WAT
WATERS CORP /DE/
Next earnings Aug 3, 2026 (before open) · consensus $3.04 EPS, $1.64B rev
Last earnings +13.5% on 2026-05-05
$379.29
▲ +2.82%$379.29▲ +7.63%
over 1Y
L $277.72H $412.54
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.8%
1W+0.6%
1M+2.0%
3M+24.7%
YTD-0.7%
1Y+7.6%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 28 analysts
Buy
Quality lab-instruments franchise at a full 33x P/E with flat EPS and a just-closed BDS deal not yet in the numbers — own, don't chase.
Revenue $3.17B · FY2025
The read
Middling fundamentals and a rich price (~53% above fair value) leave little margin of safety — a wait-and-see.
Waters is a genuinely high-quality, razor-and-blade analytical-instruments franchise (LC/MS and the TA thermal-analysis segment), and the balance sheet and returns reflect it: 25.4% operating margin, 25.1% ROE, long-term debt cut 41.7% to $947M, cash up 80.7% to $588M, and liabilities/equity of just 0.98x. Revenue reaccelerated to +7.0% ($3.17B) in 2025 after three flat years ($2.96–2.97B from 2022–2024), with the MD&A crediting broad demand 'across most major geographies, end markets and product lines' and China recovering from its 2024 -10% slump. About $1.19B of service sales gives it a sticky recurring base.
The problem is that earnings have gone nowhere while the multiple has not. Net income ($643M, +0.8%) and diluted EPS ($10.76, +0.5%) are flat, and 2023–2025 net income (642/638/643M) has flatlined for years. Operating margin compressed 250bps (27.9%→25.4% per the MD&A) as selling & administrative expense jumped 20%. Paying 33x trailing earnings and 11x sales for a high-single-digit grower with stagnant profits leaves little margin for error.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 19, 2026, 8:23 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B |
| Gross profit | — | — | — | — | — |
| Operating income | $822M | $873M | $818M | $826M | $803M |
| Net income | — | $708M | $642M | $638M | $643M |
| Diluted EPS | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Net margin | — | 23.8% | 21.7% | 21.6% | 20.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$37.6B
EV / EBITDA—
EV / Sales11.9
EV / FCF69.7
P / FCF69.0
PEG (trailing)46.89
Earnings yield1.7%
FCF yield1.4%
Quality & risk
ROIC (est.)18.1%
Free cash flow$540M
Total debt$947M
Net cash-$360M
Altman Z-Score13.12 safe
Piotroski F-Score4/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+65.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-22
Annual meeting vote results: directors elected, say-on-pay and auditor ratified
- 10-Q Quarterly report2026-05-12
Q1 2026 10-Q: first period consolidating the BDS acquisition into results
- 8-K Earnings results2026-05-05
Reported Q1 2026 results, first quarter consolidating the BD biosciences unit
- DEF 14A Proxy statement2026-04-09
Proxy for 2026 annual meeting: board slate, exec pay, auditor ratification
- 8-K Material agreement2026-03-23
New debt financing to help fund the BD acquisition; adds financial obligations
- 8-K Other event2026-03-16
Other-events disclosure, likely tied to the acquisition financing/notes offering
- 10-K Annual report2026-02-23
FY2025 10-K: revenue reaccelerated +7%; margin dipped on S&A; tariff risks flagged
- 8-K Officer / director change2026-02-09
FY2025 results: net sales +7% to $3.17B, back to growth; diluted EPS $10.76
- 8-K Earnings results2026-02-09
FY2025 results: net sales +7% to $3.17B, back to growth; diluted EPS $10.76
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-302026-07-02open ↗4Period ending 2026-06-242026-06-25open ↗11-KPeriod ending 2025-12-312026-06-25open ↗SDFiling2026-05-29open ↗8-KPeriod ending 2026-05-212026-05-22open ↗SCHEDULE 13G/AFiling2026-05-15open ↗4Period ending 2026-05-122026-05-14open ↗10-QPeriod ending 2026-04-042026-05-12open ↗8-KPeriod ending 2026-05-052026-05-05open ↗SCHEDULE 13GFiling2026-04-30open ↗SCHEDULE 13G/AFiling2026-04-24open ↗
Frequently asked
- Is WATERS CORP /DE/ (WAT) a buy?
- WAT currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality lab-instruments franchise at a full 33x P/E with flat EPS and a just-closed BDS deal not yet in the numbers — own, don't chase.
- What is WAT's fair value?
- A Modified-Graham model based on WAT's SEC fundamentals estimates a fair value of about $177.83. It is an estimate from reported earnings, not a price target.
- Is WAT overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, WAT currently appears overvalued relative to its SEC-grounded earnings power.
- What is WATERS CORP /DE/'s quality score?
- WAT scores 71.11749598652177/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001000697, latest 10-Q filed 2026-05-12) · EODHD · Proprietary analysis · as of 6/20/2026, 12:23:38 AM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.