Waters (WAT) Financials

$349.54 -12.56 (-3.47%)

As of 01:34 PM Eastern

Annual Income Statements for Waters

This table shows Waters' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	638	642	708	693	522	592	594	20	522	469
Consolidated Net Income / (Loss)	638	642	708	693	522	592	594	20	522	469
Net Income / (Loss) Continuing Operations	638	642	708	693	522	592	594	20	522	469
Total Pre-Tax Income	755	736	838	806	611	678	682	641	600	542
Total Operating Income	826	818	873	822	645	708	740	662	625	567
Total Gross Profit	1,758	1,761	1,724	1,629	1,359	1,396	1,427	1,362	1,276	1,200
Total Revenue	2,958	2,956	2,972	2,786	2,365	2,407	2,420	2,309	2,167	2,042
Operating Revenue	2,958	2,956	2,972	2,786	2,365	2,407	2,420	2,309	2,167	2,042
Total Cost of Revenue	1,200	1,195	1,248	1,157	1,007	1,011	993	947	891	843
Operating Cost of Revenue	1,200	1,195	1,248	1,157	1,007	1,011	993	947	891	843
Total Operating Expenses	932	944	850	808	713	687	688	700	651	632
Selling, General & Admin Expense	690	736	658	627	554	535	537	544	512	496
Research & Development Expense	183	175	186	168	141	143	143	138	125	122
Amortization Expense	47	33	6.37	7.14	11	9.69	7.71	6.74	9.89	10
Other Special Charges / (Income)	12	0.00	0.00	5.17	1.18	0.00	-0.43	11	3.52	3.94
Total Other Income / (Expense), net	-71	-81	-36	-16	-35	-30	-58	-21	-25	-26
Interest Expense	90	99	49	45	49	49	49	57	45	36
Interest & Investment Income	17	17	11	12	16	22	39	36	21	11
Other Income / (Expense), net	0.78	0.81	2.23	17	-1.78	-3.59	-48	-0.34	-0.70	-
Income Tax Expense	117	94	130	113	89	86	88	621	79	73
Basic Earnings per Share	$10.75	$10.87	$11.80	$11.25	$8.40	$8.76	$7.71	$0.25	$6.46	$5.70
Weighted Average Basic Shares Outstanding	59.33M	59.08M	59.99M	61.58M	62.09M	67.63M	76.99M	79.79M	80.79M	82.34M
Diluted Earnings per Share	$10.71	$10.84	$11.73	$11.17	$8.36	$8.69	$7.65	$0.25	$6.41	$5.65
Weighted Average Diluted Shares Outstanding	59.55M	59.27M	60.33M	62.03M	62.41M	68.17M	77.62M	80.60M	81.42M	83.09M
Basic & Diluted Earnings per Share	$10.75	-	-	-	-	-	-	$0.25	-	-
Weighted Average Basic & Diluted Shares Outstanding	59.41M	59.20M	58.94M	60.52M	62.19M	62.16M	77M	81.20M	80.70M	82.30M

This table shows Waters' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/31/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Net Income / (Loss) Attributable to Common Shareholders	121	231	162	143	102	216	135	151	141	227	156
Consolidated Net Income / (Loss)	121	231	162	143	102	216	135	151	141	227	156
Net Income / (Loss) Continuing Operations	121	231	162	143	102	216	135	151	141	227	156
Total Pre-Tax Income	143	277	194	169	115	238	153	180	165	275	183
Total Operating Income	152	292	211	189	134	264	179	200	174	286	192
Total Gross Profit	385	524	439	420	375	501	420	440	400	510	401
Total Revenue	662	873	740	709	637	819	712	741	685	859	709
Operating Revenue	662	873	740	709	637	819	712	741	685	859	709
Total Cost of Revenue	277	349	302	288	262	318	291	301	284	348	307
Operating Cost of Revenue	277	349	302	288	262	318	291	301	284	348	307
Total Operating Expenses	233	232	228	231	241	237	241	240	226	224	209
Selling, General & Admin Expense	175	173	169	173	175	180	187	187	182	174	164
Research & Development Expense	47	47	45	46	45	44	42	46	43	48	43
Amortization Expense	12	12	12	12	12	12	12	6.82	1.48	1.50	1.59
Other Special Charges / (Income)	0.00	-	1.33	0.00	10	-	0.00	0.00	0.00	-	-
Total Other Income / (Expense), net	-8.86	-15	-18	-20	-19	-27	-26	-20	-9.00	-11	-8.63
Interest Expense	14	19	21	24	26	31	30	23	14	14	12
Interest & Investment Income	3.89	4.56	4.26	4.33	4.27	4.64	3.88	4.04	4.06	3.48	2.90
Other Income / (Expense), net	1.52	-0.84	-0.34	-0.30	2.26	-0.56	0.33	-0.35	1.39	-0.37	0.90
Income Tax Expense	22	46	32	27	13	21	19	30	24	48	27
Basic Earnings per Share	$2.04	$3.89	$2.72	$2.41	$1.73	$3.64	$2.28	$2.56	$2.39	$3.81	$2.61
Weighted Average Basic Shares Outstanding	59.44M	59.33M	59.37M	59.34M	59.23M	59.08M	59.09M	58.86M	59.02M	59.99M	59.80M
Diluted Earnings per Share	$2.03	$3.88	$2.71	$2.40	$1.72	$3.64	$2.27	$2.55	$2.38	$3.79	$2.60
Weighted Average Diluted Shares Outstanding	59.71M	59.55M	59.50M	59.45M	59.43M	59.27M	59.26M	59.01M	59.32M	60.33M	60.08M
Weighted Average Basic & Diluted Shares Outstanding	59.51M	59.41M	59.38M	59.36M	59.32M	59.20M	59.13M	59.10M	59.03M	58.94M	59.41M

