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

Waters Corp (WAT) reported diluted earnings per share of $10.76 for fiscal year 2025. This represents a 0.5% 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.

Waters Corp (WAT) Financials

WAT

FY2025 annual

Revenue $3.2B +7.0% YoY

Net Income $642.6M +0.8% YoY

EPS (Diluted) $10.76 +0.5% YoY

Free Cash Flow $539.8M -12.9% YoY

Market Cap $42.2B as of Oct 9, 2026

Price / Sales 9.1x on $4.6B revenue, trailing 12 months to July 4, 2026

Price / Earnings 254x on $166.1M net income, trailing 12 months to July 4, 2026

Price / Book 2.8x on $15.2B equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jul 4, 2026 Reported Aug 11, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q3 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WAT SEC filings page.

Waters Corp (WAT) reported $3.2B in revenue for fiscal year 2025, up 7.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI WAT FY2025 2026-10-03

FY2025 sales recovered, but rising overhead and working-capital needs prevented that growth from becoming higher cash generation.

Despite revenue growth, free cash flow fell from $619.6M in FY2024 to $539.8M in FY2025. Because capital spending also declined to $112.7M, the deterioration points toward working capital absorbing cash rather than heavier reinvestment.

Gross margin stayed near 59% through FY2025, indicating stable underlying production economics. Operating margin fell from 27.7% in FY2023 to 25.4% in FY2025, showing that overhead absorbed more of the sales recovery.

Debt-to-equity dropped from 2.0x in FY2023 to 0.4x in FY2025, showing a materially less debt-dependent capital structure. The current ratio nevertheless narrowed from 2.2x to 1.7x, meaning short-term liabilities grew faster than current assets even as long-term leverage eased.

Financial Health Signals

Financial Health Score 71/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Waters Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Waters Corp has an operating margin of 25.4%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 95/100, reflecting efficient cost management and pricing power. This is down from 27.9% the prior year.

Growth

Waters Corp's revenue grew 7.0% year-over-year to $3.2B, a solid pace of expansion. This earns a growth score of 43/100.

Leverage

Waters Corp carries a low D/E ratio of 0.37, meaning only $0.37 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Waters Corp's current ratio of 1.73 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Waters Corp converts 17.1% of revenue into free cash flow ($539.8M). This strong cash generation earns a score of 83/100.

Returns

Waters Corp earns a strong 25.1% return on equity (ROE), meaning it generates $25 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 86/100. This is down from 34.9% the prior year.

Altman Z-Score Safe

14.29

Waters Corp scores 14.29, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($42.2B) relative to total liabilities ($2.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Waters Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.02x

For every $1 of reported earnings, Waters Corp generates $1.02 in operating cash flow ($652.6M OCF vs $642.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

11.54x

Waters Corp earns $11.54 in operating income for every $1 of interest expense ($802.6M vs $69.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.6B

YoY+105.7%

QoQ+29.8%

5Y CAGR+19.3%

10Y CAGR+13.2%

Waters Corp generated $1.6B in revenue in Q3 2026. This represents an increase of 105.7% from the same quarter a year earlier. Against the prior quarter it is up 29.8%.

EBITDA

$215.0M

YoY-12.0%

QoQ+34.4%

5Y CAGR-1.3%

10Y CAGR+5.6%

Waters Corp's EBITDA was $215.0M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.0% from the same quarter a year earlier. Against the prior quarter it is up 34.4%.

Net Income

-$136.0M

YoY-191.3%

QoQ-88.9%

Waters Corp reported -$136.0M in net income in Q3 2026. This represents a decrease of 191.3% from the same quarter a year earlier. Against the prior quarter it is down 88.9%.

EPS (Diluted)

-$1.39

QoQ-59.8%

Waters Corp earned -$1.39 per diluted share (EPS) in Q3 2026. Against the prior quarter it is down 59.8%.

Cash & Balance Sheet

Free Cash Flow

$153.0M

QoQ+464.3%

Waters Corp generated $153.0M in free cash flow in Q3 2026, representing cash available after capex. Against the prior quarter it is up 464.3%.

Cash & Debt

$539.0M

YoY+17.4%

QoQ+16.7%

5Y CAGR+3.2%

10Y CAGR+2.6%

Waters Corp held $539.0M in cash against $4.9B in long-term debt as of Q3 2026.

