
Waters (WAT) stock
Health Care · Life Sciences Tools & Services
Waters (WAT) is a Life Sciences Tools & Services company in the Health Care sector, headquartered in Milford, Massachusetts. As of October 23, 2026, WAT closed at $453.67, a market capitalization of $44.54 billion, the 254th largest company in the S&P 500. Over the last twelve months it generated $4.64 billion in revenue (+113% year over year) and $398.81 million in free cash flow. The stock trades at 114.9x trailing earnings and 27.4x forward earnings.
- 1-year total return: +27.6% (dividends reinvested)
- 5-year return: +4.5% a year
- 52-week range: $282.77 – $465.36
- Gross margin 56.3%, operating margin 9.4%
- FI Handbook report card: C- across 10 metrics
- 33rd largest of 60 Health Care stocks in the S&P 500
WAT price chart
1Y price change: +27.6% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| WAT | +7.9% | +19.4% | +27.6% | +21.1% | +4.5% | +11.3% | +16.7% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1995.
WAT key statistics
- Market cap
- $44.5B
- #254 in S&P 500
- P/E (TTM)
- 114.9x
- Forward P/E
- 27.4x
- EPS (TTM)
- $3.95
- Revenue (TTM)
- $4.6B
- +113%
- Free cash flow
- $398.8M
- Gross margin
- 56.3%
- Operating margin
- 9.4%
- Return on equity
- 1.9%
- Dividend yield
- None
- 52-week range
- $282.77 – $465.36
- Beta
- 1.15
- Price / sales
- 9.6x
- EV / EBITDA
- 34.1x
- Debt / equity
- 0.36x
- Employees
- 16,000
WAT report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth113.4%A
- Gross margin56.3%B
- Operating margin9.4%D
- FCF margin8.6%C
- Return on equity1.9%F
- Net debt / EBITDA3.4xD
- Forward P/E27.4xC
- PEG ratio1.6xC
- Shareholder yield0.0%F
- Share count change / yr-0.9%B
Waters financials
Revenue went from $2.2B in fiscal 2016 to $3.2B in fiscal 2025, growing 4.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.3B | $2.4B | $2.4B | $2.4B | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Gross profit | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.6B | $1.7B | $1.8B | $1.8B | $1.9B |
| Operating income | $625.0M | $662.2M | $739.8M | $708.5M | $645.5M | $821.7M | $873.4M | $817.7M | $826.4M | $802.6M |
| Net income | $521.5M | $20.3M | $593.8M | $592.2M | $521.6M | $692.8M | $707.8M | $642.2M | $637.8M | $642.6M |
| EPS (diluted) | $6.41 | $0.25 | $7.65 | $8.69 | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Free cash flow | — | — | — | — | — | — | — | $442.2M | $619.6M | $539.8M |
| Buybacks | $325.8M | $332.5M | $1.3B | $2.5B | $196.4M | $648.9M | $626.1M | $70.3M | $13.5M | $14.7M |
| Diluted shares | 81.4M | 80.6M | 77.6M | 68.2M | 62.4M | 62.0M | 60.3M | 59.3M | 59.6M | 59.7M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into WAT?
A reverse DCF asks what growth the current price requires. With an enterprise value of $49.5B and $398.8M of trailing free cash flow, Waters needs to grow free cash flow about 60.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 10.5% a year over the last five years.
P/E ratio history
Current 42.2x vs. median 26.8x (10th–90th percentile 19.6x–38.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
WAT analyst price targets
22 analysts' average 12-month target is $465.86 (+3% vs. $453.67). Targets range from $349.00 to $530.00. 78% rate it a buy.
WAT earnings
Next report: November 3, 2026. Waters has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $1.6B (+113% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $3.01 | $3.05 | +1.4% |
| May 5, 2026 | $2.31 | $2.70 | +17.0% |
| Feb 9, 2026 | $4.51 | $4.53 | +0.5% |
| Nov 4, 2025 | $3.22 | $3.40 | +5.5% |
| Aug 4, 2025 | $2.94 | $2.95 | +0.3% |
| May 6, 2025 | $2.22 | $2.25 | +1.2% |
| Feb 12, 2025 | $4.03 | $4.10 | +1.7% |
| Nov 1, 2024 | $2.68 | $2.93 | +9.4% |
Stocks like WAT
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
| -0.40% | +18% | $249.1B | 35.5x | Compare | |
| +0.33% | +4% | $162.0B | 38.2x | Compare | |
| -0.47% | +18% | $48.8B | 34.1x | Compare | |
| +0.37% | +27% | $46.0B | 34.7x | Compare | |
| +0.01% | +170% | $40.7B | 50.3x | Compare | |
| -0.85% | +16% | $33.5B | 37.6x | Compare | |
| +1.68% | +81% | $16.6B | — | Compare | |
| -0.10% | +10% | $11.4B | 62.5x | Compare |
WAT news
- Waters and Labcorp to Expand Access to Cervical Cancer Screening with the Most Comprehensive FDA-Approved HPV Testing Option Beginning in Late 2026 · Oct 23, 2026
- Waters (WAT) Stock Looks 26% Overvalued On Cash Flow Estimates · Oct 21, 2026
- Waters Launches AI Link to Advance AI-Enabled LC-MS Workflows · Oct 20, 2026
- Waters Corporation and Quest Diagnostics Help Close Cervical Cancer Screening Gap Bringing Nationwide Access to the Most Comprehensive FDA-Cleared At-Home HPV Screening Option · Oct 20, 2026
- Earnings Preview: What to Expect From Waters Corporation’s Report · Oct 19, 2026
WAT stock FAQ
What is WAT's market cap?
Waters's market capitalization is $44.54 billion as of October 23, 2026, ranking 254th in the S&P 500.
What is WAT's P/E ratio?
WAT trades at a trailing price-to-earnings ratio of 114.9x and a forward P/E of 27.4x. Its median P/E over the period we track is 26.8x.
Does WAT pay a dividend?
No. Waters does not currently pay a regular cash dividend.
How much has WAT stock returned?
Including reinvested dividends, WAT returned +27.6% over one year, +4.5% a year over five years, +11.3% a year over ten years through October 23, 2026.
Is WAT stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Waters must grow free cash flow about 61% a year for the next decade. Its free cash flow grew 10% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the WAT price target?
22 analysts cover WAT with an average 12-month price target of $465.86, +3% from the current price. 78% of them rate it a buy.
When does WAT report earnings?
Waters is expected to report earnings on November 3, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Waters have?
Waters has about 16,000 full-time employees, or $290,268 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology