WATNYSELaboratory Analytical InstrumentsFiscal year ends December 31
WATERS CORP /DE/
Financials through Q2 FY2026, quarter ended Jul 4, 2026Last filing: 10-Q on Aug 11, 2026
$434.27−2.68 (-0.61%)
Close on Oct 19, 2026
- Market cap
- $42.65T
- P/E (TTM)
- 108.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
59.3%+1.8 pts over 5 years
Operating margin
25.4%−1.9 pts over 5 years
Net margin
20.3%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.0% | +2.1% | +6.0% | +4.5% | |
| Gross profit | +6.7% | +2.9% | +6.7% | +4.6% | |
| Operating income | -2.9% | -2.8% | +4.5% | +3.5% | |
| Net income | +0.8% | -3.2% | – | – | |
| EPS, diluted | +0.5% | -2.8% | +5.2% | +6.7% | |
| Free cash flow | -12.9% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 29.3% | |
| Return on assets | – | – | 13.3% | |
| Current ratio | 6.99 | 1.74 | 1.73 | |
| Debt to equity | 0.79 | 5.84 | 0.37 | |
| Interest coverage | 13.9× | 13.2× | 11.5× | |
| Inventory turnover | 3.4× | 3.2× | 2.5× | |
| Capex to revenue | – | – | 3.6% | |
| Diluted shares | 81M | 62M | 60M |
Cash use needs five years of cash flow figures
Waters does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin20.3%
×Asset turnover0.66×
×Equity multiplier2.19×
=Return on equity, FY202529.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 20.3% | 0.66× | 2.19× | 29.3% |
| FY2024 | 21.6% | 0.64× | 3.08× | 42.8% |
| FY2023 | 21.7% | 0.75× | 4.78× | 77.6% |
| FY2022 | 23.8% | 0.93× | 7.31× | 162.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$642.63M
- Cash generatingOperating cash flow above zero$652.56M
- Return on assets improvedROA up on the prior year13.8% → 14.1%
- Earnings backed by cashOperating cash flow above net income$652.56M vs $642.63M
- Less leverageLong-term debt to assets fell35.7% → 18.7%
- Better liquidityCurrent ratio rose2.11 → 1.73
- No dilutionShare count did not rise60M → 60M
- Gross margin improvedGross margin up on the prior year59.43% → 59.28%
- More efficientAsset turnover rose0.64 → 0.70