Shares Outstanding

98M

QoQ+0.1%

5Y CAGR+9.9%

10Y CAGR+2.0%

Waters Corp had 98M shares outstanding in Q3 2026. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Operating Margin

-5.2%

YoY-29.3pp

QoQ-1.5pp

5Y change-34.1pp

10Y change-28.9pp

Waters Corp's operating margin was -5.2% in Q3 2026, reflecting core business profitability. This is down 29.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.5 percentage points.

Net Margin

-8.3%

YoY-26.9pp

QoQ-2.6pp

5Y change-32.8pp

10Y change-28.1pp

Waters Corp's net profit margin was -8.3% in Q3 2026, showing the share of revenue converted to profit. This is down 26.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.

Return on Equity

-0.9%

YoY-7.3pp

QoQ-0.4pp

5Y change-63.3pp

Waters Corp's ROE was -0.9% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 7.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.

Gross Margin

Not reported for Q3 2026.

Capital Allocation

R&D Spending

$122.0M

YoY+127.4%

QoQ+27.1%

5Y CAGR+22.1%

10Y CAGR+15.3%

Waters Corp invested $122.0M in research and development in Q3 2026. This represents an increase of 127.4% from the same quarter a year earlier. Against the prior quarter it is up 27.1%.

Share Buybacks

$2.0M

YoY+282.4%

QoQ-83.3%

5Y CAGR-58.8%

10Y CAGR-32.1%

Waters Corp spent $2.0M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 282.4% from the same quarter a year earlier. Against the prior quarter it is down 83.3%.

Capital Expenditures

$48.0M

QoQ+23.1%

Waters Corp invested $48.0M in capex in Q3 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 23.1%.

WAT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WAT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$4.6B	$3.2B+7.0%	$3.0B+0.1%	$3.0B-0.5%	$3.0B+6.7%	$2.8B+17.8%	$2.4B-1.7%	$2.4B-0.6%	$2.4B+4.8%	$2.3B+6.5%	$2.2B+6.1%	$2.0B+2.7%	$2.0B+4.5%	$1.9B+3.3%	$1.8B-0.4%	$1.9B
Cost of Revenue	N/A	$1.3B+7.4%	$1.2B+0.4%	$1.2B-4.2%	$1.2B+7.9%	$1.2B+14.9%	$1.0B-0.4%	$1.0B+1.8%	$992.6M+4.8%	$947.1M+6.2%	$891.5M+5.8%	$842.7M+2.2%	$824.9M+5.3%	$783.5M+6.2%	$737.6M+1.0%	$730.5M
Gross Profit	N/A	$1.9B+6.7%	$1.8B-0.2%	$1.8B+2.2%	$1.7B+5.8%	$1.6B+19.9%	$1.4B-2.7%	$1.4B-2.2%	$1.4B+4.8%	$1.4B+6.7%	$1.3B+6.4%	$1.2B+3.0%	$1.2B+3.9%	$1.1B+1.3%	$1.1B-1.3%	$1.1B
R&D Expenses	$318.5M	$195.7M+6.9%	$183.0M+4.6%	$174.9M-0.7%	$176.2M+4.7%	$168.4M+19.6%	$140.8M-1.5%	$143.0M-0.3%	$143.4M+8.2%	$132.6M+5.9%	$125.2M+5.6%	$118.5M+10.0%	$107.7M+7.2%	$100.5M+4.7%	$96.0M+4.0%	$92.3M
SG&A Expenses	$1.2B	$830.4M+20.3%	$690.1M-6.2%	$736.0M+11.9%	$658.0M+5.0%	$627.0M+13.2%	$553.7M+3.5%	$534.8M-0.4%	$536.9M-1.4%	$544.4M+6.3%	$512.3M+3.3%	$495.7M-3.3%	$512.7M+4.0%	$493.0M+3.3%	$477.3M-2.6%	$490.0M
Operating Income	$329.6M	$802.6M-2.9%	$826.4M+1.1%	$817.7M-6.4%	$873.4M+6.3%	$821.7M+27.3%	$645.5M-8.9%	$708.5M-4.2%	$739.8M+11.7%	$662.2M+5.9%	$625.0M+10.1%	$567.5M+9.6%	$517.9M+0.1%	$517.3M+1.1%	$511.5M-3.2%	$528.6M
EBITDA	N/A	$1.0B-0.9%	$1.0B+3.6%	$983.3M-2.0%	$1.0B+5.3%	$953.3M+23.6%	$771.2M+1.2%	$762.3M-4.4%	$797.7M+10.2%	$723.6M+6.9%	$676.7M+10.4%	$612.7M+0.1%	$612.1M+2.5%	$597.0M+2.9%	$580.3M-2.5%	$595.0M
Interest Expense	$148.9M	$69.5M-22.4%	$89.7M-9.3%	$98.9M+102.6%	$48.8M+8.6%	$44.9M-8.4%	$49.1M+0.8%	$48.7M+0.1%	$48.6M-14.4%	$56.8M+26.6%	$44.9M+23.9%	$36.2M+6.0%	$34.2M+13.8%	$30.1M+7.0%	$28.1M+27.8%	$22.0M
Income Tax	$39.2M	$112.2M-4.1%	$117.0M+24.5%	$94.0M-27.7%	$130.1M+14.8%	$113.3M+26.9%	$89.3M+3.8%	$86.0M-2.6%	$88.4M-85.8%	$620.8M+689.7%	$78.6M+7.9%	$72.9M+23.3%	$59.1M+47.4%	$40.1M+53.2%	$26.2M-65.7%	$76.3M
Net Income	$166.1M	$642.6M+0.8%	$637.8M-0.7%	$642.2M-9.3%	$707.8M+2.2%	$692.8M+32.8%	$521.6M-11.9%	$592.2M-0.3%	$593.8M+2823.5%	$20.3M-96.1%	$521.5M+11.2%	$469.1M+8.7%	$431.6M-4.1%	$450.0M-2.5%	$461.4M	N/A
EPS (Basic)	N/A	$10.80+0.5%	$10.75-1.1%	$10.87-7.9%	$11.80+4.9%	$11.25+33.9%	$8.40-4.1%	$8.76+13.6%	$7.71+2984.0%	$0.25-96.1%	$6.46+13.3%	$5.70+11.3%	$5.12-2.8%	$5.27+0.4%	$5.25+10.1%	$4.77
EPS (Diluted)	—	$10.76+0.5%	$10.71-1.2%	$10.84-7.6%	$11.73+5.0%	$11.17+33.6%	$8.36-3.8%	$8.69+13.6%	$7.65+2960.0%	$0.25-96.1%	$6.41+13.5%	$5.65+11.4%	$5.07-2.5%	$5.20+0.2%	$5.19+10.7%	$4.69
Diluted Shares (Avg)	N/A	60M+0.3%	60M+0.5%	59M-1.8%	60M-2.7%	62M-0.6%	62M-8.4%	68M-12.2%	78M-3.7%	81M-1.0%	81M-2.0%	83M-2.4%	85M-1.6%	87M-2.7%	89M-3.6%	92M

