65/100B459.19
USD
-3.04
(-0.66%)
Market Open
Last updated: · Delayed 15 min
Fair value325.47Plus+41%244Price 459.19407
Q4 FY2026 · Earnings report
EPS estimate 4.63Revenue estimate 1.81B
Q4 FY2026 · Earnings report
EPS estimate 4.63Revenue estimate 1.81B
If you had invested in Waters ago, it would be worth $3,253 today, against $4,096 in SPY and $6,368 in QQQ.
Arincen ScoreWhat is the Arincen Score? The Arincen Score grades a company out of 100 from 30 checks on its own reported figures, five checks in each of six parts.Beta
65/100
Six parts of the company, five checks each, from its own reported figures. A part scores the checks it passes out of 10; the score is their average out of 100.
Profitability6
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Cash8
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Valuation4
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Growth8
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Financial strength8
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Shareholders5
Plus shows the checks behind each part of the score, what passed, what failed and the figure it read, for every stock.
Figures to FY2025; the price as of today.
Waters key facts
- StyleWhat does a stock's style mean? The style label sorts a stock as growth, value, dividend, blend or speculative, with a 1 to 10 meter showing how strongly it fits.
- Blend stock · 4.7/10Growth 4.7 · Value 1.0
- Day range
- 455.01 – 468.92
- 52-week range
- 282.77 – 482.28
- Market capitalizationWhat is market capitalization? Market cap is what the stock market values a whole company at: its share price times the number of its shares outstanding.
- 45.09B USD
- P/EWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 195.40
- PEG ratioWhat is the PEG ratio? The PEG ratio divides the P/E by the yearly earnings growth analysts expect, to show how much you pay for each point of growth.
- 11.06
- EPSWhat is EPS (earnings per share)? EPS (earnings per share) is a company's net income divided by its number of shares: the profit that belongs to each share over a period.
- 2.35
- EPS growth forecast (FY2026)
- +11.8%
- Volume
- 4,072
- BetaWhat is beta in stocks? Beta measures how much a stock tends to move when the whole market moves: 1 moves with it, under 1 is calmer, over 1 swings more.
- 1.15
- ESG scoreWhat is an ESG score? An ESG score rates how a company handles the environment, its people and its governance, out of 100. Higher is better.
- 69.7/100Environment 65 · Social 67 · Governance 78
- Sector
- Healthcare
- Industry
- Medical - Diagnostics & Research
- CEO
- Udit Batra
- Employees
- 15K
- Website
- waters.com
- IPO date
- 17 Nov 1995
Waters earningsWhat is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
Next earnings · Q4 FY2026
EPS estimate
4.63 USD
Revenue estimate
1.81B USD
Last quarter · Q3 FY2026
EPS4.10Beat +2.5%Revenue1.77BBeat +0.8%
Revenue
ReportedEstimate
EPS
ReportedEstimate
| Period | Report date | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|---|
| Q3 FY2027 | 4.51 | — | — | +9.89% | 1.84B | — | — | +4.37% | |
| Q2 FY2027 | 3.62 | — | — | +18.66% | 1.74B | — | — | +6.07% | |
| Q1 FY2027 | 3.20 | — | — | +18.64% | 1.61B | — | — | +27.08% | |
| Q4 FY2026 | 4.63 | — | — | +2.21% | 1.81B | — | — | +94.36% | |
| Q3 FY2026 | 4.00 | 4.10 | +2.50% | +20.59% | 1.75B | 1.77B | +0.75% | +120.91% | |
| Q2 FY2026 | 3.01 | 3.05 | +1.33% | +3.39% | 1.62B | 1.65B | +1.40% | +113.27% | |
| Q1 FY2026 | 2.31 | 2.70 | +16.88% | +20.00% | 1.20B | 1.27B | +5.30% | +91.48% | |
| Q4 FY2025 | 4.51 | 4.53 | +0.44% | +10.49% | 928.34M | 932.36M | +0.43% | +6.83% | |
| Q3 FY2025 | 3.21 | 3.40 | +5.92% | +16.04% | 781.01M | 799.89M | +2.42% | +8.05% | |
| Q2 FY2025 | 2.94 | 2.95 | +0.34% | +12.17% | 748.66M | 771.33M | +3.03% | +8.86% |
| Period | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|
| FY2028 | 18.59 | — | — | +12.49% | 7.61B | — | — | +6.29% |
| FY2027 | 16.53 | — | — | +12.60% | 7.16B | — | — | +10.36% |
| FY2026 | 14.68 | — | — | +11.77% | 6.49B | — | — | +105.03% |
| FY2025 | 13.11 | 13.13 | +0.13% | +10.61% | 3.16B | 3.17B | +0.11% | +6.99% |
| FY2024 | 11.80 | 11.87 | +0.63% | +1.02% | 2.94B | 2.96B | +0.53% | +0.07% |
| FY2023 | 11.69 | 11.75 | +0.54% | -2.33% | 2.95B | 2.96B | +0.13% | -0.52% |
| FY2022 | 11.93 | 12.03 | +0.87% | +7.22% | 2.95B | 2.97B | +0.86% | +6.68% |
Analysts' estimates for FY2026 over the last 7 days:EPS Revenue How the estimates moved
Waters analyst forecastWhat is the analyst rating? The analyst rating sums up what the analysts covering a stock recommend, from strong buy to strong sell, by the share of them rating it a buy.
12-month price target
470.00 USD
+2.35%
Analysts' 1-year price targets range from 400.00 to 535.00, with an average of 470.00.
