(WAT) Waters - Overview
Stock: Chromatography, Mass Spectrometry, Thermal Analysis, Rheometry, Calorimetry
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 31.9% |
| Relative Tail Risk | -9.69% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.14 |
| Alpha | -23.54 |
| Character TTM | |
|---|---|
| Beta | 0.998 |
| Beta Downside | 0.747 |
| Drawdowns 3y | |
|---|---|
| Max DD | 33.45% |
| CAGR/Max DD | 0.14 |
Description: WAT Waters December 19, 2025
Waters Corporation (NYSE:WAT) delivers integrated analytical workflow solutions across Asia, the Americas, and Europe, operating through two segments-Waters and TA. The firm designs, manufactures, sells, and services high- and ultra-performance liquid chromatography (HPLC/UPLC) and mass spectrometry (MS) platforms, along with consumables such as chromatography columns and post-warranty service plans. Its TA segment provides thermal analysis, rheometry, and calorimetry instruments, plus software that interoperates with both Waters and third-party hardware.
Core applications span drug discovery and development (clinical trial testing, protein analysis), nutritional safety, environmental monitoring, and industrial quality assurance for fine chemicals, polymers, metals, and viscous liquids. Customers include pharmaceutical R&D labs, biotech firms, academic research centers, governmental agencies, and manufacturers in the consumer-goods and healthcare sectors.
Key recent metrics (FY 2023): revenue of $2.8 billion, up 5 % YoY; operating margin of 19 %; and R&D spend of ≈ $260 million (≈ 9 % of revenue), reflecting continued investment in next-generation LC-MS and AI-driven data analytics. The company’s backlog in the LC-MS space grew 12 % in Q4 2023, indicating strong pipeline demand.
Sector drivers that materially affect Waters’ outlook include: (1) sustained growth in global biotech R&D spending-projected to exceed $250 billion by 2027, fueling demand for high-throughput analytical tools; (2) tightening environmental regulations worldwide, which boost market size for trace-level contaminant testing; and (3) the shift toward personalized medicine, increasing the need for rapid, high-resolution protein and metabolite analysis.
For a deeper quantitative view of WAT’s valuation metrics, see the ValueRay analysis.
Piotroski VR‑10 (Strict, 0-10) 7.0
| Net Income: 648.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA -1.36 > 1.0 |
| NWC/Revenue: 21.51% < 20% (prev 28.63%; Δ -7.12% < -1%) |
| CFO/TA 0.15 > 3% & CFO 728.1m > Net Income 648.8m |
| Net Debt (1.03b) to EBITDA (1.04b): 0.98 < 3 |
| Current Ratio: 1.53 > 1.5 & < 3 |
| Outstanding Shares: last quarter (59.6m) vs 12m ago 0.20% < -2% |
| Gross Margin: 58.96% > 18% (prev 0.60%; Δ 5837 % > 0.5%) |
| Asset Turnover: 66.26% > 50% (prev 64.39%; Δ 1.87% > 0%) |
| Interest Coverage Ratio: 11.34 > 6 (EBITDA TTM 1.04b / Interest Expense TTM 74.3m) |
Altman Z'' 10.00
| A: 0.14 (Total Current Assets 1.92b - Total Current Liabilities 1.25b) / Total Assets 4.86b |
| B: 2.10 (Retained Earnings 10.21b / Total Assets 4.86b) |
| C: 0.18 (EBIT TTM 841.9m / Avg Total Assets 4.69b) |
| D: 3.99 (Book Value of Equity 10.10b / Total Liabilities 2.53b) |
| Altman-Z'' Score: 13.14 = AAA |
Beneish M -2.96
| DSRI: 1.05 (Receivables 748.5m/669.5m, Revenue 3.11b/2.91b) |
| GMI: 1.01 (GM 58.96% / 59.73%) |
| AQI: 0.96 (AQ_t 0.46 / AQ_t-1 0.48) |
| SGI: 1.07 (Revenue 3.11b / 2.91b) |
| TATA: -0.02 (NI 648.8m - CFO 728.1m) / TA 4.86b) |
| Beneish M-Score: -2.96 (Cap -4..+1) = A |
What is the price of WAT shares?