This table details how cash moves in and out of Waters' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-71	-85	-21	65	101	-461	168	137	18	65
Net Cash From Operating Activities	762	603	612	747	791	643	604	698	643	573
Net Cash From Continuing Operating Activities	762	603	612	747	791	643	604	698	643	573
Net Income / (Loss) Continuing Operations	638	642	708	693	522	592	594	20	522	469
Consolidated Net Income / (Loss)	638	642	708	693	522	592	594	20	522	469
Depreciation Expense	87	85	72	72	69	54	58	61	52	45
Amortization Expense	105	81	58	60	57	51	50	45	45	45
Non-Cash Adjustments To Reconcile Net Income	45	36	53	20	44	39	38	44	53	50
Changes in Operating Assets and Liabilities, net	-112	-241	-279	-97	100	-93	-135	527	-28	-35
Net Cash From Investing Activities	-144	-1,442	-108	-232	-264	769	1,683	-536	-488	-400
Net Cash From Continuing Investing Activities	-144	-1,442	-108	-232	-264	769	1,683	-536	-488	-400
Purchase of Property, Plant & Equipment	-142	-161	-176	-161	-172	-164	-96	-85	-95	-100
Acquisitions	0.00	-1,282	0.00	0.00	-81	0.00	-31	0.00	-5.61	-26
Purchase of Investments	-5.22	-1.05	-2.50	-281	-32	-37	-1,006	-2,960	-2,396	-2,010
Sale and/or Maturity of Investments	3.68	1.77	78	218	21	978	2,825	2,522	2,005	1,732
Other Investing Activities, net	0.00	0.00	-7.54	-7.00	0.00	-8.84	-7.62	-12	-	-
Net Cash From Financing Activities	-697	755	-510	-438	-441	-1,873	-2,120	-64	-116	-83
Net Cash From Continuing Financing Activities	-697	755	-510	-438	-441	-1,873	-2,120	-64	-116	-83
Repayment of Debt	-900	-670	-145	-359	-640	-393	-850	-1,313	-327	-123
Repurchase of Common Equity	-14	-70	-626	-649	-196	-2,469	-1,315	-333	-326	-335
Issuance of Debt	170	1,450	205	510	315	926	0.27	1,480	485	325
Issuance of Common Equity	30	30	43	56	66	54	52	98	62	52
Other Financing Activities, net	17	16	14	3.55	15	11	-6.68	3.89	-10	-2.60
Effect of Exchange Rate Changes	7.92	-0.95	-15	-13	15	0.22	-	39	-21	-25
Cash Interest Paid	92	94	48	42	52	43	51	57	44	37
Cash Income Taxes Paid	183	243	160	154	98	88	159	71	50	52

This table details how cash moves in and out of Waters' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/31/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Net Change in Cash & Equivalents	58	-6.09	4.09	-11	-58	59	6.72	-156	5.54	37	25
Net Cash From Operating Activities	260	240	205	55	263	230	158	18	197	199	158
Net Cash From Continuing Operating Activities	260	240	205	55	263	230	158	18	197	199	158
Net Income / (Loss) Continuing Operations	121	231	162	143	102	216	135	151	141	227	156
Consolidated Net Income / (Loss)	121	231	162	143	102	216	135	151	141	227	156
Depreciation Expense	22	22	20	22	22	22	22	21	19	18	17
Amortization Expense	28	26	27	25	26	26	26	18	12	14	15
Non-Cash Adjustments To Reconcile Net Income	13	12	11	11	11	4.55	7.84	11	13	12	12
Changes in Operating Assets and Liabilities, net	76	-52	-15	-147	101	-39	-32	-182	12	-71	-42
Net Cash From Investing Activities	-26	-52	-26	-36	-30	-38	-37	-1,333	-34	-62	-38
Net Cash From Continuing Investing Activities	-26	-52	-26	-36	-30	-38	-37	-1,333	-34	-62	-38
Purchase of Property, Plant & Equipment	-26	-52	-26	-36	-29	-42	-38	-47	-34	-62	-39
Purchase of Investments	-0.51	-2.42	0.12	-0.93	-1.99	0.74	-0.90	-	-0.89	8.90	-0.45
Sale and/or Maturity of Investments	0.00	0.92	0.93	0.92	0.90	-	0.89	-	0.88	-	0.44
Net Cash From Financing Activities	-173	-194	-177	-34	-292	-130	-114	1,158	-159	-111	-88
Net Cash From Continuing Financing Activities	-173	-194	-177	-34	-292	-130	-114	1,158	-159	-111	-88
Repayment of Debt	-170	-200	-180	-220	-300	-150	-125	-250	-145	-10	-
Repurchase of Common Equity	-14	-0.07	-0.14	-0.25	-13	0.16	-0.69	-0.24	-70	-149	-155
Issuance of Common Equity	8.25	5.29	3.24	7.90	14	12	9.46	6.25	2.38	6.67	5.22
Other Financing Activities, net	2.44	1.20	0.02	8.30	6.98	7.66	2.88	2.42	2.88	0.78	2.00
Effect of Exchange Rate Changes	-2.54	-0.54	2.44	4.76	1.26	-3.03	-0.17	-0.16	2.41	12	-6.96

This table presents Waters' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	4,554	4,627	3,281	3,095	2,840	2,557	3,727	5,324	4,662	4,269
Total Current Assets	1,669	1,753	1,764	1,629	1,401	1,312	2,663	4,270	3,635	3,214
Cash & Equivalents	324	395	481	501	437	336	796	642	506	488
Short-Term Investments	0.93	0.90	0.86	68	6.45	1.43	939	2,751	2,307	1,912
Accounts Receivable	733	702	723	613	573	588	568	534	489	468
Inventories, net	477	516	456	356	304	321	292	270	263	263
Other Current Assets	133	138	104	91	80	67	68	72	70	83
Plant, Property, & Equipment, net	651	639	582	548	494	417	343	349	337	333
Plant, Property & Equipment, gross	651	639	582	548	494	-	-	349	-	-
Total Noncurrent Assets	2,233	2,235	935	918	945	827	721	705	689	722
Goodwill	1,296	1,305	430	438	444	356	356	360	352	357
Intangible Assets	568	629	227	242	259	240	247	228	207	218
Other Noncurrent Operating Assets	370	300	278	238	242	231	119	117	130	147
Total Liabilities & Shareholders' Equity	4,554	4,627	3,281	3,095	2,840	2,557	3,727	5,324	4,662	4,269
Total Liabilities	2,725	3,477	2,777	2,727	2,608	2,773	2,160	3,091	2,360	2,210
Total Current Liabilities	790	790	786	681	805	591	449	606	520	564
Short-Term Debt	0.00	50	50	0.00	150	100	0.18	100	125	175
Accounts Payable	100	85	93	97	72	49	68	65	68	71
Accrued Expenses	12	12	12	11	11	12	12	13	13	-
Current Deferred & Payable Income Tax Liabilities	159	120	133	61	77	46	23	73	15	15
Current Employee Benefit Liabilities	94	69	103	101	72	43	65	69	57	55
Other Current Liabilities	426	453	395	411	225	164	116	286	92	94
Total Noncurrent Liabilities	1,936	2,687	1,991	2,047	1,803	2,182	1,711	2,484	1,840	1,646
Long-Term Debt	1,626	2,306	1,525	1,514	1,207	1,581	1,148	1,898	1,702	1,493
Noncurrent Deferred Revenue	30	137	248	320	357	395	431	457	10	-
Noncurrent Employee Benefit Liabilities	45	48	38	64	73	59	56	67	73	77
Other Noncurrent Operating Liabilities	234	197	180	149	166	147	76	63	55	61
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,829	1,150	504	368	232	-216	1,567	2,234	2,302	2,059
Total Preferred & Common Equity	1,829	1,150	504	368	232	-216	1,567	2,234	2,302	2,059
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Common Equity	1,829	1,150	504	368	232	-216	1,567	2,234	2,302	2,059
Common Stock	2,343	2,268	2,201	2,117	2,031	1,928	1,836	1,747	1,609	1,492
Retained Earnings	9,789	9,151	8,509	7,801	7,108	6,587	5,995	5,405	5,385	4,864
Treasury Stock	-10,148	-10,134	-10,064	-9,438	-8,789	-8,613	-6,146	-4,808	-4,476	-4,150
Accumulated Other Comprehensive Income / (Loss)	-155	-134	-142	-112	-118	-119	-118	-110	-216	-147

