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Waters Corporation (WAT)
Healthcare · Diagnostics & Research · NYSE
Waters Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $2.31B | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B |
| Gross profit | $1.28B | $1.36B | $1.43B | $1.40B | $1.36B | $1.63B | $1.72B | $1.76B | $1.76B | $1.88B |
| Net income | $521.50M | $20.31M | $593.79M | $592.20M | $521.57M | $692.84M | $707.75M | $642.23M | $637.83M | $642.63M |
| Net margin | 24.1% | 0.9% | 24.5% | 24.6% | 22.1% | 24.9% | 23.8% | 21.7% | 21.6% | 20.3% |
Source: Waters Corporation SEC filings (10-K). 19 years of history available in the interactive view.
What growth is priced into WAT stock?
At today's market cap of $36.44B, Waters Corporation is priced for free-cash-flow growth of about 24.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $539.81M from the FY ending 2025-12-31). For comparison, revenue 6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Waters Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Waters Corporation financial history by metric
About Waters Corporation
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.
Waters Corporation — frequently asked questions
What is Waters Corporation's revenue?
Waters Corporation (WAT) reported revenue of $3.17B for fiscal year 2025, up 7.0% from the prior year, according to its SEC filings.
Is Waters Corporation profitable?
Yes. WAT earned net income of $642.63M in fiscal 2025, a net margin of 20.3%.
What is WAT's P/E ratio?
Waters Corporation trades at a price-to-earnings ratio of about 47.3 based on the latest data in our nightly-refreshed cache.
How fast is Waters Corporation growing?
WAT's revenue grew at roughly 6.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Waters Corporation have?
As of fiscal year 2025, WAT carried roughly $1.41B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Waters Corporation's gross margin?
WAT's gross margin was 59.3% in fiscal 2025 — gross profit of $1.88B on revenue of $3.17B.
What is Waters Corporation's market cap?
Waters Corporation (WAT) has a market capitalization of about $36.44B, based on the latest data in our nightly-refreshed cache.
When does Waters Corporation's fiscal year end?
WAT's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into WAT stock?
At today's market cap of $36.44B, Waters Corporation is priced for free-cash-flow growth of about 24.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $539.81M from the FY ending 2025-12-31). For comparison, revenue 6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Waters Corporation's official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.