Over the past week, the price has changed by +2.85%, over one month by -4.81%, over three months by +2.73% and over the past year by -7.22%.
Is WAT a buy, sell or hold?
- StrongBuy: 6
- Buy: 1
- Hold: 15
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the WAT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 416.6 | 9.3% |
| Analysts Target Price | 416.6 | 9.3% |
| ValueRay Target Price | 383 | 0.4% |
WAT Fundamental Data Overview February 05, 2026
P/E Forward = 26.6667
P/S = 7.266
P/B = 9.6911
P/EG = 6.2033
Revenue TTM = 3.11b USD
EBIT TTM = 841.9m USD
EBITDA TTM = 1.04b USD
Long Term Debt = 947.2m USD (from longTermDebt, last quarter)
Short Term Debt = 488.5m USD (from shortTermDebt, last quarter)
Debt = 1.49b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.03b USD (from netDebt column, last quarter)
Enterprise Value = 23.59b USD (22.57b + Debt 1.49b - CCE 459.1m)
Interest Coverage Ratio = 11.34 (Ebit TTM 841.9m / Interest Expense TTM 74.3m)
EV/FCF = 39.17x (Enterprise Value 23.59b / FCF TTM 602.3m)
FCF Yield = 2.55% (FCF TTM 602.3m / Enterprise Value 23.59b)
FCF Margin = 19.39% (FCF TTM 602.3m / Revenue TTM 3.11b)
Net Margin = 20.89% (Net Income TTM 648.8m / Revenue TTM 3.11b)
Gross Margin = 58.96% ((Revenue TTM 3.11b - Cost of Revenue TTM 1.27b) / Revenue TTM)
Gross Margin QoQ = 59.02% (prev 58.33%)
Tobins Q-Ratio = 4.85 (Enterprise Value 23.59b / Total Assets 4.86b)
Interest Expense / Debt = 1.79% (Interest Expense 26.6m / Debt 1.49b)
Taxrate = 12.46% (21.2m / 170.1m)
NOPAT = 737.0m (EBIT 841.9m * (1 - 12.46%))
Current Ratio = 1.53 (Total Current Assets 1.92b / Total Current Liabilities 1.25b)
Debt / Equity = 0.64 (Debt 1.49b / totalStockholderEquity, last quarter 2.33b)
Debt / EBITDA = 0.98 (Net Debt 1.03b / EBITDA 1.04b)
Debt / FCF = 1.71 (Net Debt 1.03b / FCF TTM 602.3m)
Total Stockholder Equity = 2.07b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.84% (Net Income 648.8m / Total Assets 4.86b)
RoE = 31.34% (Net Income TTM 648.8m / Total Stockholder Equity 2.07b)
RoCE = 27.90% (EBIT 841.9m / Capital Employed (Equity 2.07b + L.T.Debt 947.2m))
RoIC = 20.72% (NOPAT 737.0m / Invested Capital 3.56b)
WACC = 9.09% (E(22.57b)/V(24.05b) * Re(9.59%) + D(1.49b)/V(24.05b) * Rd(1.79%) * (1-Tc(0.12)))
Discount Rate = 9.59% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.26%
[DCF Debug] Terminal Value 75.04% ; FCFF base≈609.4m ; Y1≈642.4m ; Y5≈755.7m
Fair Price DCF = 164.5 (EV 10.83b - Net Debt 1.03b = Equity 9.80b / Shares 59.5m; r=9.09% [WACC]; 5y FCF grow 5.91% → 2.90% )
EPS Correlation: -4.87 | EPS CAGR: -2.02% | SUE: 1.76 | # QB: 1
Revenue Correlation: 4.58 | Revenue CAGR: -1.18% | SUE: 1.47 | # QB: 2
EPS next Quarter (2026-03-31): EPS=2.50 | Chg30d=+0.012 | Revisions Net=+1 | Analysts=11
EPS next Year (2026-12-31): EPS=14.32 | Chg30d=+0.019 | Revisions Net=+1 | Growth EPS=+9.2% | Growth Revenue=+6.4%