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WATTS WATER TECHNOLOGIES INC

WTS Clue Score69
United States Fiscal year ends December CIK 0000795403
$352.72 +1.61% Close, 9 Oct 2026
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Price $352.72 +107.75% 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 2016Revenue1,398.4Operating income145.0Net income84.2EPS, diluted2.44Fiscal year 2017Revenue1,456.7 +4.2%Operating income162.3Net income73.1 −13.2%EPS, diluted2.12 −13.1%Fiscal year 2018Revenue1,564.9 +7.4%Operating income188.4Net income128.0 +75.1%EPS, diluted3.73 +75.9%Fiscal year 2019Revenue1,600.5 +2.3%Operating income197.1Net income131.5 +2.7%EPS, diluted3.85 +3.2%Fiscal year 2020Revenue1,508.6 −5.7%Operating income181.1Net income114.3 −13.1%EPS, diluted3.36 −12.7%Fiscal year 2021Revenue1,809.2 +19.9%Operating income239.6Net income165.7 +45.0%EPS, diluted4.88 +45.2%Fiscal year 2022Revenue1,979.5 +9.4%Operating income315.0Net income251.5 +51.8%EPS, diluted7.48 +53.3%Fiscal year 2023Revenue2,056.3 +3.9%Operating income350.9Net income262.1 +4.2%EPS, diluted7.82 +4.5%Fiscal year 2024Revenue2,252.2 +9.5%Operating income390.4Net income291.2 +11.1%EPS, diluted8.69 +11.1%Fiscal year 2025Revenue2,438.5 +8.3%Operating income448.1Net income340.8 +17.0%EPS, diluted10.17 +17.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,398.4 1,456.7 1,564.9 1,600.5 1,508.6 1,809.2 1,979.5 2,056.3 2,252.2 2,438.5
Growth +4.2% +7.4% +2.3% −5.7% +19.9% +9.4% +3.9% +9.5% +8.3%
Operating income 145.0 162.3 188.4 197.1 181.1 239.6 315.0 350.9 390.4 448.1
Net income 84.2 73.1 128.0 131.5 114.3 165.7 251.5 262.1 291.2 340.8
Growth −13.2% +75.1% +2.7% −13.1% +45.0% +51.8% +4.2% +11.1% +17.0%
EPS, diluted 2.44 2.12 3.73 3.85 3.36 4.88 7.48 7.82 8.69 10.17
Growth −13.1% +75.9% +3.2% −12.7% +45.2% +53.3% +4.5% +11.1% +17.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin40.4%Operating margin10.4%Net margin6.0%Free cash flow margin7.3%Fiscal year 2017Gross margin41.4%Operating margin11.1%Net margin5.0%Free cash flow margin8.7%Fiscal year 2018Gross margin42.0%Operating margin12.0%Net margin8.2%Free cash flow margin8.5%Fiscal year 2019Gross margin42.3%Operating margin12.3%Net margin8.2%Free cash flow margin10.3%Fiscal year 2020Gross margin41.5%Operating margin12.0%Net margin7.6%Free cash flow margin12.3%Fiscal year 2021Gross margin42.4%Operating margin13.2%Net margin9.2%Free cash flow margin8.5%Fiscal year 2022Gross margin44.2%Operating margin15.9%Net margin12.7%Free cash flow margin9.9%Fiscal year 2023Gross margin46.7%Operating margin17.1%Net margin12.7%Free cash flow margin13.7%Fiscal year 2024Gross margin47.2%Operating margin17.3%Net margin12.9%Free cash flow margin14.5%Fiscal year 2025Gross margin49.5%Operating margin18.4%Net margin14.0%Free cash flow margin14.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 40.4% 41.4% 42.0% 42.3% 41.5% 42.4% 44.2% 46.7% 47.2% 49.5%
Operating margin 10.4% 11.1% 12.0% 12.3% 12.0% 13.2% 15.9% 17.1% 17.3% 18.4%
Net margin 6.0% 5.0% 8.2% 8.2% 7.6% 9.2% 12.7% 12.7% 12.9% 14.0%
Free cash flow margin 7.3% 8.7% 8.5% 10.3% 12.3% 8.5% 9.9% 13.7% 14.5% 14.6%

