Waters (WAT) Financials

$355.12 +4.63 (+1.32%)

Closing price 05/8/2026 03:59 PM Eastern

Extended Trading

$354.41 -0.71 (-0.20%)

As of 05/8/2026 06:31 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	469	522	20	594	592	522	693	708	642	638	643
Consolidated Net Income / (Loss)	469	522	20	594	592	522	693	708	642	638	643
Net Income / (Loss) Continuing Operations	469	522	20	594	592	522	693	708	642	638	643
Total Pre-Tax Income	542	600	641	682	678	611	806	838	736	755	755
Total Operating Income	567	625	662	740	708	645	822	873	818	826	803
Total Gross Profit	1,200	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761	1,758	1,876
Total Revenue	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
Operating Revenue	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
Total Cost of Revenue	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289
Operating Cost of Revenue	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200	1,289
Total Operating Expenses	632	651	700	688	687	713	808	850	944	932	1,074
Selling, General & Admin Expense	496	512	544	537	535	554	627	658	736	690	830
Research & Development Expense	122	125	138	143	143	141	168	186	175	183	196
Amortization Expense	10	9.89	6.74	7.71	9.69	11	7.14	6.37	33	47	48
Other Special Charges / (Income)	3.94	3.52	11	-0.43	0.00	1.18	5.17	0.00	0.00	12	0.00
Total Other Income / (Expense), net	-26	-25	-21	-58	-30	-35	-16	-36	-81	-71	-48
Interest Expense	36	45	57	49	49	49	45	49	99	90	70
Interest & Investment Income	11	21	36	39	22	16	12	11	17	17	19
Other Income / (Expense), net	-	-0.70	-0.34	-48	-3.59	-1.78	17	2.23	0.81	0.78	3.06
Income Tax Expense	73	79	621	88	86	89	113	130	94	117	112
Basic Earnings per Share	$5.70	$6.46	$0.25	$7.71	$8.76	$8.40	$11.25	$11.80	$10.87	$10.75	$10.80
Weighted Average Basic Shares Outstanding	82.34M	80.79M	79.79M	76.99M	67.63M	62.09M	61.58M	59.99M	59.08M	59.33M	59.51M
Diluted Earnings per Share	$5.65	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71	$10.76
Weighted Average Diluted Shares Outstanding	83.09M	81.42M	80.60M	77.62M	68.17M	62.41M	62.03M	60.33M	59.27M	59.55M	59.71M
Weighted Average Basic & Diluted Shares Outstanding	82.30M	80.70M	81.20M	77M	62.16M	62.19M	60.52M	58.94M	59.20M	59.41M	98.10M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	151	135	216	102	143	162	231	121	147	149	225
Consolidated Net Income / (Loss)	151	135	216	102	143	162	231	121	147	149	225
Net Income / (Loss) Continuing Operations	151	135	216	102	143	162	231	121	147	149	225
Total Pre-Tax Income	180	153	238	115	169	194	277	143	178	170	264
Total Operating Income	200	179	264	134	189	211	292	152	188	192	271
Total Gross Profit	440	420	501	375	420	439	524	385	450	472	569
Total Revenue	741	712	819	637	709	740	873	662	771	800	932
Operating Revenue	741	712	819	637	709	740	873	662	771	800	932
Total Cost of Revenue	301	291	318	262	288	302	349	277	321	328	363
Operating Cost of Revenue	301	291	318	262	288	302	349	277	321	328	363
Total Operating Expenses	240	241	237	241	231	228	232	233	262	280	299
Selling, General & Admin Expense	187	187	180	175	173	169	173	175	201	214	240
Research & Development Expense	46	42	44	45	46	45	47	47	49	54	47
Amortization Expense	6.82	12	12	12	12	12	12	12	12	12	12
Total Other Income / (Expense), net	-20	-26	-27	-19	-20	-18	-15	-8.86	-11	-22	-6.34
Interest Expense	23	30	31	26	24	21	19	14	14	27	14
Interest & Investment Income	4.04	3.88	4.64	4.27	4.33	4.26	4.56	3.89	4.51	4.71	5.67
Other Income / (Expense), net	-0.35	0.33	-0.56	2.26	-0.30	-0.34	-0.84	1.52	-0.68	-0.07	2.28
Income Tax Expense	30	19	21	13	27	32	46	22	31	21	39
Basic Earnings per Share	$2.56	$2.28	$3.64	$1.73	$2.41	$2.72	$3.89	$2.04	$2.47	$2.50	$3.79
Weighted Average Basic Shares Outstanding	58.86M	59.09M	59.08M	59.23M	59.34M	59.37M	59.33M	59.44M	59.52M	59.53M	59.51M
Diluted Earnings per Share	$2.55	$2.27	$3.64	$1.72	$2.40	$2.71	$3.88	$2.03	$2.47	$2.50	$3.76
Weighted Average Diluted Shares Outstanding	59.01M	59.26M	59.27M	59.43M	59.45M	59.50M	59.55M	59.71M	59.66M	59.62M	59.71M
Weighted Average Basic & Diluted Shares Outstanding	59.10M	59.13M	59.20M	59.32M	59.36M	59.38M	59.41M	59.51M	59.52M	59.53M	98.10M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	65	18	137	168	-461	101	65	-21	-85	-70	262
Net Cash From Operating Activities	573	643	698	604	643	791	747	612	603	762	653
Net Cash From Continuing Operating Activities	573	643	698	604	643	791	747	612	603	762	653
Net Income / (Loss) Continuing Operations	469	522	20	594	592	522	693	708	642	638	643
Consolidated Net Income / (Loss)	469	522	20	594	592	522	693	708	642	638	643
Depreciation Expense	45	52	61	58	54	69	72	72	85	87	88
Amortization Expense	45	45	45	50	51	57	60	58	81	105	118
Non-Cash Adjustments To Reconcile Net Income	50	53	44	38	39	44	20	53	37	45	54
Changes in Operating Assets and Liabilities, net	-35	-28	527	-135	-93	100	-97	-279	-242	-112	-250
Net Cash From Investing Activities	-400	-488	-536	1,683	769	-264	-232	-108	-1,442	-143	-152
Net Cash From Continuing Investing Activities	-400	-488	-536	1,683	769	-264	-232	-108	-1,442	-143	-152
Purchase of Property, Plant & Equipment	-100	-95	-85	-96	-164	-172	-161	-176	-161	-142	-113
Acquisitions	-26	-5.61	0.00	-31	0.00	-81	0.00	0.00	-1,282	0.00	-35
Purchase of Investments	-2,010	-2,396	-2,960	-1,006	-37	-32	-281	-2.50	-1.05	-5.22	-7.30
Sale of Property, Plant & Equipment	5.15	-	-	-	-	-	-	-	0.00	0.00	2.84
Sale and/or Maturity of Investments	1,732	2,005	2,522	2,825	978	21	218	78	1.77	4.61	0.00
Net Cash From Financing Activities	-83	-116	-64	-2,120	-1,873	-441	-438	-510	755	-697	-237
Net Cash From Continuing Financing Activities	-83	-116	-64	-2,120	-1,873	-441	-438	-510	755	-697	-237
Repayment of Debt	-123	-327	-1,313	-850	-393	-640	-359	-145	-670	-900	-313
Repurchase of Common Equity	-335	-326	-333	-1,315	-2,469	-196	-649	-626	-70	-14	-15
Issuance of Debt	325	485	1,480	0.27	926	315	510	205	1,450	170	70
Issuance of Common Equity	52	62	98	52	54	66	56	43	30	30	21
Other Financing Activities, net	-2.60	-10	3.89	-6.68	11	15	3.55	14	16	17	-0.01
Effect of Exchange Rate Changes	-25	-21	39	-	0.22	15	-13	-15	-0.95	7.92	-0.62
Cash Interest Paid	37	44	57	51	43	52	42	48	94	92	45
Cash Income Taxes Paid	52	50	71	159	88	98	154	160	243	183	244

