Waters Corporation (WAT) financials
NYSE · Healthcare · Medical - Diagnostics & Research · 15,000 employees · CEO Udit Batra
- Price
- $476.70 +4.17%
- Market cap
- $46.8B
- Enterprise value
- $51.3B
- Last report
- Q3 '26 filed 2026-11-03
- Next report
- 2027-02-08 EPS est. $4.63
Revenue (TTM)$5.61B+80.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.4%-21.1 pp vs a year agoOperating income $306M
Net income (TTM)$98.2M-84.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$292M-51.6% vs a year agoCapex $169M
Diluted EPS (TTM)$2.33-78.6% vs a year agoSum of the last 4 quarters
Net cash-$4.54B-342.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $46.8B EV $51.3B
- Revenue
- $5.61B Trailing 12 months
- Revenue growth
- +105% FY2026 consensus
- Profit margin
- 1.8% Net income / revenue, TTM
- P/E
- 202.9× Forward 32.5× (FY2026)
- P/S
- 8.3× Price / sales, TTM
- EV / EBITDA
- 45.5× TTM
- Free cash flow
- $292M Trailing 12 months
- Net income
- $98.2M Trailing 12 months
- Revenue estimate
- $6.49B FY2026 consensus
- Earnings
- 2027-02-08 Revenue est. $1.81B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-11-03): revenue beat by 0.8%, EPS beat by 2.5%Revenue $1.77B vs $1.75B expected (+0.8%); EPS $4.10 vs $4.00 (+2.5%).
- Revenue growth accelerating: 120.9% year on yearQ3 '26 revenue $1.77B, against an average of 54.9% over the four quarters before.
- Operating margin 5.4% (TTM), -21.1 pp on a year agoOperating income grew -62.9% while revenue grew 80.7%.
- 179.9% of pre-tax profit is eaten by non-operating lossesPre-tax income $109M vs operating income $306M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 3.0% of revenue (a year ago 4.1%)$169M invested in the last 4 quarters (+34.2% on a year earlier). Free cash flow $292M = 296.9% of net income.
- Returned $15.1M to shareholders = 5.2% of free cash flowBuybacks $15.1M (a year earlier $14.6M), dividends $0, stock-based pay $81.5M (TTM).
- Diluted share count up 65.5% in a year98.7M diluted shares in Q3 '26, 59.6M a year earlier.
- Net debt $4.54BCash + short-term investments $593M, debt incl. leases $5.13B; a year ago net debt $1.03B.
Last quarter: Q3 '26
Quarter ended 2026-10-03. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.77B | $800M | +120.9% |
| Gross margin | 50.3% | 59.0% | -8.8 pp |
| Operating income | $128M | $192M | -33.4% |
| Operating margin | 7.2% | 24.0% | -16.8 pp |
| Net income | $81M | $149M | -45.6% |
| Diluted EPS | $0.82 | $2.50 | -67.2% |
| Operating cash flow | $98M | $187M | -47.7% |
| Capex | $43M | $25.4M | +69.1% |
| Free cash flow | $55M | $162M | -66.0% |
| R&D | $106M | $53.6M | +97.6% |
| Stock-based compensation | $22M | $13.7M | +61.2% |
Reported vs consensus
2026-11-03| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.77B | $1.75B | +0.8% |
| EPS (as estimated) | $4.10 | $4.00 | +2.5% |
From the report of 2026-11-03 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Waters Instrument Systems | $355M | +4.1% | 38.0% | $1.1B | +6.7% | |
| Waters Service | $299M | +9.7% | 32.1% | $1.08B | +7.3% | |
| Chemistry Consumables | $170M | +12.6% | 18.3% | $631M | +11.7% | |
| Ta Instrument Systems | $78.1M | -1.0% | 8.4% | $244M | -1.0% | |
| Ta Service | $30.3M | +2.6% | 3.3% | $108M | +0.2% |
Revenue by region
share of total| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $332M | +3.6% | 35.7% | $1.16B | +4.1% | |
| Europe | $316M | +13.3% | 33.9% | $963M | +10.3% | |
| Asia Pacific | $284M | +4.1% | 30.5% | $1.04B | +7.3% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Material Reconciling Items | – | – | -$86M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $461M