Metric	Q3'2610-Q	Q2'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$1.6B+105.7%	$1.3B+64.3%	$932.4M+6.8%	$799.9M+8.0%	$771.0M+8.8%	$662.0M+4.0%	$872.7M+6.5%	$740.3M+4.0%
Cost of Revenue	N/A	N/A	$362.9M+4.1%	$327.8M+8.7%	$321.4M+11.5%	$276.7M+5.7%	$348.5M+9.5%	$301.7M+3.5%
Gross Profit	N/A	N/A	$569.5M+8.6%	$472.1M+7.6%	$449.6M+7.0%	$385.3M+2.7%	$524.2M+4.6%	$438.6M+4.4%
R&D Expenses	$122.0M+127.4%	$96.0M+97.7%	$46.9M0.0%	$53.6M+18.3%	$48.5M+5.1%	$46.6M+4.5%	$46.9M+5.7%	$45.3M+8.0%
SG&A Expenses	$405.0M+89.1%	$387.0M+92.3%	$240.0M+38.5%	$214.2M+26.7%	$201.3M+16.2%	$174.9M+0.2%	$173.3M-3.9%	$169.1M-9.5%
Operating Income	-$86.0M-144.8%	-$47.0M-125.0%	$270.5M-7.4%	$192.1M-9.0%	$188.2M-0.5%	$151.7M+13.4%	$292.3M+10.6%	$211.1M+17.7%
EBITDA	$215.0M-12.0%	$160.0M-33.1%	$323.4M-5.0%	$244.3M-5.8%	$239.2M+1.2%	$201.7M+10.9%	$340.6M+9.3%	$259.4M+14.0%
Interest Expense	$60.0M+125.3%	$48.0M+234.4%	$14.3M-24.8%	$26.6M+24.3%	$14.4M-39.5%	$14.3M-44.1%	$19.0M-38.1%	$21.4M-29.6%
Income Tax	-$5.0M-123.6%	-$16.0M-152.3%	$39.0M-14.5%	$21.2M-34.0%	$30.6M+14.6%	$21.5M+69.9%	$45.6M+113.1%	$32.1M+72.3%
Net Income	-$136.0M-191.3%	-$72.0M-149.0%	$225.2M-2.7%	$148.9M-7.8%	$147.0M+3.0%	$121.0M+18.4%	$231.4M+7.0%	$161.5M+20.0%
EPS (Basic)	-$1.39-155.6%	-$0.87-135.2%	$3.78-3.1%	$2.50-8.1%	$2.47+2.5%	$2.04+17.9%	$3.90+6.6%	$2.72+19.3%
EPS (Diluted)	-$1.39	-$0.87-135.2%	$3.77-2.8%	$2.50-7.7%	$2.47+2.9%	$2.03+18.0%	$3.88+6.3%	$2.71+19.4%
Diluted Shares (Avg)	98.20B	82.14B+137587.7%	60M+0.2%	60M+0.2%	60M+0.3%	60M+0.5%	60M+0.6%	60M+0.5%