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025
Net Change in Cash & Equivalents	-156	6.72	59	-58	-11	4.09	-6.09	58	-16	92	129
Net Cash From Operating Activities	18	158	230	263	55	205	240	260	41	187	165
Net Cash From Continuing Operating Activities	18	158	230	263	55	205	240	260	41	187	165
Net Income / (Loss) Continuing Operations	151	135	216	102	143	162	231	121	147	149	225
Consolidated Net Income / (Loss)	151	135	216	102	143	162	231	121	147	149	225
Depreciation Expense	21	22	22	22	22	20	22	22	22	22	22
Amortization Expense	18	26	26	26	25	27	26	28	29	30	31
Non-Cash Adjustments To Reconcile Net Income	11	7.84	4.55	11	11	11	12	13	13	14	15
Changes in Operating Assets and Liabilities, net	-182	-32	-39	101	-147	-15	-52	76	-171	-28	-128
Net Cash From Investing Activities	-1,333	-37	-38	-30	-36	-26	-52	-26	-58	-26	-42
Net Cash From Continuing Investing Activities	-1,333	-37	-38	-30	-36	-26	-52	-26	-58	-26	-42
Purchase of Property, Plant & Equipment	-47	-38	-42	-29	-36	-26	-52	-26	-23	-25	-39
Purchase of Investments	-	-0.90	0.74	-1.99	-0.93	0.12	-2.42	-0.51	-0.79	-	-6.00
Net Cash From Financing Activities	1,158	-114	-130	-292	-34	-177	-194	-173	-1.03	-66	3.34
Net Cash From Continuing Financing Activities	1,158	-114	-130	-292	-34	-177	-194	-173	-1.03	-66	3.34
Repayment of Debt	-250	-125	-150	-300	-220	-180	-200	-170	-75	-68	-0.34
Repurchase of Common Equity	-0.24	-0.69	0.16	-13	-0.25	-0.14	-0.07	-14	-0.38	-0.21	-0.14
Issuance of Common Equity	6.25	9.46	12	14	7.90	3.24	5.29	8.25	4.49	2.88	5.17
Other Financing Activities, net	2.42	2.88	7.66	6.98	8.30	0.02	1.20	2.44	-0.64	-0.46	-1.35
Effect of Exchange Rate Changes	-0.16	-0.17	-3.03	1.26	4.76	2.44	-0.54	-2.54	2.58	-3.62	2.96

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554	5,077
Total Current Assets	3,214	3,635	4,270	2,663	1,312	1,401	1,629	1,764	1,753	1,669	2,148
Cash & Equivalents	488	506	642	796	336	437	501	481	395	325	588
Accounts Receivable	468	489	534	568	588	573	613	723	702	733	829
Inventories, net	263	263	270	292	321	304	356	456	516	477	572
Other Current Assets	83	70	72	68	67	80	91	104	138	133	159
Plant, Property, & Equipment, net	333	337	349	343	417	494	548	582	639	651	642
Plant, Property & Equipment, gross	-	-	349	-	-	494	548	582	639	651	642
Total Noncurrent Assets	722	689	705	721	827	945	918	935	2,235	2,233	2,287
Goodwill	357	352	360	356	356	444	438	430	1,305	1,296	1,340
Intangible Assets	218	207	228	247	240	259	242	227	629	568	558
Other Noncurrent Operating Assets	147	130	117	119	231	242	238	278	300	370	389
Total Liabilities & Shareholders' Equity	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554	5,077
Total Liabilities	2,210	2,360	3,091	2,160	2,773	2,608	2,727	2,777	3,477	2,725	2,515
Total Current Liabilities	564	520	606	449	591	805	681	786	790	790	1,239
Short-Term Debt	175	125	100	0.18	100	150	0.00	50	50	0.00	460
Accounts Payable	71	68	65	68	49	72	97	93	85	100	104
Accrued Expenses	-	13	13	12	12	11	11	12	12	12	12
Current Deferred & Payable Income Tax Liabilities	15	15	73	23	46	77	61	133	120	159	36
Current Employee Benefit Liabilities	55	57	69	65	43	72	101	103	69	94	100
Other Current Liabilities	94	92	286	116	164	225	411	395	453	426	528
Total Noncurrent Liabilities	1,646	1,840	2,484	1,711	2,182	1,803	2,047	1,991	2,687	1,936	1,276
Long-Term Debt	1,493	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626	947
Noncurrent Deferred Revenue	-	10	457	431	395	357	320	248	137	30	34
Noncurrent Employee Benefit Liabilities	77	73	67	56	59	73	64	38	48	45	44
Other Noncurrent Operating Liabilities	61	55	63	76	147	166	149	180	197	234	250
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	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,561
Total Preferred & Common Equity	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,561
Preferred Stock	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829	2,561
Common Stock	1,492	1,609	1,747	1,836	1,928	2,031	2,117	2,201	2,268	2,343	2,418
Retained Earnings	4,864	5,385	5,405	5,995	6,587	7,108	7,801	8,509	9,151	9,789	10,431
Treasury Stock	-4,150	-4,476	-4,808	-6,146	-8,613	-8,789	-9,438	-10,064	-10,134	-10,148	-10,162
Accumulated Other Comprehensive Income / (Loss)	-147	-216	-110	-118	-119	-118	-112	-142	-134	-155	-125