- Capex
- -$169M
- Buybacks
- -$15.1M
- Dividends
- $0
- Acquisitions
- $85M
- Net debt issued
- -$231M
- Stock-based compensation
- $81.5M
- Free cash flow
- $292M
- Returned to shareholders / FCF
- 5.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 202.9× | 32.4× | 29.0× – 35.2× |
| EV / EBITDA | 45.5× | 22.6× | 21.4× – 24.5× |
| EV / Sales | 9.2× | 7.7× | 7.3× – 8.6× |
| Price / FCF | 160.5× | 41.8× | 35.5× – 48.0× |
| Price / Book | 3.1× | 28.2× | 8.8× – 62.4× |
| FCF yield | 0.6% | 2.4% | 2.1% – 2.8% |
| Return on invested capital | 1.1% | 22.4% | 17.6% – 28.9% |
| Return on equity | 0.8% | 88.9% | 25.1% – 188.5% |
Analysts
Consensus target $470.00 (-1.4%)
range $400.00 – $535.00 · rating Buy
Strong buy0
Buy19
Hold16
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $6.49B | +105.0% | $14.67 | +36.4% | 32.5× | 12 |
| FY2027 | $7.16B | +10.4% | $16.53 | +12.7% | 28.8× | 14 |
| FY2028 | $7.61B | +6.3% | $18.59 | +12.4% | 25.6× | 6 |
| FY2029 | $8.12B | +6.7% | $20.63 | +11.0% | 23.1× | 3 |
| FY2030 | $8.53B | +5.1% | $22.33 | +8.2% | 21.4× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 282 figures Waters Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $863M | $97.9M | +781.4% | $104M2025-12-31 | $99.9M | +3.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.99B | $730M | +172.2% | $829M2025-12-31 | $733M | +13.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $16M | $13M | +23.1% | $12.1M2025-12-31 | $14.3M | -15.4% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $3M2026-04-04 | $2M | +50.0% | $8.03M2025-12-31 | $8.26M | -2.8% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $10M | $5M | +100.0% | -$5.83M2025-12-31 | -$3.2M | -82.4% |
| Accrued Income Taxes, Current | $10M | $32.1M | -68.8% | $35.5M2025-12-31 | $159M | -77.6% |
| Accrued Income Taxes, Noncurrent | $32M | $26.8M | +19.2% | $34.1M2025-12-31 | $30.3M | +12.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $840M2025-12-31 | $729M | +15.2% | $840M2025-12-31 | $729M | +15.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$166M | -$117M | -42.2% | -$125M2025-12-31 | -$155M | +19.2% |
| Additional Paid in Capital, Common Stock | $15.3B | $2.38B | +543.4% | $2.42B2025-12-31 | $2.34B | +3.2% |
| Amortization | $266M | $29M | +817.2% | $118M2025-12-31 | $105M | +12.7% |
| Amortization of Acquisition Costs | $244M | $12M | +1,933.3% | $47.8M2025-12-31 | $47.1M | +1.5% |
| Amortization of Intangible Assets | $266M | $29M | +817.2% | $118M2025-12-31 | $105M | +12.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 177K | 92K | +92.4% | 79K2025-12-31 | 79K | 0.0% |
| Assets | $24.8B | $4.72B | +424.6% | $5.08B2025-12-31 | $4.55B | +11.5% |
| Assets, Current | $4.47B | $1.78B | +150.5% | $2.15B2025-12-31 | $1.67B | +28.7% |
| Assets, Fair Value Disclosure | $50M | $31.1M | +60.8% | $31.5M2025-12-31 | $57.3M | -45.0% |
| Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | – | – | – | $658M2023-12-31 | – | – |
| Business Acquisition, Pro Forma Net Income (Loss) | -$49M | -$42M | -16.7% | – | – | – |
| Business Acquisition, Pro Forma Revenue | $1.65B | $1.55B | +5.9% | $3B2023-12-31 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $320M2026-02-09 | – | – | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $1.61B2026-02-09 | – | – | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $899M | – | – | – | – | – |
| Capitalized Computer Software, Additions | – | – | – | $54M2025-12-31 | $34M | +58.8% |
| Capitalized Computer Software, Net | $171M2025-12-31 | $154M | +11.0% | $171M2025-12-31 | $154M | +11.0% |