This table presents Waters' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/31/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Total Assets	4,592	4,554	4,512	4,449	4,509	4,627	4,497	4,548	3,307	3,281	3,070
Total Current Assets	1,740	1,669	1,648	1,604	1,643	1,753	1,635	1,681	1,774	1,764	1,576
Cash & Equivalents	383	324	331	326	337	395	336	330	486	481	444
Accounts Receivable	713	733	670	610	626	702	631	693	683	723	601
Inventories, net	511	477	519	523	539	516	544	537	499	456	442
Other Current Assets	132	133	128	143	140	138	122	120	104	104	88
Plant, Property, & Equipment, net	643	651	643	636	634	639	617	615	590	582	547
Plant, Property & Equipment, gross	643	651	643	636	634	639	617	615	590	582	-
Total Noncurrent Assets	2,208	2,233	2,221	2,209	2,232	2,235	2,246	2,252	943	935	947
Goodwill	1,300	1,296	1,307	1,298	1,298	1,305	1,308	1,314	432	430	420
Intangible Assets	561	568	592	596	611	629	631	650	233	227	213
Other Noncurrent Operating Assets	348	370	323	315	323	300	307	289	279	278	313
Total Liabilities & Shareholders' Equity	4,592	4,554	4,512	4,449	4,509	4,627	4,497	4,548	3,307	3,281	3,070
Total Liabilities	2,629	2,725	2,909	3,037	3,252	3,477	3,592	3,777	2,707	2,777	2,685
Total Current Liabilities	961	790	816	763	848	790	745	809	802	786	732
Short-Term Debt	100	0.00	0.00	0.00	50	50	50	50	50	50	50
Accounts Payable	102	100	95	78	86	85	80	82	94	93	97
Accrued Expenses	12	12	10	10	11	12	11	12	12	12	11
Current Deferred & Payable Income Tax Liabilities	173	159	150	134	121	120	113	121	151	133	117
Current Employee Benefit Liabilities	61	94	79	56	65	69	43	36	26	103	65
Other Current Liabilities	513	426	481	483	516	453	448	508	470	395	144
Total Noncurrent Liabilities	1,668	1,936	2,092	2,275	2,404	2,687	2,847	2,968	1,905	1,991	1,953
Long-Term Debt	1,357	1,626	1,826	2,006	2,006	2,306	2,455	2,580	1,430	1,525	1,495
Noncurrent Deferred Revenue	33	30	18	18	137	137	156	154	249	248	248
Noncurrent Employee Benefit Liabilities	44	45	51	49	49	48	42	44	43	38	49
Other Noncurrent Operating Liabilities	234	234	197	202	212	197	194	189	183	180	161
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,962	1,829	1,603	1,412	1,257	1,150	906	771	600	504	385
Total Preferred & Common Equity	1,962	1,829	1,603	1,412	1,257	1,150	906	771	600	504	385
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,962	1,829	1,603	1,412	1,257	1,150	906	771	600	504	385
Common Stock	2,364	2,343	2,326	2,312	2,293	2,268	2,252	2,234	2,217	2,201	2,183
Retained Earnings	9,910	9,789	9,557	9,396	9,253	9,151	8,935	8,800	8,650	8,509	8,282
Treasury Stock	-10,162	-10,148	-10,148	-10,148	-10,147	-10,134	-10,134	-10,134	-10,133	-10,064	-9,915
Accumulated Other Comprehensive Income / (Loss)	-150	-155	-132	-148	-142	-134	-146	-129	-133	-142	-164

