Waters Corp (WAT)
OvervaluedFundamental
50
Price
$439.39
Market Cap
$43.49B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$4.64B
Trailing 12 months (through 7/4/2026)
Net Income
$166M
Trailing 12 months (through 7/4/2026)
Free Cash Flow
$540M
Total Equity
$2.56B
Total Liabilities
$2.52B
Current Ratio
1.86
Interest Coverage
2.21
Debt/EBITDA
3.62
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$312.84
Current Price
$439.39
Margin of Safety
-40.5%
Fair Value Range
$203.35 - $422.33
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
109.57
ROE
25.1%
P/B Ratio
2.84
P/FCF
80.62
Gross Margin
59.3%
ROIC
1.2%
Profitability Radar
Value Creation (Economic Moat)
ROIC
1.2%
WACC
10.0%
ROIC − WACC
-8.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (18)
- EPS shows upward trend
- EPS CAGR 8.16%
- Price CAGR 11.76%
- Gross Margin 59.3%
- P/B Ratio 2.84
- Debt/Equity ratio
- Operating Margin 7.1%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Revenue Growth 5Y 6.0%
- Analyst Consensus 65% Buy
- Earnings Surprise avg 4.9%
- Earnings Quality (OCF/NI) 1.02
- Share Dilution 0.3%
- Piotroski F-Score 5/9
Failed (9)
- ROIC 1.2%
- P/FCF 80.62
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 1.9%
- PEG Ratio 50.28
- Net Margin Trend 20.3% vs 21.6%
Unavailable (1)
- Dividend Payout NaN%
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Share count is stable
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Dr. Udit Batra Ph.D. | President, CEO & Director | 54 |
| Mr. Amol Chaubal | Senior VP & CFO | 48 |
| Ms. Jianqing Y. Bennett | Senior Vice President of Waters Advanced Diagnostics Division | 55 |
| Mr. Christos Ross | Senior Vice President of Global Operations | - |
| Mr. Brook M. Colangelo | Senior VP & Chief Information Officer | 47 |
| Mr. Caspar Tudor | Head of Investor Relations | - |
| Ms. Keeley A. Aleman J.D. | Senior VP, General Counsel, Head of Global Human Resources & Corporate Secretary | 48 |
| Ms. Kristen Garvey | Senior Vice President of Global Communications | - |
| Dr. Daniel Rush Ph.D. | Senior Vice President of Global Research & Strategy | - |
| Mr. Allan Jaenicke | Senior Vice President of Transformation | - |
Audit Risk
8
Board Risk
5
Compensation Risk
7
Shareholder Rights Risk
4
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-23
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-11
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-08-21
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for WAT, sourced from Markets Gazette.