Waters Corporation (WAT)财务
NYSE · Healthcare · Medical - Diagnostics & Research · 员工15,000人 · CEO Udit Batra
- 股价
- $476.70 +4.17%
- 市值
- $468亿
- 企业价值
- $513亿
- 最近财报
- Q3 '26 2026-11-03提交
- 下次财报
- 2027-02-08 EPS预期 $4.63
营收(TTM)$56.1亿+80.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)5.4%-21.1 百分点 对比去年同期营业利润 $3.06亿
净利润(TTM)$9820万-84.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$2.92亿-51.6% 对比去年同期资本支出 $1.69亿
稀释EPS(TTM)$2.33-78.6% 对比去年同期最近4个季度之和
净现金-$45.4亿-342.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $468亿 EV $513亿
- 营收
- $56.1亿 过去12个月
- 营收增速
- +105% FY2026年一致预期
- 净利润率
- 1.8% 净利润 / 营收,TTM
- P/E
- 202.9× 预期 32.5×(FY2026)
- P/S
- 8.3× 股价 / 营收,TTM
- EV / EBITDA
- 45.5× TTM
- 自由现金流
- $2.92亿 过去12个月
- 净利润
- $9820万 过去12个月
- 营收预期
- $64.9亿 FY2026年一致预期
- 盈利
- 2027-02-08 营收预期 $18.1亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-11-03):营收超预期0.8%,EPS 超预期2.5%营收$17.7亿,预期$17.5亿(+0.8%);EPS $4.10,预期$4.00(+2.5%)。
- 营收增长加速:同比120.9%Q3 '26营收$17.7亿,此前四个季度的平均值为54.9%。
- 营业利润率5.4%(TTM),较去年同期-21.1 百分点营收增长80.7%,营业利润增长-62.9%。
- 税前利润的179.9%被营业外亏损吞噬税前利润$1.09亿,营业利润$3.06亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的3.0%(去年为4.1%)最近4个季度投入$1.69亿(同比+34.2%)。自由现金流$2.92亿,相当于净利润的296.9%。
- 股东回报$1510万 = 自由现金流的5.2%回购$1510万(去年为$1460万),股息$0,股权激励$8150万(TTM)。
- 稀释股数一年内增加65.5%Q3 '26稀释股数9870万,一年前为5960万。
- 净债务 $45.4亿现金 + 短期投资 $5.93亿,含租赁债务 $51.3亿;一年前净债务 $10.3亿。
上一季度:Q3 '26
截至2026-10-03的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $17.7亿 | $8亿 | +120.9% |
| 毛利率 | 50.3% | 59.0% | -8.8 百分点 |
| 营业利润 | $1.28亿 | $1.92亿 | -33.4% |
| 营业利润率 | 7.2% | 24.0% | -16.8 百分点 |
| 净利润 | $8100万 | $1.49亿 | -45.6% |
| 稀释EPS | $0.82 | $2.50 | -67.2% |
| 经营现金流 | $9800万 | $1.87亿 | -47.7% |
| 资本支出 | $4300万 | $2540万 | +69.1% |
| 自由现金流 | $5500万 | $1.62亿 | -66.0% |
| R&D | $1.06亿 | $5360万 | +97.6% |
| 股权激励费用 | $2200万 | $1370万 | +61.2% |
实际 vs 一致预期
2026-11-03| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $17.7亿 | $17.5亿 | +0.8% |
| EPS(一致预期口径) | $4.10 | $4.00 | +2.5% |
来自2026-11-03发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '25 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Waters Instrument Systems | $3.55亿 | +4.1% | 38.0% | $11亿 | +6.7% | |
| Waters Service | $2.99亿 | +9.7% | 32.1% | $10.8亿 | +7.3% | |
| Chemistry Consumables | $1.7亿 | +12.6% | 18.3% | $6.31亿 | +11.7% | |
| Ta Instrument Systems | $7810万 | -1.0% | 8.4% | $2.44亿 | -1.0% | |
| Ta Service | $3030万 | +2.6% | 3.3% | $1.08亿 | +0.2% |
按地区划分的营收
占总额比例| 分部 | Q4 '25 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $3.32亿 | +3.6% | 35.7% | $11.6亿 | +4.1% | |
| Europe | $3.16亿 | +13.3% | 33.9% | $9.63亿 | +10.3% | |
| Asia Pacific | $2.84亿 | +4.1% | 30.5% | $10.4亿 | +7.3% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Material Reconciling Items | – | – | -$8600万 | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $4.61亿
- 资本支出
- -$1.69亿
- 股票回购
- -$1510万
- 股息
- $0
- 收购
- $8500万
- 债务净发行
- -$2.31亿
- 股权激励费用
- $8150万
- 自由现金流
- $2.92亿
- 股东回报 / FCF
- 5.2%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 202.9× | 32.4× | 29.0× – 35.2× |
| EV / EBITDA | 45.5× | 22.6× | 21.4× – 24.5× |
| EV / 营收 | 9.2× | 7.7× | 7.3× – 8.6× |
| 股价 / FCF | 160.5× | 41.8× | 35.5× – 48.0× |
| 股价 / 净资产 | 3.1× | 28.2× | 8.8× – 62.4× |
| FCF收益率 | 0.6% | 2.4% | 2.1% – 2.8% |