WAT Balance Sheet

WAT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$5.1B+11.5%	$4.6B-1.6%	$4.6B+41.0%	$3.3B+6.0%	$3.1B+9.0%	$2.8B+11.1%	$2.6B-31.4%	$3.7B-30.0%	$5.3B+14.2%	$4.7B+9.2%	$4.3B+10.2%	$3.9B+8.2%	$3.6B+13.1%	$3.2B+16.3%	$2.7B
Current Assets	$2.1B+28.7%	$1.7B-4.8%	$1.8B-0.6%	$1.8B+8.3%	$1.6B+16.3%	$1.4B+6.7%	$1.3B-50.7%	$2.7B-37.6%	$4.3B+17.5%	$3.6B+13.1%	$3.2B+14.1%	$2.8B+10.2%	$2.6B+13.2%	$2.3B+16.3%	$1.9B
Cash & Equivalents	$588.0M+80.7%	$325.4M-17.6%	$395.1M-17.8%	$480.5M-4.1%	$501.2M+14.8%	$436.7M+30.1%	$335.7M-57.8%	$796.3M+24.0%	$642.3M+27.0%	$505.6M+3.7%	$487.7M+15.5%	$422.2M-4.2%	$440.8M-8.4%	$481.0M+25.3%	$384.0M
Short-Term Investments	$0-100.0%	$934K+4.0%	$898K+4.2%	$862K-98.7%	$68.1M+954.9%	$6.5M+351.4%	$1.4M-99.8%	$938.9M-65.9%	$2.8B+19.2%	$2.3B+20.7%	$1.9B+17.0%	$1.6B+19.8%	$1.4B+28.8%	$1.1B+17.9%	$897.4M
Inventory	$572.0M+19.9%	$477.3M-7.5%	$516.2M+13.3%	$455.7M+28.0%	$356.1M+17.0%	$304.3M-5.1%	$320.6M+9.9%	$291.6M+7.9%	$270.3M+2.9%	$262.7M-0.3%	$263.4M+6.9%	$246.4M+1.5%	$242.8M+5.8%	$229.6M+7.8%	$212.9M
Accounts Receivable	$829.0M+13.0%	$733.4M+4.4%	$702.2M-2.9%	$722.9M+18.0%	$612.6M+6.9%	$573.3M-2.5%	$587.7M+3.4%	$568.3M+6.5%	$533.8M+9.1%	$489.3M+4.5%	$468.3M+8.0%	$433.6M+0.6%	$431.0M+6.5%	$404.6M+10.2%	$367.1M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$7.0M	$0-100.0%	$2.0M0.0%	$2.0M-33.3%	$3.0M0.0%	$3.0M-25.0%	$4.0M
Goodwill	$1.3B+3.4%	$1.3B-0.7%	$1.3B+203.4%	$430.3M-1.7%	$437.9M-1.5%	$444.4M+24.8%	$356.1M+0.1%	$355.6M-1.2%	$359.8M+2.2%	$352.1M-1.3%	$356.9M+0.6%	$354.8M+1.3%	$350.4M+10.6%	$316.8M+6.7%	$297.1M
Total Liabilities	$2.5B-7.7%	$2.7B-21.6%	$3.5B+25.2%	$2.8B+1.8%	$2.7B+4.6%	$2.6B-6.0%	$2.8B+28.4%	$2.2B-30.1%	$3.1B+31.0%	$2.4B+6.8%	$2.2B+11.6%	$2.0B+8.8%	$1.8B+7.0%	$1.7B+13.6%	$1.5B
Current Liabilities	$1.2B+56.9%	$789.8M0.0%	$789.6M+0.5%	$785.7M+15.5%	$680.5M-15.5%	$805.0M+36.1%	$591.3M+31.7%	$448.9M-25.9%	$606.2M+16.5%	$520.3M-7.8%	$564.1M-2.8%	$580.5M+19.1%	$487.5M-3.3%	$504.2M-16.2%	$601.9M
Non-Current Liabilities	$1.3B-34.1%	$1.9B-28.0%	$2.7B+34.9%	$2.0B-2.7%	$2.0B+13.5%	$1.8B-17.4%	$2.2B+27.5%	$1.7B-31.1%	$2.5B+35.0%	$1.8B+11.8%	$1.6B+17.6%	$1.4B+5.1%	$1.3B+11.3%	$1.2B+33.7%	$894.8M
Long-Term Debt	$947.0M-41.8%	$1.6B-29.5%	$2.3B+51.2%	$1.5B+0.7%	$1.5B+25.5%	$1.2B-23.7%	$1.6B+37.7%	$1.1B-39.5%	$1.9B+11.5%	$1.7B+14.0%	$1.5B+20.7%	$1.2B+4.0%	$1.2B+13.9%	$1.0B+49.3%	$700.0M
Total Equity	$2.6B+40.1%	$1.8B+59.0%	$1.2B+128.0%	$504.5M+37.3%	$367.6M+58.3%	$232.1M+207.3%	-$216.3M-113.8%	$1.6B-29.8%	$2.2B-3.0%	$2.3B+11.8%	$2.1B+8.7%	$1.9B+7.5%	$1.8B+20.2%	$1.5B+19.6%	$1.2B
Retained Earnings	$10.4B+6.6%	$9.8B+7.0%	$9.2B+7.5%	$8.5B+9.1%	$7.8B+9.7%	$7.1B+7.9%	$6.6B+9.9%	$6.0B+10.9%	$5.4B+0.4%	$5.4B+10.7%	$4.9B+10.7%	$4.4B+10.9%	$4.0B+12.8%	$3.5B+15.1%	$3.1B

