NYSE : WAT
Waters Corporation — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 469.95 USD (Oct 30, 2026, 9:56 AM EDT) · Market cap 46.17B
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Financial statements
Waters Corporation (WAT) reported revenue of 4.64B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.64B | 3.17B | 2.96B | 2.96B | 2.97B | 2.79B |
| Cost of Revenue | 2.03B | 1.29B | 1.20B | 1.20B | 1.25B | 1.16B |
| Gross Profit | 2.62B | 1.88B | 1.76B | 1.76B | 1.72B | 1.63B |
| Selling, General & Admin | 1.04B | 745.15M | 672.54M | 691.34M | 657.56M | 627.10M |
| Research & Development | 316.71M | 195.71M | 183.03M | 174.94M | 176.19M | 168.36M |
| Amortization of Goodwill & Intangibles | 419.79M | 47.79M | 47.09M | 32.56M | 6.37M | 7.14M |
| Operating Expenses | 1.78B | 988.65M | 902.66M | 898.85M | 840.11M | 802.60M |
| Operating Income | 838.81M | 887.81M | 855.53M | 862.35M | 883.66M | 826.75M |
| Interest Expense | -149.55M | -69.55M | -89.68M | -98.86M | -48.80M | -44.94M |
| Interest & Investment Income | 22.78M | 18.78M | 17.42M | 16.62M | 11.02M | 12.22M |
| Other Non Operating Income (Expenses) | 838.00K | 2.84M | 1.17M | 1.14M | 758.00K | -2.67M |
| EBT Excluding Unusual Items | 712.88M | 839.88M | 784.44M | 781.24M | 846.64M | 791.36M |
| Merger & Restructuring Charges | -507.00M | -85.00M | -18.00M | -45.00M | ||
| Gain (Loss) on Sale of Investments | 1.00M | 10.00M | ||||
| Legal Settlements | -11.57M | 4.83M | ||||
| Pretax Income | 205.88M | 754.88M | 754.87M | 736.24M | 837.85M | 806.19M |
| Income Tax Expense | 39.25M | 112.25M | 117.03M | 94.01M | 130.09M | 113.35M |
| Net Income | 166.63M | 642.63M | 637.83M | 642.23M | 707.75M | 692.84M |
| Net Income to Common | 166.63M | 642.63M | 637.83M | 642.23M | 707.75M | 692.84M |
| Shares Outstanding (Basic) | 74.79M | 59.51M | 59.33M | 59.08M | 59.98M | 61.58M |
| Shares Outstanding (Diluted) | 74.88M | 59.71M | 59.55M | 59.27M | 60.33M | 62.03M |
| EPS (Basic) | 2.23 | 10.80 | 10.75 | 10.87 | 11.80 | 11.25 |
| EPS (Diluted) | 2.21 | 10.76 | 10.71 | 10.84 | 11.73 | 11.17 |
| Free Cash Flow | 398.81M | 539.81M | 619.64M | 442.18M | 435.74M | 586.01M |
| Free Cash Flow Per Share | 5.33 | 9.04 | 10.40 | 7.46 | 7.22 | 9.45 |
| Gross Margin | 56.34% | 59.28% | 59.43% | 59.57% | 58.00% | 58.49% |
| Operating Margin | 18.06% | 28.05% | 28.92% | 29.17% | 29.73% | 29.68% |
| Profit Margin | 3.59% | 20.30% | 21.56% | 21.72% | 23.81% | 24.87% |
| Free Cash Flow Margin | 8.59% | 17.05% | 20.95% | 14.96% | 14.66% | 21.04% |
| EBITDA | 1.45B | 1.09B | 1.05B | 1.03B | 1.01B | 958.42M |
| EBITDA Margin | 31.26% | 34.56% | 35.40% | 34.78% | 34.12% | 34.40% |
| D&A For EBITDA | 613.24M | 206.24M | 191.82M | 165.91M | 130.42M | 131.68M |
| EBIT | 838.81M | 887.81M | 855.53M | 862.35M | 883.66M | 826.75M |
| EBIT Margin | 18.06% | 28.05% | 28.92% | 29.17% | 29.73% | 29.68% |
| Effective Tax Rate | 19.06% | 14.87% | 15.50% | 12.77% | 15.53% | 14.06% |