| 投入资本回报率 | 1.1% | 22.4% | 17.6% – 28.9% |
| 净资产收益率 | 0.8% | 88.9% | 25.1% – 188.5% |
分析师
一致目标价 $470.00 (-1.4%)
区间 $400.00 – $535.00 · 评级 Buy
强烈买入0
买入19
持有16
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $64.9亿 | +105.0% | $14.67 | +36.4% | 32.5× | 12 |
| FY2027 | $71.6亿 | +10.4% | $16.53 | +12.7% | 28.8× | 14 |
| FY2028 | $76.1亿 | +6.3% | $18.59 | +12.4% | 25.6× | 6 |
| FY2029 | $81.2亿 | +6.7% | $20.63 | +11.0% | 23.1× | 3 |
| FY2030 | $85.3亿 | +5.1% | $22.33 | +8.2% | 21.4× | 2 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Waters Corporation在近期10-Q / 10-K文件中标记的全部282项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $8.63亿 | $9790万 | +781.4% | $1.04亿2025-12-31 | $9990万 | +3.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $19.9亿 | $7.3亿 | +172.2% | $8.29亿2025-12-31 | $7.33亿 | +13.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1600万 | $1300万 | +23.1% | $1210万2025-12-31 | $1430万 | -15.4% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $300万2026-04-04 | $200万 | +50.0% | $803万2025-12-31 | $826万 | -2.8% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $1000万 | $500万 | +100.0% | -$583万2025-12-31 | -$320万 | -82.4% |
| Accrued Income Taxes, Current | $1000万 | $3210万 | -68.8% | $3550万2025-12-31 | $1.59亿 | -77.6% |
| Accrued Income Taxes, Noncurrent | $3200万 | $2680万 | +19.2% | $3410万2025-12-31 | $3030万 | +12.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $8.4亿2025-12-31 | $7.29亿 | +15.2% | $8.4亿2025-12-31 | $7.29亿 | +15.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.66亿 | -$1.17亿 | -42.2% | -$1.25亿2025-12-31 | -$1.55亿 | +19.2% |
| Additional Paid in Capital, Common Stock | $153亿 | $23.8亿 | +543.4% | $24.2亿2025-12-31 | $23.4亿 | +3.2% |
| Amortization | $2.66亿 | $2900万 | +817.2% | $1.18亿2025-12-31 | $1.05亿 | +12.7% |
| Amortization of Acquisition Costs | $2.44亿 | $1200万 | +1,933.3% | $4780万2025-12-31 | $4710万 | +1.5% |
| Amortization of Intangible Assets | $2.66亿 | $2900万 | +817.2% | $1.18亿2025-12-31 | $1.05亿 | +12.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17.7万 | 9.2万 | +92.4% | 7.9万2025-12-31 | 7.9万 | 0.0% |
| Assets | $248亿 | $47.2亿 | +424.6% | $50.8亿2025-12-31 | $45.5亿 | +11.5% |
| Assets, Current | $44.7亿 | $17.8亿 | +150.5% | $21.5亿2025-12-31 | $16.7亿 | +28.7% |
| Assets, Fair Value Disclosure | $5000万 | $3110万 | +60.8% | $3150万2025-12-31 | $5730万 | -45.0% |
| Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | – | – | – | $6.58亿2023-12-31 | – | – |
| Business Acquisition, Pro Forma Net Income (Loss) | -$4900万 | -$4200万 | -16.7% | – | – | – |
| Business Acquisition, Pro Forma Revenue | $16.5亿 | $15.5亿 | +5.9% | $30亿2023-12-31 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $3.2亿2026-02-09 | – | – | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $16.1亿2026-02-09 | – | – | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $8.99亿 | – | – | – | – | – |
| Capitalized Computer Software, Additions | – | – | – | $5400万2025-12-31 | $3400万 | +58.8% |
| Capitalized Computer Software, Net | $1.71亿2025-12-31 | $1.54亿 | +11.0% | $1.71亿2025-12-31 | $1.54亿 | +11.0% |
| Cash Acquired from Acquisition | $1.44亿2026-04-04 | $0 | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $5.39亿 | $3.67亿 | +46.8% | $5.88亿2025-12-31 | $3.25亿 | +80.7% |