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 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025
Total Assets	3,307	4,548	4,497	4,627	4,509	4,449	4,512	4,554	4,592	4,718	4,863
Total Current Assets	1,774	1,681	1,635	1,753	1,643	1,604	1,648	1,669	1,740	1,782	1,919
Cash & Equivalents	486	330	336	395	337	326	331	324	383	367	459
Accounts Receivable	683	693	631	702	626	610	670	733	713	730	749
Inventories, net	499	537	544	516	539	523	519	477	511	541	573
Other Current Assets	104	120	122	138	140	143	128	133	132	144	139
Plant, Property, & Equipment, net	590	615	617	639	634	636	643	651	643	645	637
Plant, Property & Equipment, gross	590	615	617	639	634	636	643	651	643	645	637
Total Noncurrent Assets	943	2,252	2,246	2,235	2,232	2,209	2,221	2,233	2,208	2,291	2,306
Goodwill	432	1,314	1,308	1,305	1,298	1,298	1,307	1,296	1,300	1,338	1,338
Intangible Assets	233	650	631	629	611	596	592	568	561	579	571
Other Noncurrent Operating Assets	279	289	307	300	323	315	323	370	348	374	397
Total Liabilities & Shareholders' Equity	3,307	4,548	4,497	4,627	4,509	4,449	4,512	4,554	4,592	4,718	4,863
Total Liabilities	2,707	3,777	3,592	3,477	3,252	3,037	2,909	2,725	2,629	2,558	2,532
Total Current Liabilities	802	809	745	790	848	763	816	790	961	1,016	1,251
Short-Term Debt	50	50	50	50	50	0.00	0.00	0.00	100	260	460
Accounts Payable	94	82	80	85	86	78	95	100	102	98	116
Accrued Expenses	12	12	11	12	11	10	10	12	12	12	12
Current Deferred & Payable Income Tax Liabilities	151	121	113	120	121	134	150	159	173	32	56
Current Employee Benefit Liabilities	26	36	43	69	65	56	79	94	61	55	80
Other Current Liabilities	470	508	448	453	516	483	481	426	513	559	527
Total Noncurrent Liabilities	1,905	2,968	2,847	2,687	2,404	2,275	2,092	1,936	1,668	1,542	1,281
Long-Term Debt	1,430	2,580	2,455	2,306	2,006	2,006	1,826	1,626	1,357	1,197	947
Noncurrent Deferred Revenue	249	154	156	137	137	18	18	30	33	27	31
Noncurrent Employee Benefit Liabilities	43	44	42	48	49	49	51	45	44	46	48
Other Noncurrent Operating Liabilities	183	189	194	197	212	202	197	234	234	272	255
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	600	771	906	1,150	1,257	1,412	1,603	1,829	1,962	2,160	2,331
Total Preferred & Common Equity	600	771	906	1,150	1,257	1,412	1,603	1,829	1,962	2,160	2,331
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	600	771	906	1,150	1,257	1,412	1,603	1,829	1,962	2,160	2,331
Common Stock	2,217	2,234	2,252	2,268	2,293	2,312	2,326	2,343	2,364	2,382	2,398
Retained Earnings	8,650	8,800	8,935	9,151	9,253	9,396	9,557	9,789	9,910	10,057	10,206
Treasury Stock	-10,133	-10,134	-10,134	-10,134	-10,147	-10,148	-10,148	-10,148	-10,162	-10,162	-10,162
Accumulated Other Comprehensive Income / (Loss)	-133	-129	-146	-134	-142	-148	-132	-155	-150	-117	-111

