WATERS CORP /DE/ WAT

Technology SIC 3826 - Laboratory Analytical Instruments NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Analytical Laboratory Instrument Manufacturing derived NYSE

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.

Last close 453.67 2026-10-23
Market cap $44.57B 2026-07-04 share count
52-week range 282.77 - 465.36

Valuation FY2025 figures against the last close

P/S14.1x
P/E42.2x
P/FCF82.6x
EV/EBITDA50.4x
Dividend yield—
Diluted EPS10.76

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Asia Other
  • China
  • Americas Other
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 965.8M (30.5%) 31% United States Europe, FY2025: 963.4M (30.4%) 30% Europe Asia Other, FY2025: 602.9M (19.0%) 19% Asia Other China, FY2025: 437.5M (13.8%) 14% China Americas Other, FY2025: 195.7M (6.2%) 6% FY2024 United States, FY2024: 933.9M (31.6%) 32% Europe, FY2024: 873.4M (29.5%) 30% Asia Other, FY2024: 572.6M (19.4%) 19% China, FY2024: 396.6M (13.4%) 13% Americas Other, FY2024: 181.9M (6.1%) 6% FY2023 United States, FY2023: 928M (31.4%) 31% Europe, FY2023: 840M (28.4%) 28% Asia Other, FY2023: 567.1M (19.2%) 19% China, FY2023: 440.7M (14.9%) 15% Americas Other, FY2023: 180.6M (6.1%) 6%
Region FY2025FY2024FY2023
United States $965.8M $933.9M $928.0M
Europe $963.4M $873.4M $840.0M
Asia Other $602.9M $572.6M $567.1M
China $437.5M $396.6M $440.7M
Americas Other $195.7M $181.9M $180.6M

As the company reported it, from the “Business Segment Information - Summary of Geographic Sales Information (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 10.8010.7510.8711.8011.258.408.767.710.256.46
EPS, diluted 10.7610.7110.8411.7311.178.368.697.650.256.41
Shares, diluted (wtd. avg.) 59.7M59.6M59.3M60.3M62.0M62.4M68.2M77.6M80.6M81.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B 4B Revenue, FY2016: 2.2B Gross profit, FY2016: 1.3B Net income, FY2016: 521.5M Revenue, FY2017: 2.3B Gross profit, FY2017: 1.4B Net income, FY2017: 20.3M Revenue, FY2018: 2.4B Gross profit, FY2018: 1.4B Net income, FY2018: 593.8M Revenue, FY2019: 2.4B Gross profit, FY2019: 1.4B Net income, FY2019: 592.2M Revenue, FY2020: 2.4B Gross profit, FY2020: 1.4B Net income, FY2020: 521.6M Revenue, FY2021: 2.8B Gross profit, FY2021: 1.6B Net income, FY2021: 692.8M Revenue, FY2022: 3B Gross profit, FY2022: 1.7B Net income, FY2022: 707.8M Revenue, FY2023: 3B Gross profit, FY2023: 1.8B Net income, FY2023: 642.2M Revenue, FY2024: 3B Gross profit, FY2024: 1.8B Net income, FY2024: 637.8M Revenue, FY2025: 3.2B Gross profit, FY2025: 1.9B Net income, FY2025: 642.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.17B $2.31B $2.42B $2.41B $2.37B $2.79B $2.97B $2.96B $2.96B $3.17B
Gross profit $1.28B $1.36B $1.43B $1.40B $1.36B $1.63B $1.72B $1.76B $1.76B $1.88B
Net income $521.5M $20.3M $593.8M $592.2M $521.6M $692.8M $707.8M $642.2M $637.8M $642.6M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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