| Cash, Cash Equivalents, and Short-term Investments | $5.88亿2025-12-31 | $3.25亿 | +80.9% | $5.88亿2025-12-31 | $3.25亿 | +80.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $5.39亿 | $3.67亿 | +46.9% | $5.88亿2025-12-31 | $3.25亿 | +80.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $7700万 | -$1600万 | +581.3% | $2.62亿2025-12-31 | -$6970万 | +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 | 4亿 | 4亿 | 0.0% | 4亿2025-12-31 | 4亿 | 0.0% |
| Common Stock, Shares, Issued | 2.02亿 | 1.63亿 | +23.8% | 1.63亿2025-12-31 | 1.63亿 | +0.1% |
| Common Stock, Shares, Outstanding | 9820万 | 5950万 | +65.0% | 5950万2025-12-31 | 5940万 | +0.3% |
| Common Stock, Value, Issued | $200万 | $163万 | +22.6% | $163万2025-12-31 | $163万 | +0.1% |
| Compensation Expense, Excluding Cost of Good and Service Sold | $700万2026-02-06 | – | – | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$1.34亿 | $1.8亿 | -174.4% | $6.72亿2025-12-31 | $6.17亿 | +9.0% |
| Contract with Customer, Asset, Increase (Decrease) for Contract Acquired in Business Combination | -$2200万 | -$1900万 | -15.8% | $95.7万2025-12-31 | $617万 | -84.5% |
| Contract with Customer, Liability | $6.03亿 | $4.21亿 | +43.2% | $3.45亿2025-12-31 | $3.2亿 | +7.7% |
| Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | -$2700万 | $7700万 | -135.1% | $3亿2025-12-31 | $2.62亿 | +14.7% |
| Contract with Customer, Liability, Revenue Recognized | -$800万 | $7700万 | -110.4% | $2.76亿2025-12-31 | $2.65亿 | +3.9% |
| Cost of Goods and Services Sold | $3.63亿2025-12-31 | $3.49亿 | +4.1% | $12.9亿2025-12-31 | $12亿 | +7.4% |
| Cost, Direct Labor | $1.03亿2025-12-31 | $9110万 | +13.1% | $3.88亿2025-12-31 | $3.51亿 | +10.5% |
| Cost, Direct Material | $1.89亿2025-12-31 | $1.87亿 | +1.0% | $5.39亿2025-12-31 | $5.56亿 | -3.1% |
| Costs and Expenses | $17.3亿 | $5.83亿 | +196.9% | $23.6亿2025-12-31 | $21.3亿 | +10.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $900万2025-12-31 | $2060万 | -56.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.13亿2025-12-31 | $9090万 | +24.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.27亿2025-12-31 | $1.18亿 | +7.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $484万2025-12-31 | $640万 | -24.3% |
| Debt and Lease Obligation | $50.9亿 | $14.6亿 | +249.1% | $14.1亿2025-12-31 | $16.3亿 | -13.5% |
| Debt Instrument, Face Amount | – | – | – | $2亿2025-05-22 | – | – |
| Debt Instrument, Fee Amount | $35亿2026-01-01 | – | – | $35亿 | – | – |
| Debt Instrument, Increase (Decrease), Net | $1.28亿 | – | – | $2.2亿2025-12-31 | $7.3亿 | -69.9% |
| Debt Issuance Costs, Net | $2400万 | $303万 | +691.0% | $256万2025-12-31 | $351万 | -27.2% |
| Deferred Compensation Arrangement with Individual, Compensation Expense | – | – | – | $400万2025-12-31 | $1800万 | -77.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1860万2025-12-31 | -$38.3万 | -4,744.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $446万2025-12-31 | -$79.7万 | +659.6% |
| Deferred Income Tax Expense (Benefit) | $1.15亿 | $0 | – | -$1470万2025-12-31 | -$87.7万 | -1,571.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$56.4万2025-12-31 | $30.3万 | -286.1% |
| Deferred Tax Assets, Deferred Income | $1450万2025-12-31 | $1570万 | -7.6% | $1450万2025-12-31 | $1570万 | -7.6% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-10