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.66%	6.12%	6.54%	4.80%	-0.55%	-1.71%	17.78%	6.68%	-0.52%	0.07%	6.99%
EBITDA Growth	7.40%	9.64%	6.53%	4.24%	1.22%	-5.07%	26.20%	3.65%	-2.15%	3.51%	-0.69%
EBIT Growth	9.57%	10.03%	6.01%	4.55%	1.86%	-8.68%	30.32%	4.38%	-6.53%	1.06%	-2.60%
NOPAT Growth	7.82%	10.59%	-96.14%	2,969.46%	-3.94%	-10.91%	28.14%	4.48%	-3.32%	-2.11%	-2.15%
Net Income Growth	8.67%	11.18%	-96.11%	2,823.51%	-0.27%	-11.93%	32.84%	2.15%	-9.26%	-0.69%	0.75%
EPS Growth	11.44%	13.45%	-96.10%	2,960.00%	13.59%	-3.80%	33.61%	5.01%	-7.59%	-1.20%	0.47%
Operating Cash Flow Growth	1,117.97%	12.15%	8.51%	-13.36%	6.39%	22.92%	-5.47%	-18.15%	-1.45%	26.43%	-14.38%
Free Cash Flow Firm Growth	6.66%	22.18%	-12.13%	0.43%	-6.02%	13.18%	1.17%	-16.24%	-276.71%	184.95%	-36.32%
Invested Capital Growth	1.98%	-1.87%	-36.34%	17.01%	15.03%	1.58%	14.55%	21.78%	94.61%	0.64%	8.03%
Revenue Q/Q Growth	0.13%	1.98%	2.60%	1.16%	0.05%	-18.12%	30.04%	0.75%	-1.30%	1.83%	1.92%
EBITDA Q/Q Growth	1.34%	4.04%	3.35%	-3.99%	4.45%	5.37%	-0.34%	2.25%	-0.56%	2.85%	-1.43%
EBIT Q/Q Growth	1.66%	4.52%	3.31%	-4.31%	5.25%	4.87%	-0.33%	2.89%	-2.65%	3.47%	-2.26%
NOPAT Q/Q Growth	-0.41%	4.55%	-96.31%	1,035.74%	-2.45%	2.26%	0.13%	1.54%	0.68%	0.51%	-1.93%
Net Income Q/Q Growth	-0.05%	4.68%	-96.29%	970.48%	2.69%	3.50%	-0.30%	1.55%	-1.66%	2.44%	-0.95%
EPS Q/Q Growth	0.89%	5.43%	-96.32%	821.69%	7.28%	5.82%	0.18%	2.45%	-1.36%	2.29%	-1.10%
Operating Cash Flow Q/Q Growth	367.60%	10.72%	-33.70%	-1.73%	1.64%	10.57%	-6.22%	-3.05%	5.50%	1.33%	-10.38%
Free Cash Flow Firm Q/Q Growth	-12.24%	18.64%	-11.61%	8.78%	44.20%	16.22%	-30.79%	-8.67%	9.21%	1.22%	-16.24%
Invested Capital Q/Q Growth	3.09%	-1.90%	-37.70%	4.24%	-9.63%	-13.74%	4.67%	7.58%	1.18%	1.02%	3.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.74%	58.87%	58.99%	58.98%	58.00%	57.44%	58.49%	58.00%	59.57%	59.43%	59.28%
EBITDA Margin	32.19%	33.26%	33.25%	33.07%	33.66%	32.51%	34.84%	33.85%	33.30%	34.44%	31.97%
Operating Margin	27.78%	28.84%	28.68%	30.57%	29.44%	27.29%	29.50%	29.39%	27.66%	27.93%	25.36%
EBIT Margin	27.78%	28.81%	28.66%	28.60%	29.29%	27.21%	30.11%	29.46%	27.69%	27.96%	25.45%
Profit (Net Income) Margin	22.97%	24.06%	0.88%	24.54%	24.61%	22.05%	24.87%	23.81%	21.72%	21.56%	20.30%
Tax Burden Percent	86.55%	86.90%	3.17%	87.05%	87.31%	85.38%	85.94%	84.47%	87.23%	84.50%	85.13%
Interest Burden Percent	95.50%	96.12%	96.86%	98.58%	96.22%	94.90%	96.10%	95.69%	89.95%	91.26%	93.70%
Effective Tax Rate	13.45%	13.10%	96.83%	12.95%	12.69%	14.62%	14.06%	15.53%	12.77%	15.50%	14.87%
Return on Invested Capital (ROIC)	36.98%	40.88%	1.95%	70.83%	58.69%	48.48%	57.47%	50.70%	30.30%	22.38%	20.99%
ROIC Less NNEP Spread (ROIC-NNEP)	40.38%	43.42%	2.00%	75.89%	51.72%	45.87%	56.03%	47.76%	25.65%	18.68%	17.16%
Return on Net Nonoperating Assets (RNNOA)	-13.25%	-16.96%	-1.05%	-39.59%	28.98%	6,527.46%	173.60%	111.62%	47.32%	20.44%	8.29%
Return on Equity (ROE)	23.73%	23.92%	0.90%	31.24%	87.67%	6,575.94%	231.06%	162.32%	77.62%	42.82%	29.28%
Cash Return on Invested Capital (CROIC)	35.02%	42.77%	46.36%	55.16%	44.71%	46.92%	43.91%	31.06%	-33.93%	21.75%	13.27%
Operating Return on Assets (OROA)	13.94%	13.98%	13.26%	15.29%	22.43%	23.85%	28.27%	27.46%	20.70%	18.02%	16.73%
Return on Assets (ROA)	11.52%	11.68%	0.41%	13.12%	18.85%	19.33%	23.35%	22.20%	16.24%	13.90%	13.35%
Return on Common Equity (ROCE)	23.73%	23.92%	0.90%	31.24%	87.67%	6,575.94%	231.06%	162.32%	77.62%	42.82%	29.28%
Return on Equity Simple (ROE_SIMPLE)	22.78%	22.65%	0.91%	37.89%	-273.81%	224.68%	188.50%	140.29%	55.83%	34.88%	0.00%
Net Operating Profit after Tax (NOPAT)	491	543	21	644	619	551	706	738	713	698	683
NOPAT Margin	24.05%	25.06%	0.91%	26.61%	25.70%	23.30%	25.35%	24.82%	24.13%	23.60%	21.59%
Net Nonoperating Expense Percent (NNEP)	-3.41%	-2.54%	-0.06%	-5.06%	6.97%	2.62%	1.44%	2.95%	4.65%	3.70%	3.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	35.48%	20.35%	20.21%	17.22%
Cost of Revenue to Revenue	41.26%	41.13%	41.01%	41.02%	42.00%	42.56%	41.51%	42.00%	40.43%	40.57%	40.72%
SG&A Expenses to Revenue	24.27%	23.64%	23.57%	22.19%	22.22%	23.41%	22.51%	22.14%	24.90%	23.33%	26.23%
R&D to Revenue	5.99%	5.78%	5.96%	5.93%	5.94%	5.95%	6.04%	6.26%	5.92%	6.19%	6.18%
Operating Expenses to Revenue	30.96%	30.03%	30.31%	28.41%	28.56%	30.15%	28.99%	28.61%	31.91%	31.50%	33.93%
Earnings before Interest and Taxes (EBIT)	567	624	662	692	705	644	839	876	818	827	806
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	657	721	768	800	810	769	971	1,006	984	1,019	1,012
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.34	4.70	6.88	9.12	0.00	66.13	61.87	40.34	16.92	12.05	8.83
Price to Tangible Book Value (P/TBV)	7.41	6.21	9.34	14.81	0.00	0.00	0.00	0.00	0.00	0.00	34.11
Price to Revenue (P/Rev)	5.38	5.00	6.65	5.90	6.26	6.49	8.16	6.85	6.58	7.45	7.14
Price to Earnings (P/E)	23.43	20.76	756.49	24.06	25.42	29.43	32.82	28.76	30.31	34.53	35.19
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	4.27%	4.82%	0.13%	4.16%	3.93%	3.40%	3.05%	3.48%	3.30%	2.90%	2.84%
Enterprise Value to Invested Capital (EV/IC)	7.65	7.48	16.67	13.98	14.54	14.20	18.05	13.42	6.89	7.45	6.93
Enterprise Value to Revenue (EV/Rev)	5.02	4.54	6.05	5.66	6.81	6.88	8.50	7.22	7.25	7.89	7.40
Enterprise Value to EBITDA (EV/EBITDA)	15.61	13.66	18.19	17.12	20.24	21.15	24.40	21.32	21.77	22.89	23.16
Enterprise Value to EBIT (EV/EBIT)	18.08	15.77	21.11	19.80	23.27	25.27	28.24	24.49	26.18	28.20	29.09
Enterprise Value to NOPAT (EV/NOPAT)	20.89	18.12	665.84	21.28	26.51	29.51	33.54	29.07	30.04	33.41	34.30
Enterprise Value to Operating Cash Flow (EV/OCF)	17.90	15.31	20.02	22.67	25.50	20.58	31.70	35.06	35.54	30.61	35.91
Enterprise Value to Free Cash Flow (EV/FCFF)	22.06	17.32	27.98	27.33	34.80	30.50	43.90	47.45	0.00	34.38	54.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.79	0.89	0.73	-7.77	5.84	4.12	3.12	2.05	0.89	0.55
Long-Term Debt to Equity	0.73	0.74	0.85	0.73	-7.31	5.20	4.12	3.02	2.00	0.89	0.37
Financial Leverage	-0.33	-0.39	-0.53	-0.52	0.56	142.31	3.10	2.34	1.84	1.09	0.48
Leverage Ratio	2.06	2.05	2.20	2.38	4.65	340.22	9.90	7.31	4.78	3.08	2.19
Compound Leverage Factor	1.97	1.97	2.13	2.35	4.48	322.89	9.51	7.00	4.30	2.81	2.06
Debt to Total Capital	44.76%	44.25%	47.21%	42.29%	114.76%	85.39%	80.46%	75.74%	67.19%	47.08%	35.46%
Short-Term Debt to Total Capital	4.70%	3.03%	2.37%	0.01%	6.85%	9.44%	0.00%	2.40%	1.43%	0.00%	11.59%
Long-Term Debt to Total Capital	40.06%	41.22%	44.84%	42.28%	107.91%	75.95%	80.46%	73.33%	65.76%	47.08%	23.87%
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	55.24%	55.75%	52.79%	57.71%	-14.76%	14.61%	19.54%	24.26%	32.81%	52.92%	64.54%
Debt to EBITDA	2.54	2.54	2.60	1.43	2.08	1.76	1.56	1.57	2.39	1.60	1.39
Net Debt to EBITDA	-1.11	-1.37	-1.82	-0.73	1.66	1.19	0.97	1.09	1.99	1.28	0.81
Long-Term Debt to EBITDA	2.27	2.36	2.47	1.43	1.95	1.57	1.56	1.52	2.34	1.60	0.94
Debt to NOPAT	3.40	3.36	95.23	1.78	2.72	2.46	2.14	2.13	3.30	2.33	2.06
Net Debt to NOPAT	-1.49	-1.81	-66.54	-0.91	2.17	1.66	1.34	1.48	2.75	1.86	1.20
Long-Term Debt to NOPAT	3.04	3.13	90.45	1.78	2.56	2.19	2.14	2.07	3.23	2.33	1.39
Altman Z-Score	6.24	6.08	6.07	8.20	9.05	8.87	10.69	10.17	7.60	9.34	9.63
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	5.70	6.99	7.04	5.93	2.22	1.74	2.39	2.24	2.22	2.11	1.73
Quick Ratio	5.08	6.35	6.48	5.13	1.56	1.26	1.74	1.53	1.39	1.34	1.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	465	568	499	501	471	533	540	452	-799	678	432
Operating Cash Flow to CapEx	604.32%	676.99%	816.21%	629.11%	392.55%	458.57%	463.38%	347.69%	375.27%	534.89%	593.74%
Free Cash Flow to Firm to Interest Expense	12.83	12.65	8.78	10.31	9.68	10.87	12.01	9.26	-8.08	7.57	6.21
Operating Cash Flow to Interest Expense	15.82	14.32	12.27	12.43	13.21	16.11	16.63	12.53	6.10	8.50	9.38
Operating Cash Flow Less CapEx to Interest Expense	13.20	12.20	10.77	10.45	9.84	12.60	13.04	8.93	4.47	6.91	7.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.49	0.46	0.53	0.77	0.88	0.94	0.93	0.75	0.64	0.66
Accounts Receivable Turnover	4.53	4.53	4.51	4.39	4.16	4.07	4.70	4.45	4.15	4.12	4.05
Inventory Turnover	3.31	3.39	3.55	3.53	3.30	3.22	3.50	3.08	2.46	2.42	2.46
