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Waters CorporationNYSE:WAT Stock Report

Market Cap US$19.9b
Share Price
US$334.59
My Fair Value
US$351.07
4.7% undervalued intrinsic discount
1Y-3.2%
7D-0.5%
Portfolio Value
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Waters Corporation

NYSE:WAT Stock Report

Market Cap: US$19.9b

Waters (WAT) Stock Overview

Provides analytical workflow solutions in Asia, the Americas, and Europe. More details

WAT fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance6/6
Financial Health5/6
Dividends0/6

Rewards

Trading at 11.5% below our estimate of its fair value

Earnings are forecast to grow 11.97% per year

Earnings grew by 11% over the past year

Risk Analysis

Has a high level of debt


WAT Community Fair Values

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See what 11 others think this stock is worth. Follow their fair value or set your own to get alerts.

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Waters

Pharmaceutical R&D And Merger Will Unlock Future Market Potential

Key Takeaways Growth is supported by strong pharma sector expansion, deeper market penetration, and enhanced pricing power from new product launches and partnerships. Broadened revenue streams, recurring sales, and operational efficiencies position the company for stable margins and robust long-term earnings growth.
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US$351.07
FV
2.2% undervalued intrinsic discount
6.52%
Revenue growth p.a.
0users have liked this narrative
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11users have followed this narrative
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Waters

LC-MS And Biotech Expansion Will Unlock Secular Healthcare Demand

Key Takeaways Rapid adoption of new products and transformative acquisitions are driving sustained growth, margin expansion, and deeper market penetration with expanded global reach. Premium, highly differentiated workflow solutions and rising recurring revenues are structurally lifting long-term profitability, outpacing analyst expectations.
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US$424.46
FV
19.1% undervalued intrinsic discount
6.99%
Revenue growth p.a.
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0users have followed this narrative
WAT logo
Waters

Pharma Cost Pressures Will Erode Value But Foster Adaptation

Key Takeaways Reliance on mature product lines and customer budget constraints may limit growth and erode long-term pricing power despite recent innovation and expansion efforts. Emerging market exposure and integration risks from acquisitions could pressure revenue stability, margins, and delay expected synergies.
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US$300
FV
14.4% overvalued intrinsic discount
5.90%
Revenue growth p.a.
0users have liked this narrative
0users have commented on this narrative
0users have followed this narrative
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Waters Corporation Competitors

Price History & Performance

Summary of share price highs, lows and changes for Waters
Historical stock prices
Current Share PriceUS$334.59
52 Week HighUS$423.56
52 Week LowUS$275.05
Beta1.04
1 Month Change11.21%
3 Month Change16.40%
1 Year Change-3.16%
3 Year Change16.42%
5 Year Change51.87%
Change since IPO8,748.66%

Recent News & Updates

Waters Merger Risks Weakening Its Competitive Moat

Sep 29

Risks To Shareholder Returns Are Elevated At These Prices For Waters Corporation (NYSE:WAT)

Sep 19
Risks To Shareholder Returns Are Elevated At These Prices For Waters Corporation (NYSE:WAT)

Recent updates

Waters Merger Risks Weakening Its Competitive Moat

Sep 29

Risks To Shareholder Returns Are Elevated At These Prices For Waters Corporation (NYSE:WAT)

Sep 19
Risks To Shareholder Returns Are Elevated At These Prices For Waters Corporation (NYSE:WAT)

Are Investors Undervaluing Waters Corporation (NYSE:WAT) By 36%?

Jul 24
Are Investors Undervaluing Waters Corporation (NYSE:WAT) By 36%?

These 4 Measures Indicate That Waters (NYSE:WAT) Is Using Debt Reasonably Well

Jul 06
These 4 Measures Indicate That Waters (NYSE:WAT) Is Using Debt Reasonably Well

Waters Corporation's (NYSE:WAT) Shares May Have Run Too Fast Too Soon

May 07
Waters Corporation's (NYSE:WAT) Shares May Have Run Too Fast Too Soon

Is Waters Corporation (NYSE:WAT) Trading At A 24% Discount?

Apr 19
Is Waters Corporation (NYSE:WAT) Trading At A 24% Discount?

Waters Corporation: Instrument Replacement Cycle Momentum, But Valuation Is A Concern

Feb 21

Waters Corporation's (NYSE:WAT) Share Price Could Signal Some Risk

Feb 01
Waters Corporation's (NYSE:WAT) Share Price Could Signal Some Risk

Weighing In On Waters Corporation: Facing A Valuation Headwind

Jan 29

Should You Investigate Waters Corporation (NYSE:WAT) At US$377?

Dec 27
Should You Investigate Waters Corporation (NYSE:WAT) At US$377?

Is Waters (NYSE:WAT) A Risky Investment?

Nov 21
Is Waters (NYSE:WAT) A Risky Investment?

Waters Corp: Short Reinvestment Runway Diminishes High Multiples

Nov 13

Waters Corp.: Embedded Expectations High Under Present Conditions

Aug 15

Waters Corporation: Still Struggling A Bit

May 24

Waters Corporation: A Great (Share Price) Run

Mar 11

Waters Corporation: High Quality Niche Company In Mass Spectrometry

Dec 28

Waters Corporation: Appealing Levels Are Offset By Weaker Performance

Nov 13

Waters Corporation: Buybacks Ceased, Incremental Returns Languishing (Rating Downgrade)

Sep 27

Waters Corporation: Temporary Headwinds Present A Buying Opportunity

Jul 18

Waters Q4 2022 Earnings Preview

Feb 14

Waters Corp.: Now Best Price-Positioned Medical Services Stock

Feb 02

Shareholder Returns

WATUS Life SciencesUS Market
7D-0.5%1.9%0.1%
1Y-3.2%-12.6%14.7%

Return vs Industry: WAT exceeded the US Life Sciences industry which returned -12.6% over the past year.

Return vs Market: WAT underperformed the US Market which returned 14.7% over the past year.

Price Volatility

Is WAT's price volatile compared to industry and market?
WAT volatility
WAT Average Weekly Movement4.5%
Life Sciences Industry Average Movement8.6%
Market Average Movement6.5%
10% most volatile stocks in US Market17.5%
10% least volatile stocks in US Market3.0%

Stable Share Price: WAT has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: WAT's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19587,600Udit Batrawww.waters.com

Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments: Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans.

Waters Corporation Fundamentals Summary

How do Waters's earnings and revenue compare to its market cap?
WAT fundamental statistics
Market capUS$19.92b
Earnings (TTM)US$661.39m
Revenue (TTM)US$3.05b
30.1x
P/E Ratio
6.5x
P/S Ratio

Is WAT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
WAT income statement (TTM)
RevenueUS$3.05b
Cost of RevenueUS$1.25b
Gross ProfitUS$1.80b
Other ExpensesUS$1.14b
EarningsUS$661.39m

Last Reported Earnings

Jun 28, 2025

Next Earnings Date

Nov 04, 2025

Earnings per share (EPS)11.11
Gross Margin59.02%
Net Profit Margin21.71%
Debt/Equity Ratio70.1%

How did WAT perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/20 17:38
End of Day Share Price 2025/10/17 00:00
Earnings2025/06/28
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Waters Corporation is covered by 37 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Catherine Ramsey SchulteBaird
Luke SergottBarclays
Charles ButlerBarclays