Waters Financials

WAT

Source SEC Filings (10-K/10-Q) Updated Sep 27, 2025 Currency USD FYE December

This page shows Waters (WAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$3.0B

YoY+0.1%

5Y CAGR+4.2%

10Y CAGR+4.0%

Waters generated $3.0B in revenue in fiscal year 2024. This represents an increase of 0.1% from the prior year.

EBITDA

$1.0B

YoY+3.6%

5Y CAGR+6.0%

10Y CAGR+5.2%

Waters's EBITDA was $1.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.6% from the prior year.

Free Cash Flow

N/A

Net Income

$637.8M

YoY-0.7%

5Y CAGR+1.5%

10Y CAGR+4.0%

Waters reported $637.8M in net income in fiscal year 2024. This represents a decrease of 0.7% from the prior year.

EPS (Diluted)

$10.71

YoY-1.2%

5Y CAGR+4.3%

10Y CAGR+7.8%

Waters earned $10.71 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.2% from the prior year.

Cash & Debt

$325.4M

YoY-17.6%

5Y CAGR-0.6%

10Y CAGR-2.6%

Waters held $325.4M in cash against $1.6B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

59M

YoY+100258.3%

5Y CAGR-1.0%

10Y CAGR-3.3%

Waters had 59M shares outstanding in fiscal year 2024. This represents an increase of 100258.3% from the prior year.

Gross Margin

59.4%

YoY-0.1pp

5Y CAGR+1.4pp

10Y CAGR+0.9pp

Waters's gross margin was 59.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.

Operating Margin

27.9%

YoY+0.3pp

5Y CAGR-1.5pp

10Y CAGR+1.9pp

Waters's operating margin was 27.9% in fiscal year 2024, reflecting core business profitability. This is up 0.3 percentage points from the prior year.

Net Margin

21.6%

YoY-0.2pp

5Y CAGR-3.0pp

10Y CAGR-0.1pp

Waters's net profit margin was 21.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.

Return on Equity

34.9%

YoY-21.0pp

10Y CAGR+12.1pp

Waters's ROE was 34.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 21.0 percentage points from the prior year.

R&D Spending

$183.0M

YoY+4.6%

5Y CAGR+5.1%

10Y CAGR+5.4%

Waters invested $183.0M in research and development in fiscal year 2024. This represents an increase of 4.6% from the prior year.

Share Buybacks

$13.5M

YoY-80.7%

5Y CAGR-64.7%

10Y CAGR-27.5%

Waters spent $13.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 80.7% from the prior year.

Capital Expenditures

N/A

WAT Income Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Revenue	$3.0B+0.1%	$3.0B-0.5%	$3.0B+6.7%	$2.8B+17.8%	$2.4B-1.7%	$2.4B
Cost of Revenue	$1.2B+0.4%	$1.2B-4.2%	$1.2B+7.9%	$1.2B+14.9%	$1.0B-0.4%	$1.0B
Gross Profit	$1.8B-0.2%	$1.8B+2.2%	$1.7B+5.8%	$1.6B+19.9%	$1.4B-2.7%	$1.4B
R&D Expenses	$183.0M+4.6%	$174.9M-0.7%	$176.2M+4.7%	$168.4M+19.6%	$140.8M-1.5%	$143.0M
SG&A Expenses	$690.1M-6.2%	$736.0M+11.9%	$658.0M+5.0%	$627.0M+13.2%	$553.7M+3.5%	$534.8M
Operating Income	$826.4M+1.1%	$817.7M-6.4%	$873.4M+6.3%	$821.7M+27.3%	$645.5M-8.9%	$708.5M
Interest Expense	$89.7M-9.3%	$98.9M+102.6%	$48.8M+8.6%	$44.9M-8.4%	$49.1M+0.8%	$48.7M
Income Tax	$117.0M+24.5%	$94.0M-27.7%	$130.1M+14.8%	$113.3M+26.9%	$89.3M+3.8%	$86.0M
Net Income	$637.8M-0.7%	$642.2M-9.3%	$707.8M+2.2%	$692.8M+32.8%	$521.6M-11.9%	$592.2M
EPS (Diluted)	$10.71-1.2%	$10.84-7.6%	$11.73+5.0%	$11.17+33.6%	$8.36-3.8%	$8.69