Fixed Asset Turnover	6.24	6.47	6.73	6.99	6.33	5.19	5.35	5.26	4.84	4.59	4.90
Accounts Payable Turnover	12.37	12.89	14.32	14.96	17.25	16.61	13.69	13.13	13.43	13.00	12.65
Days Sales Outstanding (DSO)	80.60	80.64	80.87	83.12	87.67	89.58	77.69	82.01	87.97	88.56	90.07
Days Inventory Outstanding (DIO)	110.42	107.70	102.70	103.31	110.53	113.27	104.21	118.70	148.41	151.07	148.63
Days Payable Outstanding (DPO)	29.51	28.32	25.49	24.40	21.16	21.97	26.67	27.80	27.18	28.08	28.85
Cash Conversion Cycle (CCC)	161.50	160.02	158.08	162.03	177.04	180.88	155.23	172.91	209.20	211.55	209.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,341	1,316	838	980	1,128	1,146	1,312	1,598	3,110	3,130	3,381
Invested Capital Turnover	1.54	1.63	2.14	2.66	2.28	2.08	2.27	2.04	1.26	0.95	0.97
Increase / (Decrease) in Invested Capital	26	-25	-478	143	147	18	167	286	1,512	20	251
Enterprise Value (EV)	10,259	9,843	13,969	13,703	16,399	16,265	23,687	21,445	21,426	23,329	23,433
Market Capitalization	10,990	10,829	15,365	14,289	15,055	15,352	22,742	20,352	19,466	22,027	22,613
Book Value per Share	$25.21	$28.57	$28.09	$20.69	($3.36)	$3.74	$6.02	$8.49	$19.46	$30.80	$43.02
Tangible Book Value per Share	$18.17	$21.63	$20.69	$12.74	($12.61)	($7.59)	($5.12)	($2.58)	($13.26)	($0.59)	$11.14
Total Capital	3,727	4,129	4,232	2,716	1,465	1,589	1,881	2,079	3,506	3,455	3,969
Total Debt	1,668	1,827	1,998	1,148	1,681	1,357	1,514	1,575	2,356	1,626	1,407
Total Long-Term Debt	1,493	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626	947
Net Debt	-731	-986	-1,396	-587	1,344	913	945	1,093	1,960	1,301	820
Capital Expenditures (CapEx)	95	95	85	96	164	172	161	176	161	142	110
Debt-free, Cash-free Net Working Capital (DFCFNWC)	426	427	371	479	484	303	379	547	617	554	780
Debt-free Net Working Capital (DFNWC)	2,825	3,240	3,764	2,214	822	746	948	1,028	1,013	879	1,368
Net Working Capital (NWC)	2,649	3,115	3,664	2,214	721	596	948	978	963	879	908
Net Nonoperating Expense (NNE)	22	22	0.67	50	26	30	13	30	71	60	41
Net Nonoperating Obligations (NNO)	-718	-986	-1,396	-587	1,344	913	945	1,093	1,960	1,301	820
Total Depreciation and Amortization (D&A)	90	96	106	108	105	125	132	130	166	192	206
Debt-free, Cash-free Net Working Capital to Revenue	20.83%	19.72%	16.05%	19.80%	20.13%	12.81%	13.61%	18.40%	20.88%	18.73%	24.65%
Debt-free Net Working Capital to Revenue	138.31%	149.51%	163.02%	91.51%	34.14%	31.54%	34.04%	34.60%	34.27%	29.72%	43.22%
Net Working Capital to Revenue	129.73%	143.72%	158.68%	91.50%	29.97%	25.20%	34.04%	32.91%	32.58%	29.72%	28.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.76	$8.40	$11.25	$0.00	$10.87	$10.75	$10.80
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	67.63M	62.09M	61.58M	0.00	59.08M	59.33M	59.51M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.69	$8.36	$11.17	$0.00	$10.84	$10.71	$10.76
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	68.17M	62.41M	62.03M	0.00	59.27M	59.55M	59.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.76	$0.00	$0.00	$0.00	$0.00	$10.75	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	62.16M	62.19M	60.52M	0.00	59.20M	59.41M	98.10M
Normalized Net Operating Profit after Tax (NOPAT)	495	546	471	644	619	558	711	738	713	708	683
Normalized NOPAT Margin	24.22%	25.20%	20.41%	26.60%	25.70%	23.59%	25.51%	24.82%	24.13%	23.93%	21.59%
Pre Tax Income Margin	26.53%	27.69%	27.76%	28.19%	28.18%	25.83%	28.94%	28.19%	24.90%	25.52%	23.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.66	13.90	11.64	14.23	14.48	13.12	18.67	17.94	8.28	9.22	11.58
NOPAT to Interest Expense	13.55	12.09	0.37	13.24	12.70	11.23	15.71	15.12	7.21	7.79	9.82
EBIT Less CapEx to Interest Expense	13.04	11.79	10.14	12.25	11.11	9.61	15.08	14.34	6.65	7.63	10.00
NOPAT Less CapEx to Interest Expense	10.93	9.98	-1.13	11.26	9.34	7.72	12.13	11.51	5.59	6.20	8.24
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	71.36%	62.47%	1,637.26%	221.48%	416.96%	37.66%	93.66%	88.46%	10.94%	2.12%	2.28%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.68%	0.44%	-4.55%	-6.99%	-4.33%	4.02%	6.50%	3.90%	8.86%	8.05%	6.83%
EBITDA Growth	1.27%	1.08%	-1.73%	-10.69%	-0.99%	13.51%	9.07%	9.76%	1.33%	-5.26%	-4.31%
EBIT Growth	-0.83%	-6.82%	-7.78%	-22.47%	-5.36%	17.27%	10.53%	12.61%	-0.67%	-8.89%	-6.39%
NOPAT Growth	-2.49%	-3.52%	1.90%	-19.86%	-4.54%	11.75%	1.55%	8.24%	-2.20%	-4.51%	-5.55%
Net Income Growth	-8.68%	-13.75%	-4.78%	-27.48%	-5.19%	20.03%	7.03%	18.77%	3.06%	-7.79%	-2.67%
EPS Growth	-6.25%	-12.69%	-3.96%	-27.73%	-5.88%	19.38%	6.59%	18.02%	2.92%	-7.75%	-3.09%
Operating Cash Flow Growth	-68.16%	-0.17%	15.81%	33.61%	200.99%	29.63%	4.35%	-1.26%	-24.56%	-8.44%	-31.48%
Free Cash Flow Firm Growth	-1,767.09%	-1,992.57%	-2,448.89%	-882.24%	109.64%	110.60%	117.65%	105.29%	-102.24%	-108.38%	-109.18%
Invested Capital Growth	110.81%	106.92%	94.61%	86.69%	0.64%	0.79%	0.64%	2.09%	5.14%	5.84%	8.03%
Revenue Q/Q Growth	8.16%	-3.90%	15.14%	-22.29%	11.26%	4.48%	17.89%	-24.18%	16.57%	3.70%	16.56%
EBITDA Q/Q Growth	15.33%	-4.54%	36.99%	-40.78%	27.85%	9.43%	31.63%	-40.40%	18.04%	2.31%	32.94%
EBIT Q/Q Growth	13.64%	-9.90%	46.68%	-48.38%	38.72%	11.64%	38.25%	-47.41%	22.36%	2.40%	42.05%
NOPAT Q/Q Growth	12.32%	-5.58%	52.57%	-50.47%	33.79%	10.53%	38.64%	-47.21%	20.88%	7.93%	37.13%
Net Income Q/Q Growth	6.83%	-10.63%	60.69%	-52.73%	39.67%	13.15%	43.28%	-47.54%	21.20%	1.23%	51.23%
EPS Q/Q Growth	7.14%	-10.98%	60.35%	-52.75%	39.53%	12.92%	43.17%	-47.68%	21.67%	1.21%	50.40%
Operating Cash Flow Q/Q Growth	-90.79%	771.06%	45.81%	14.23%	-79.25%	275.14%	17.38%	8.08%	-84.15%	355.28%	-12.15%
Free Cash Flow Firm Q/Q Growth	-1,026.46%	1.15%	11.12%	0.75%	111.06%	8.69%	47.93%	-70.27%	-104.68%	-306.87%	-62.03%
Invested Capital Q/Q Growth	92.77%	0.09%	1.18%	-4.37%	3.92%	0.24%	1.02%	-2.98%	7.03%	0.90%	3.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.35%	59.05%	61.15%	58.89%	59.32%	59.25%	60.07%	58.18%	58.33%	59.02%	61.08%
EBITDA Margin	32.19%	31.97%	38.04%	28.99%	33.31%	34.89%	38.96%	30.62%	31.01%	30.59%	34.89%
Operating Margin	26.99%	25.21%	32.24%	21.02%	26.69%	28.52%	33.49%	22.93%	24.40%	24.02%	29.01%
EBIT Margin	26.94%	25.26%	32.18%	21.37%	26.65%	28.47%	33.39%	23.16%	24.31%	24.01%	29.26%
Profit (Net Income) Margin	20.33%	18.91%	26.38%	16.05%	20.15%	21.82%	26.51%	18.34%	19.07%	18.62%	24.16%
Tax Burden Percent	83.51%	87.83%	91.00%	88.98%	84.25%	83.41%	83.54%	84.95%	82.79%	87.54%	85.25%
Interest Burden Percent	90.36%	85.22%	90.11%	84.39%	89.73%	91.85%	95.05%	93.23%	94.75%	88.58%	96.84%
Effective Tax Rate	16.49%	12.17%	9.00%	11.02%	15.75%	16.59%	16.46%	15.05%	17.21%	12.46%	14.75%
Return on Invested Capital (ROIC)	29.79%	29.10%	36.85%	23.82%	21.00%	22.40%	26.53%	19.34%	19.41%	20.48%	24.05%
ROIC Less NNEP Spread (ROIC-NNEP)	28.82%	27.69%	35.26%	22.57%	20.16%	21.60%	25.75%	18.80%	18.78%	18.90%	23.54%
Return on Net Nonoperating Assets (RNNOA)	83.34%	70.11%	65.06%	32.96%	36.74%	31.54%	28.18%	16.30%	14.56%	11.74%	11.37%
Return on Equity (ROE)	113.13%	99.20%	101.90%	56.78%	57.74%	53.93%	54.71%	35.64%	33.97%	32.22%	35.42%
Cash Return on Invested Capital (CROIC)	-39.73%	-38.59%	-33.93%	-30.53%	21.32%	21.72%	21.75%	21.51%	17.23%	16.18%	13.27%
Operating Return on Assets (OROA)	21.24%	20.00%	24.06%	15.91%	17.04%	18.36%	21.52%	15.19%	16.16%	15.91%	19.23%
Return on Assets (ROA)	16.03%	14.97%	19.73%	11.94%	12.88%	14.07%	17.09%	12.03%	12.67%	12.34%	15.88%
Return on Common Equity (ROCE)	113.13%	99.20%	101.90%	56.78%	57.74%	53.93%	54.71%	35.64%	33.97%	32.22%	35.42%
Return on Equity Simple (ROE_SIMPLE)	87.46%	72.12%	0.00%	48.03%	42.19%	38.84%	0.00%	33.48%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	167	158	240	119	159	176	244	129	156	168	231
NOPAT Margin	22.54%	22.14%	29.34%	18.70%	22.49%	23.79%	27.98%	19.48%	20.20%	21.03%	24.73%
Net Nonoperating Expense Percent (NNEP)	0.97%	1.41%	1.59%	1.25%	0.83%	0.80%	0.78%	0.54%	0.63%	1.58%	0.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	6.86%	-	-	-	7.07%	3.77%	4.31%	4.50%	5.81%
Cost of Revenue to Revenue	40.65%	40.95%	38.85%	41.11%	40.68%	40.75%	39.93%	41.82%	41.67%	40.98%	38.92%
SG&A Expenses to Revenue	25.24%	26.24%	22.01%	27.41%	24.45%	22.84%	19.85%	26.43%	26.09%	26.78%	25.74%
