Fundamental analysis · SEC EDGAR · TTM through 04/04/2026
WAT · NYSE · Healthcare
Fundamental quality
44
out of 100
Waters Corp earns a fundamental-quality score of 44 out of 100, profiling it as a company with demanding fundamentals. Its score rests mainly on its profitability (net margin 11.9%). Its weakest area is its financial strength (net debt 6.73× EBITDA). 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: -1.2% · Revenue growth: 9.3%
Net margin: 11.9% · ROE: 2.9% · ROIC: 2.6%
Net debt/EBITDA: 6.73x · FCF: 7%
Source: SEC EDGAR · TTM through 04/04/2026
The score combines growth, profitability and financial strength. Here its profitability weighs in its favor, while its financial strength 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 quarter ended April 4, 2026, versus the quarter ended March 29, 2025 (SEC filings):
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.
Open your account in minutes with regulated brokers and buy U.S. and European stocks from small amounts. No paperwork.
The serious investor's standard
Open free account →Anyone who wants low commissions and access to almost any market in the world.
Popular in the U.S.
Open free account →Anyone investing in the U.S. who wants a powerful, commission-free stock app.
Investing carries risk of loss.
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 44 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?
Yes. Waters Corp shows a net margin of 11.9% and an ROE of 2.9%, a sign of a profitable business.
Does Waters Corp have a lot of debt?
Yes, its leverage is high: net debt is 6.73 times its EBITDA.
Is Waters Corp growing?
Its revenue has grown 9.3% annualized in recent years.
Does Waters Corp generate cash?
Yes. It converts about 7% 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.
More Healthcare companies
Humana (HUM) · Centene (CNC) · Labcorp (LH) · Quest Diagnostics (DGX) · Insulet (PODD) · Edwards Lifesciences (EW) · see more →
Who's behind the methodology and model · how the score is computed
Data: see Waters Corp's filings on EDGAR
Spotted a figure that looks wrong? Report it and we'll review it.