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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.2B | $1.0B | $643M | $540M | 25.1% | 7.0% | 0.8% |
| 2024 | $3.0B | $1.0B | $638M | $620M | 34.9% | 0.1% | -0.7% |
| 2023 | $3.0B | $1.0B | $642M | $442M | 55.8% | -0.5% | -9.3% |
| 2022 | $3.0B | $1.0B | $708M | $428M | 140.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,971.96 | 2,956.42 | 2,958.39 | 3,165.29 |
| Operating Revenue | - | 2,971.96 | 2,956.42 | 2,958.39 | 3,165.29 |
| Cost Of Revenue | - | 1,248.18 | 1,195.22 | 1,200.20 | 1,288.82 |
| Gross Profit | - | 1,723.77 | 1,761.19 | 1,758.19 | 1,876.46 |
| Operating Expense | - | 840.58 | 943.52 | 920.26 | 1,073.88 |
| Research And Development | - | 176.19 | 174.94 | 183.03 | 195.71 |
| Selling General And Administration | - | 658.03 | 736.01 | 690.15 | 830.37 |
| Total Expenses | - | 2,088.76 | 2,138.74 | 2,120.47 | 2,362.70 |
| Operating Income | - | 883.19 | 817.68 | 837.92 | 802.59 |
| Total Operating Income As Reported | - | 873.40 | 817.68 | 826.35 | 802.59 |
| EBITDA | - | 1,017.07 | 1,001.01 | 1,036.37 | 1,030.66 |
| Normalized EBITDA | - | 1,026.86 | 1,001.01 | 1,047.94 | 1,030.66 |
| EBIT | - | 886.64 | 835.10 | 844.54 | 824.43 |
| Interest Income | - | 11.02 | 16.62 | 17.42 | 18.78 |
| Interest Expense | - | 48.80 | 98.86 | 89.68 | 69.55 |
| Net Interest Income | - | -37.78 | -82.24 | -72.26 | -50.77 |
| Other Non Operating Income Expenses | - | 2.23 | 0.81 | 0.78 | 3.06 |
| Other Income Expense | - | -7.57 | 0.81 | -10.79 | 3.06 |
| Interest Income Non Operating | - | 11.02 | 16.62 | 17.42 | 18.78 |
| Interest Expense Non Operating | - | 48.80 | 98.86 | 89.68 | 69.55 |
| Net Non Operating Interest Income Expense | - | -37.78 | -82.24 | -72.26 | -50.77 |
| Pretax Income | - | 837.85 | 736.24 | 754.87 | 754.88 |
| Tax Provision | - | 130.09 | 94.01 | 117.03 | 112.25 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.52 | 0 | -1.79 | 0 |
| Net Income Continuous Operations | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Net Income From Continuing And Discontinued Operation | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Net Income From Continuing Operation Net Minority Interest | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Net Income | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Net Income Common Stockholders | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Net Income Including Noncontrolling Interests | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Normalized Income | - | 716.03 | 642.23 | 647.61 | 642.63 |
| Diluted NI Availto Com Stockholders | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Basic Average Shares | - | 59.98 | 59.08 | 59.33 | 59.51 |
| Diluted Average Shares | - | 60.33 | 59.27 | 59.55 | 59.71 |
| Reconciled Depreciation | - | 130.42 | 165.90 | 191.82 | 206.24 |
| Reconciled Cost Of Revenue | - | 1,124.12 | 1,061.88 | 1,055.47 | 1,130.38 |
| Total Unusual Items | - | -9.80 | 0 | -11.57 | 0 |
| Total Unusual Items Excluding Goodwill | - | -9.80 | 0 | -11.57 | 0 |
| Special Income Charges | - | -9.80 | 0 | -11.57 | 0 |
| Other Special Charges | 5.16 | 9.80 | - | 11.57 | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 6.37 | 32.56 | 47.09 | 47.79 |
| Depreciation And Amortization In Income Statement | - | 6.37 | 32.56 | 47.09 | 47.79 |
| Amortization | - | 6.37 | 32.56 | 47.09 | 47.79 |
| Amortization Of Intangibles Income Statement | - | 6.37 | 32.56 | 47.09 | 47.79 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Waters Corporationthis co. | WAT | $37.0B | 57.52↑ premium | 14.43 | 25.1% | 36.74 |
| IDEXX Laboratories, Inc. | IDXX | $44.5B | 42.05 | 27.75 | 66.0% | 30.06 |
| Humana Inc. | HUM | $42.0B | 35.35 | 2.38 | 6.7% | - |
| Becton, Dickinson and Company | BDX | $41.2B | 24.56 | 1.62 | 6.6% | 12.06 |
| Alnylam Pharmaceuticals, Inc. | ALNY | $40.5B |
| - |
| - |
| - |
| - |
| - |
| 129.21 |
| 51.37 |
| 39.8% |
| 61.62 |
| Agilent Technologies, Inc. | A | $39.1B | 29.99 | 5.80 | 19.3% | 22.15 |
| Zoetis Inc. | ZTS | $33.3B | 12.47 | 10.01 | 80.2% | 9.90 |
| IQVIA Holdings Inc. | IQV | $31.2B | 22.93 | 4.80 | 20.9% | 13.04 |
| Centene Corporation | CNC | $31.0B | -4.64 | 1.55 | -33.4% | -6.54 |
| Peer Median | - | 27.28 | 5.30 | 20.1% | 13.04 | |