Is Waters Corporation (WAT) overvalued or fairly valued?

MarketChacha shows Waters Corporation's valuation in context — a trailing P/E of about 52.0, a forward P/E of about 24.8, a price-to-book of about 2.7 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Waters Corporation's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.05×) from reported figures — education, not a rating.

What is Waters Corporation's revenue?

Waters Corporation reported revenue of $3.2B for FY2025, with net profit of $642.6M, per official filings.

What is the share price of Waters Corporation (WAT)?

Waters Corporation last traded at $409.38 (-1.0% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Waters Corporation

WAT · NYSE · Healthcare · United States

Snapshot

TickerWAT

ExchangeNYSE

SectorHealthcare

IndustryDiagnostics & Research

CountryUnited States

Employees16,000

HeadquartersMilford, United States

Websitewww.waters.com

Filings tracked16

About Waters Corporation

Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and supports products, including chromatography columns, and other consumable products. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer goods, and healthcare products, as well as for life science research; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology, which is used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.

Who owns it

Insiders0.1%
Institutions99.9%
Public & other0.0%

1,622 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.8.64%
Vanguard Capital Management LLC6.53%
Vanguard Portfolio Management LLC4.83%
Massachusetts Financial Services Co.4.71%
State Street Corporation4.46%
T. Rowe Price Investment Management, Inc.3.89%
Invesco Ltd.3.56%
Alliancebernstein L.P.2.74%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.05×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend21.7% → 20.3%

Margin has held broadly steady over the period — stable profitability.

Return on equity25.1%

Latest ROE of 25.1% — capital is generating a healthy return.

Growth qualityrev 3% · PAT 0%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $1.8B · EPS 4.67

Est. earnings growth +3.1%

Next fiscal year

Rev $7.1B · EPS 16.55

Est. earnings growth +13.5%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$3.2B

Net margin

20.3%

ROE

25.1%

Revenue CAGR (2y)

+3.5%

Profit CAGR (2y)

+0.0%

EPS (FY2025)

10.76

Net profit (FY2025)

$642.6M

Ask MarketChacha about WAT

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$3.2B	$642.6M	10.76	20.3%	25.1%
FY2024	$3.0B	$637.8M	10.71	21.6%	34.9%
FY2023	$3.0B	$642.2M	10.84	21.7%	55.8%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$1.3B	$-72.0M	-0.87	-5.7%
2025Q4	$932.4M	—	3.77	—
2025Q3	$799.9M	$148.9M	2.50	18.6%
2025Q2	$771.3M	$147.1M	2.47	19.1%
2025Q1	$662.0M	$121.0M	2.03	18.3%
2024Q4	$872.7M	—	3.88	—
2024Q3	$740.3M	$161.5M	2.71	21.8%
2024Q2	$708.5M	$142.7M	2.40	20.1%
2024Q1	$636.8M	$102.2M	1.72	16.0%
2023Q4	$819.5M	—	3.65	—
2023Q3	$711.7M	—	2.27	—
2023Q2	$740.6M	$140.9M	2.55	19.0%
2023Q1	$684.7M	—	2.38	—

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Results of operations, Exhibits
SEC8/4/2026material
8-K — Shareholder vote results
SEC5/22/2026material
10-Q filing
SEC5/12/2026
8-K — Results of operations, Exhibits
SEC5/5/2026material
8-K — Material agreement, Material financial obligation, Other events, Exhibits
SEC3/23/2026material
8-K — Other events, Exhibits
SEC3/16/2026material
10-K filing
SEC2/23/2026
8-K — Results of operations, Exhibits
SEC2/9/2026material
8-K — Material agreement, Completion of acquisition/disposition, Material financial obligation, Executive/director change, Reg FD disclosure, Exhibits
SEC2/9/2026material
8-K — Shareholder vote results, Reg FD disclosure, Other events, Exhibits
SEC1/27/2026material
8-K — Other events
SEC1/16/2026material
8-K — Reg FD disclosure, Exhibits
SEC1/12/2026material

2025

8-K — Results of operations, Exhibits
SEC11/4/2025material
10-Q filing
SEC11/4/2025
8-K — Results of operations, Exhibits
SEC8/4/2025material
10-Q filing
SEC8/4/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.