This table displays calculated financial ratios and metrics derived from Waters' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.07%	-0.52%	6.68%	17.78%	-1.71%	-0.55%	4.80%	6.54%	6.12%	2.66%
EBITDA Growth	3.51%	-2.15%	3.65%	26.20%	-5.07%	1.22%	4.24%	6.53%	9.64%	7.40%
EBIT Growth	1.06%	-6.53%	4.38%	30.32%	-8.68%	1.86%	4.55%	6.01%	10.03%	9.57%
NOPAT Growth	-2.11%	-3.32%	4.48%	28.14%	-10.91%	-3.94%	2,969.46%	-96.14%	10.59%	7.82%
Net Income Growth	-0.69%	-9.26%	2.15%	32.84%	-11.93%	-0.27%	2,823.51%	-96.11%	11.18%	8.67%
EPS Growth	-1.20%	-7.59%	5.01%	33.61%	-3.80%	13.59%	2,960.00%	-96.10%	13.45%	11.44%
Operating Cash Flow Growth	26.43%	-1.45%	-18.15%	-5.47%	22.92%	6.39%	-13.36%	8.51%	12.15%	1,117.97%
Free Cash Flow Firm Growth	184.95%	-276.71%	-16.24%	1.17%	13.18%	-6.02%	0.43%	-12.13%	22.18%	6.66%
Invested Capital Growth	0.64%	94.61%	21.78%	14.55%	1.58%	15.03%	17.01%	-36.34%	-1.87%	1.98%
Revenue Q/Q Growth	1.83%	-1.30%	0.75%	30.04%	-18.12%	0.05%	1.16%	2.60%	1.98%	0.13%
EBITDA Q/Q Growth	2.85%	-0.56%	2.25%	-0.34%	5.37%	4.45%	-3.99%	3.35%	4.04%	1.34%
EBIT Q/Q Growth	3.47%	-2.65%	2.89%	-0.33%	4.87%	5.25%	-4.31%	3.31%	4.52%	1.66%
NOPAT Q/Q Growth	0.51%	0.68%	1.54%	0.13%	2.26%	-2.45%	1,035.74%	-96.31%	4.55%	-0.41%
Net Income Q/Q Growth	2.44%	-1.66%	1.55%	-0.30%	3.50%	2.69%	970.48%	-96.29%	4.68%	-0.05%
EPS Q/Q Growth	2.29%	-1.36%	2.45%	0.18%	5.82%	7.28%	821.69%	-96.32%	5.43%	0.89%
Operating Cash Flow Q/Q Growth	1.33%	5.50%	-3.05%	-6.22%	10.57%	1.64%	-1.73%	-33.70%	10.72%	367.60%
Free Cash Flow Firm Q/Q Growth	1.22%	9.21%	-8.67%	-30.79%	16.22%	44.20%	8.78%	-11.61%	18.64%	-12.24%
Invested Capital Q/Q Growth	1.02%	1.18%	7.58%	4.67%	-13.74%	-9.63%	4.24%	-37.70%	-1.90%	3.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.43%	59.57%	58.00%	58.49%	57.44%	58.00%	58.98%	58.99%	58.87%	58.74%
EBITDA Margin	34.44%	33.30%	33.85%	34.84%	32.51%	33.66%	33.07%	33.25%	33.26%	32.19%
Operating Margin	27.93%	27.66%	29.39%	29.50%	27.29%	29.44%	30.57%	28.68%	28.84%	27.78%
EBIT Margin	27.96%	27.69%	29.46%	30.11%	27.21%	29.29%	28.60%	28.66%	28.81%	27.78%
Profit (Net Income) Margin	21.56%	21.72%	23.81%	24.87%	22.05%	24.61%	24.54%	0.88%	24.06%	22.97%
Tax Burden Percent	84.50%	87.23%	84.47%	85.94%	85.38%	87.31%	87.05%	3.17%	86.90%	86.55%
Interest Burden Percent	91.26%	89.95%	95.69%	96.10%	94.90%	96.22%	98.58%	96.86%	96.12%	95.50%
Effective Tax Rate	15.50%	12.77%	15.53%	14.06%	14.62%	12.69%	12.95%	96.83%	13.10%	13.45%
Return on Invested Capital (ROIC)	22.38%	30.30%	50.70%	57.47%	48.48%	58.69%	70.83%	1.95%	40.88%	36.98%
ROIC Less NNEP Spread (ROIC-NNEP)	18.68%	25.65%	47.76%	56.03%	45.87%	51.72%	75.89%	2.00%	43.42%	40.38%
Return on Net Nonoperating Assets (RNNOA)	20.44%	47.32%	111.62%	173.60%	6,527.46%	28.98%	-39.59%	-1.05%	-16.96%	-13.25%
Return on Equity (ROE)	42.82%	77.62%	162.32%	231.06%	6,575.94%	87.67%	31.24%	0.90%	23.92%	23.73%
Cash Return on Invested Capital (CROIC)	21.75%	-33.93%	31.06%	43.91%	46.92%	44.71%	55.16%	46.36%	42.77%	35.02%
Operating Return on Assets (OROA)	18.02%	20.70%	27.46%	28.27%	23.85%	22.43%	15.29%	13.26%	13.98%	13.94%
Return on Assets (ROA)	13.90%	16.24%	22.20%	23.35%	19.33%	18.85%	13.12%	0.41%	11.68%	11.52%
Return on Common Equity (ROCE)	42.82%	77.62%	162.32%	231.06%	6,575.94%	87.67%	31.24%	0.90%	23.92%	23.73%
Return on Equity Simple (ROE_SIMPLE)	34.88%	55.83%	140.29%	188.50%	224.68%	-273.81%	37.89%	0.91%	22.65%	22.78%
Net Operating Profit after Tax (NOPAT)	698	713	738	706	551	619	644	21	543	491
NOPAT Margin	23.60%	24.13%	24.82%	25.35%	23.30%	25.70%	26.61%	0.91%	25.06%	24.05%
Net Nonoperating Expense Percent (NNEP)	3.70%	4.65%	2.95%	1.44%	2.62%	6.97%	-5.06%	-0.06%	-2.54%	-3.41%
Return On Investment Capital (ROIC_SIMPLE)	20.21%	20.35%	35.48%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	40.57%	40.43%	42.00%	41.51%	42.56%	42.00%	41.02%	41.01%	41.13%	41.26%
SG&A Expenses to Revenue	23.33%	24.90%	22.14%	22.51%	23.41%	22.22%	22.19%	23.57%	23.64%	24.27%
R&D to Revenue	6.19%	5.92%	6.26%	6.04%	5.95%	5.94%	5.93%	5.96%	5.78%	5.99%
Operating Expenses to Revenue	31.50%	31.91%	28.61%	28.99%	30.15%	28.56%	28.41%	30.31%	30.03%	30.96%
Earnings before Interest and Taxes (EBIT)	827	818	876	839	644	705	692	662	624	567
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,019	984	1,006	971	769	810	800	768	721	657
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.05	16.92	40.34	61.87	66.13	0.00	9.12	6.88	4.70	5.34
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	14.81	9.34	6.21	7.41
Price to Revenue (P/Rev)	7.45	6.58	6.85	8.16	6.49	6.26	5.90	6.65	5.00	5.38
Price to Earnings (P/E)	34.53	30.31	28.76	32.82	29.43	25.42	24.06	756.49	20.76	23.43
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.90%	3.30%	3.48%	3.05%	3.40%	3.93%	4.16%	0.13%	4.82%	4.27%
Enterprise Value to Invested Capital (EV/IC)	7.45	6.89	13.42	18.05	14.20	14.54	13.98	16.67	7.48	7.65
Enterprise Value to Revenue (EV/Rev)	7.89	7.25	7.22	8.50	6.88	6.81	5.66	6.05	4.54	5.02
Enterprise Value to EBITDA (EV/EBITDA)	22.89	21.77	21.32	24.40	21.15	20.24	17.12	18.19	13.66	15.61
Enterprise Value to EBIT (EV/EBIT)	28.20	26.18	24.49	28.24	25.27	23.27	19.80	21.11	15.77	18.08
Enterprise Value to NOPAT (EV/NOPAT)	33.41	30.04	29.07	33.54	29.51	26.51	21.28	665.84	18.12	20.89
Enterprise Value to Operating Cash Flow (EV/OCF)	30.61	35.54	35.06	31.70	20.58	25.50	22.67	20.02	15.31	17.90
Enterprise Value to Free Cash Flow (EV/FCFF)	34.38	0.00	47.45	43.90	30.50	34.80	27.33	27.98	17.32	22.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.89	2.05	3.12	4.12	5.84	-7.77	0.73	0.89	0.79	0.81
Long-Term Debt to Equity	0.89	2.00	3.02	4.12	5.20	-7.31	0.73	0.85	0.74	0.73
Financial Leverage	1.09	1.84	2.34	3.10	142.31	0.56	-0.52	-0.53	-0.39	-0.33
