Fundamental analysis · SEC EDGAR · TTM through 04/07/2026
WAT · NYSE · Healthcare
Fundamental quality
35
out of 100
Waters Corp's profile is defined by leverage: it carries high debt (10.25× EBITDA) on thin margins (3.6%), which makes it more sensitive to rates and the cycle. On fundamental quality it scores 35 out of 100, profiling it as a company with demanding fundamentals. Its weakest area is its growth (revenue +13%/yr). Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
Waters makes chromatographs and mass spectrometers: the machines pharma companies use to check the purity and composition of every drug batch. Its instrument is bought once; its columns, parts and service are paid for forever.
EPS growth: -12.7% · Revenue growth: 13%
Net margin: 3.6% · ROE: 1.1% · ROIC: 1.3%
Net debt/EBITDA: 10.25x · FCF: 8.6%
Source: SEC EDGAR · TTM through 04/07/2026
The score combines growth, profitability and financial strength. Here its financial strength weighs in its favor, while its growth drags it down the most.
Percentile against the other 57 Healthcare companies in our coverage: how far it beats them on each metric (100 = best in sector).
Computed from the daily dataset scores. A high percentile places the company among the best in its sector on that metric; it is not a buy recommendation.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 2,365 | 522 | — | 920 |
| 2021 | 2,786 | 693 | — | 1,013 |
| 2022 | 2,972 | 708 | — | 1,094 |
| 2023 | 2,956 | 642 | 442 | 1,960 |
| 2024 | 2,958 | 638 | 620 | 1,301 |
| 2025 | 3,165 | 643 | 540 | 819 |
Between 2020 and 2025, revenue went from $2,365M to $3,165M (+34%) and net income went from $522M to $643M (+23%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
Latest results
Figures for the half-year ended July 4, 2026, versus the half-year ended June 28, 2025 (SEC filings):
Compared with the previous close (April 4, 2026), this is what moved in its accounts:
Automatic comparison between the two most recent periods filed with the SEC. One quarter doesn't make a trend: read it alongside the historical evolution above.
This company doesn't pay a dividend: it reinvests all its earnings back into the business.
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Is Waters Corp cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is Waters Corp a good company to invest in?
In terms of business quality, Waters Corp scores 35 out of 100 in our analysis, placing it as a company with demanding fundamentals. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Is Waters Corp a profitable company?
Waters Corp is profitable, with a net margin of 3.6%, though a thin one.
Does Waters Corp have a lot of debt?
Yes, its leverage is high: net debt is 10.25 times its EBITDA.
Is Waters Corp growing?
Its revenue has grown 13% annualized in recent years.
Does Waters Corp generate cash?
Yes. It converts about 8.6% of its revenue into free cash flow.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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Who's behind the methodology and model · how the score is computed
Data: see Waters Corp's filings on EDGAR
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