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 flow138.1Capital expenditure−36.0Free cash flow102.1Buybacks−26.8Fiscal year 2017Operating cash flow155.9Capital expenditure−29.4Free cash flow126.5 +23.9%Buybacks−18.2Fiscal year 2018Operating cash flow169.4Capital expenditure−35.9Free cash flow133.5 +5.5%Buybacks−26.0Fiscal year 2019Operating cash flow194.0Capital expenditure−29.2Free cash flow164.8 +23.4%Buybacks−19.5Fiscal year 2020Operating cash flow228.8Capital expenditure−43.8Free cash flow185.0 +12.3%Buybacks−28.9Fiscal year 2021Operating cash flow180.8Capital expenditure−26.7Free cash flow154.1 −16.7%Buybacks−16.0Fiscal year 2022Operating cash flow224.0Capital expenditure−28.1Free cash flow195.9 +27.1%Buybacks−69.4Fiscal year 2023Operating cash flow310.8Capital expenditure−29.7Free cash flow281.1 +43.5%Buybacks−16.0Fiscal year 2024Operating cash flow361.1Capital expenditure−35.3Free cash flow325.8 +15.9%Buybacks−17.0Fiscal year 2025Operating cash flow402.0Capital expenditure−45.7Free cash flow356.3 +9.4%Buybacks−16.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 138.1 155.9 169.4 194.0 228.8 180.8 224.0 310.8 361.1 402.0
Capital expenditure −36.0 −29.4 −35.9 −29.2 −43.8 −26.7 −28.1 −29.7 −35.3 −45.7
Free cash flow 102.1 126.5 133.5 164.8 185.0 154.1 195.9 281.1 325.8 356.3
Growth +23.9% +5.5% +23.4% +12.3% −16.7% +27.1% +43.5% +15.9% +9.4%
Buybacks −26.8 −18.2 −26.0 −19.5 −28.9 −16.0 −69.4 −16.0 −17.0 −16.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash338.4Total debt650.4Net cash (debt)−312.0Shareholders’ equity736.3Debt to equity0.88Fiscal year 2017Cash280.2Total debt497.1Net cash (debt)−216.9Shareholders’ equity829.0Debt to equity0.60Fiscal year 2018Cash204.1Total debt353.4Net cash (debt)−149.3Shareholders’ equity891.3Debt to equity0.40Fiscal year 2019Cash219.7Total debt309.2Net cash (debt)−89.5Shareholders’ equity978.0Debt to equity0.32Fiscal year 2020Cash218.9Total debt198.2Net cash (debt)20.7Shareholders’ equity1,069.8Debt to equity0.19Fiscal year 2021Cash242.0Total debt141.9Net cash (debt)100.1Shareholders’ equity1,173.2Debt to equity0.12Fiscal year 2022Cash310.8Total debt147.6Net cash (debt)163.2Shareholders’ equity1,300.6Debt to equity0.11Fiscal year 2023Cash350.1Total debt298.3Net cash (debt)51.8Shareholders’ equity1,513.3Debt to equity0.20Fiscal year 2024Cash386.9Total debt197.0Net cash (debt)189.9Shareholders’ equity1,707.9Debt to equity0.12Fiscal year 2025Cash405.5Total debt197.7Net cash (debt)207.8Shareholders’ equity2,027.7Debt to equity0.10
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 338.4 280.2 204.1 219.7 218.9 242.0 310.8 350.1 386.9 405.5
Total debt 650.4 497.1 353.4 309.2 198.2 141.9 147.6 298.3 197.0 197.7
Net cash (debt) −312.0 −216.9 −149.3 −89.5 20.7 100.1 163.2 51.8 189.9 207.8
Shareholders’ equity 736.3 829.0 891.3 978.0 1,069.8 1,173.2 1,300.6 1,513.3 1,707.9 2,027.7
Debt to equity 0.88 0.60 0.40 0.32 0.19 0.12 0.11 0.20 0.12 0.10

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
1,398.4 1,456.7 1,564.9 1,600.5 1,508.6 1,809.2 1,979.5 2,056.3 2,252.2 2,438.5
Growth +4.2% +7.4% +2.3% −5.7% +19.9% +9.4% +3.9% +9.5% +8.3%
n/a 854.3 908.4 923.0 883.2 1,042.1 1,105.2 1,095.4 1,190.2 1,232.5
565.6 602.4 656.5 677.5 625.4 767.1 874.3 960.9 1,062.0 1,206.0
Growth +6.5% +9.0% +3.2% −7.7% +22.7% +14.0% +9.9% +10.5% +13.6%
26.5 29.0 34.5 39.6 42.2 45.6 59.4 67.1 70.4 73.5
424.1 432.3 464.7 476.1 434.4 508.2 548.7 604.5 664.4 734.2
145.0 162.3 188.4 197.1 181.1 239.6 315.0 350.9 390.4 448.1
Growth +11.9% +16.1% +4.6% −8.1% +32.3% +31.5% +11.4% +11.3% +14.8%
127.8 143.1 174.6 183.9 167.0 234.1 307.6 349.5 386.0 445.8
43.6 70.0 46.6 52.4 52.7 68.4 56.1 87.4 94.8 105.0
84.2 73.1 128.0 131.5 114.3 165.7 251.5 262.1 291.2 340.8
Growth −13.2% +75.1% +2.7% −13.1% +45.0% +51.8% +4.2% +11.1% +17.0%
Per share
2.45 2.12 3.73 3.86 3.37 4.90 7.51 7.85 8.70 10.17
2.44 2.12 3.73 3.85 3.36 4.88 7.48 7.82 8.69 10.17
Growth −13.1% +75.9% +3.2% −12.7% +45.2% +53.3% +4.5% +11.1% +17.0%
34.4 34.4 34.3 34.1 33.9 33.8 33.5 33.4 33.5 33.5
34.5 34.4 34.3 34.2 34.0 33.9 33.6 33.5 33.5 33.5
Growth −0.3% −0.3% −0.3% −0.6% −0.3% −0.9% −0.3% +0.0% +0.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 10.1% a year over five years, and earnings per share grew 24.8% a year.
  • The diluted share count fell 1.5% in five years, so buybacks did some of the work per share.
  • Operating margin is up 6.4 points on five years ago, at 18.4%.
  • Profitable in every one of the 10 years on file.