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Waters Corporation

WAT Clue Score65
United States Fiscal year ends December CIK 0001000697
$433.77 +1.08% Close, 9 Oct 2026
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Price $433.77 +27.06% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2,167.4Operating income625.0Net income521.5EPS, diluted6.41Fiscal year 2017Revenue2,309.1 +6.5%Operating income662.2Net income20.3 −96.1%EPS, diluted0.25 −96.1%Fiscal year 2018Revenue2,419.9 +4.8%Operating income739.8Net income593.8 +2,823.5%EPS, diluted7.65 +2,960.0%Fiscal year 2019Revenue2,406.6 −0.6%Operating income708.5Net income592.2 −0.3%EPS, diluted8.69 +13.6%Fiscal year 2020Revenue2,365.4 −1.7%Operating income645.5Net income521.6 −11.9%EPS, diluted8.36 −3.8%Fiscal year 2021Revenue2,785.9 +17.8%Operating income821.7EPS, diluted11.17 +33.6%Fiscal year 2022Revenue2,972.0 +6.7%Operating income873.4Net income707.8EPS, diluted11.73 +5.0%Fiscal year 2023Revenue2,956.4 −0.5%Operating income817.7Net income642.2 −9.3%EPS, diluted10.84 −7.6%Fiscal year 2024Revenue2,958.4 +0.1%Operating income826.4Net income637.8 −0.7%EPS, diluted10.71 −1.2%Fiscal year 2025Revenue3,165.3 +7.0%Operating income802.6Net income642.6 +0.8%EPS, diluted10.76 +0.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,167.4 2,309.1 2,419.9 2,406.6 2,365.4 2,785.9 2,972.0 2,956.4 2,958.4 3,165.3
Growth +6.5% +4.8% −0.6% −1.7% +17.8% +6.7% −0.5% +0.1% +7.0%
Operating income 625.0 662.2 739.8 708.5 645.5 821.7 873.4 817.7 826.4 802.6
Net income 521.5 20.3 593.8 592.2 521.6 n/a 707.8 642.2 637.8 642.6
Growth −96.1% +2,823.5% −0.3% −11.9% −9.3% −0.7% +0.8%
EPS, diluted 6.41 0.25 7.65 8.69 8.36 11.17 11.73 10.84 10.71 10.76
Growth −96.1% +2,960.0% +13.6% −3.8% +33.6% +5.0% −7.6% −1.2% +0.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin28.8%Net margin24.1%Fiscal year 2017Operating margin28.7%Net margin0.9%Fiscal year 2018Operating margin30.6%Net margin24.5%Fiscal year 2019Operating margin29.4%Net margin24.6%Fiscal year 2020Operating margin27.3%Net margin22.1%Fiscal year 2021Operating margin29.5%Fiscal year 2022Operating margin29.4%Net margin23.8%Fiscal year 2023Operating margin27.7%Net margin21.7%Free cash flow margin15.0%Fiscal year 2024Operating margin27.9%Net margin21.6%Free cash flow margin20.9%Fiscal year 2025Operating margin25.4%Net margin20.3%Free cash flow margin17.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 28.8% 28.7% 30.6% 29.4% 27.3% 29.5% 29.4% 27.7% 27.9% 25.4%
Net margin 24.1% 0.9% 24.5% 24.6% 22.1% n/a 23.8% 21.7% 21.6% 20.3%
Free cash flow margin n/a n/a n/a n/a n/a n/a n/a 15.0% 20.9% 17.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow642.9Buybacks−325.8Fiscal year 2017Operating cash flow697.6Buybacks−332.5Fiscal year 2018Operating cash flow604.4Buybacks−1,315.1Fiscal year 2019Operating cash flow643.1Buybacks−2,469.3Fiscal year 2020Operating cash flow790.5Buybacks−196.4Fiscal year 2021Operating cash flow747.3Buybacks−648.9Fiscal year 2022Operating cash flow611.7Buybacks−626.1Fiscal year 2023Operating cash flow602.8Capital expenditure−160.6Free cash flow442.2Buybacks−70.3Fiscal year 2024Operating cash flow762.1Capital expenditure−142.5Free cash flow619.6 +40.1%Buybacks−13.5Fiscal year 2025Operating cash flow652.6Capital expenditure−112.7Free cash flow539.8 −12.9%Buybacks−14.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 642.9 697.6 604.4 643.1 790.5 747.3 611.7 602.8 762.1 652.6
