Companies / Health Care
WAT
Waters Corporation
Life Sciences Tools & Services
Life Sciences Tools & ServicesAnalysis in progress
In progress
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Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Operating health68
Growth41
Profitability80
Cash generation68
Balance sheet80
Dilution control74
Key ratios and five-year financials
Latest quarter revenue YoY (2026-10-03)120.9%Revenue growth (FY)7.0%Revenue CAGR (3y)2.1%Gross margin59.3%Operating margin25.4%Net margin20.3%Free cash flow margin17.1%R&D / revenue6.2%Stock comp / revenue1.7%Net debt / operating cash flow1.26xCurrent ratio1.73Diluted share count change0.3%
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Gross profit | $1.6B | $1.7B | $1.8B | $1.8B | $1.9B |
| Operating income | $822M | $873M | $818M | $826M | $803M |
| Net income | $693M | $708M | $642M | $638M | $643M |
| Operating cash flow | $747M | $612M | $603M | $762M | $653M |
| Capital expenditure | — | — | $161M | $142M | $113M |
| Free cash flow | $747M | $612M | $442M | $620M | $540M |
| R&D | $168M | $176M | $175M | $183M | $196M |
| Stock-based comp | $30M | $43M | $37M | $45M | $54M |
| Buybacks | $649M | $626M | $70M | $14M | $15M |
| Cash | $501M | $481M | $395M | $325M | $588M |
| Total debt | $1.5B | $1.6B | $2.4B | $1.6B | $1.4B |
| Equity | $368M | $504M | $1.2B | $1.8B | $2.6B |
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