| Revenue as Reported | 4.64B | 3.17B | 2.96B | 2.96B | 2.97B | 2.79B |
| Advertising Expenses | 7.00M | 7.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 539.00M | 587.83M | 325.36M | 395.08M | 480.53M | 501.23M |
| Short-Term Investments | 898.00K | 862.00K | 68.05M | |||
| Cash & Short-Term Investments | 539.00M | 587.83M | 325.36M | 395.97M | 481.39M | 569.28M |
| Receivables | 1.99B | 828.84M | 733.37M | 702.17M | 722.89M | 612.65M |
| Inventory | 1.38B | 572.37M | 477.26M | 516.24M | 455.71M | 356.10M |
| Other Current Assets | 562.00M | 158.60M | 133.13M | 138.49M | 103.91M | 90.91M |
| Total Current Assets | 4.46B | 2.15B | 1.67B | 1.75B | 1.76B | 1.63B |
| Property, Plant & Equipment | 1.85B | 722.81M | 725.39M | 723.66M | 668.72M | 632.65M |
| Long-Term Investments | 17.00M | 380.00K | 26.70M | 4.83M | 19.16M | |
| Goodwill | 9.42B | 1.34B | 1.30B | 1.31B | 430.33M | 437.87M |
| Other Intangible Assets | 8.52B | 558.18M | 567.91M | 629.19M | 227.40M | 242.40M |
| Other Long-Term Assets | 472.00M | 307.45M | 268.97M | 210.85M | 171.94M | 153.08M |
| Total Assets | 24.75B | 5.08B | 4.55B | 4.63B | 3.28B | 3.09B |
| Accounts Payable | 863.00M | 103.78M | 99.93M | 84.70M | 93.30M | 96.80M |
| Accrued Expenses | 214.00M | 99.65M | 93.97M | 69.39M | 103.30M | 101.19M |
| Current Portion of Long-Term Debt | 218.00M | 460.00M | 50.00M | 50.00M | ||
| Current Portion of Leases | 51.00M | 31.09M | 25.54M | 27.82M | 26.43M | 27.91M |
| Current Income Taxes Payable | 10.00M | 35.53M | 158.66M | 120.26M | 132.54M | 61.28M |
| Current Unearned Revenue | 495.00M | 266.54M | 250.81M | 256.68M | 227.91M | 227.56M |
| Other Current Liabilities | 548.00M | 242.91M | 160.86M | 180.73M | 152.25M | 165.77M |
| Total Current Liabilities | 2.40B | 1.24B | 789.76M | 789.58M | 785.74M | 680.51M |
| Long-Term Debt | 4.89B | 1.00B | 1.63B | 2.32B | 1.53B | 1.52B |
| Long-Term Leases | 317.00M | 52.55M | 50.32M | 58.93M | 62.11M | 59.62M |
| Long-Term Unearned Revenue | 108.00M | 66.84M | 46.00M | |||
| Pension & Post-Retirement Benefits | 59.00M | 43.92M | 44.61M | 47.56M | 38.20M | 64.03M |
| Other Long-Term Liabilities | 77.00M | 179.02M | 213.47M | 191.74M | 361.26M | 357.99M |
| Total Liabilities | 9.56B | 2.52B | 2.73B | 3.48B | 2.78B | 2.73B |
| Common Stock | 2.00M | 1.63M | 1.63M | 1.63M | 1.62M | 1.62M |
| Additional Paid-In Capital | 15.31B | 2.42B | 2.34B | 2.27B | 2.20B | 2.11B |
| Retained Earnings | 10.22B | 10.43B | 9.79B | 9.15B | 8.51B | 7.80B |
| Treasury Stock | -10.18B | -10.16B | -10.15B | -10.13B | -10.06B | -9.44B |
| Comprehensive Income & Other | -166.00M | -125.45M | -155.28M | -134.12M | -141.57M | -111.86M |
| Shareholders' Equity | 15.20B | 2.56B | 1.83B | 1.15B | 504.49M | 367.55M |
| Total Liabilities & Equity | 24.75B | 5.08B | 4.55B | 4.63B | 3.28B | 3.09B |
| Total Debt | 5.48B | 1.54B | 1.70B | 2.46B | 1.67B | 1.61B |
| Net Cash (Debt) | -4.94B | -956.13M | -1.38B | -2.06B | -1.19B | -1.04B |
