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WAT

S&P 500
Neutral · 44/100

Waters Corporation

Health Care
Life Sciences Tools & Services

$358.25

0.8%

Updated Today 7:15 PM ET

Price — Past Year

▲ Up 4.7% over the last 12 months

Price 50-day average 200-day averageSource: Yahoo Finance · refreshed daily
Key Metrics

Market Cap

$35.40B

P/E

77.08x

Forward P/E (est.)

108.19x

ROE

8.0%

Revenue Growth

26.4%

EPS Growth

-28.7%

Profit Margin

11.9%

FCF Yield

3.8%

Debt / Equity

0.55x

ROIC

4.0%

Interest Coverage

11.54x

Current Ratio

1.79x

Dividend Yield

Implied Growth (rev. DCF)

7.4%

Rating Score

44/100

Technical Analysis (Educational)
Research

Technical analysis reads price and volume to judge momentum and timing. It complements the fundamentals above — it does not replace them. Here is what WAT's chart says today, with each tool explained.

Trend — moving averages. A moving average is the average closing price over a window, which smooths out daily noise. WAT trades near $358.25, above its 50-day average ($339.97) and 200-day average ($344.52). Price above both averages, with the shorter one above the longer, is the textbook definition of an uptrend — momentum favours buyers.

Momentum — RSI. The Relative Strength Index runs 0–100 and measures how strong recent gains are versus losses. Above 70 is "overbought", below 30 "oversold". At 44 it is in neutral territory — neither stretched nor washed out.

MACD. MACD compares two moving averages to flag shifts in momentum. Its histogram is currently negative — short-term momentum is fading.

Volatility — ATR. Average True Range is the typical daily move. WAT's is $12.73 (~3.6% of price), so swings of about that size each day are normal — handy for setting a stop that isn't too tight.

Support & resistance. Over the last month WAT found buyers near $323.85 (support) and sellers near $385.29 (resistance); its 52-week range is $275.05–$414.15. A decisive break beyond either edge often marks the next move.

Volume. The latest session traded 1.0× the 20-day average — about normal. Rising volume on up-days suggests real buying; on down-days, real selling.

Educational information to help you read a chart — not a recommendation or a forecast. It updates daily as the price and indicators change.

Business Overview
Research

Waters Corporation (WAT) is a large-cap company in the Life Sciences Tools & Services industry, part of the Health Care sector of the S&P 500, with a market value around $35.40B.

In its latest reported year it generated about $3.17B in revenue and $642.63M in net profit.

Our model rates WAT Neutral (44/100) on growth, profitability, financial health, and valuation. The summary below is built from its filed financials and current ratios and refreshes automatically.

Revenue Growth
Research

4Y CAGR

3.2%

Revenue moved from $2.79B in 2021 to $3.17B in 2025, a 3.2% compound annual growth rate. The most recent year grew a strong 26.4% year over year. Consistent top-line growth is one sign of healthy demand.

Profitability
Research

Gross Margin

55.1%

Operating Margin

25.4%

Net Margin

20.3%

ROE

8.0%

Waters Corporation keeps about 11.9% of each sales dollar as net profit, with a 55.1% gross margin and 25.4% operating margin. Return on equity is 8.0% and return on invested capital about 4.0%. Margins are moderate — typical of a competitive but profitable business.

Debt Analysis
Research

Total Debt

$1.41B

Net Debt

$948.00M

Net Debt / EBITDA

1.18x

Debt / Equity

0.55x

Leverage: debt-to-equity is 0.5x, and operating profit covers interest about 11.5x, with a current ratio of 1.8x. That is a moderate, manageable debt load for most businesses. It carries roughly $1.41B of total debt against $462.00M of cash.

Cash Flow Analysis
Research

Operating CF

$652.55M

Free Cash Flow

$539.81M

FCF Margin

17.1%

In the latest year Waters Corporation produced about $652.55M of operating cash flow and $539.81M of free cash flow after capital spending. That is a free-cash-flow yield of about 3.8% on today's price. Cash flow is what ultimately pays shareholders, so it is worth tracking over time.

