Waters (WAT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Waters

NYSE•Healthcare•Diagnostics & Research

$429.72+11.08(0.03%)After hours

Market Cap

$42.10T

P/E

253393.8x

P/S

9064.6x

P/B

2770.5x

Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and supports products, including chromatography columns, and other consumable products. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer goods, and healthcare products, as well as for life science research; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology, which is used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.

How this company scores

AverageMetricSide Score: 47/100

Strongest: Balance Sheet & Red Flags (18/25); weakest: Profitability (6/25).

Profitability6/25

Growth14/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality9/25

Strengths

Growing revenueLow leverageImproving leverageConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 253393.8x5y range 16.5x – 253393.8x

Currently above its 7-quarter median.

P/S · 9064.6x5y range 5.2x – 9064.6x

Currently above its 20-quarter median.

P/B · 2770.5x5y range 7.5x – 2770.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 59.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $42.10T

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $4.64B
Q. Revenue: $1.65B
TTM EBITDA: $329.63M
TTM Op. Income: $329.63M
Q. Op. Income: $-86.00M
TTM Net Income: $166.14M
Q. Net Income: $-136.00M
EPS: $-1.39
Shares Out.: $98.20B

$4.64B in TTM revenue grew 52.5% YoY, reaching $1.65B last quarter. TTM EBITDA of $329.63M and TTM operating income of $329.63M show growth is flowing through to the bottom line. TTM net income of $166.14M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -5.2%
Op. Margin: -5.2%
Net Margin: -8.3%

Op. margin of -5.2% is down 29.6% YoY — costs are rising relative to revenue. Net margin at -8.3% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 253393.8x
P/S Ratio: 9064.6x
P/B Ratio: 2770.5x

At 253393.8x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 9064.6x and P/B of 2770.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 7 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $24.75B
Cash: $539.00M
Long-Term Debt: $4.89B
Book Value: $15.20B
D/E Ratio: 0.3
Debt/EBITDA: N/A

With $24.75B in assets and $4.89B in long-term debt, D/E is 0.3and book value is $15.20B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 42% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $201.00M
TTM Free Cash Flow: $350.12M
FCF Margin: 7.5%
FCF / Net Income: 2.1

TTM FCF of $350.12M on $201.00M in operating cash flow. The FCF / Net Income ratio of 2.1x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 53% — an improving trend.