Leverage Ratio	3.08	4.78	7.31	9.90	340.22	4.65	2.38	2.20	2.05	2.06
Compound Leverage Factor	2.81	4.30	7.00	9.51	322.89	4.48	2.35	2.13	1.97	1.97
Debt to Total Capital	47.08%	67.19%	75.74%	80.46%	85.39%	114.76%	42.29%	47.21%	44.25%	44.76%
Short-Term Debt to Total Capital	0.00%	1.43%	2.40%	0.00%	9.44%	6.85%	0.01%	2.37%	3.03%	4.70%
Long-Term Debt to Total Capital	47.08%	65.76%	73.33%	80.46%	75.95%	107.91%	42.28%	44.84%	41.22%	40.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.92%	32.81%	24.26%	19.54%	14.61%	-14.76%	57.71%	52.79%	55.75%	55.24%
Debt to EBITDA	1.60	2.39	1.57	1.56	1.76	2.08	1.43	2.60	2.54	2.54
Net Debt to EBITDA	1.28	1.99	1.09	0.97	1.19	1.66	-0.73	-1.82	-1.37	-1.11
Long-Term Debt to EBITDA	1.60	2.34	1.52	1.56	1.57	1.95	1.43	2.47	2.36	2.27
Debt to NOPAT	2.33	3.30	2.13	2.14	2.46	2.72	1.78	95.23	3.36	3.40
Net Debt to NOPAT	1.86	2.75	1.48	1.34	1.66	2.17	-0.91	-66.54	-1.81	-1.49
Long-Term Debt to NOPAT	2.33	3.23	2.07	2.14	2.19	2.56	1.78	90.45	3.13	3.04
Altman Z-Score	9.34	7.60	10.17	10.69	8.87	9.05	8.20	6.07	6.08	6.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	2.22	2.24	2.39	1.74	2.22	5.93	7.04	6.99	5.70
Quick Ratio	1.34	1.39	1.53	1.74	1.26	1.56	5.13	6.48	6.35	5.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	678	-799	452	540	533	471	501	499	568	465
Operating Cash Flow to CapEx	534.89%	375.27%	347.69%	463.38%	458.57%	392.55%	629.11%	816.21%	676.99%	604.32%
Free Cash Flow to Firm to Interest Expense	7.57	-8.08	9.26	12.01	10.87	9.68	10.31	8.78	12.65	12.83
Operating Cash Flow to Interest Expense	8.50	6.10	12.53	16.63	16.11	13.21	12.43	12.27	14.32	15.82
Operating Cash Flow Less CapEx to Interest Expense	6.91	4.47	8.93	13.04	12.60	9.84	10.45	10.77	12.20	13.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.75	0.93	0.94	0.88	0.77	0.53	0.46	0.49	0.50
Accounts Receivable Turnover	4.12	4.15	4.45	4.70	4.07	4.16	4.39	4.51	4.53	4.53
Inventory Turnover	2.42	2.46	3.08	3.50	3.22	3.30	3.53	3.55	3.39	3.31
Fixed Asset Turnover	4.59	4.84	5.26	5.35	5.19	6.33	6.99	6.73	6.47	6.24
Accounts Payable Turnover	13.00	13.43	13.13	13.69	16.61	17.25	14.96	14.32	12.89	12.37
Days Sales Outstanding (DSO)	88.56	87.97	82.01	77.69	89.58	87.67	83.12	80.87	80.64	80.60
Days Inventory Outstanding (DIO)	151.07	148.41	118.70	104.21	113.27	110.53	103.31	102.70	107.70	110.42
Days Payable Outstanding (DPO)	28.08	27.18	27.80	26.67	21.97	21.16	24.40	25.49	28.32	29.51
Cash Conversion Cycle (CCC)	211.55	209.20	172.91	155.23	180.88	177.04	162.03	158.08	160.02	161.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,130	3,110	1,598	1,312	1,146	1,128	980	838	1,316	1,341
Invested Capital Turnover	0.95	1.26	2.04	2.27	2.08	2.28	2.66	2.14	1.63	1.54
Increase / (Decrease) in Invested Capital	20	1,512	286	167	18	147	143	-478	-25	26
Enterprise Value (EV)	23,329	21,426	21,445	23,687	16,265	16,399	13,703	13,969	9,843	10,259
Market Capitalization	22,027	19,466	20,352	22,742	15,352	15,055	14,289	15,365	10,829	10,990
Book Value per Share	$30.80	$19.46	$8.49	$6.02	$3.74	($3.36)	$20.69	$28.09	$28.57	$25.21
Tangible Book Value per Share	($0.59)	($13.26)	($2.58)	($5.12)	($7.59)	($12.61)	$12.74	$20.69	$21.63	$18.17
Total Capital	3,455	3,506	2,079	1,881	1,589	1,465	2,716	4,232	4,129	3,727
Total Debt	1,626	2,356	1,575	1,514	1,357	1,681	1,148	1,998	1,827	1,668
Total Long-Term Debt	1,626	2,306	1,525	1,514	1,207	1,581	1,148	1,898	1,702	1,493
Net Debt	1,301	1,960	1,093	945	913	1,344	-587	-1,396	-986	-731
Capital Expenditures (CapEx)	142	161	176	161	172	164	96	85	95	95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	554	617	547	379	303	484	479	371	427	426
Debt-free Net Working Capital (DFNWC)	879	1,013	1,028	948	746	822	2,214	3,764	3,240	2,825
Net Working Capital (NWC)	879	963	978	948	596	721	2,214	3,664	3,115	2,649
Net Nonoperating Expense (NNE)	60	71	30	13	30	26	50	0.67	22	22
Net Nonoperating Obligations (NNO)	1,301	1,960	1,093	945	913	1,344	-587	-1,396	-986	-718
Total Depreciation and Amortization (D&A)	192	166	130	132	125	105	108	106	96	90
Debt-free, Cash-free Net Working Capital to Revenue	18.73%	20.88%	18.40%	13.61%	12.81%	20.13%	19.80%	16.05%	19.72%	20.83%
Debt-free Net Working Capital to Revenue	29.72%	34.27%	34.60%	34.04%	31.54%	34.14%	91.51%	163.02%	149.51%	138.31%
Net Working Capital to Revenue	29.72%	32.58%	32.91%	34.04%	25.20%	29.97%	91.50%	158.68%	143.72%	129.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$10.75	$10.87	$0.00	$11.25	$8.40	$8.76	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	59.33M	59.08M	0.00	61.58M	62.09M	67.63M	0.00	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$10.71	$10.84	$0.00	$11.17	$8.36	$8.69	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	59.55M	59.27M	0.00	62.03M	62.41M	68.17M	0.00	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$10.75	$0.00	$0.00	$0.00	$0.00	$8.76	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.41M	59.20M	0.00	60.52M	62.19M	62.16M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	708	713	738	711	558	619	644	471	546	495
Normalized NOPAT Margin	23.93%	24.13%	24.82%	25.51%	23.59%	25.70%	26.60%	20.41%	25.20%	24.22%
Pre Tax Income Margin	25.52%	24.90%	28.19%	28.94%	25.83%	28.18%	28.19%	27.76%	27.69%	26.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.22	8.28	17.94	18.67	13.12	14.48	14.23	11.64	13.90	15.66
NOPAT to Interest Expense	7.79	7.21	15.12	15.71	11.23	12.70	13.24	0.37	12.09	13.55
EBIT Less CapEx to Interest Expense	7.63	6.65	14.34	15.08	9.61	11.11	12.25	10.14	11.79	13.04
NOPAT Less CapEx to Interest Expense	6.20	5.59	11.51	12.13	7.72	9.34	11.26	-1.13	9.98	10.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	2.12%	10.94%	88.46%	93.66%	37.66%	416.96%	221.48%	1,637.26%	62.47%	71.36%

