Waters Corp

Industrials
Biotechnology: Laboratory Analytical Instruments
www.waters.com

Earnings Score
Moat Score

Market Cap $21.30B
PE 32
Debt $1.46B
Cash $382.87M
EV $22.37B
FCF -

Earnings

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Sales & Net Margins

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Earnings	$657.02M
EBIT	$844.25M
ROE	33%
ROA	18%
Equity	$1.96B
Growth Stability	94%
PE	32.42
PEG	1.88
PB	10.85
P/S	7.14
Price/Cash	0.02
Debt/Equity	0.74
Net Margins	18%
Op. Margins	28%
Earnings CAGR	1%
Sales Growth YoY	4%
Sales Growth QoQ	-24%
Sales CAGR	-1%
FCF CAGR	-1%
Equity CAGR	-6%
Earnings Stability	0
Earnings Growth YoY	19%
Earnings Growth QoQ	-48%

Earnings CAGR 5Y	17%
Sales CAGR 5Y	23%
FCF CAGR 5Y	-0%
Equity CAGR 5Y	49%
Earnings CAGR 3Y	0%
Sales CAGR 3Y	0%
FCF CAGR 3Y	-0%
Equity CAGR 3Y	65%
Market Cap	$21.30B
Revenue	$2.98B
Assets	$4.59B
Total Debt	$1.46B
Cash	$382.87M
Shares Outstanding	59.44M
EV	22.37B
Earnings Score	6%
Moat Score	96%
Working Capital	778.91M
Current Ratio	1.81
Shares Growth 3y	0%
Equity Growth QoQ	7%

Assets & ROA

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Stockholders Equity & ROE

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Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales in 2020, Waters generated 59% from pharmaceutical customers, 30% from industrial clients, and 11% from academic/government institutions.

SEC Filings

Direct access to Waters Corp (WAT) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 29
2024
- 10-K Dec 31
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01

Sector Comparison

How does Waters Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Waters Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 1%

Stability 0%

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Waters Corp Discounted Cash Flow

Fully customizable DCF calculator online for Waters Corp .

Years

Calculation mode

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
DCF		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Value	$0

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	23%	24%	1%	25%	25%	22%	25%	24%	22%	22%	18%
ROA	-	13%	12%	20%	28%	23%	27%	27%	18%	18%	18%
ROE	-	23%	1%	38%	-274%	225%	189%	140%	56%	35%	33%

Good Net Margins (18.34%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	3.57	-	2.26	3.73	2.44	-	-	-	2.63	-
Debt over Equity	0.81	0.85	0.94	0.73	-8.26	6.5	4.14	3.23	2.1	0.89	0.74
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	94%	94%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.74)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (94%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	6%	7%	5%	-1%	-2%	18%	7%	-1%	0%	23%
Earnings YoY growth	-	11%	-96%	3K%	-0%	-12%	33%	2%	-9%	-1%	17%
Equity YoY growth	-	12%	-3%	-30%	-114%	-207%	58%	37%	128%	59%	49%
FCF YoY growth	-	19%	12%	-17%	-6%	29%	-5%	-26%	1%	40%	-0%