| Net Cash Per Share | -65.94 | -16.01 | -23.13 | -34.80 | -19.67 | -16.73 |
| Filing Date Shares Outstanding | 98.25M | 98.10M | 59.41M | 59.20M | 58.94M | 60.52M |
| Total Common Shares Outstanding | 98.22M | 59.55M | 59.39M | 59.18M | 59.10M | 60.73M |
| Working Capital | 2.07B | 908.15M | 879.35M | 963.29M | 978.17M | 948.43M |
| Book Value Per Share | 154.70 | 43.01 | 30.79 | 19.44 | 8.54 | 6.05 |
| Tangible Book Value | -2.75B | 662.98M | -35.12M | -784.29M | -153.24M | -312.71M |
| Tangible Book Value Per Share | -27.97 | 11.13 | -0.59 | -13.25 | -2.59 | -5.15 |
| Land | 43.77M | 40.95M | 35.63M | 34.66M | 36.43M | |
| Buildings | 566.10M | 547.67M | 488.67M | 444.99M | 446.06M | |
| Machinery | 824.23M | 752.87M | 748.41M | 640.46M | 621.79M | |
| Construction In Progress | 48.21M | 39.18M | 118.49M | 164.22M | 117.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 166.63M | 642.63M | 637.83M | 642.23M | 707.75M | 692.84M |
| Depreciation & Amortization | 613.24M | 206.24M | 191.82M | 165.91M | 130.42M | 131.68M |
| Asset Writedown & Restructuring Costs | 10.00M | |||||
| Loss (Gain) From Sale of Investments | -9.71M | |||||
| Stock-Based Compensation | 73.13M | 54.13M | 44.71M | 36.87M | 42.56M | 29.92M |
| Other Operating Activities | 347.94M | -17.05M | -877.00K | -1.94M | -31.99M | 16.63M |
| Change in Accounts Receivable | -880.50M | -55.50M | -66.24M | 49.18M | -137.87M | -62.45M |
| Change in Inventory | -97.93M | -65.93M | 20.94M | -45.44M | -101.90M | -67.25M |
| Change in Accounts Payable | 631.99M | -89.01M | 61.59M | -79.52M | 60.98M | 46.11M |
| Change in Unearned Revenue | 52.96M | 957.00K | 6.17M | 10.43M | 12.86M | 37.84M |
| Change in Other Net Operating Assets | -357.90M | -23.90M | -133.82M | -174.90M | -81.17M | -68.35M |
| Operating Cash Flow | 549.55M | 652.55M | 762.12M | 602.81M | 611.66M | 747.27M |
| Capital Expenditures | -150.75M | -112.75M | -142.48M | -160.63M | -175.92M | -161.27M |
| Sale of Property, Plant & Equipment | 2.84M | 2.84M | ||||
| Cash Acquisitions | 143.95M | -35.05M | -1.28B | |||
| Sale (Purchase) of Intangibles | -7.54M | -7.00M | ||||
| Investment in Securities | -16.30M | -7.29M | -608.00K | 721.00K | 75.49M | -63.36M |
| Investing Cash Flow | 29.75M | -152.25M | -143.09M | -1.44B | -107.97M | -231.63M |
| Long-Term Debt Issued | 70.00M | 170.00M | 1.45B | 205.00M | 510.00M | |
| Long-Term Debt Repaid | -290.00M | -900.00M | -670.04M | -145.00M | -350.00M | |
| Net Debt Issued (Repaid) | -348.00M | -220.00M | -730.00M | 780.00M | 60.00M | 160.00M |
| Issuance of Common Stock | 22.79M | 20.79M | 30.37M | 29.79M | 42.80M | 55.64M |
| Repurchase of Common Stock | -14.67M | -14.67M | -13.54M | -70.28M | -626.06M | -648.93M |
| Other Financing Activities | -60.33M | -23.33M | 16.50M | 15.44M | 13.63M | -4.99M |
| Financing Cash Flow | -400.20M | -237.21M | -696.67M | 754.95M | -509.63M | -438.27M |