R&D to Revenue	6.19%	5.90%	5.42%	7.00%	6.52%	6.12%	5.38%	7.05%	6.29%	6.71%	5.03%
Operating Expenses to Revenue	32.36%	33.84%	28.91%	37.88%	32.63%	30.73%	26.58%	35.24%	33.93%	35.00%	32.07%
Earnings before Interest and Taxes (EBIT)	200	180	264	136	189	211	291	153	188	192	273
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	238	228	312	185	236	258	340	203	239	245	325
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.40	17.90	16.92	16.20	12.19	13.23	12.05	10.96	9.71	7.45	8.83
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	211.73	86.38	41.19	34.11
Price to Revenue (P/Rev)	5.26	5.41	6.58	7.00	5.98	7.30	7.45	7.21	6.88	5.59	7.14
Price to Earnings (P/E)	23.33	24.82	30.31	33.73	28.89	34.07	34.53	32.75	31.71	26.76	35.19
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	4.29%	4.03%	3.30%	2.97%	3.46%	2.94%	2.90%	3.05%	3.15%	3.74%	2.84%
Enterprise Value to Invested Capital (EV/IC)	5.87	5.98	6.89	7.42	6.11	7.33	7.45	7.44	6.79	5.59	6.93
Enterprise Value to Revenue (EV/Rev)	6.03	6.13	7.25	7.59	6.57	7.82	7.89	7.57	7.24	5.90	7.40
Enterprise Value to EBITDA (EV/EBITDA)	18.26	18.56	21.77	22.94	19.68	22.92	22.89	21.78	21.21	17.84	23.16
Enterprise Value to EBIT (EV/EBIT)	21.12	21.86	26.18	28.33	24.58	28.41	28.20	26.76	26.17	22.22	29.09
Enterprise Value to NOPAT (EV/NOPAT)	25.23	25.94	30.04	32.27	27.92	32.68	33.41	31.88	31.29	26.28	34.30
Enterprise Value to Operating Cash Flow (EV/OCF)	31.55	32.16	35.54	32.99	26.78	30.19	30.61	29.77	29.60	25.15	35.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	28.76	33.87	34.38	34.95	40.40	35.50	54.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.41	2.77	2.05	1.64	1.42	1.14	0.89	0.74	0.67	0.60	0.55
Long-Term Debt to Equity	3.35	2.71	2.00	1.60	1.42	1.14	0.89	0.69	0.55	0.41	0.37
Financial Leverage	2.89	2.53	1.84	1.46	1.82	1.46	1.09	0.87	0.78	0.62	0.48
Leverage Ratio	6.52	5.86	4.78	4.21	4.12	3.59	3.08	2.83	2.57	2.38	2.19
Compound Leverage Factor	5.89	5.00	4.31	3.55	3.70	3.30	2.93	2.64	2.43	2.11	2.12
Debt to Total Capital	77.33%	73.45%	67.19%	62.06%	58.69%	53.25%	47.08%	42.61%	40.28%	37.65%	35.46%
Short-Term Debt to Total Capital	1.47%	1.47%	1.43%	1.51%	0.00%	0.00%	0.00%	2.92%	7.19%	12.31%	11.59%
Long-Term Debt to Total Capital	75.86%	71.99%	65.76%	60.56%	58.69%	53.25%	47.08%	39.68%	33.09%	25.34%	23.87%
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	22.67%	26.55%	32.81%	37.94%	41.31%	46.75%	52.92%	57.39%	59.72%	62.35%	64.54%
Debt to EBITDA	2.66	2.53	2.39	2.14	2.09	1.84	1.60	1.40	1.40	1.37	1.39
Net Debt to EBITDA	2.33	2.19	1.99	1.78	1.75	1.51	1.28	1.04	1.05	0.92	0.81
Long-Term Debt to EBITDA	2.61	2.48	2.34	2.08	2.09	1.84	1.60	1.31	1.15	0.92	0.94
Debt to NOPAT	3.68	3.54	3.30	3.01	2.97	2.63	2.33	2.06	2.07	2.02	2.06
Net Debt to NOPAT	3.22	3.06	2.75	2.51	2.48	2.15	1.86	1.52	1.55	1.36	1.20
Long-Term Debt to NOPAT	3.61	3.47	3.23	2.93	2.97	2.63	2.33	1.91	1.70	1.36	1.39
Altman Z-Score	6.24	6.52	7.21	7.58	7.37	8.36	8.95	8.90	8.87	7.99	9.29
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	2.08	2.19	2.22	1.94	2.10	2.02	2.11	1.81	1.75	1.53	1.73
Quick Ratio	1.27	1.30	1.39	1.14	1.23	1.23	1.34	1.14	1.08	0.97	1.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,447	-1,431	-1,271	-1,262	140	152	224	67	-3.12	-13	-21
Operating Cash Flow to CapEx	38.87%	414.80%	553.34%	917.36%	151.05%	798.58%	460.88%	1,008.29%	182.09%	736.39%	422.22%
Free Cash Flow to Firm to Interest Expense	-62.19	-46.99	-41.41	-49.45	5.88	7.08	11.81	4.68	-0.22	-0.48	-1.44
Operating Cash Flow to Interest Expense	0.78	5.18	7.50	10.30	2.30	9.54	12.64	18.19	2.87	7.03	11.52
Operating Cash Flow Less CapEx to Interest Expense	-1.22	3.93	6.14	9.18	0.78	8.35	9.90	16.38	1.29	6.08	8.79
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.79	0.75	0.74	0.64	0.65	0.64	0.66	0.66	0.66	0.66
Accounts Receivable Turnover	4.49	4.86	4.15	4.44	4.41	4.47	4.12	4.45	4.55	4.38	4.05
Inventory Turnover	2.62	2.48	2.46	2.26	2.19	2.20	2.42	2.31	2.35	2.33	2.46
Fixed Asset Turnover	5.15	5.15	4.84	4.75	4.60	4.61	4.59	4.67	4.75	4.85	4.90
Accounts Payable Turnover	13.79	13.89	13.43	13.05	14.47	13.42	13.00	12.91	14.16	12.12	12.65
Days Sales Outstanding (DSO)	81.29	75.07	87.97	82.18	82.70	81.72	88.56	81.95	80.29	83.33	90.07
Days Inventory Outstanding (DIO)	139.26	146.98	148.41	161.56	166.76	165.87	151.07	157.72	155.51	156.36	148.63
Days Payable Outstanding (DPO)	26.46	26.28	27.18	27.98	25.23	27.21	28.08	28.28	25.78	30.12	28.85
Cash Conversion Cycle (CCC)	194.09	195.78	209.20	215.75	224.23	220.38	211.55	211.39	210.02	209.57	209.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,071	3,073	3,110	2,974	3,091	3,098	3,130	3,036	3,250	3,279	3,381
Invested Capital Turnover	1.32	1.31	1.26	1.27	0.93	0.94	0.95	0.99	0.96	0.97	0.97
Increase / (Decrease) in Invested Capital	1,614	1,588	1,512	1,381	20	24	20	62	159	181	251
Enterprise Value (EV)	18,034	18,375	21,426	22,071	18,888	22,707	23,329	22,590	22,061	18,312	23,433
Market Capitalization	15,735	16,207	19,466	20,353	17,210	21,212	22,027	21,516	20,972	17,364	22,613
Book Value per Share	$13.06	$15.32	$19.46	$21.21	$23.80	$27.01	$30.80	$33.03	$36.29	$39.16	$43.02
Tangible Book Value per Share	($20.19)	($17.49)	($13.26)	($11.02)	($8.13)	($4.98)	($0.59)	$1.71	$4.08	$7.08	$11.14
Total Capital	3,401	3,411	3,506	3,312	3,418	3,429	3,455	3,419	3,617	3,738	3,969
Total Debt	2,630	2,505	2,356	2,056	2,006	1,826	1,626	1,457	1,457	1,407	1,407
Total Long-Term Debt	2,580	2,455	2,306	2,006	2,006	1,826	1,626	1,357	1,197	947	947
Net Debt	2,300	2,168	1,960	1,718	1,679	1,495	1,301	1,074	1,090	948	820
Capital Expenditures (CapEx)	47	38	42	29	36	26	52	26	23	25	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	591	602	617	506	514	500	554	496	659	669	780
Debt-free Net Working Capital (DFNWC)	922	939	1,013	844	841	832	879	879	1,026	1,128	1,368
Net Working Capital (NWC)	872	889	963	794	841	832	879	779	766	668	908
Net Nonoperating Expense (NNE)	16	23	24	17	17	15	13	7.52	8.71	19	5.40
Net Nonoperating Obligations (NNO)	2,300	2,168	1,960	1,718	1,679	1,495	1,301	1,074	1,090	948	820
Total Depreciation and Amortization (D&A)	39	48	48	49	47	48	49	49	52	53	53
Debt-free, Cash-free Net Working Capital to Revenue	19.76%	20.10%	20.88%	17.41%	17.86%	17.22%	18.73%	16.63%	21.63%	21.53%	24.65%
Debt-free Net Working Capital to Revenue	30.81%	31.36%	34.27%	29.03%	29.24%	28.63%	29.72%	29.46%	33.68%	36.32%	43.22%
Net Working Capital to Revenue	29.13%	29.69%	32.58%	27.32%	29.24%	28.63%	29.72%	26.11%	25.15%	21.51%	28.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.56	$2.28	$3.64	$1.73	$2.41	$2.72	$3.89	$2.04	$2.47	$2.50	$3.79
Adjusted Weighted Average Basic Shares Outstanding	58.86M	59.09M	59.08M	59.23M	59.34M	59.37M	59.33M	59.44M	59.52M	59.53M	59.51M
Adjusted Diluted Earnings per Share	$2.55	$2.27	$3.64	$1.72	$2.40	$2.71	$3.88	$2.03	$2.47	$2.50	$3.76
Adjusted Weighted Average Diluted Shares Outstanding	59.01M	59.26M	59.27M	59.43M	59.45M	59.50M	59.55M	59.71M	59.66M	59.62M	59.71M
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	59.10M	59.13M	59.20M	59.32M	59.36M	59.38M	59.41M	59.51M	59.52M	59.53M	98.10M
Normalized Net Operating Profit after Tax (NOPAT)	167	158	240	128	159	177	244	129	156	168	231
Normalized NOPAT Margin	22.54%	22.14%	29.34%	20.13%	22.49%	23.94%	27.98%	19.48%	20.20%	21.03%	24.73%
Pre Tax Income Margin	24.34%	21.53%	28.99%	18.04%	23.91%	26.15%	31.74%	21.59%	23.04%	21.27%	28.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.57	5.90	8.59	5.33	7.96	9.83	15.34	10.74	13.07	7.21	19.09
NOPAT to Interest Expense	7.17	5.18	7.83	4.67	6.72	8.22	12.85	9.03	10.86	6.31	16.14
EBIT Less CapEx to Interest Expense	6.57	4.66	7.23	4.21	6.44	8.64	12.60	8.94	11.49	6.25	16.37
NOPAT Less CapEx to Interest Expense	5.17	3.93	6.48	3.54	5.19	7.02	10.11	7.23	9.28	5.36	13.41
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	55.42%	33.58%	10.94%	2.30%	2.33%	2.14%	2.12%	2.19%	2.19%	2.25%	2.28%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven snapshot of Waters Corp (NYSE: WAT) focused on the last four years of quarterly results. The bullets highlight trends that retail investors may care about, based on the provided income statements, balance sheets, and cash flow statements.