Capital expenditure n/a n/a n/a n/a n/a n/a n/a −160.6 −142.5 −112.7
Free cash flow n/a n/a n/a n/a n/a n/a n/a 442.2 619.6 539.8
Growth +40.1% −12.9%
Buybacks −325.8 −332.5 −1,315.1 −2,469.3 −196.4 −648.9 −626.1 −70.3 −13.5 −14.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash505.6Total debt1,702.0Net cash (debt)−1,196.3Shareholders’ equity2,301.9Debt to equity0.74Fiscal year 2017Cash642.3Total debt1,897.5Net cash (debt)−1,255.2Shareholders’ equity2,233.8Debt to equity0.85Fiscal year 2018Cash796.3Total debt1,148.2Net cash (debt)−351.9Shareholders’ equity1,567.3Debt to equity0.73Fiscal year 2019Cash335.7Total debt1,580.8Net cash (debt)−1,245.1Shareholders’ equity−216.3Fiscal year 2020Cash436.7Total debt1,206.5Net cash (debt)−769.8Shareholders’ equity232.1Debt to equity5.20Fiscal year 2021Cash501.2Total debt1,513.9Net cash (debt)−1,012.6Shareholders’ equity367.6Debt to equity4.12Fiscal year 2022Cash480.5Total debt1,524.9Net cash (debt)−1,044.3Shareholders’ equity504.5Debt to equity3.02Fiscal year 2023Cash395.1Total debt2,305.5Net cash (debt)−1,910.4Shareholders’ equity1,150.3Debt to equity2.00Fiscal year 2024Cash325.4Total debt1,626.5Net cash (debt)−1,301.1Shareholders’ equity1,828.5Debt to equity0.89Fiscal year 2025Cash587.8Total debt947.4Net cash (debt)−359.6Shareholders’ equity2,561.2Debt to equity0.37
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 505.6 642.3 796.3 335.7 436.7 501.2 480.5 395.1 325.4 587.8
Total debt 1,702.0 1,897.5 1,148.2 1,580.8 1,206.5 1,513.9 1,524.9 2,305.5 1,626.5 947.4
Net cash (debt) −1,196.3 −1,255.2 −351.9 −1,245.1 −769.8 −1,012.6 −1,044.3 −1,910.4 −1,301.1 −359.6
Shareholders’ equity 2,301.9 2,233.8 1,567.3 −216.3 232.1 367.6 504.5 1,150.3 1,828.5 2,561.2
Debt to equity 0.74 0.85 0.73 n/a 5.20 4.12 3.02 2.00 0.89 0.37

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
2,167.4 2,309.1 2,419.9 2,406.6 2,365.4 2,785.9 2,972.0 2,956.4 2,958.4 3,165.3
Growth +6.5% +4.8% −0.6% −1.7% +17.8% +6.7% −0.5% +0.1% +7.0%
891.5 947.1 992.6 1,010.7 1,006.7 1,156.5 1,248.2 1,195.2 1,200.2 1,288.8
125.2 132.6 143.4 143.0 140.8 168.4 176.2 174.9 183.0 195.7
512.3 544.4 536.9 534.8 553.7 627.0 658.0 736.0 690.1 830.4
625.0 662.2 739.8 708.5 645.5 821.7 873.4 817.7 826.4 802.6
Growth +5.9% +11.7% −4.2% −8.9% +27.3% +6.3% −6.4% +1.1% −2.9%
600.1 641.1 682.1 678.2 610.9 806.2 837.8 736.2 754.9 754.9
78.6 620.8 88.4 86.0 89.3 113.4 130.1 94.0 117.0 112.2
521.5 20.3 593.8 592.2 521.6 n/a 707.8 642.2 637.8 642.6
Growth −96.1% +2,823.5% −0.3% −11.9% −9.3% −0.7% +0.8%
Per share
6.46 0.25 7.71 8.76 8.40 11.25 11.80 10.87 10.75 10.80
6.41 0.25 7.65 8.69 8.36 11.17 11.73 10.84 10.71 10.76
Growth −96.1% +2,960.0% +13.6% −3.8% +33.6% +5.0% −7.6% −1.2% +0.5%
80.8 79.8 77.0 67.6 62.1 61.6 60.0 59.1 59.3 59.5
81.4 80.6 77.6 68.2 62.4 62.0 60.3 59.3 59.6 59.7
Growth −1.0% −3.7% −12.2% −8.4% −0.6% −2.7% −1.8% +0.5% +0.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.0% a year over five years, and earnings per share grew 5.2% a year.
  • The diluted share count fell 4.3% in five years, so buybacks did some of the work per share.
  • Operating margin is down 1.9 points on five years ago, at 25.4%.
  • Profitable in every one of the 9 years on file.