| Foreign Exchange Rate Adjustments | -7.62M | -621.00K | 7.92M | -948.00K | -14.77M | -12.83M |
| Net Cash Flow | 171.48M | 262.48M | -69.72M | -85.45M | -20.70M | 64.54M |
| Free Cash Flow | 398.81M | 539.81M | 619.64M | 442.18M | 435.74M | 586.01M |
| Free Cash Flow Margin | 8.59% | 17.05% | 20.95% | 14.96% | 14.66% | 21.04% |
| Free Cash Flow Per Share | 5.33 | 9.04 | 10.40 | 7.46 | 7.22 | 9.45 |
| Levered Free Cash Flow | -142.07M | 427.16M | 638.31M | 447.39M | 345.17M | 405.57M |
| Unlevered Free Cash Flow | -48.60M | 470.63M | 694.36M | 509.17M | 375.67M | 433.66M |
| Cash Interest Paid | 44.65M | 44.65M | 92.10M | 94.10M | 48.08M | 42.41M |
| Cash Income Tax Paid | 244.24M | 244.24M | 183.34M | 243.32M | 160.08M | 153.50M |
| Change in Working Capital | -651.38M | -233.38M | -111.37M | -240.26M | -247.10M | -114.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 45.46B | 22.61B | 22.03B | 19.47B | 20.35B | 22.74B |
| Enterprise Value | 50.40B | 23.69B | 23.63B | 21.72B | 21.54B | 23.80B |
| Last Close Price | 462.72 | 379.83 | 370.98 | 329.23 | 342.58 | 372.60 |
| PE Ratio | 208.92 | 35.19 | 34.53 | 30.31 | 28.75 | 32.82 |
| Forward PE | 29.83 | 27.40 | 29.42 | 28.27 | 27.80 | 32.40 |
| PS Ratio | 9.79 | 7.14 | 7.45 | 6.58 | 6.85 | 8.16 |
| PB Ratio | 2.99 | 8.83 | 12.05 | 16.92 | 40.34 | 61.87 |
| P/TBV Ratio | 34.11 | |||||
| P/FCF Ratio | 113.99 | 41.89 | 35.55 | 44.02 | 46.71 | 38.81 |
| P/OCF Ratio | 82.72 | 34.65 | 28.90 | 32.29 | 33.27 | 30.43 |
| PEG Ratio | 2.38 | 3.19 | 4.01 | 6.01 | 3.01 | 3.03 |
| EV/Sales Ratio | 10.85 | 7.49 | 7.99 | 7.35 | 7.25 | 8.54 |
| EV/EBITDA Ratio | 34.71 | 21.66 | 22.56 | 21.12 | 21.24 | 24.83 |
| EV/EBIT Ratio | 60.08 | 26.69 | 27.62 | 25.19 | 24.37 | 28.79 |
| EV/FCF Ratio | 126.37 | 43.89 | 38.13 | 49.12 | 49.43 | 40.61 |
| Debt / Equity Ratio | 0.36 | 0.60 | 0.93 | 2.14 | 3.31 | 4.37 |
| Debt / EBITDA Ratio | 3.67 | 1.36 | 1.57 | 2.31 | 1.59 | 1.62 |
| Debt / FCF Ratio | 13.73 | 2.86 | 2.75 | 5.56 | 3.83 | 2.74 |
| Net Debt / Equity Ratio | 0.33 | 0.37 | 0.75 | 1.79 | 2.35 | 2.82 |
| Net Debt / EBITDA Ratio | 3.40 | 0.87 | 1.31 | 2.01 | 1.17 | 1.08 |
| Net Debt / FCF Ratio | 12.38 | 1.77 | 2.22 | 4.67 | 2.72 | 1.77 |
| Asset Turnover | 0.32 | 0.66 | 0.64 | 0.75 | 0.93 | 0.94 |
| Inventory Turnover | 2.12 | 2.46 | 2.42 | 2.46 | 3.08 | 3.50 |
| Quick Ratio | 1.05 | 1.14 | 1.34 | 1.39 | 1.53 | 1.74 |
| Current Ratio | 1.86 | 1.73 | 2.11 | 2.22 | 2.25 | 2.39 |
| Return on Equity (ROE) | 1.92% | 29.28% | 42.82% | 77.62% | 162.32% | 231.06% |
| Return on Assets (ROA) | 3.56% | 11.52% | 11.65% | 13.63% | 17.32% | 17.41% |
| Return on Invested Capital (ROIC) | 3.35% | 22.48% | 22.52% | 30.68% | 48.22% | 52.80% |
| Return on Capital Employed (ROCE) | 3.80% | 23.10% | 22.70% | 22.50% | 35.40% | 34.20% |
| Earnings Yield | 0.48% | 2.84% | 2.90% | 3.30% | 3.48% | 3.05% |
| FCF Yield | 0.88% | 2.39% | 2.81% | 2.27% | 2.14% | 2.58% |
| Buyback Yield / Dilution | -25.49% | -0.26% | -0.48% | 1.76% | 2.74% | 0.62% |