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'24
Revenue	$799.9M+3.7%	$771.3M+16.6%	$661.7M-24.2%	$872.7M+17.9%	$740.3M+4.5%	$708.5M+11.3%	$636.8M-22.3%	$819.5M
Cost of Revenue	N/A	N/A	N/A	$348.5M+15.5%	$301.7M+4.7%	$288.2M+10.1%	$261.8M-17.8%	$318.4M
Gross Profit	N/A	N/A	N/A	$524.2M+19.5%	$438.6M+4.4%	$420.3M+12.1%	$375.1M-25.2%	$501.1M
R&D Expenses	$53.6M+10.5%	$48.5M+4.1%	$46.6M-0.6%	$46.9M+3.5%	$45.3M-1.8%	$46.2M+3.6%	$44.6M+0.5%	$44.4M
SG&A Expenses	$214.2M+6.4%	$201.3M+15.1%	$174.9M+0.9%	$173.3M+2.5%	$169.1M-2.4%	$173.2M-0.7%	$174.5M-3.2%	$180.4M
Operating Income	$192.1M+2.1%	$188.2M+24.0%	$151.7M-48.1%	$292.3M+38.4%	$211.1M+11.6%	$189.1M+41.3%	$133.8M-49.3%	$264.2M
Interest Expense	$26.6M+85.6%	$14.4M+0.6%	$14.3M-24.9%	$19.0M+208.5%	-$17.5M+11.1%	-$19.7M-3.7%	-$19.0M-161.9%	$30.7M
Income Tax	$21.2M-30.7%	$30.6M+42.2%	$21.5M-52.8%	$45.6M+41.9%	$32.1M+20.4%	$26.7M+110.7%	$12.7M-40.8%	$21.4M
Net Income	$148.9M+1.2%	$147.1M+21.2%	$121.4M-47.5%	$231.4M+43.3%	$161.5M+13.1%	$142.7M+39.7%	$102.2M-52.7%	$216.2M
EPS (Diluted)	$2.50+1.2%	$2.47+21.7%	$2.03-47.7%	$3.88+43.2%	$2.71+12.9%	$2.40+39.5%	$1.72-52.9%	$3.65