Metric	Q3'2610-Q	Q2'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$24.8B+409.0%	$24.5B+419.9%	$5.1B+11.5%	$4.9B+7.8%	$4.7B+6.0%	$4.6B+1.8%	$4.6B-1.6%	$4.5B+0.3%
Current Assets	$4.5B+132.7%	$4.1B+128.0%	$2.1B+28.7%	$1.9B+16.5%	$1.8B+11.1%	$1.7B+5.9%	$1.7B-4.8%	$1.6B+0.8%
Cash & Equivalents	$539.0M+17.4%	$462.0M+25.8%	$588.0M+80.7%	$459.1M+38.9%	$367.2M+12.5%	$382.9M+13.5%	$325.4M-17.6%	$330.5M-1.8%
Short-Term Investments	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$934K+4.0%	$944K+5.1%
Inventory	$1.4B+140.3%	$1.5B+176.7%	$572.0M+19.9%	$572.9M+10.4%	$540.8M+3.4%	$511.5M-5.0%	$477.3M-7.5%	$519.0M-4.7%
Accounts Receivable	$2.0B+165.5%	$673.0M-7.8%	$829.0M+13.0%	$748.5M+11.8%	$730.1M+19.7%	$713.3M+13.9%	$733.4M+4.4%	$669.5M+6.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$9.4B+603.9%	$9.3B+596.4%	$1.3B+3.4%	$1.3B+2.4%	$1.3B+3.1%	$1.3B+0.2%	$1.3B-0.7%	$1.3B-0.1%
Total Liabilities	$9.6B+277.4%	$9.2B+261.1%	$2.5B-7.7%	$2.5B-12.9%	$2.6B-15.8%	$2.6B-19.2%	$2.7B-21.6%	$2.9B-19.0%
Current Liabilities	$2.4B+91.7%	$2.3B+123.7%	$1.2B+56.9%	$1.3B+53.3%	$1.0B+33.3%	$961.0M+13.3%	$789.8M0.0%	$816.0M+9.5%
Non-Current Liabilities	$7.2B+458.9%	$7.0B+351.7%	$1.3B-34.1%	$1.3B-38.8%	$1.5B-32.2%	$1.7B-30.6%	$1.9B-28.0%	$2.1B-26.5%
Long-Term Debt	$4.9B+415.8%	$4.9B+305.6%	$947.0M-41.8%	$947.2M-48.1%	$1.2B-40.3%	$1.4B-32.4%	$1.6B-29.5%	$1.8B-25.6%
Total Equity	$15.2B+552.0%	$15.3B+608.0%	$2.6B+40.1%	$2.3B+45.4%	$2.2B+53.0%	$2.0B+56.1%	$1.8B+59.0%	$1.6B+77.0%
Retained Earnings	$10.2B+0.2%	$10.4B+3.0%	$10.4B+6.6%	$10.2B+6.8%	$10.1B+7.0%	$9.9B+7.1%	$9.8B+7.0%	$9.6B+7.0%

