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 |
| 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 |
| Operating Income | - | 883.19 | 817.68 | 837.92 | 802.59 |
| EBITDA | - | 1,017.07 | 1,001.01 | 1,036.37 | 1,030.66 |
| EBIT | - | 886.64 | 835.10 | 844.54 | 824.43 |
| Pretax Income | - | 837.85 | 736.24 | 754.87 | 754.88 |
| Tax Provision | - | 130.09 | 94.01 | 117.03 | 112.25 |
| Net Income | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Net Income Common Stockholders | - | 707.76 | 642.23 | 637.83 | 642.63 |
| Total Expenses | - | 2,088.76 | 2,138.74 | 2,120.47 | 2,362.70 |
| Interest Expense | - | 48.80 | 98.86 | 89.68 | 69.55 |
| Interest Income | - | 11.02 | 16.62 | 17.42 | 18.78 |
| Research And Development | - | 176.19 | 174.94 | 183.03 | 195.71 |
| Selling General And Administration | - | 658.03 | 736.01 | 690.15 | 830.37 |
| Normalized EBITDA | - | 1,026.86 | 1,001.01 | 1,047.94 | 1,030.66 |
| Normalized Income | - | 716.03 | 642.23 | 647.61 | 642.63 |
| Market Cap | 30,418.54 | 30,418.54 | 30,418.54 | 30,418.54 | 30,418.54 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Waters Corporationthis co. | WAT | $18.4B | 47.33β premium | 11.88 | 25.1% | 30.39 |
| DexCom, Inc. | DXCM | $24.0B | 28.41 | 8.65 | 30.5% | 17.84 |
| West Pharmaceutical Services, Inc. | WST | $22.1B | 43.81 | 6.81 | 15.5% | 27.38 |
| Quest Diagnostics Incorporated | DGX | $21.9B | 21.90 | 3.03 | 13.8% | 12.88 |
| Labcorp Holdings Inc. | LH | $21.9B |
| - |
| - |
| - |
| - |
| - |
| 24.80 |
| 2.52 |
| 10.2% |
| 13.78 |
| STERIS plc | STE | $21.8B | 35.42 | 3.30 | 9.3% | 17.52 |
| Incyte Corporation | INCY | $18.5B | 14.64 | 3.65 | 24.9% | 8.96 |
| Zimmer Biomet Holdings, Inc. | ZBH | $18.1B | 25.05 | 1.39 | 5.6% | 11.09 |
| Align Technology, Inc. | ALGN | $13.7B | 33.09 | 3.35 | 10.1% | 15.31 |
| Peer Median | - | 26.73 | 3.33 | 12.0% | 14.55 | |