WAT Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Total Assets	$4.6B-1.6%	$4.6B+41.0%	$3.3B+6.0%	$3.1B+9.0%	$2.8B+11.1%	$2.6B
Current Assets	$1.7B-4.8%	$1.8B-0.6%	$1.8B+8.3%	$1.6B+16.3%	$1.4B+6.7%	$1.3B
Cash & Equivalents	$325.4M-17.6%	$395.1M-17.8%	$480.5M-0.1%	$481.0M+10.1%	$436.7M+30.1%	$335.7M
Inventory	$477.3M-7.5%	$516.2M+13.3%	$455.7M+28.0%	$356.1M+17.0%	$304.3M-5.1%	$320.6M
Accounts Receivable	$733.4M+4.4%	$702.2M-2.9%	$722.9M+18.0%	$612.6M+6.9%	$573.3M-2.5%	$587.7M
Goodwill	$1.3B-0.7%	$1.3B+203.4%	$430.3M-1.7%	$437.9M-1.5%	$444.4M+24.8%	$356.1M
Total Liabilities	$2.7B-21.6%	$3.5B+25.2%	$2.8B+1.8%	$2.7B+4.6%	$2.6B-6.0%	$2.8B
Current Liabilities	$789.8M0.0%	$789.6M+0.5%	$785.7M+15.5%	$680.5M-15.5%	$805.0M+36.1%	$591.3M
Long-Term Debt	$1.6B-29.5%	$2.3B+51.2%	$1.5B+0.7%	$1.5B+25.5%	$1.2B-23.7%	$1.6B
Total Equity	$1.8B+59.0%	$1.2B+128.0%	$504.5M+37.3%	$367.6M+58.3%	$232.1M+207.3%	-$216.3M
Retained Earnings	$9.8B+7.0%	$9.2B+7.5%	$8.5B+9.1%	$7.8B+9.7%	$7.1B+7.9%	$6.6B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'24
Total Assets	$4.9B+3.1%	$4.7B+2.8%	$4.6B+0.8%	$4.6B+0.9%	$4.5B+1.4%	$4.4B-1.3%	$4.5B-2.5%	$4.6B
Current Assets	$1.9B+7.7%	$1.8B+2.4%	$1.7B+4.2%	$1.7B+1.3%	$1.6B+2.7%	$1.6B-2.4%	$1.6B-6.3%	$1.8B
Cash & Equivalents	$459.1M+25.0%	$367.2M-4.1%	$382.9M+17.7%	$325.4M-1.6%	$330.5M+1.3%	$326.4M-3.2%	$337.3M-14.6%	$395.1M
Inventory	$572.9M+6.0%	$540.8M+5.7%	$511.5M+7.2%	$477.3M-8.0%	$519.0M-0.8%	$522.9M-2.9%	$538.6M+4.3%	$516.2M
Accounts Receivable	$748.5M+2.5%	$730.1M+2.4%	$713.3M-2.7%	$733.4M+9.5%	$669.5M+9.7%	$610.1M-2.6%	$626.3M-10.8%	$702.2M
Goodwill	$1.3B0.0%	$1.3B+2.9%	$1.3B+0.3%	$1.3B-0.8%	$1.3B+0.7%	$1.3B0.0%	$1.3B-0.6%	$1.3B
Total Liabilities	$2.5B-1.0%	$2.6B-2.7%	$2.6B-3.5%	$2.7B-6.3%	$2.9B-4.2%	$3.0B-6.6%	$3.3B-6.4%	$3.5B
Current Liabilities	$1.3B+23.1%	$1.0B+5.7%	$961.0M+21.7%	$789.8M-3.2%	$816.0M+7.0%	$762.5M-10.1%	$848.5M+7.5%	$789.6M
Long-Term Debt	$947.2M-20.9%	$1.2B-11.8%	$1.4B-16.6%	$1.6B-10.9%	$1.8B-9.0%	$2.0B0.0%	$2.0B-13.0%	$2.3B
Total Equity	$2.3B+7.9%	$2.2B+10.1%	$2.0B+7.3%	$1.8B+14.1%	$1.6B+13.5%	$1.4B+12.4%	$1.3B+9.2%	$1.2B
Retained Earnings	$10.2B+1.5%	$10.1B+1.5%	$9.9B+1.2%	$9.8B+2.4%	$9.6B+1.7%	$9.4B+1.5%	$9.3B+1.1%	$9.2B

WAT Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	$762.1M+26.4%	$602.8M-1.4%	$611.7M-18.1%	$747.3M-5.5%	$790.5M+22.9%	$643.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$144.0M+90.0%	-$1.4B-1235.8%	-$108.0M+53.4%	-$231.6M+12.3%	-$264.1M-134.4%	$768.8M
Financing Cash Flow	-$696.7M-192.3%	$755.0M+248.1%	-$509.6M-16.3%	-$438.3M+0.5%	-$440.5M+76.5%	-$1.9B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$13.5M-80.7%	$70.3M-88.8%	$626.1M-3.5%	$648.9M+230.4%	$196.4M-92.0%	$2.5B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'24
Operating Cash Flow	N/A	N/A	$259.6M	N/A	N/A	N/A	$262.9M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$26.2M	N/A	N/A	N/A	-$29.7M	N/A
Financing Cash Flow	N/A	N/A	-$173.2M	N/A	N/A	N/A	-$292.2M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$13.9M	N/A	N/A	N/A	$13.1M	N/A

