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WAT

Waters Corporation

WAT

Waters Corporation • NYSE
$403.42 ▼ -0.91% (-3.72)
Market Cap $24.02 B
52w High $423.56
52w Low $275.05
Dividend Yield 0%
P/E 37.04
Volume 208.84K
Outstanding Shares 59.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $799.887M ▲ $279.967M ▲ $148.923M ▲ 18.618% ▼ $2.5 ▲ $249.434M ▲
Q2-2025 $771.332M ▲ $261.712M ▲ $147.111M ▲ 19.072% ▲ $2.47 ▲ $243.693M ▲
Q1-2025 $661.705M ▼ $233.215M ▲ $121.381M ▼ 18.344% ▼ $2.04 ▼ $206.527M ▼
Q4-2024 $872.714M ▲ $231.935M ▲ $231.398M ▲ 26.515% ▲ $3.9 ▲ $344.554M ▲
Q3-2024 $740.305M $227.518M $161.503M 21.816% $2.72 $262.559M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $459.118M ▲ $4.863B ▲ $2.532B ▼ $2.331B ▲
Q2-2025 $367.215M ▼ $4.718B ▲ $2.558B ▼ $2.16B ▲
Q1-2025 $382.872M ▲ $4.592B ▲ $2.629B ▼ $1.962B ▲
Q4-2024 $325.355M ▼ $4.554B ▲ $2.725B ▼ $1.829B ▲
Q3-2024 $331.458M $4.512B $2.909B $1.603B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $148.923M ▲ $187.308M ▲ $-25.52M ▲ $-66.266M ▼ $91.903M ▲ $161.872M ▲
Q2-2025 $147.111M ▲ $41.141M ▼ $-58.352M ▼ $-1.028M ▲ $-15.657M ▼ $18.547M ▼
Q1-2025 $121.381M ▼ $259.553M ▲ $-26.248M ▲ $-173.247M ▲ $57.517M ▲ $233.811M ▲
Q4-2024 $231.398M ▲ $240.139M ▲ $-52.113M ▼ $-193.578M ▼ $-6.093M ▼ $188.035M ▲
Q3-2024 $161.503M $204.58M $-26.051M $-176.884M $4.087M $178.962M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Chemistry Consumables
Chemistry Consumables
 $150.00M ▲$140.00M ▼$160.00M ▲$160.00M ▲
Ta Instrument Systems
Ta Instrument Systems
 $80.00M ▲$50.00M ▼$60.00M ▲$60.00M ▲
Ta Service
Ta Service
 $30.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
Waters Instrument Systems
Waters Instrument Systems
 $340.00M ▲$210.00M ▼$250.00M ▲$280.00M ▲
Waters Service
Waters Service
 $270.00M ▲$240.00M ▼$270.00M ▲$270.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Waters shows the profile of a mature, very profitable science tools company. Sales climbed meaningfully over the past few years and have recently flattened out rather than continuing to rise, suggesting the business is stable but not currently in a rapid growth phase. Margins remain strong at every level, indicating good pricing power and cost discipline. Earnings peaked a couple of years ago and have eased slightly since then but are still clearly higher than earlier in the period. Overall, the income statement points to a steady, high‑quality earnings engine rather than a fast‑growing one.

Balance Sheet

Balance Sheet The balance sheet has strengthened noticeably over the period. Total assets have expanded, reflecting both organic growth and acquisitions, while shareholder equity has risen sharply from a low base, improving the company’s capital cushion. Debt spiked at one point, likely tied to acquisitions, but has since been reduced, which lowers financial risk compared with the recent past. Cash balances are solid, though not excessive, and the overall picture is of a company that has moved from being more highly leveraged to a more balanced and resilient financial structure.

Cash Flow

Cash Flow Cash generation is a clear strength. The company consistently produces healthy operating cash flow year after year, even in periods when earnings growth pauses. After funding a relatively modest and steady level of capital spending, Waters still has substantial free cash flow left over. This gives management flexibility to pay down debt, fund acquisitions, invest in new technologies, or return capital to shareholders. The stability and quality of cash flow help underpin the company’s financial resilience through different business cycles.

Competitive Edge

Competitive Edge Waters holds a strong competitive position in analytical instruments and related software, especially in liquid chromatography and mass spectrometry. Its systems are deeply embedded in customers’ lab workflows, where regulatory requirements, data integration, and training needs make switching to another vendor costly and disruptive. Long‑standing customer relationships, a reputation for reliability, and a large installed base of instruments and software reinforce this moat. The company also benefits from a sizable stream of recurring revenue from consumables and service contracts, which adds stability and keeps customers closely tied to its ecosystem. Key competitive risks include intense rivalry from other large life‑science tools companies and the need to keep pace with rapid technological change.

Innovation and R&D

Innovation and R&D Innovation is a core pillar for Waters. The company has developed leading platforms in high‑performance and ultra‑performance chromatography, advanced mass spectrometry, and lab software, which are widely used in pharma, biotech, and materials science. Its Empower software and newer systems aim to simplify complex lab workflows, improve automation, and reduce human error—important themes as customers push for higher productivity and compliance. Recent acquisitions in light‑scattering technologies and lab robotics broaden its reach into biologics, cell and gene therapy, and lab automation, positioning Waters in faster‑growing niches. Future success will depend on how well it integrates these technologies, drives adoption of new platforms, and expands its data and informatics capabilities.

Summary

Overall, Waters looks like a high‑margin, cash‑rich scientific tools company with a durable market position rather than a rapid‑growth story. Financials show steady revenue, strong profitability, and robust free cash flow, with a balance sheet that has improved after a period of higher leverage. Its competitive moat rests on deep integration into customers’ regulated workflows, strong software and service ties, and a trusted brand. Strategically, the company is pushing into higher‑growth areas such as biologics, cell and gene therapies, automation, and data management, while working to make its tools easier to use. Key uncertainties center on growth re‑acceleration, competition from other large lab instrument providers, research and pharma spending cycles, and the execution of its innovation and acquisition strategy.

NEWS

November 11, 2025 · 2:00 PM UTC

Waters Corporation to Present at the Jefferies Global Healthcare Conference in London

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November 11, 2025 · 8:00 AM UTC

Waters Boosts Lab Productivity and Sample Throughput with Launch of its Charged Aerosol Detector Designed for Empower Software

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November 4, 2025 · 6:00 AM UTC

Waters Corporation (NYSE: WAT) Reports Third Quarter 2025 Financial Results

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October 13, 2025 · 8:05 AM UTC

Waters Launches Charge Detection Mass Spectrometry Technology to Accelerate the Development of Next-Generation Biotherapeutics

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October 1, 2025 · 12:00 PM UTC

Waters Corporation Schedules Third Quarter 2025 Earnings Conference Call

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