WAT Cash Flow Statement

WAT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$549.6M	$652.6M-14.4%	$762.1M+26.4%	$602.8M-1.4%	$611.7M-18.1%	$747.3M-5.5%	$790.5M+22.9%	$643.1M+6.4%	$604.4M-13.4%	$697.6M+8.5%	$642.9M+12.2%	$573.2M+12.0%	$511.6M+5.5%	$484.9M+7.9%	$449.3M-9.7%	$497.4M
Depreciation & Amortization	N/A	$206.1M+7.4%	$192.0M+15.9%	$165.6M+27.4%	$130.0M-1.2%	$131.6M+4.7%	$125.7M+133.4%	$53.8M-7.1%	$58.0M-5.7%	$61.5M+18.9%	$51.7M+14.1%	$45.3M-51.9%	$94.2M+18.2%	$79.7M+15.8%	$68.8M+3.7%	$66.4M
Stock-Based Compensation	N/A	$54.1M+21.1%	$44.7M+21.3%	$36.9M-13.4%	$42.6M+42.3%	$29.9M-18.8%	$36.9M-4.4%	$38.6M+2.8%	$37.5M-4.8%	$39.4M-3.8%	$41.0M+22.9%	$33.4M+1.1%	$33.0M+4.1%	$31.7M+8.7%	$29.2M+5.8%	$27.6M
Capital Expenditures	N/A	$112.7M-20.9%	$142.5M-11.3%	$160.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	$539.8M-12.9%	$619.6M+40.1%	$442.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$29.7M	-$152.3M-6.4%	-$143.1M+90.1%	-$1.4B-1235.8%	-$108.0M+53.4%	-$231.6M+12.3%	-$264.1M-134.4%	$768.8M-54.3%	$1.7B+414.2%	-$535.8M-9.8%	-$487.9M	N/A	N/A	-$464.7M-56.8%	-$296.4M+16.7%	-$356.0M
Financing Cash Flow	-$400.2M	-$237.2M+66.0%	-$696.7M-192.3%	$755.0M+248.1%	-$509.6M-16.3%	-$438.3M+0.5%	-$440.5M+76.5%	-$1.9B+11.6%	-$2.1B-3218.5%	-$63.9M+44.8%	-$115.7M	N/A	N/A	-$64.6M+2.9%	-$66.5M-10.1%	-$60.4M
Share Buybacks	$14.7M	$14.7M+8.3%	$13.5M-80.7%	$70.3M-88.8%	$626.1M-3.5%	$648.9M+230.4%	$196.4M-92.0%	$2.5B+87.8%	$1.3B+295.5%	$332.5M+2.1%	$325.8M-2.7%	$334.7M-0.8%	$337.4M+11.9%	$301.6M+1.9%	$295.9M-20.2%	$370.8M

Metric	Q3'2610-Q	Q2'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$201.0M+7.5%	-$3.0M-107.3%	$164.6M-31.5%	$187.0M-8.6%	$41.0M-24.8%	$260.0M-1.1%	$240.1M+4.4%	$204.6M+29.6%
Depreciation & Amortization	$301.0M+476.5%	$207.0M+305.9%	$52.9M+9.5%	$52.2M+8.1%	$51.0M+7.9%	$50.0M+3.9%	$48.3M+2.0%	$48.3M+0.5%
Stock-Based Compensation	N/A	$20.0M	N/A	N/A	N/A	$13.0M+19.1%	N/A	N/A
Capital Expenditures	$48.0M	$39.0M+69.6%	N/A	N/A	$23.0M	$26.0M	N/A	N/A
Free Cash Flow	$153.0M	-$42.0M-333.3%	N/A	N/A	$18.0M	$234.0M	N/A	N/A
Investing Cash Flow	$2.0M+108.0%	$95.0M+261.0%	-$42.1M+17.7%	-$25.1M+3.6%	-$59.0M-63.4%	-$26.0M+12.6%	-$51.2M-34.9%	-$26.1M+30.3%
Financing Cash Flow	-$124.0M-86.4%	-$213.0M-21200.0%	$3.3M+101.7%	-$66.5M+62.4%	-$1.0M+97.1%	-$173.0M+40.8%	-$193.6M-48.4%	-$176.9M-55.8%
Share Buybacks	$2.0M+282.4%	$12.0M	$144K+118.2%	$523K+270.9%	$0-100.0%	$14.0M+7.0%	$66K-57.7%	$141K-79.6%

Not reported in any period shown, so not listed: Dividends Paid.

