Stocktoria

WATERS CORP /DE/ WAT

NYSE · stock · Laboratory Analytical Instruments · website · IPO 1995-11-17

WATERS CORP /DE/ statistics & valuation

Market cap$35.4B
P / E55.1×
P / S11.2×
P / B13.8×
Net margin20.3%
Return on equity25.1%
Net debt$822.0M
Net debt / EBITDA0.9×
Enterprise value USD$36.2B
EV / EBITDA40.7×
Earnings yield EBIT/EV2.2%
Return on capital20.9%
Graham number -75.5%$101.92

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($101.92); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
23.80% 21.70% 21.60% 20.30% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
28.80% 28.70% 30.60% 29.40% 27.30% 29.50% 29.40% 27.70% 27.90% 25.40% 2016201720182019202020212022202320242025
Return on equity (%)
140.30% 55.80% 34.90% 25.10% 2016201720182019202020212022202320242025
Shares outstanding
81.4M 80.6M 77.6M 68.2M 62.4M 62.0M 60.3M 59.3M 59.6M 59.7M 2016201720182019202020212022202320242025
Net debt ($)
$1.32B $1.26B $351.9M $1.35B $923.3M $1.02B $1.10B $1.96B $1.30B $822.0M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
21.60% 13.90% 14.00% 12.70% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.80× 0.85× 0.73× 5.86× 4.14× 3.13× 2.05× 0.89× 0.55× 2016201720182019202020212022202320242025
EPS ($)
$6.41 $0.25 $7.65 $8.69 $8.36 $11.17 $11.73 $10.84 $10.71 $10.76 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

WATERS CORP /DE/ trades at about 38.7× earnings — above its 10-year norm (10-year range 22.1×–862.4×, median 30.2×).

22.1× 862.4×

Shaded band = 10-year range (22.1×–862.4×); dot = today's 38.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin25.4%27.9%27.7%29.4%29.5%27.3%29.4%30.6%28.7%28.8%
Net margin20.3%21.6%21.7%23.8%——————
Return on assets12.7%14.0%13.9%21.6%——————
Return on equity25.1%34.9%55.8%140.3%——————
Debt / equity0.55×0.89×2.05×3.13×4.14×5.86×-7.79×0.73×0.85×0.80×
Current ratio1.732.112.222.242.391.742.225.937.046.99

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.