Waters price to free cash flow WAT

Market value divided by free cash flow over the last twelve months, since 2010.

Today, Oct 23, 2026: 112×
10-year median: 32.4×
Against its 10-year history: 97th; percentile: 0 is its lowest day, 100 its highest
10-year range: 21.2× to 151×
Peer median: 30.7×

Waters' price to free cash flow is 112× as of Oct 23, 2026.

That is above its ten-year median of 32.4×, higher than on 97% of days in the last ten years.

Over that time it ranged from 21.2× in Dec 2016 to 151× in Aug 2026.

The median for 10 diagnostics and research stocks of a similar size is 30.7×.

Price to free cash flow over time

median 32.4×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	112×	32.0×	151×
2025	38.2×	27.0×	39.9×
2024	35.9×	33.0×	50.2×
2023	49.9×	34.4×	50.0×
2022	43.1×	30.5×	43.7×
2021	35.9×	26.8×	40.0×
2020	28.6×	22.5×	32.7×
2019	30.7×	26.2×	35.5×
2018	26.9×	24.3×	29.0×
2017	25.6×	22.1×	27.4×
2016	21.2×	19.8×	27.8×
2015	23.1×	20.7×	25.4×
2014	24.0×	22.1×	27.7×
2013	24.3×	20.9×	26.1×
2012	20.8×	16.0×	21.3×
2011	16.0×	15.5×	23.3×
2010	17.3×	11.2×	17.9×

Against its peers

Companies in Medical - Diagnostics & Research nearest Waters' size, closest first, today.

Company	Price to free cash flow
WATWaters	112×
IDXXIDEXX Laboratories	35.2×
IQVIQVIA	21.1×
AAgilent Technologies	38.5×
ILMNIllumina	43.7×
MTDMettler-Toledo International	38.7×
DGXQuest Diagnostics	19.8×
LHLabcorp	23.1×
MEDPMedpace	26.4×
RVTYRevvity	31.7×
DHRDanaher	29.6×
Peer median	30.7×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Waters

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.