WAT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WAT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	59.3%-0.2pp	59.4%-0.1pp	59.6%+1.6pp	58.0%-0.5pp	58.5%+1.0pp	57.4%-0.6pp	58.0%-1.0pp	59.0%0.0pp	59.0%+0.1pp	58.9%+0.1pp	58.7%+0.2pp	58.5%-0.3pp	58.9%-1.1pp	60.0%-0.6pp	60.5%
Operating Margin	25.4%-2.6pp	27.9%+0.3pp	27.7%-1.7pp	29.4%-0.1pp	29.5%+2.2pp	27.3%-2.2pp	29.4%-1.1pp	30.6%+1.9pp	28.7%-0.2pp	28.8%+1.1pp	27.8%+1.8pp	26.0%-1.1pp	27.2%-0.6pp	27.7%-0.8pp	28.5%
Net Margin	20.3%-1.3pp	21.6%-0.2pp	21.7%-2.1pp	23.8%-1.1pp	24.9%+2.8pp	22.1%-2.6pp	24.6%+0.1pp	24.5%+23.7pp	0.9%-23.2pp	24.1%+1.1pp	23.0%+1.3pp	21.7%-1.9pp	23.6%-1.4pp	25.0%	N/A
Return on Equity	25.1%-9.8pp	34.9%-21.0pp	55.8%-84.5pp	140.3%-48.2pp	188.5%-36.2pp	224.7%	N/A	37.9%+37.0pp	0.9%-21.7pp	22.7%-0.1pp	22.8%0.0pp	22.8%-2.7pp	25.5%-5.9pp	31.4%	N/A
Return on Assets	12.7%-1.4pp	14.0%+0.1pp	13.9%-7.7pp	21.6%-0.8pp	22.4%+4.0pp	18.4%-4.8pp	23.2%+7.2pp	15.9%+15.6pp	0.4%-10.8pp	11.2%+0.2pp	11.0%-0.2pp	11.1%-1.4pp	12.6%-2.0pp	14.6%	N/A
Current Ratio	1.73-0.4x	2.11-0.1x	2.220.0x	2.24-0.1x	2.39+0.7x	1.74-0.5x	2.22-3.7x	5.93-1.1x	7.04+0.1x	6.99+1.3x	5.70+0.8x	4.85-0.4x	5.24+0.8x	4.48+1.3x	3.23
Debt-to-Equity	0.37-0.5x	0.89-1.1x	2.00-1.0x	3.02-1.1x	4.12-1.1x	5.20	N/A	0.73-0.1x	0.85+0.1x	0.740.0x	0.73+0.1x	0.650.0x	0.670.0x	0.71+0.1x	0.57
Asset Turnover	0.620.0x	0.650.0x	0.64-0.3x	0.910.0x	0.90+0.1x	0.83-0.1x	0.94+0.3x	0.65+0.2x	0.430.0x	0.460.0x	0.480.0x	0.510.0x	0.53-0.1x	0.58-0.1x	0.68
FCF Margin	17.1%-3.9pp	20.9%+6.0pp	15.0%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Gross Margin	N/A	N/A	61.1%+1.0pp	59.0%-0.2pp	58.3%-1.0pp	58.2%-0.7pp	60.1%-1.1pp	59.3%+0.2pp
Operating Margin	-5.2%-29.3pp	-3.7%-28.1pp	29.0%-4.5pp	24.0%-4.5pp	24.4%-2.3pp	22.9%+1.9pp	33.5%+1.2pp	28.5%+3.3pp
Net Margin	-8.3%-26.9pp	-5.7%-24.8pp	24.2%-2.3pp	18.6%-3.2pp	19.1%-1.1pp	18.3%+2.2pp	26.5%+0.1pp	21.8%+2.9pp
Return on Equity	-0.9%-7.3pp	-0.5%-7.3pp	8.8%-3.9pp	6.4%-3.7pp	6.8%-3.3pp	6.2%-2.0pp	12.7%-6.1pp	10.1%-4.8pp
Return on Assets	-0.5%-3.6pp	-0.3%-3.4pp	4.4%-0.6pp	3.1%-0.5pp	3.1%-0.1pp	2.6%+0.4pp	5.1%+0.4pp	3.6%+0.6pp
Current Ratio	1.86+0.3x	1.790.0x	1.73-0.4x	1.53-0.5x	1.75-0.3x	1.81-0.1x	2.11-0.1x	2.02-0.2x
Debt-to-Equity	0.32-0.1x	0.32-0.2x	0.37-0.5x	0.41-0.7x	0.55-0.9x	0.69-0.9x	0.89-1.1x	1.14-1.6x
Asset Turnover	0.07-0.1x	0.05-0.1x	0.180.0x	0.160.0x	0.160.0x	0.140.0x	0.190.0x	0.160.0x
FCF Margin	9.3%	-3.3%-5.6pp	N/A	N/A	2.3%	35.4%	N/A	N/A