Past year
1-year forecast
Strong sellStrong buy
Buy
17 ratings
| Buy | 12 | |
| Hold | 5 | |
| Sell | 0 |
12-month price target
| Highest target | 535.00 |
| Average target | 470.00 |
| Lowest target | 400.00 |
| Current price | 459.19 |
Waters valuationWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 195.40
- Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.
- 31.29
- Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.
- 8.03
- Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.
- 2.95
- EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.
- 43.98
Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.
Market capitalization
45.09B USD
+
Total debt
5.13B USD
−
Cash and short-term investments
593.00M USD
=
Enterprise value
49.63B USD
Valuation over time
P/EForward P/EForward P/E · EstimateEstimate
Waters against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.
Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.
Its peers: IQVIA Holdings, Agilent Technologies, Natera, IDEXX Laboratories, Mettler-Toledo International, and Illumina, the US Medical - Diagnostics & Research companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.
- P/E (today)Above its median195.420.8202.4
- Gross marginLowest in 5 years57.8%57.8%59.6%Against its peers: 5 of 7Peers' median 60.6%
- Operating marginLowest in 5 years25.4%25.4%29.5%Against its peers: 3 of 7Peers' median 20.6%
- Net marginLowest in 5 years20.3%20.3%24.9%Against its peers: 3 of 7Peers' median 19.2%
- Return on equityLowest in 5 years25.1%25.1%188.5%Against its peers: 3 of 6Peers' median 20.9%
- Free cash flow marginAt its median17.1%14.4%20.9%Against its peers: 4 of 7Peers' median 18.8%
- Revenue growthAbove its median7.0%-0.5%17.8%Against its peers: 3 of 7Peers' median 6.3%
- EPS growthAt its median0.5%-7.6%33.6%Against its peers: 5 of 5Peers' median 4.3%
- Debt to EBITDALowest in 5 years1.47×1.47×2.44×Against its peers: 2 of 6Peers' median 1.83×
- Current ratioLowest in 5 years1.731.732.39Against its peers: 4 of 7Peers' median 1.56
Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.
Waters growth and profitabilityWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.
- Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.
- 5.61B USD
- Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
- 98.21M USD
- Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.
- 49.44%
- Operating margin
- 4.73%
- Net margin
- 1.75%
Revenue / Net income
Revenue Net income Net margin
Waters revenue breakdown
By product
FY2025
34.8%Waters Instrument Systems34.1%Waters Service19.9%Chemistry Consumables7.7%Ta Instrument Systems3.4%Ta Service
| Segment | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Waters Instrument Systems | 1.10B | 34.8% | +6.7% |
| Waters Service | 1.08B | 34.1% | +7.3% |
| Chemistry Consumables | 631.46M | 19.9% | +11.7% |
| Ta Instrument Systems | 243.82M | 7.7% | -1.0% |
| Ta Service | 108.02M | 3.4% | +0.2% |
By region
FY2025
36.7%Americas32.9%Asia Pacific30.4%Europe
| Region | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Americas | 1.16B | 36.7% | +4.1% |
| Asia Pacific | 1.04B | 32.9% | +7.3% |
| Europe | 963.38M | 30.4% | +10.3% |
How Waters makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
Waters Instrument Systems1.10B 34.8%
Waters Service1.08B 34.1%
Chemistry Consumables631.46M 19.9%
Ta Instrument Systems243.82M 7.7%
Ta Service108.02M 3.4%
Revenue3.17B 100.0%
Cost of revenue1.34B 42.2%
Gross profit1.83B 57.8%
Research and development195.18M 6.2%
Selling and administration740.27M 23.4%
Other operating expenses90.64M 2.9%
Operating income802.59M 25.4%
Tax112.25M 3.5%
Other expense47.71M 1.5%
Net income642.63M 20.3%
FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.
FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.
Waters dividendsWhat is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.
- Frequency
- Irregular
- Last payment
- 0.16 USD
- Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.
- 26 Nov 1996
Dividends per share
Waters financial health
- Cash and short-term investments
- 593.00M USD
- Total debt
- 5.13B USD
- Net cash
- -4.54B USD
- Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
- 291.58M USD
- Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.
- 1.55
- Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
- 0.34
- Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.
- 5 / 9
- Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.
- 4.10
Cash, debt and free cash flow
Cash and short-term investments Total debt Free cash flow
Waters ownershipWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.
- InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.
- 120.28%
- Institutional holders
- 1,203 (+9)
- Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.
- 99.88%
Who owns the shares
Institutions 100.0% Others 0.0%
As of 30 Jun 2026
Shares free to trade
Free float 98.07M shares ·99.9% Closely held 120.49K shares ·0.1%
Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.
Insider trading
| Quarter | Purchases | Sales | Shares acquired | Shares disposed of |
|---|---|---|---|---|
| Q3 2026 | 0 | 1 | 3.74K | 7.25K |
| Q2 2026 | 0 | 0 | 130.45 | 730.00 |
| Q1 2026 | 2 | 0 | 75.17K | 4.89K |
| Q4 2025 | 0 | 0 | 3.88K | 5.08K |
Shares outstanding
Basic shares Diluted shares Change in diluted shares
Source: Financial Modeling PrepVerified against SEC filings
Title: Waters Corp
Sector: Healthcare
Industry: Medical - Diagnostics & Research
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. In early 2026, Waters merged with Becton Dickinson's life science and diagnostics business, which increased its concentration in diagnostics and discovery-related life science tools.