This table displays calculated financial ratios and metrics derived from Waters' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/29/2025	12/31/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.90%	6.50%	4.02%	-4.33%	-6.99%	-4.55%	0.44%	3.68%	-0.85%	2.64%	7.48%
EBITDA Growth	9.76%	9.07%	13.51%	-0.99%	-10.69%	-1.73%	1.08%	1.27%	-9.46%	7.50%	0.32%
EBIT Growth	12.61%	10.53%	17.27%	-5.36%	-22.47%	-7.78%	-6.82%	-0.83%	-10.27%	9.41%	0.89%
NOPAT Growth	8.24%	1.55%	11.75%	-4.54%	-19.86%	1.90%	-3.52%	-2.49%	-11.20%	5.00%	-3.49%
Net Income Growth	18.77%	7.03%	20.03%	-5.19%	-27.48%	-4.78%	-13.75%	-8.68%	-11.83%	5.01%	-3.22%
EPS Growth	18.02%	6.59%	19.38%	-5.88%	-27.73%	-3.96%	-12.69%	-6.25%	-9.16%	7.98%	0.00%
Operating Cash Flow Growth	-1.26%	4.35%	29.63%	200.99%	33.61%	15.81%	-0.17%	-68.16%	-0.61%	-8.82%	-5.84%
Free Cash Flow Firm Growth	105.29%	117.65%	110.60%	109.64%	-882.24%	-2,448.89%	-1,992.57%	-1,767.09%	-427.89%	-185.89%	-128.07%
Invested Capital Growth	2.09%	0.64%	0.79%	0.64%	86.69%	94.61%	106.92%	110.81%	21.05%	21.78%	18.48%
Revenue Q/Q Growth	-24.18%	17.89%	4.48%	11.26%	-22.29%	15.14%	-3.90%	8.16%	-20.25%	21.16%	-0.81%
EBITDA Q/Q Growth	-40.40%	31.63%	9.43%	27.85%	-40.78%	36.99%	-4.54%	15.33%	-34.84%	40.92%	-4.37%
EBIT Q/Q Growth	-47.41%	38.25%	11.64%	38.72%	-48.38%	46.68%	-9.90%	13.64%	-38.60%	48.21%	-4.11%
NOPAT Q/Q Growth	-47.21%	38.64%	10.53%	33.79%	-50.47%	52.57%	-5.58%	12.32%	-37.02%	44.46%	-4.58%
Net Income Q/Q Growth	-47.54%	43.28%	13.15%	39.67%	-52.73%	60.69%	-10.63%	6.83%	-37.94%	45.55%	-5.38%
EPS Q/Q Growth	-47.68%	43.17%	12.92%	39.53%	-52.75%	60.35%	-10.98%	7.14%	-37.20%	45.77%	-4.41%
Operating Cash Flow Q/Q Growth	8.08%	17.38%	275.14%	-79.25%	14.23%	45.81%	771.06%	-90.79%	-0.99%	25.69%	177.82%
Free Cash Flow Firm Q/Q Growth	-70.27%	47.93%	8.69%	111.06%	0.75%	11.12%	1.15%	-1,026.46%	-157.55%	27.03%	11.81%
Invested Capital Q/Q Growth	-2.98%	1.02%	0.24%	3.92%	-4.37%	1.18%	0.09%	92.77%	-0.31%	7.58%	1.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.18%	60.07%	59.25%	59.32%	58.89%	61.15%	59.05%	59.35%	58.46%	59.44%	56.66%
EBITDA Margin	30.62%	38.96%	34.89%	33.31%	28.99%	38.04%	31.97%	32.19%	30.19%	36.95%	31.77%
Operating Margin	22.93%	33.49%	28.52%	26.69%	21.02%	32.24%	25.21%	26.99%	25.44%	33.35%	27.10%
EBIT Margin	23.16%	33.39%	28.47%	26.65%	21.37%	32.18%	25.26%	26.94%	25.64%	33.30%	27.23%
Profit (Net Income) Margin	18.34%	26.51%	21.82%	20.15%	16.05%	26.38%	18.91%	20.33%	20.58%	26.45%	22.02%
Tax Burden Percent	84.95%	83.54%	83.41%	84.25%	88.98%	91.00%	87.83%	83.51%	85.32%	82.42%	85.07%
Interest Burden Percent	93.23%	95.05%	91.85%	89.73%	84.39%	90.11%	85.22%	90.36%	94.09%	96.36%	95.06%
Effective Tax Rate	15.05%	16.46%	16.59%	15.75%	11.02%	9.00%	12.17%	16.49%	14.68%	17.58%	14.93%
Return on Invested Capital (ROIC)	19.34%	26.53%	22.40%	21.00%	23.82%	36.85%	29.10%	29.79%	44.26%	56.14%	49.65%
ROIC Less NNEP Spread (ROIC-NNEP)	18.80%	25.75%	21.60%	20.16%	22.57%	35.26%	27.69%	28.82%	43.46%	55.26%	48.94%
Return on Net Nonoperating Assets (RNNOA)	16.30%	28.18%	31.54%	36.74%	32.96%	65.06%	70.11%	83.34%	86.25%	129.16%	148.06%
Return on Equity (ROE)	35.64%	54.71%	53.93%	57.74%	56.78%	101.90%	99.20%	113.13%	130.51%	185.29%	197.71%
Cash Return on Invested Capital (CROIC)	21.51%	21.75%	21.72%	21.32%	-30.53%	-33.93%	-38.59%	-39.73%	30.39%	31.06%	36.13%
Operating Return on Assets (OROA)	15.19%	21.52%	18.36%	17.04%	15.91%	24.06%	20.00%	21.24%	23.96%	31.04%	25.97%
Return on Assets (ROA)	12.03%	17.09%	14.07%	12.88%	11.94%	19.73%	14.97%	16.03%	19.23%	24.65%	21.00%
Return on Common Equity (ROCE)	35.64%	54.71%	53.93%	57.74%	56.78%	101.90%	99.20%	113.13%	130.51%	185.29%	197.71%
Return on Equity Simple (ROE_SIMPLE)	33.48%	0.00%	38.84%	42.19%	48.03%	0.00%	72.12%	87.46%	114.84%	0.00%	180.91%
Net Operating Profit after Tax (NOPAT)	129	244	176	159	119	240	158	167	149	236	163
NOPAT Margin	19.48%	27.98%	23.79%	22.49%	18.70%	29.34%	22.14%	22.54%	21.70%	27.48%	23.05%
Net Nonoperating Expense Percent (NNEP)	0.54%	0.78%	0.80%	0.83%	1.25%	1.59%	1.41%	0.97%	0.79%	0.87%	0.71%
Return On Investment Capital (ROIC_SIMPLE)	3.77%	7.07%	-	-	-	6.86%	-	-	-	11.35%	-
Cost of Revenue to Revenue	41.82%	39.93%	40.75%	40.68%	41.11%	38.85%	40.95%	40.65%	41.54%	40.56%	43.34%
SG&A Expenses to Revenue	26.43%	19.85%	22.84%	24.45%	27.41%	22.01%	26.24%	25.24%	26.58%	20.30%	23.20%
R&D to Revenue	7.05%	5.38%	6.12%	6.52%	7.00%	5.42%	5.90%	6.19%	6.24%	5.62%	6.13%
Operating Expenses to Revenue	35.24%	26.58%	30.73%	32.63%	37.88%	28.91%	33.84%	32.36%	33.03%	26.10%	29.56%
Earnings before Interest and Taxes (EBIT)	153	291	211	189	136	264	180	200	176	286	193
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	203	340	258	236	185	312	228	238	207	317	225
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.96	12.05	13.23	12.19	16.20	16.92	17.90	20.40	30.43	40.34	41.89
Price to Tangible Book Value (P/TBV)	211.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.21	7.45	7.30	5.98	7.00	6.58	5.41	5.26	6.15	6.85	5.47
Price to Earnings (P/E)	32.75	34.53	34.07	28.89	33.73	30.31	24.82	23.33	26.49	28.76	23.16
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.05%	2.90%	2.94%	3.46%	2.97%	3.30%	4.03%	4.29%	3.77%	3.48%	4.32%
Enterprise Value to Invested Capital (EV/IC)	7.44	7.45	7.33	6.11	7.42	6.89	5.98	5.87	12.08	13.42	11.61
Enterprise Value to Revenue (EV/Rev)	7.57	7.89	7.82	6.57	7.59	7.25	6.13	6.03	6.49	7.22	5.84
Enterprise Value to EBITDA (EV/EBITDA)	21.78	22.89	22.92	19.68	22.94	21.77	18.56	18.26	19.55	21.32	17.52
Enterprise Value to EBIT (EV/EBIT)	26.76	28.20	28.41	24.58	28.33	26.18	21.86	21.12	22.49	24.49	20.26
Enterprise Value to NOPAT (EV/NOPAT)	31.88	33.41	32.68	27.92	32.27	30.04	25.94	25.23	26.76	29.07	23.73
Enterprise Value to Operating Cash Flow (EV/OCF)	29.77	30.61	30.19	26.78	32.99	35.54	32.16	31.55	31.52	35.06	27.32
Enterprise Value to Free Cash Flow (EV/FCFF)	34.95	34.38	33.87	28.76	0.00	0.00	0.00	0.00	43.54	47.45	34.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.74	0.89	1.14	1.42	1.64	2.05	2.77	3.41	2.47	3.12	4.01
Long-Term Debt to Equity	0.69	0.89	1.14	1.42	1.60	2.00	2.71	3.35	2.38	3.02	3.88