Revenue has rebounded and trended higher over 2022–2025, with Q4 2025 revenue at 932.36 million, up from 858.51 million in Q4 2022 and higher than 2024 levels (872.71 million). This suggests a solid growth trajectory in the core business.
Gross margin has remained robust and relatively stable in the high-50s to low-60s percent range across recent quarters (roughly 58%–61%), signaling sustained profitability on product mix and pricing.
Operating cash flow has remained positive across recent periods, including a strong start to 2025 (Net Cash From Continuing Operating Activities around 259.6 million in Q1 2025) and continued positive cash generation through Q4 2025, supporting liquidity and potential for reinvestment or returns.
Debt levels show a deleveraging trend in 2025 versus 2024, with long-term debt amounts trending lower across the year (roughly moving from the 1.8B area down toward mid- to high-1.0B range), which can reduce interest burdens and financial risk if maintained.
R&D and SG&A expense levels have remained in line with revenue scale, with R&D typically in the mid-40s to mid-50s (millions) per quarter and SG&A broadly in the low-to-mid hundreds (for several quarters), indicating ongoing investment in growth and operations without dramatic cost swings.
Quarterly net income has been volatile but generally positive, with results clustered in the low-to-mid hundreds of millions; this pattern may reflect quarterly timing and operating pressures rather than a clear directional trend year over year.
Net income margin dipped slightly in Q4 2025 versus Q4 2024 (about 24% vs. roughly 27%), suggesting rising costs or mix effects that offset some of the revenue strength at the near term level.
Certain quarters show meaningful working-capital movements that pressure cash flow from operations, such as the large negative change in operating assets and liabilities in some periods (e.g., a substantial net decrease in operating working capital in Q4 2025), which can temporarily dampen cash generation.
A notably large treasury stock balance appears in some balance sheets (for example, a substantial negative treasury stock figure), which reduces reported equity and could reflect aggressive buybacks. This reduces book value per share and may raise questions about capital allocation priorities.

