WAT Stock Analysis: Waters | NYSE
Diagnostics & Research | NYSE, USA | Market Cap: 37.202m USD | 12M Return: 6.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 329M
EPS Trend: 76.5%
Qual. Beats: 1
Rev. Trend: 65.1%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Waters Corporation (NYSE: WAT) is a U.S.-based provider of analytical workflow solutions serving customers across Asia, the Americas, and Europe. Operating through two segments-Waters and TA-the company designs, manufactures, sells, and services liquid chromatography (LC) and mass spectrometry (MS) systems, as well as thermal analysis, rheometry, and calorimetry instruments. It also produces chromatography columns, other consumables, and software products that interface with both its own and third-party instruments.
The companys instruments and consumables are used by pharmaceutical, clinical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers in research and development, quality assurance, and other laboratory applications. Waters product portfolio supports applications such as drug discovery and development, clinical trial testing, protein analysis, and environmental testing. Founded in 1958 and headquartered in Milford, Massachusetts, Waters is classified within the Life Sciences Tools & Services sub-industry of the Health Care sector, a segment characterized by a mix of large capital equipment sales and recurring revenue from consumables and service contracts tied to installed instrument bases.
- Biopharma R&D spending recovery drives LC-MS instrument demand
- China tariffs and weak biotech funding pressure Asia sales
- High-resolution mass spec launches support premium pricing and margins
| Net Income: 449.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -12.41 > 1.0 |
| NWC/Revenue: 47.50% < 20% (prev 26.11%; Δ 21.39% < -1%) |
| CFO/TA 0.02 > 3% & CFO 390.0m > Net Income 449.2m |
| Net Debt (5.46b) to EBITDA (924.5m): 5.91 < 3 |
| Current Ratio: 1.79 > 1.5 & < 3 |
| Outstanding Shares: last quarter (82.1m) vs 12m ago 37.56% < -2% |
| Gross Margin: 55.02% > 18% (prev 59.27%; Δ -4.25% > 0.5%) |
| Asset Turnover: 25.89% > 50% (prev 64.97%; Δ -39.08% > 0%) |
| Interest Coverage Ratio: 6.31 > 6 (EBIT TTM 615.6m / Interest Expense TTM 97.6m) |
| A: 0.07 (Total Current Assets 4.06b - Total Current Liabilities 2.27b) / Total Assets 24.5b |
| B: 0.42 (Retained Earnings 10.4b / Total Assets 24.5b) |
| C: 0.04 (EBIT TTM 615.6m / Avg Total Assets 14.6b) |
| D: 1.66 (Book Value of Equity 15.3b / Total Liabilities 9.24b) |
| Altman-Z'' = 3.88 = AA |
| DSRI: 1.94 (Receivables 1.75b/713.3m, Revenue 3.77b/2.98b) |
| GMI: 1.08 (GM 59.27% / 55.02%) |
| AQI: 1.63 (AQ_t 0.76 / AQ_t-1 0.46) |
| SGI: 1.26 (Revenue 3.77b / 2.98b) |
| TATA: 0.00 (NI 449.2m - CFO 390.0m) / TA 24.5b) |
| Beneish M = -1.61 (Cap -4..+1) = CCC |
As of July 11, 2026, the stock is trading at USD 376.43 with a total of 375,497 shares traded. Over the past week, the price has changed by -0.75%, over one month by +3.65%, over three months by +17.63% and over the past year by +6.55%.
Current recommended Stop Loss: 360.50 (which is 4.2% or 1.4 ATR below the current price).
Waters has received a consensus analysts rating of 3.59. Therefore, it is recommended to hold WAT.
- StrongBuy: 6
- Buy: 1
- Hold: 15
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 402.9 | 7% |
P/E Trailing = 48.2662
P/E Forward = 26.1097
P/S = 9.8671
P/B = 2.4353
P/EG = 1.6733
Revenue TTM = 3.77b USD
EBIT TTM = 615.6m USD
EBITDA TTM = 924.5m USD
Long Term Debt = 4.86b USD (from longTermDebt, last quarter)
Short Term Debt = 413.0m USD (from shortTermDebt, last quarter)
Debt = 5.92b USD (from shortLongTermDebtTotal, last quarter) + Leases 355.0m
Net Debt = 5.46b USD (calculated: Debt 5.92b - CCE 462.0m)
Enterprise Value = 42.7b USD (37.2b + Debt 5.92b - CCE 462.0m)
Interest Coverage Ratio = 6.31 (Ebit TTM 615.6m / Interest Expense TTM 97.6m)
EV/FCF = 161.6x (Enterprise Value 42.7b / FCF TTM 264.0m)
FCF Yield = 0.62% (FCF TTM 264.0m / Enterprise Value 42.7b)
FCF Margin = 7.00% (FCF TTM 264.0m / Revenue TTM 3.77b)
Net Margin = 11.91% (Net Income TTM 449.2m / Revenue TTM 3.77b)
Gross Margin = 55.02% ((Revenue TTM 3.77b - Cost of Revenue TTM 1.70b) / Revenue TTM)
Gross Margin QoQ = 46.96% (prev 59.79%)
Tobins Q-Ratio = 1.74 (Enterprise Value 42.7b / Total Assets 24.5b)
Interest Expense / Debt = 1.65% (Interest Expense 97.6m / Debt 5.92b)
Taxrate = 14.26% (74.7m / 524.0m)
NOPAT = 527.8m (EBIT 615.6m * (1 - 14.26%))
Current Ratio = 1.79 (Total Current Assets 4.06b / Total Current Liabilities 2.27b)
Debt / Equity = 0.39 (Debt 5.92b / totalStockholderEquity, last quarter 15.3b)
Debt / EBITDA = 5.91 (Net Debt 5.46b / EBITDA 924.5m)
Debt / FCF = 20.69 (Net Debt 5.46b / FCF TTM 264.0m)
Total Stockholder Equity = 5.59b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.09% (Net Income 449.2m / Total Assets 24.5b)
RoE = 8.04% (Net Income TTM 449.2m / Total Stockholder Equity 5.59b)
RoCE = 5.90% (EBIT 615.6m / Capital Employed (Equity 5.59b + L.T.Debt 4.86b))
RoIC = 2.35% (NOPAT 527.8m / Invested Capital 22.5b)
WACC = 8.78% (E(37.2b)/V(43.1b) * Re(9.95%) + D(5.92b)/V(43.1b) * Rd(1.65%) * (1-Tc(0.14)))
Discount Rate = 9.95% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 15.57%
[DCF] Terminal Value 71.51% ; FCFF base≈406.1m ; Y1≈356.1m ; Y5≈287.7m
[DCF] Fair Price = N/A (negative equity: EV 4.31b - Net Debt 5.46b = -1.15b; debt exceeds intrinsic value)
EPS Correlation: 76.54 | EPS CAGR: 4.97% | SUE: 4.0 | # QB: 1
Revenue Correlation: 65.08 | Revenue CAGR: 5.37% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=3.01 | Chg30d=-0.02% | Revisions=+50% | Analysts=19
EPS next Quarter (2026-09-30): EPS=4.00 | Chg30d=-0.32% | Revisions=-47% | Analysts=19
EPS current Year (2026-12-31): EPS=14.51 | Chg30d=+0.06% | Revisions=+50% | GrowthEPS=+10.5% | GrowthRev=+103.5%
EPS next Year (2027-12-31): EPS=16.46 | Chg30d=-0.04% | Revisions=-5% | GrowthEPS=+13.4% | GrowthRev=+10.4%
[Analyst] Revisions Ratio: +6% (up=27, down=24)