Financial Leverage	0.87	1.09	1.46	1.82	1.46	1.84	2.53	2.89	1.98	2.34	3.03
Leverage Ratio	2.83	3.08	3.59	4.12	4.21	4.78	5.86	6.52	6.51	7.31	9.09
Compound Leverage Factor	2.64	2.93	3.30	3.70	3.55	4.31	5.00	5.89	6.13	7.05	8.64
Debt to Total Capital	42.61%	47.08%	53.25%	58.69%	62.06%	67.19%	73.45%	77.33%	71.16%	75.74%	80.04%
Short-Term Debt to Total Capital	2.92%	0.00%	0.00%	0.00%	1.51%	1.43%	1.47%	1.47%	2.41%	2.40%	2.59%
Long-Term Debt to Total Capital	39.68%	47.08%	53.25%	58.69%	60.56%	65.76%	71.99%	75.86%	68.76%	73.33%	77.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.39%	52.92%	46.75%	41.31%	37.94%	32.81%	26.55%	22.67%	28.84%	24.26%	19.96%
Debt to EBITDA	1.40	1.60	1.84	2.09	2.14	2.39	2.53	2.66	1.50	1.57	1.57
Net Debt to EBITDA	1.04	1.28	1.51	1.75	1.78	1.99	2.19	2.33	1.01	1.09	1.12
Long-Term Debt to EBITDA	1.31	1.60	1.84	2.09	2.08	2.34	2.48	2.61	1.45	1.52	1.52
Debt to NOPAT	2.06	2.33	2.63	2.97	3.01	3.30	3.54	3.68	2.06	2.13	2.13
Net Debt to NOPAT	1.52	1.86	2.15	2.48	2.51	2.75	3.06	3.22	1.38	1.48	1.51
Long-Term Debt to NOPAT	1.91	2.33	2.63	2.97	2.93	3.23	3.47	3.61	1.99	2.07	2.06
Altman Z-Score	8.90	8.95	8.36	7.37	7.58	7.21	6.52	6.24	9.13	9.58	8.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.81	2.11	2.02	2.10	1.94	2.22	2.19	2.08	2.21	2.24	2.15
Quick Ratio	1.14	1.34	1.23	1.23	1.14	1.39	1.30	1.27	1.46	1.53	1.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	67	224	152	140	-1,262	-1,271	-1,431	-1,447	-128	-50	-68
Operating Cash Flow to CapEx	1,008.29%	460.88%	798.58%	151.05%	917.36%	553.34%	414.80%	38.87%	572.12%	319.55%	405.45%
Free Cash Flow to Firm to Interest Expense	4.68	11.81	7.08	5.88	-49.45	-41.41	-46.99	-62.19	-8.89	-3.59	-5.50
Operating Cash Flow to Interest Expense	18.19	12.64	9.54	2.30	10.30	7.50	5.18	0.78	13.62	14.30	12.73
Operating Cash Flow Less CapEx to Interest Expense	16.38	9.90	8.35	0.78	9.18	6.14	3.93	-1.22	11.24	9.82	9.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.64	0.65	0.64	0.74	0.75	0.79	0.79	0.93	0.93	0.95
Accounts Receivable Turnover	4.45	4.12	4.47	4.41	4.44	4.15	4.86	4.49	4.60	4.45	5.20
Inventory Turnover	2.31	2.42	2.20	2.19	2.26	2.46	2.48	2.62	2.83	3.08	3.01
Fixed Asset Turnover	4.67	4.59	4.61	4.60	4.75	4.84	5.15	5.15	5.22	5.26	5.48
Accounts Payable Turnover	12.91	13.00	13.42	14.47	13.05	13.43	13.89	13.79	13.35	13.13	13.49
Days Sales Outstanding (DSO)	81.95	88.56	81.72	82.70	82.18	87.97	75.07	81.29	79.41	82.01	70.15
Days Inventory Outstanding (DIO)	157.72	151.07	165.87	166.76	161.56	148.41	146.98	139.26	129.00	118.70	121.23
Days Payable Outstanding (DPO)	28.28	28.08	27.21	25.23	27.98	27.18	26.28	26.46	27.34	27.80	27.06
Cash Conversion Cycle (CCC)	211.39	211.55	220.38	224.23	215.75	209.20	195.78	194.09	181.07	172.91	164.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,036	3,130	3,098	3,091	2,974	3,110	3,073	3,071	1,593	1,598	1,485
Invested Capital Turnover	0.99	0.95	0.94	0.93	1.27	1.26	1.31	1.32	2.04	2.04	2.15
Increase / (Decrease) in Invested Capital	62	20	24	20	1,381	1,512	1,588	1,614	277	286	232
Enterprise Value (EV)	22,590	23,329	22,707	18,888	22,071	21,426	18,375	18,034	19,244	21,445	17,238
Market Capitalization	21,516	22,027	21,212	17,210	20,353	19,466	16,207	15,735	18,251	20,352	16,138
Book Value per Share	$33.03	$30.80	$27.01	$23.80	$21.21	$19.46	$15.32	$13.06	$10.18	$8.49	$6.43
Tangible Book Value per Share	$1.71	($0.59)	($4.98)	($8.13)	($11.02)	($13.26)	($17.49)	($20.19)	($1.09)	($2.58)	($4.15)
Total Capital	3,419	3,455	3,429	3,418	3,312	3,506	3,411	3,401	2,080	2,079	1,930
Total Debt	1,457	1,626	1,826	2,006	2,056	2,356	2,505	2,630	1,480	1,575	1,545
Total Long-Term Debt	1,357	1,626	1,826	2,006	2,006	2,306	2,455	2,580	1,430	1,525	1,495
Net Debt	1,074	1,301	1,495	1,679	1,718	1,960	2,168	2,300	993	1,093	1,100
Capital Expenditures (CapEx)	26	52	26	36	29	42	38	47	34	62	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	496	554	500	514	506	617	602	591	535	547	449
Debt-free Net Working Capital (DFNWC)	879	879	832	841	844	1,013	939	922	1,022	1,028	894
Net Working Capital (NWC)	779	879	832	841	794	963	889	872	972	978	844
Net Nonoperating Expense (NNE)	7.52	13	15	17	17	24	23	16	7.67	8.89	7.34
Net Nonoperating Obligations (NNO)	1,074	1,301	1,495	1,679	1,718	1,960	2,168	2,300	993	1,093	1,100
Total Depreciation and Amortization (D&A)	49	49	48	47	49	48	48	39	31	31	32
Debt-free, Cash-free Net Working Capital to Revenue	16.63%	18.73%	17.22%	17.86%	17.41%	20.88%	20.10%	19.76%	18.03%	18.40%	15.22%
Debt-free Net Working Capital to Revenue	29.46%	29.72%	28.63%	29.24%	29.03%	34.27%	31.36%	30.81%	34.45%	34.60%	30.29%
Net Working Capital to Revenue	26.11%	29.72%	28.63%	29.24%	27.32%	32.58%	29.69%	29.13%	32.76%	32.91%	28.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.04	$3.89	$2.72	$2.41	$1.73	$3.64	$2.28	$2.56	$2.39	$3.81	$2.61
Adjusted Weighted Average Basic Shares Outstanding	59.44M	59.33M	59.37M	59.34M	59.23M	59.08M	59.09M	58.86M	59.02M	59.99M	59.80M
Adjusted Diluted Earnings per Share	$2.03	$3.88	$2.71	$2.40	$1.72	$3.64	$2.27	$2.55	$2.38	$3.79	$2.60
Adjusted Weighted Average Diluted Shares Outstanding	59.71M	59.55M	59.50M	59.45M	59.43M	59.27M	59.26M	59.01M	59.32M	60.33M	60.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.51M	59.41M	59.38M	59.36M	59.32M	59.20M	59.13M	59.10M	59.03M	58.94M	59.41M
Normalized Net Operating Profit after Tax (NOPAT)	129	244	177	159	128	240	158	167	149	236	163
Normalized NOPAT Margin	19.48%	27.98%	23.94%	22.49%	20.13%	29.34%	22.14%	22.54%	21.70%	27.48%	23.05%
Pre Tax Income Margin	21.59%	31.74%	26.15%	23.91%	18.04%	28.99%	21.53%	24.34%	24.12%	32.09%	25.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.74	15.34	9.83	7.96	5.33	8.59	5.90	8.57	12.15	20.57	15.53
NOPAT to Interest Expense	9.03	12.85	8.22	6.72	4.67	7.83	5.18	7.17	10.29	16.98	13.15
EBIT Less CapEx to Interest Expense	8.94	12.60	8.64	6.44	4.21	7.23	4.66	6.57	9.77	16.10	12.39
NOPAT Less CapEx to Interest Expense	7.23	10.11	7.02	5.19	3.54	6.48	3.93	5.17	7.91	12.50	10.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	2.19%	2.12%	2.14%	2.33%	2.30%	10.94%	33.58%	55.42%	76.28%	88.46%	90.88%