05/09/26 02:01 PM ETAI Generated. May Contain Errors.

Waters Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Waters' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Waters' net income appears to be on an upward trend, with a most recent value of $642.63 million in 2025, rising from $469.05 million in 2015. The previous period was $637.83 million in 2024. Find out what analysts predict for Waters in the coming months.

Waters' total operating income in 2025 was $802.59 million, based on the following breakdown:

Total Gross Profit: $1.88 billion
Total Operating Expenses: $1.07 billion

Over the last 10 years, Waters' total revenue changed from $2.04 billion in 2015 to $3.17 billion in 2025, a change of 55.0%.

Waters' total liabilities were at $2.52 billion at the end of 2025, a 7.7% decrease from 2024, and a 13.8% increase since 2015.

In the past 10 years, Waters' cash and equivalents has ranged from $325.36 million in 2024 to $796.28 million in 2018, and is currently $587.83 million as of their latest financial filing in 2025.

Over the last 10 years, Waters' book value per share changed from 25.21 in 2015 to 43.02 in 2025, a change of 70.6%.

Related Companies

Financial statements for NYSE:WAT last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Waters (WAT) Financials

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Waters (WAT) Financials

Annual Income Statements for Waters

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Quarterly Cash Flow Statements for Waters

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Financials Breakdown Chart

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Waters Financials - Frequently Asked Questions

When does Waters' financial year end?

How has Waters' net income changed over the last 10 years?

What is Waters' operating income?

How has Waters' revenue changed over the last 10 years?

How much debt does Waters have?

How much cash does Waters have?

How has Waters' book value per share changed over the last 10 years?

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