m | 63m | 64m | 75m | 79m | 81m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $652.6m | $762.1m | $602.8m | $611.7m | $747.3m | $790.5m | $643.1m | $604.4m | $697.6m | $629.1m |
| Capital spending | −$112.7m | −$142.5m | −$160.6m | −$183.5m | −$168.3m | −$172.4m | −$163.8m | −$127.6m | −$90.5m | −$95.0m |
| Free cash flow | $539.8m | $619.6m | $442.2m | $428.2m | $579.0m | $618.1m | $479.3m | $476.9m | $607.2m | $534.1m |
| Dividends paid | — | — | −$1.56bn | −$42.8m | −$55.6m | −$66.0m | −$53.7m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65bn | $1.27bn | $932.4m | $799.9m | $771.3m | $661.7m | $872.7m | $740.3m |
| Gross profit | $734.0m | $595.0m | $557.4m | $472.1m | $449.9m | $385.0m | $524.2m | $438.6m |
| Operating income | −$86.0m | −$46.0m | $310.6m | $192.1m | $188.2m | $151.7m | $292.3m | $212.5m |
| Net income | −$136.0m | −$72.0m | $225.2m | $148.9m | $147.1m | $121.4m | $231.4m | $161.5m |
| Diluted earnings per share | -1.38 | -0.73 | 3.77 | 2.50 | 2.47 | 2.03 | 3.88 | 2.71 |
| Cash from operations | $200.0m | −$3.0m | $164.0m | $187.0m | $41.0m | $259.0m | $240.0m | $204.0m |
| Capital spending | −$49.0m | −$39.0m | −$38.0m | −$25.0m | −$22.0m | −$25.0m | −$52.0m | −$25.0m |
| Free cash flow | $151.0m | −$42.0m | $126.0m | $162.0m | $19.0m | $234.0m | $188.0m | $179.0m |
| Total assets | $24.75bn | $24.53bn | $5.08bn | $4.86bn | $4.72bn | $4.59bn | $4.55bn | $4.51bn |
| Cash and short-term investments | $539.0m | $462.0m | $587.8m | $459.1m | $367.2m | $382.9m | $325.4m | $331.5m |
| Debt | $251.0m | $5.27bn | $1.90bn | $1.44bn | $1.49bn | $1.48bn | $1.65bn | $1.85bn |
| Shareholders' equity | $15.20bn | $15.29bn | $2.56bn | $2.33bn | $2.16bn | $1.96bn | $1.83bn | $1.60bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 57.8% | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% |
| Operating margin | 28.2% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% |
| Net margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% |
| Return on equity | 25.1% | 34.9% | 55.8% | 140.3% | 188.5% | 224.7% |
| Return on assets | 12.7% | 14.0% | 13.9% | 21.6% | 22.4% | 18.4% |
| Free cash flow yield | 3.0% | 3.5% | 3.0% | 3.1% | 3.4% | 3.6% |
| Revenue growth | 7.0% | 0.1% | -0.5% | 6.7% | 17.8% | -1.7% |
| Earnings growth | 0.8% | -0.7% | -9.3% | 2.2% | 32.8% | -11.9% |
| Current ratio | 1.73x | 2.11x | 2.22x | 2.24x | 2.26x | 1.64x |
| Debt to equity | 0.74x | 0.90x | 2.07x | 3.27x | 4.19x | 6.61x |
| Equity ratio | 50.5% | 40.2% | 24.9% | 15.4% | 11.9% | 8.2% |
| Interest coverage | 12.84x | 9.21x | 9.94x | 17.90x | 18.29x | 13.15x |
| R&D as a share of sales | 6.2% | 6.2% | 5.9% | 5.9% | 6.0% | 6.0% |
| Buybacks as a share of market value | -0.2% | -0.6% | 0.6% | 2.9% | 1.7% | 2.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | 6.0% | 4.5% |
| Operating income | 0.8% | 6.7% | 4.6% |
| Net income | -3.2% | 4.3% | 3.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 58.6% | 58.7% | 58.5% | 58.6% |
| Operating margin | 28.1% | 28.3% | 28.4% | 28.7% |
| Net margin | 20.9% | 21.8% | 22.3% | 21.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 35.3 | 34.7 | 30.4 | 28.9 | 33.0 | 29.6 | 25.4 | 23.9 | — | 20.9 |
| Price to sales | 7.2 | 7.5 | 6.6 | 6.9 | 8.2 | 6.5 | 6.3 | 5.9 | 6.7 | 5.0 |
Market value over time
31 Oct 2016 to 25 Sept 2026, in USD
$11.32bn$42.58bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 4% | 10% | -2% | -3% | 40% | 6% | 31% | -9% | 44% | 5% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 28 Aug 2000
- 2-for-1 split · 11 Jun 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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