Frequently Asked Questions About Waters' Financials

When does Waters's fiscal year end?

According to the most recent income statement we have on file, Waters' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Waters' net income changed over the last 9 years?

Waters' net income appears to be on an upward trend, with a most recent value of $637.83 million in 2024, rising from $469.05 million in 2015. The previous period was $642.23 million in 2023. See Waters' forecast for analyst expectations on what’s next for the company.

What is Waters's operating income?

Waters's total operating income in 2024 was $826.35 million, based on the following breakdown:

Total Gross Profit: $1.76 billion
Total Operating Expenses: $931.83 million

How has Waters revenue changed over the last 9 years?

Over the last 9 years, Waters' total revenue changed from $2.04 billion in 2015 to $2.96 billion in 2024, a change of 44.9%.

How much debt does Waters have?

Waters' total liabilities were at $2.73 billion at the end of 2024, a 21.6% decrease from 2023, and a 23.3% increase since 2015.

How much cash does Waters have?

In the past 9 years, Waters' cash and equivalents has ranged from $324.42 million in 2024 to $796.28 million in 2018, and is currently $324.42 million as of their latest financial filing in 2024.

How has Waters' book value per share changed over the last 9 years?

Over the last 9 years, Waters' book value per share changed from 25.21 in 2015 to 30.80 in 2024, a change of 22.1%.

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This page (NYSE:WAT) was last updated on 5/21/2025 by MarketBeat.com Staff

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Waters (WAT) Financials

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Waters (WAT) Financials

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