WATERS CORP /DE/ WAT
Waters Corporation (the "Company," "we," "our," or "us"), a global leader in analytical instruments and software, has pioneered innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences for more than 65 years. The Company primarily designs, manufactures, sells and services high-performance liquid chromatography ("HPLC"), ultra-performance liquid chromatography ("UPLC" and together with HPLC, referred to as "LC") and mass spectrometry ("MS") technology systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that are frequently employed together ("LC-MS") and sold as integrated instrument systems using common software platforms.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B | $2.31B | $2.17B |
| Cost of revenue | $1.29B | $1.20B | $1.20B | $1.25B | $1.16B | $1.01B | $1.01B | $992.6M | $947.1M | $891.5M |
| Gross profit | $1.88B | $1.76B | $1.76B | $1.72B | $1.63B | $1.36B | $1.40B | $1.43B | $1.36B | $1.28B |
| R&D | $195.7M | $183.0M | $174.9M | $176.2M | $168.4M | $140.8M | $143.0M | $143.4M | $132.6M | $125.2M |
| SG&A | $830.4M | $690.1M | $736.0M | $658.0M | $627.0M | $553.7M | $534.8M | $536.9M | $544.4M | $512.3M |
| Total operating expenses | $2.36B | $2.13B | $2.14B | $2.10B | $1.96B | $1.72B | $1.70B | $1.68B | $1.65B | $1.54B |
| Operating income | $802.6M | $826.4M | $817.7M | $873.4M | $821.7M | $645.5M | $708.5M | $739.8M | $662.2M | $625.0M |
| Interest expense | $69.5M | $89.7M | $98.9M | $48.8M | $44.9M | $49.1M | $48.7M | $48.6M | $56.8M | $44.9M |
| Pre-tax income | $754.9M | $754.9M | $736.2M | $837.8M | $806.2M | $610.9M | $678.2M | $682.1M | $641.1M | $600.1M |
| Income tax | $112.2M | $117.0M | $94.0M | $130.1M | $113.3M | $89.3M | $86.0M | $88.4M | $620.8M | $78.6M |
| Net income | $642.6M | $637.8M | $642.2M | $707.8M | $692.8M | $521.6M | $592.2M | $593.8M | $20.3M | $521.5M |
| EPS, basic | 10.80 | 10.75 | 10.87 | 11.80 | 11.25 | 8.40 | 8.76 | 7.71 | 0.25 | 6.46 |
| EPS, diluted | 10.76 | 10.71 | 10.84 | 11.73 | 11.17 | 8.36 | 8.69 | 7.65 | 0.25 | 6.41 |
| Shares, diluted (wtd. avg.) | $59.7M | $59.6M | $59.3M | $60.3M | $62.0M | $62.4M | $68.2M | $77.6M | $80.6M | $81.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $587.8M | $325.4M | $395.1M | $480.5M | $501.2M | $436.7M | $335.7M | $796.3M | $642.3M | $505.6M |
| Short-term investments | — | $934.0K | $898.0K | $862.0K | $68.1M | $6.5M | $1.4M | $938.9M | $2.75B | $2.31B |
| Receivables | $828.8M | $733.4M | $702.2M | $722.9M | $612.6M | $573.3M | $587.7M | $568.3M | $533.8M | $489.3M |
| Inventory | $572.4M | $477.3M | $516.2M | $455.7M | $356.1M | $304.3M | $320.6M | $291.6M | $270.3M | $262.7M |
| Total current assets | $2.15B | $1.67B | $1.75B | $1.76B | $1.63B | $1.40B | $1.31B | $2.66B | $4.27B | $3.64B |
| Property, plant and equipment | $642.0M | $651.2M | $639.1M | $582.2M | $547.9M | $494.0M | $417.3M | $343.1M | $349.3M | $337.1M |
| Goodwill | $1.34B | $1.30B | $1.31B | $864.0M | $437.9M | $444.4M | $72.0M | $355.6M | $359.8M | $352.1M |
| Other intangibles | $558.2M | $567.9M | $629.2M | $227.4M | $242.4M | $258.6M | $240.2M | $246.9M | $228.4M | $207.1M |
| Total assets | $5.08B | $4.55B | $4.63B | $3.28B | $3.09B | $2.84B | $2.56B | $3.73B | $5.32B | $4.66B |
| Accounts payable | $103.8M | $99.9M | $84.7M | $93.3M | $96.8M | $72.2M | $49.0M | $68.2M | $64.5M | $67.7M |
| Short-term debt | — | — | — | — | $0 | $150.0M | $100.4M | $178.0K | $100.3M | $125.3M |
| Total current liabilities | $1.24B | $789.8M | $789.6M | $785.7M | $680.5M | $805.0M | $591.3M | $448.9M | $606.2M | $520.3M |
| Long-term debt | $947.4M | $1.63B | $2.31B | $1.52B | $1.51B | $1.21B | $1.58B | $1.15B | $1.90B | $1.70B |
| Total liabilities | $2.52B | $2.73B | $3.48B | $2.78B | $2.73B | $2.61B | $2.77B | $2.16B | $3.09B | $2.36B |
| Retained earnings | $10.43B | $9.79B | $9.15B | $8.51B | $7.80B | $7.11B | $6.59B | $6.00B | $5.41B | $5.39B |
| Total equity | $2.56B | $1.83B | $1.15B | $504.5M | $367.6M | $232.1M | -$216.3M | $1.57B | $2.23B | $2.30B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $652.6M | $762.1M | $602.8M | $611.7M | $747.3M | $790.5M | $643.1M | $604.4M | $697.6M | $642.9M |
| Depreciation and amortisation | $88.1M | $87.0M | $84.6M | $72.0M | $71.6M | $68.7M | $53.8M | $58.0M | $61.5M | $51.7M |
| Stock-based compensation | $54.1M | $44.7M | $36.9M | $42.6M | $29.9M | $36.9M | $38.6M | $37.5M | $39.4M | $41.0M |
| Capital expenditure | $112.7M | $142.5M | $160.6M | — | — | — | — | — | — | — |
| Investing cash flow | -$152.3M | -$143.1M | -$1.44B | -$108.0M | -$231.6M | -$264.1M | $768.8M | $1.68B | -$535.8M | -$487.9M |
| Financing cash flow | -$237.2M | -$696.7M | $755.0M | -$509.6M | -$438.3M | -$440.5M | -$1.87B | -$2.12B | -$63.9M | -$115.7M |
| Buybacks | $14.7M | $13.5M | $70.3M | $626.1M | $648.9M | $196.4M | $2.47B | $1.32B | $332.5M | $325.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-149657.
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| BIO | BIO-RAD LABORATORIES, INC. | $10.33B | 13.9x | 0.7% |
| AVTR | Avantor, Inc. | $10.22B | — | -3.4% |
| BRKR | BRUKER CORP | $8.88B | — | 2.1% |
| TXG | 10x Genomics, Inc. | $8.14B | — | 5.2% |