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Waters Corp WAT	FY2025	$3.2B	$642.6M	20.3%	$42.2B	71/100
Quest Diagnostics Inc. DGX	FY2025	$11.0B	$992.0M	9.0%	$25.5B	54/100
Illumina Inc ILMN	FY2025	$4.3B	$850.0M	19.6%	$40.0B	44/100
Labcorp Holdings Inc. LH	FY2025	$14.0B	$877.0M	6.3%	$25.5B	50/100
Mettler-Toledo International MTD	FY2025	$4.0B	$869.2M	21.6%	$30.6B	27/100

Where Waters Corp Ranks

Frequently Asked Questions

What is Waters Corp's annual revenue?

Waters Corp (WAT) reported $3.2B in total revenue for fiscal year 2025. This represents a 7.0% 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 Corp's revenue growing?

Waters Corp (WAT) revenue grew by 7.0% year-over-year, from $3.0B to $3.2B in fiscal year 2025.

Is Waters Corp profitable?

Yes, Waters Corp (WAT) reported a net income of $642.6M in fiscal year 2025, with a net profit margin of 20.3%.

What is Waters Corp's EBITDA?

Waters Corp (WAT) had EBITDA of $1.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Waters Corp have?

As of fiscal year 2025, Waters Corp (WAT) had $588.0M in cash and equivalents against $947.0M in long-term debt.

What is Waters Corp's gross margin?

Waters Corp (WAT) had a gross margin of 59.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Waters Corp's operating margin?

Waters Corp (WAT) had an operating margin of 25.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Waters Corp's net profit margin?

Waters Corp (WAT) had a net profit margin of 20.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Waters Corp (WAT) has a return on equity of 25.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Waters Corp's free cash flow?

Waters Corp (WAT) generated $539.8M in free cash flow during fiscal year 2025. This represents a -12.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Waters Corp's operating cash flow?

Waters Corp (WAT) generated $652.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Waters Corp's total assets?

Waters Corp (WAT) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Waters Corp's capital expenditures?

Waters Corp (WAT) invested $112.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Waters Corp spend on research and development?

Waters Corp (WAT) invested $195.7M in research and development during fiscal year 2025.

Does Waters Corp buy back shares?

Yes, Waters Corp (WAT) spent $14.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Waters Corp have outstanding?

Waters Corp (WAT) had 98M shares outstanding as of fiscal year 2025.

What is Waters Corp's current ratio?

Waters Corp (WAT) had a current ratio of 1.73 as of fiscal year 2025, which is generally considered healthy.

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

Waters Corp (WAT) had a debt-to-equity ratio of 0.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Waters Corp (WAT) had a return on assets of 12.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Waters Corp's P/E ratio?

Waters Corp (WAT) trades at 254x earnings, its market capitalization divided by net income of $166.1M net income, trailing 12 months to July 4, 2026. The market capitalization is $42.2B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Waters Corp's price-to-sales ratio?

Waters Corp (WAT) trades at 9.1x sales, its market capitalization divided by revenue of $4.6B revenue, trailing 12 months to July 4, 2026. The market capitalization is $42.2B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Waters Corp's Altman Z-Score?

Waters Corp (WAT) has an Altman Z-Score of 14.29, 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. Learn more in our complete guide to financial health indicators.

What is Waters Corp's Piotroski F-Score?

Waters Corp (WAT) has a Piotroski F-Score of 4 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Waters Corp's earnings high quality?

Waters Corp (WAT) has an earnings quality ratio of 1.02x, 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. Learn more in our complete guide to financial health indicators.

Can Waters Corp cover its interest payments?

Waters Corp (WAT) has an interest coverage ratio of 11.54x, 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. Learn more in our complete guide to financial health indicators.

How financially healthy is Waters Corp?

Waters Corp (WAT) scores 71 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.