SuperworthWaters WAT
- Market cap
- $44.6B
- PE
- 113×
- 10y median 29.2×
- Forward PE
- 29.2×
- 10y median 26.3×
- Price to sales
- 9.6×
- EV/EBIT
- 129×
- Revenue, 12 months
- $4.6B
- +52% on a year ago
- Net margin
- 3.6%
- Free cash flow yield
- 0.9%
Waters trades at 113× trailing earnings, pricier than 94% of the last ten years. Revenue was $4.6B over the last twelve months, up 52% on a year earlier with a 4% net margin.
Charts
Financials
| Income statement | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $711.7M+0% | $819.5M−5% | $636.8M−7% | $708.5M−4% | $740.3M+4% | $872.7M+7% | $661.7M+4% | $771.3M+9% | $799.9M+8% | $932.4M+7% | $1.3B+92% | $1.6B+113% | |
| Cost of revenue | $291.4M−5% | $318.4M−9% | $261.8M−8% | $288.2M−4% | $301.7M+4% | $348.5M+10% | $276.7M+6% | $321.4M+12% | $327.8M+9% | $362.9M+4% | $679M+145% | $911M+183% |
| Gross profit | $420.3M+5% | $501.1M−2% | $375.1M−6% | $420.3M−4% | $438.6M+4% | $524.2M+5% | $385M+3% | $449.9M+7% | $472.1M+8% | $569.5M+9% | $588M+53% | $734M+63% |
| R&D | $42M−3% | $44.4M−8% | $44.6M+5% | $46.2M+1% | $45.3M+8% | $46.9M+6% | $46.6M+5% | $48.5M+5% | $53.6M+18% | $46.9M+0% | $96M+106% | $122M+151% |
| SG&A | $186.7M+14% | $180.4M+4% | $174.5M−4% | $173.2M−7% | $169.1M−10% | $173.3M−4% | $174M−0% | $198M+14% | $214.2M+27% | $240M+39% | $387M+122% | $405M+105% |
| $179.4M−7% | $264.2M−8% | $133.8M−23% | $189.1M−5% | $211.1M+18% | $292.3M+11% | $151.7M+13% | $188.2M−1% | $192.1M−9% | $270.5M−7% | −$47M | −$86M | |
| Interest expense | $30.4M+145% | $30.7M+121% | $25.5M+77% | $23.7M+2% | $21.4M−30% | $19M−38% | $14.3M−44% | $15M−37% | $26.6M+24% | $14.3M−25% | $48M+236% | $60M+300% |
| Pre-tax income | $153.2M−17% | $237.6M−14% | $114.9M−31% | $169.4M−6% | $193.6M+26% | $277M+17% | $142.9M+24% | $177.7M+5% | $170.1M−12% | $264.2M−5% | −$88M | −$141M |
| $18.6M−32% | $21.4M−56% | $12.7M−48% | $26.7M−10% | $32.1M+72% | $45.6M+113% | $21.5M+70% | $30.6M+15% | $21.2M−34% | $39M−15% | −$16M | −$5M | |
| Net income | $134.6M−14% | $216.2M−5% | $102.2M−28% | $142.7M−5% | $161.5M+20% | $231.4M+7% | $121.4M+19% | $147.1M+3% | $148.9M−8% | $225.2M−3% | −$72M | −$136M |
| $2.27−13% | $3.65−4% | $1.72−28% | $2.40−6% | $2.71+19% | $3.88+6% | $2.03+18% | $2.47+3% | $2.50−8% | $3.77−3% | −$0.87 | −$1.39 | |
| 59.2M−1% | 59.3M−1% | 59.4M+0% | 59.5M+1% | 59.5M+1% | 59.6M+1% | 59.7M+1% | 59.7M+0% | 59.6M+0% | 59.8M+0% | 82.1M+38% | 98.2M+65% |
Gross profit: 40 periods, Q3 FY16 to Q2 FY26: not printed by the filing, worked out from its own lines.
Net income: 45 periods, Q2 FY14 to Q4 FY25: not printed by the filing, worked out from its own lines.
EPS, diluted: Q4 FY08 and Q4 FY09: quarter's net income to common over its shares, to the cent.
Diluted shares: Q4 FY08: share-days: the 12-month average less the 9-month, weighted by days.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q3 FY26 | $1.8B | $1.7B to $1.8B | $4.00 | $3.96 to $4.03 | 13 |
| Q4 FY26 | $1.8B | $1.8B to $1.8B | $4.67 | $4.63 to $4.71 | 12 |
| Q1 FY27 | $1.6B | $1.6B to $1.6B | $3.25 | $3.22 to $3.28 | 5 |
| Q2 FY27 | $1.7B | $1.7B to $1.7B | $3.63 | $3.60 to $3.66 | 5 |
| Q3 FY27 | $1.8B | $1.8B to $1.9B | $4.46 | $4.42 to $4.50 | 5 |
| Q4 FY27 | $1.9B | $1.9B to $1.9B | $5.01 | $4.97 to $5.06 | 7 |
| Q1 FY28 | $1.7B | $1.7B to $1.7B | $3.33 | $3.30 to $3.36 | 7 |
| Q2 FY28 | $1.8B | $1.8B to $1.8B | $3.83 | $3.80 to $3.87 | 7 |
Peers
Companies in Medical - Diagnostics & Research nearest Waters' size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| WATWaters | $44.6B | 113× | 29.2× | 29.2× | 9.6× | +52% | 3.6% |
| IDXXIDEXX Laboratories | $44.1B | 39.4× | 55.0× | 35.9× | 9.7× | +13% | 25.0% |
| IQVIQVIA | $46B | 34.7× | 34.9× | 20.5× | 2.7× | +8% | 8.1% |
| AAgilent Technologies | $48.8B | 34.0× | 33.1× | 26.4× | 6.6× | +9% | 19.5% |
| ILMNIllumina | $40.7B | 50.1× | 51.4× | 47.2× | 9.1× | +5% | 18.4% |
| MTDMettler-Toledo International | $33.5B | 37.6× | 36.5× | 33.9× | 8.1× | +7% | 21.9% |
| DGXQuest Diagnostics | $26.7B | 25.7× | 19.3× | n/m | 2.3× | +9% | 9.2% |
| LHLabcorp | $26.7B | 27.2× | 19.4× | 17.4× | 1.9× | +6% | 7.0% |
| MEDPMedpace | $18.7B | 39.2× | 34.5× | n/m | 6.7× | +25% | 17.7% |
| RVTYRevvity | $17.7B | 75.6× | 34.8× | n/m | 6.1× | +4% | 8.2% |
| DHRDanaher | $162B | 40.9× | 34.2× | 25.4× | 6.5× | +5% | 15.9% |
| Peer median | $37.1B | 38.4× | 34.7× | 26.4× | 6.5× | +8% | 16.8% |
Investors who own it
Investors we follow who held Waters at the end of Jun 30, 2026, from their 13F filings.
- Terry SmithFundsmith6.2% of portfoliotrimmed
- Andreas HalvorsenViking Global Investors1.8% of portfolioadded
- Bill NygrenHarris Associates (Oakmark)0.0% of portfoliotrimmed
More on Waters
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Where it ranks
- #2of 53Healthcare stocks with the fastest expected revenue growth
- #3of 42Diagnostics and research stocks with the fastest revenue growth
- #1of 11Diagnostics and research stocks with the fastest expected revenue growth
Its groups
About
- Industry
- Medical - Diagnostics & Research
- Sector
- Healthcare
Valuation data, not investment advice. Prices as of .