FirmAtlas
Company handbook · WAT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WAT · CIK 1000697 · LATEST FILING: 10-Q JUL '26 · FILED AUG 11, 2026
Waters Corporation
$436.95
−7.20 (−1.62%)
Close, Oct 16, 2026 · 52-week $283–455
Last fiscal year
Waters Corporation reported revenue of $3.2B for the year ended Dec 31, 2025 (FY25), up 7.0% from FY24. Net income was $643M, operating cash flow $653M and free cash flow $540M. Source: 10-K filed Feb 23, 2026.
Market cap
$26.0B
P/E
156.2
EV/EBITDA
30.1x
P/B
1.7
ROIC
21.0%
Revenue 1Y
7.0%/yr
EPS 1Y
0.5%/yr
Shares 1Y
+0.3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOUdit Batra
HQMilford, MA
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Waters Instrument Systems35%
Waters Service34%
Chemistry Consumables20%
Ta Instrument Systems8%
Ta Service3%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
10.9%
4.9%
19.6%
30.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$318M deployed
Capex
$255M
80.1%
Acquisitions
$35M
11.0%
Buybacks
$28M
8.9%
Operating cash flow over the period: $1.4B. Total debt changed by −$219M. R&D of $379M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,958
3,165+7.0%
4,644
YoY
+7.0%
Operating income
826
803−2.9%
330
Operating margin
27.9%
25.4%−2.6 pp
—
EBITDA
913
891−2.5%
—
EBITDA margin
30.9%
28.1%−2.7 pp
—
Interest expense
90
70−22.4%
—
Interest coverage
10.19x
12.81x+2.62x
—
Net income
638
643+0.8%
167
YoY
+0.8%
Net margin
21.6%
20.3%−1.3 pp
—
EPS (diluted, $)
10.71
10.76+0.5%
4.03
YoY
+0.5%
Balance sheet
Total assets
4,554
5,077+11.5%
24,751
Cash & short-term investments
325
588+80.9%
—
Accounts receivable
733
829+13.0%
—
Inventory
477
572+19.9%
—
Net PP&E
651
642−1.4%
—
Other assets
2,367
2,445+3.3%
—
Total liabilities
2,725
2,515−7.7%
9,556
Accounts payable
100
104+3.8%
—
Total debt
1,626
1,407−13.5%
5,086
Other liabilities
999
1,004+0.5%
—
Shareholders’ equity
1,829
2,561+40.1%
15,195
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
762
653−14.4%
550
Net income
638
643+0.8%
—
Depreciation & amortization
87
88+1.3%
—
Stock-based compensation
45
54+21.1%
—
Working capital & other
(7)
(132)n/m
—
Cash from investing
(143)
(152)n/m
—
Capex
(142)
(113)n/m
—
PP&E sold
0
3n/m
—
Acquisitions
0
(35)n/m
—
Investments bought
(4)
0n/m
—
Investments sold / matured
5
0−100.0%
—
Other investing
(1)
(7)n/m
—
Cash from financing
(697)
(237)n/m
—
Debt raised
170
70−58.8%
—
Debt repaid
(900)
(290)n/m
—
Buybacks
(14)
(15)n/m
—
Shares issued
21
10−52.4%
—
Other financing
26
(13)−148.5%
—
Net change in cash
(70)
262n/m
—
Free cash flow (OCF − capex)
620
540−12.9%
—
Where the cash went
Operating cash flow
762
653−14.4%
550
Reinvested in the business
142
148+3.7%
—
% of operating cash flow
18.7%
22.6%
Capex
142
113−20.9%
—
Acquisitions
0
35n/m
—
R&D (memo, already in costs)
183
196+6.9%
—
Free cash flow
620
540−12.9%
—
YoY
−12.9%
Returned to shareholders
14
15+8.3%
—
% of free cash flow
2.2%
2.7%
Buybacks
14
15+8.3%
—
Change in total debt
—
(219)
—
Cash left over
—
271
—
FCF conversion (FCF ÷ net income)
97.1%
84.0%−13.1 pp
—
Owner earnings
—
431
—
Owner earnings margin
—
13.6%
—
Returns & ratios
ROIC (all capital)
22.3%
21.0%−1.3 pp
—
ROIC (operating)
39.6%
36.9%−2.7 pp
—
Net debt / EBITDA
1.42x
0.92x−0.50x
—
Debt / equity
0.89x
0.55x−0.34x
—
Cash conversion cycle (days)
137
150+13 d
—
ROE
34.9%
25.1%−9.8 pp
—
ROA
14.0%
12.7%−1.3 pp
—
ROCE
22.0%
20.9%−1.0 pp
—
NOPAT
698
683−2.1%
—
Invested capital (operating)
1,762
1,939+10.1%
—
Invested capital (all)
3,130
3,381+8.0%
—
Reinvestment rate
—
26.0%
—
Debtor days
90
96+5 d
—
Inventory days
59
66+7 d
—
Days payable
12
12−0 d
—
Income
Sep '25
Dec '25
Apr '26
Jul '26
Revenue
800
932
1,267
1,645
vs year-ago quarter
Operating income
192
270
(47)
(86)
Net income
149
226
(72)
(136)
vs year-ago quarter
Net margin
18.6%
24.2%
−5.7%
−8.3%
EPS (diluted, $)
2.50
3.79
−0.87
−1.39
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Apr '26
Jul '26
Total assets
4,863
5,077
24,531
24,751
Cash & equivalents
459
588
462
539
Total debt
1,407
1,407
5,215
5,086
Shareholders’ equity
2,331
2,561
15,292
15,195
Cash flow
Sep '25
Dec '25
Apr '26
Jul '26
Operating cash flow
187
165
(3)
201
Capex
—
—
39
48
Free cash flow
—
—
(42)
153
vs year-ago quarter