| Cash Acquired from Acquisition | $144M2026-04-04 | $0 | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $539M | $367M | +46.8% | $588M2025-12-31 | $325M | +80.7% |
| Cash, Cash Equivalents, and Short-term Investments | $588M2025-12-31 | $325M | +80.9% | $588M2025-12-31 | $325M | +80.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $539M | $367M | +46.9% | $588M2025-12-31 | $325M | +80.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $77M | -$16M | +581.3% | $262M2025-12-31 | -$69.7M | +476.5% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.012025-12-31 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 400M | 400M | 0.0% | 400M2025-12-31 | 400M | 0.0% |
| Common Stock, Shares, Issued | 202M | 163M | +23.8% | 163M2025-12-31 | 163M | +0.1% |
| Common Stock, Shares, Outstanding | 98.2M | 59.5M | +65.0% | 59.5M2025-12-31 | 59.4M | +0.3% |
| Common Stock, Value, Issued | $2M | $1.63M | +22.6% | $1.63M2025-12-31 | $1.63M | +0.1% |
| Compensation Expense, Excluding Cost of Good and Service Sold | $7M2026-02-06 | – | – | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$134M | $180M | -174.4% | $672M2025-12-31 | $617M | +9.0% |
| Contract with Customer, Asset, Increase (Decrease) for Contract Acquired in Business Combination | -$22M | -$19M | -15.8% | $957K2025-12-31 | $6.17M | -84.5% |
| Contract with Customer, Liability | $603M | $421M | +43.2% | $345M2025-12-31 | $320M | +7.7% |
| Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | -$27M | $77M | -135.1% | $300M2025-12-31 | $262M | +14.7% |
| Contract with Customer, Liability, Revenue Recognized | -$8M | $77M | -110.4% | $276M2025-12-31 | $265M | +3.9% |
| Cost of Goods and Services Sold | $363M2025-12-31 | $349M | +4.1% | $1.29B2025-12-31 | $1.2B | +7.4% |
| Cost, Direct Labor | $103M2025-12-31 | $91.1M | +13.1% | $388M2025-12-31 | $351M | +10.5% |
| Cost, Direct Material | $189M2025-12-31 | $187M | +1.0% | $539M2025-12-31 | $556M | -3.1% |
| Costs and Expenses | $1.73B | $583M | +196.9% | $2.36B2025-12-31 | $2.13B | +10.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $9M2025-12-31 | $20.6M | -56.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $113M2025-12-31 | $90.9M | +24.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $127M2025-12-31 | $118M | +7.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4.84M2025-12-31 | $6.4M | -24.3% |
| Debt and Lease Obligation | $5.09B | $1.46B | +249.1% | $1.41B2025-12-31 | $1.63B | -13.5% |
| Debt Instrument, Face Amount | – | – | – | $200M2025-05-22 | – | – |
| Debt Instrument, Fee Amount | $3.5B2026-01-01 | – | – | $3.5B | – | – |
| Debt Instrument, Increase (Decrease), Net | $128M | – | – | $220M2025-12-31 | $730M | -69.9% |
| Debt Issuance Costs, Net | $24M | $3.03M | +691.0% | $2.56M2025-12-31 | $3.51M | -27.2% |
| Deferred Compensation Arrangement with Individual, Compensation Expense | – | – | – | $4M2025-12-31 | $18M | -77.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$18.6M2025-12-31 | -$383K | -4,744.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4.46M2025-12-31 | -$797K | +659.6% |
| Deferred Income Tax Expense (Benefit) | $115M | $0 | – | -$14.7M2025-12-31 | -$877K | -1,571.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$564K2025-12-31 | $303K | -286.1% |
| Deferred Tax Assets, Deferred Income | $14.5M2025-12-31 | $15.7M | -7.6% | $14.5M2025-12-31 | $15.7M | -7.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-04, 10-Q 2026-04-04, 10-K 2025-12-31, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-31, 10-Q 2024-09-28, 10-Q 2024-06-29
Data as of 2026-11-10