Waters WAT
Analytical instruments. Waters Corporation, listed on NYSE.
Based on the FY2025 annual report (Jan 2025 – Dec 2025)
Waters' market cap is
about $44.50 billion.
#239 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $3.165286B.
- Share price (close)
- $453.08
- P/E ratio
- 42.1x
- Market cap
- $44.50B
- Revenue
- $3.165286B
- Operating income
- $802.588M
- Net income
- $642.629M
- Free cash flow
- $539.81M
- Total assets
- $5.07655B
- Dividends paid
- —
- Dividend per share
- —
- Dividend yield
- —
- Shares outstanding
- 59,549,000 shares
Where the revenue went
Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.
- Cost of revenue40.7%
- R&D6.2%
- SG&A and other27.7%
- Taxes, interest & other5.1%
- Net income20.3%
Profitability and stability
Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.
- Revenue growthHow much revenue grew from the previous fiscal year
- +7.0%
- #171 of 299
- Revenue is growing steadily. The median across 299 companies is +7.9%.
- Operating marginShare of revenue kept as profit from the core business
- 25.4%
- #74 of 231
- 25.4% of revenue was kept as operating profit. The median across 231 companies is 19.2%.
- Net marginShare of revenue left as profit after interest and taxes
- 20.3%
- #92 of 298
- After taxes, 20.3% of revenue was left as net income. The median across 298 companies is 14.0%.
- FCF marginShare of revenue left as cash after capital spending
- 17.1%
- #120 of 261
- Cash is left over after capital spending. The median across 261 companies is 15.8%.
- ROEHow much profit the company earned on shareholders' equity in a year
- 29.3%
- #83 of 276
- Earns a lot relative to its equity. The median across 276 companies is 16.8%.
- Debt-to-equityLiabilities relative to equity. Lower means less debt
- 98.2%
- #71 of 244
- Liabilities are smaller than equity. The median across 244 companies is 159.6%.
Revenue and profit over time
Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.
Where the cash went
Unlike profit, cash flow is money that actually came in and went out.
- Cash from operations$652.555M
- Capital spending−$112.745M
- Free cash flow (FCF)$539.81M
Whose money funds the assets
The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).
- Total assets$5.07655B
- Total liabilities$2.515308B
- Total equity$2.561242B
- Cash and equivalents$587.831M
Compared with similar companies
Based on each company's latest annual report, so fiscal year ends may differ.
Compare in detail| Company | Annual revenue | Net income | Revenue growth | Operating margin | Net margin |
|---|---|---|---|---|---|
| WatersWAT | $3.165286B | $642.629M | +7.0% | 25.4% | 20.3% |
| IQVIAIQV | $16.31B | $1.36B | +5.9% | 13.4% | 8.3% |
| Agilent TechnologiesA | $6.948B | $1.303B | +6.7% | 21.3% | 18.8% |
| Mettler-ToledoMTD | $4.026399B | $869.193M | +4.0% | — | 21.6% |
| DanaherDHR | $24.568B | $3.614B | +2.9% | 19.1% | 14.7% |
What the company does
Waters makes analytical instruments such as liquid chromatography systems and mass spectrometers.
The fiscal year ends around December each year.
Related companies: IQVIA, Agilent Technologies, Mettler-Toledo, Danaher
Financial statements
Last 5 fiscal years. Currency: US dollars.
Show the table
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 2.785874B | 2.971956B | 2.956416B | 2.958387B | 3.165286B |
| Cost of revenue | — | — | — | 1.200201B | 1.288822B |
| Gross profit | — | — | — | 1.758186B | 1.876464B |
| R&D expense | 168.358M | 176.19M | 174.945M | 183.027M | 195.711M |
| Operating income | 821.707M | 873.395M | 817.676M | 826.353M | 802.588M |
| Pretax income | 806.193M | 837.846M | 736.243M | 754.868M | 754.878M |
| Net income | 692.843M | 707.755M | 642.234M | 637.834M | 642.629M |
| EPS (diluted) | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Operating cash flow | 747.274M | 611.661M | 602.809M | 762.123M | 652.555M |
| Capital expenditures | — | — | 160.632M | 142.481M | 112.745M |
| Free cash flow (FCF) | — | — | 442.177M | 619.642M | 539.81M |
| Total assets | 3.094932B | 3.281453B | 4.626854B | 4.553795B | 5.07655B |
| Total liabilities | 2.727378B | 2.776965B | 3.476513B | 2.725288B | 2.515308B |
| Total equity | 367.554M | 504.488M | 1.150341B | 1.828507B | 2.561242B |
| Cash and equivalents | 501.234M | 480.529M | 395.076M | 325.355M | 587.831M |
| Original filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: SEC EDGAR filings for Waters Corporation · CIK 0001000697 · US-GAAP