Valuation Analysis
Research

P/E

77.08x

P/S

11.1x

P/B

8.71x

EV / EBITDA

WAT trades at 77.1x trailing earnings (about 108.2x on estimated forward earnings), 11.1x sales, and 8.7x book value. Reverse-engineering today's price implies the market expects roughly 7.4% long-term free-cash-flow growth. That is a rich multiple that prices in a lot of future growth.

Metrics vs. Typical Range

Where this stock sits versus what most companies trade at.

TTM P/E
77.1xExpensive
Forward P/E
108.2xExpensive
P/S ratio
11.1xExpensive
Revenue growth
26.4%Strong
EPS growth
-28.7%Weak
Gross margin
55.1%Strong
Net margin
11.9%Strong
ROE
8.0%Weak

Typical ranges are general references (e.g., many stocks trade at ~18–26x earnings), not hard rules. Context only — not investment advice.

Sector Peer Comparison

How WAT stacks up against its Health Care peers — valuation, profitability, and growth versus the sector median.

In the Health Care sector (59 S&P 500 companies), WAT ranks #44 of 59 by our overall rating. It trades at a premium versus the sector on earnings (77.1x P/E vs. 25.4x median) with a lower return on equity (8.0% vs. 14.9%) and faster revenue growth (26.4% vs. 7.9%).

P/E vs sector

77.1x

median 25.4x

ROE vs sector

8.0%

median 14.9%

Growth vs sector

26.4%

median 7.9%

Sector rank

#44

of 59 by rating

CompanyP/ERev Gr.Rating
WATThis stock77.1x26.4%Neutral· 44
A25.7x9.1%Favorable· 62
IQV20.2x7.3%Neutral· 51
MTD26.6x6.8%Neutral· 52
DHR34x4.0%Neutral· 48
TECH83.6x0.2%Weak· 29
CRL0.1%Weak· 30
TMO25.4x5.4%Neutral· 49
Health Care median25.4x7.9%52/100

Valuation vs. quality map

sector medianAIQVMTDDHRTECHTMOWATP/E — cheaper ←→ pricierROE — more profitable ↑

The sweet spot is upper-left: more profitable (higher ROE) for a lower P/E. Dashed lines mark the sector median.

Compare side by side

Peers are the closest Health Care companies by sub-industry and size. Sector median is across all 59 S&P 500 names in the sector. Educational, not a recommendation.

5-Year Projection Model

Project revenue → earnings → price. Edit the assumptions to build your own case.

2030 price target (Base Case)

$941.90$1,576.66

vs. $358.25 today · expected CAGR 21%34%

Metric20262027202820292030
Revenue$3.99B$5.03B$6.33B$7.98B$10.05B
Net income$797.65M$1.01B$1.27B$1.60B$2.01B
EPS$8.12$10.24$12.90$16.25$20.48
Share price (low)$373.70$470.86$593.29$747.54$941.90
Share price (high)$625.54$788.18$993.11$1,251.32$1,576.66
CAGR (low–high)4% / 75%15% / 48%18% / 40%20% / 37%21% / 34%

Educational model on sample fundamentals — not a forecast or investment advice. Outputs are only as good as your assumptions.

Bull Case

The case for WAT:

  • Revenue is growing 26.4% a year, a sign of real demand.
  • As an established S&P 500 member in Health Care, it brings scale and a long operating history.
Bear Case

The case against WAT:

  • A rich 77.1x earnings multiple prices in a lot of growth.
  • Like any single stock, it is exposed to competition, the economic cycle, and shifts in its end markets.
Key Risks
Research

Valuation risk — at 77.1x earnings, disappointing results could compress the multiple.

Market risk — sector rotation, the economic cycle, and broad sentiment move the stock regardless of fundamentals.

Investment Thesis
Research

On balance, the picture is mixed: Waters Corporation is a large-cap health care business still growing nicely, with modest profitability, and a sound balance sheet. It trades at 77.1x earnings, which our model scores Neutral (44/100). Weigh this against your own goals and time horizon — this is educational information, not a recommendation.

Data notice. Fundamentals and financial statements are sourced from company filings (SEC EDGAR) and market-data providers; prices and market caps refresh on trading days and may be delayed. Ratings, projections, technical signals, and written summaries are model- or rule-generated for education and may simplify or lag the latest filings.

Not advice. Nothing on this page is investment advice or a recommendation to buy, hold, or sell any security. Do your own research and consult a licensed financial professional before investing.