WAT Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Gross Margin	59.4%-0.1pp	59.6%+1.6pp	58.0%-0.5pp	58.5%+1.0pp	57.4%-0.6pp	58.0%
Operating Margin	27.9%+0.3pp	27.7%-1.7pp	29.4%-0.1pp	29.5%+2.2pp	27.3%-2.2pp	29.4%
Net Margin	21.6%-0.2pp	21.7%-2.1pp	23.8%-1.1pp	24.9%+2.8pp	22.1%-2.6pp	24.6%
Return on Equity	34.9%-21.0pp	55.8%-84.5pp	140.3%-48.2pp	188.5%-36.2pp	224.7%	N/A
Return on Assets	14.0%+0.1pp	13.9%-7.7pp	21.6%-0.8pp	22.4%+4.0pp	18.4%-4.8pp	23.2%
Current Ratio	2.11-0.1	2.22-0.0	2.24-0.1	2.39+0.7	1.74-0.5	2.22
Debt-to-Equity	0.89-1.1	2.00-1.0	3.02-1.1	4.12-1.1	5.20+12.5	-7.31
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'24
Gross Margin	N/A	N/A	N/A	60.1%+0.8pp	59.3%-0.1pp	59.3%+0.4pp	58.9%-2.3pp	61.2%
Operating Margin	24.0%-0.4pp	24.4%+1.5pp	22.9%-10.6pp	33.5%+5.0pp	28.5%+1.8pp	26.7%+5.7pp	21.0%-11.2pp	32.2%
Net Margin	18.6%-0.5pp	19.1%+0.7pp	18.3%-8.2pp	26.5%+4.7pp	21.8%+1.7pp	20.2%+4.1pp	16.1%-10.3pp	26.4%
Return on Equity	6.4%-0.4pp	6.8%+0.6pp	6.2%-6.5pp	12.7%+2.6pp	10.1%-0.0pp	10.1%+2.0pp	8.1%-10.7pp	18.8%
Return on Assets	3.1%-0.1pp	3.1%+0.5pp	2.6%-2.4pp	5.1%+1.5pp	3.6%+0.4pp	3.2%+0.9pp	2.3%-2.4pp	4.7%
Current Ratio	1.53-0.2	1.75-0.1	1.81-0.3	2.11+0.1	2.02-0.1	2.10+0.2	1.94-0.3	2.22
Debt-to-Equity	0.41-0.1	0.55-0.1	0.69-0.2	0.89-0.2	1.14-0.3	1.42-0.2	1.60-0.4	2.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Financial Health Signals

Financial Profile 74/100

Profitability

100

Growth

Leverage

Liquidity

Cash Flow

N/A

Returns

100

Based on FY2024 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

11.40

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Neutral

6/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

1.19x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Safe

9.2x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Waters's annual revenue?

Waters (WAT) reported $3.0B in total revenue for fiscal year 2024. This represents a 0.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Waters's revenue growing?

Waters (WAT) revenue grew by 0.1% year-over-year, from $3.0B to $3.0B in fiscal year 2024.

Is Waters profitable?

Yes, Waters (WAT) reported a net income of $637.8M in fiscal year 2024, with a net profit margin of 21.6%.

What is Waters's earnings per share (EPS)?

Waters (WAT) reported diluted earnings per share of $10.71 for fiscal year 2024. This represents a -1.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Waters's EBITDA?

Waters (WAT) had EBITDA of $1.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Waters have?

As of fiscal year 2024, Waters (WAT) had $325.4M in cash and equivalents against $1.6B in long-term debt.

What is Waters's gross margin?

Waters (WAT) had a gross margin of 59.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Waters's operating margin?

Waters (WAT) had an operating margin of 27.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Waters's net profit margin?

Waters (WAT) had a net profit margin of 21.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Waters's return on equity (ROE)?

Waters (WAT) has a return on equity of 34.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Waters's operating cash flow?

Waters (WAT) generated $762.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Waters's total assets?

Waters (WAT) had $4.6B in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Waters spend on research and development?

Waters (WAT) invested $183.0M in research and development during fiscal year 2024.

Does Waters buy back shares?

Yes, Waters (WAT) spent $13.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Waters have outstanding?

Waters (WAT) had 59M shares outstanding as of fiscal year 2024.

What is Waters's current ratio?

Waters (WAT) had a current ratio of 2.11 as of fiscal year 2024, which is generally considered healthy.

What is Waters's debt-to-equity ratio?

Waters (WAT) had a debt-to-equity ratio of 0.89 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Waters's return on assets (ROA)?

Waters (WAT) had a return on assets of 14.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Waters's Altman Z-Score?

Waters (WAT) has an Altman Z-Score of 11.40, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Waters's Piotroski F-Score?

Waters (WAT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Waters's earnings high quality?

Waters (WAT) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Waters cover its interest payments?

Waters (WAT) has an interest coverage ratio of 9.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Waters?

Waters (WAT) scores 74 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.