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Waters Corporation

NYSE•WAT
CEO: Dr. Udit Batra Ph.D.
Sector: Healthcare
Industry: Medical - Diagnostics & Research
Listing Date: 1995-11-17
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments: Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Further, the company provides thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.
Contact Information
34 Maple Street, Milford, MA, 01757, United States
508-478-2000
www.waters.com
Market Cap
$19.04B
P/E (TTM)
29.7
29.6
Dividend Yield
--
52W High
$414.15
52W Low
$275.05
52W Range
32%
Rank27Top 14.4%
5.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$932.36M+0.00%
4-Quarter Trend

EPS

$3.78+0.00%
4-Quarter Trend

FCF

$125.58M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Net Sales Increase Total net sales reached $3.17B USD in 2025, marking a 7% increase driven by strong customer demand across major geographies.
Chemistry Consumables Growth Chemistry consumables sales grew 12% to $631.5M USD in 2025, supported by uptake in columns and pharmaceutical testing kits.
Transformative BDS Acquisition Completed $16.8B USD acquisition of BD Biosciences & Diagnostic Solutions in February 2026, establishing a global life sciences leader.
Net Income Remained Stable Net income was $642.6M USD in 2025, showing a 1% increase despite operating income declining 3% from prior year.

Risk Factors

BDS Integration Challenges Failure to integrate BDS Business within expected timeline could adversely affect future results and realization of anticipated synergies.
Foreign Currency Fluctuation Risk International operations face negative impact from foreign currency fluctuations, affecting translation of non-U.S. operating results.
Customer Demand Changes Financial results subject to changes in customer demand, especially pharmaceutical spending, which may decrease beyond Company control.
Competitive Technology Disruption Competitors may introduce more effective or less expensive products, potentially decreasing sales and harming market position.

Outlook

Increased R&D Investment R&D expenses increased 7% in 2025 to $195.7M USD, reflecting commitment to new product development and technology initiatives.
New Four Segment Structure Reorganized business into four segments post-BDS acquisition: Analytical, Biosciences, Advanced Diagnostics, and Materials Sciences.
Realizing Acquisition Synergies Expect cost synergies of $200M USD within three years and revenue synergies of $290M USD within five years post-BDS close.
Share Repurchase Authorization Board authorized share repurchase extension through January 2028, maintaining $1.0B remaining authorization capacity.

Peer Comparison

Revenue (TTM)

LH stock ticker logoLH
$13.95B
+7.2%
DGX stock ticker logoDGX
$11.04B
+11.8%
BIIB stock ticker logoBIIB
$9.81B
+1.4%

Gross Margin (Latest Quarter)

GMAB stock ticker logoGMAB
92.3%
-0.7pp
INCY stock ticker logoINCY
90.9%
+1.8pp
UTHR stock ticker logoUTHR
86.9%
-1.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MTD$26.93B31.1-487.2%63.1%
BIIB$25.38B19.67.3%23.6%
UTHR$25.06B19.019.3%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
12.1%
Steady Growth
4Q Net Income CAGR
22.9%
Profitability Improved
Cash Flow Stability
100%
Strong Cash Flow

Deep Research

Next earnings:May 4, 2026
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