Waters (WAT) Stock Price

Waters Price

NYSE·CLOSED
377.31USD-2.99 (-0.79 %)
Market closed

Over the last 19 years Waters grew revenue by 4.9% annually, reaching 3.17 B USD. Earnings per share have grown at 8.8% per year over the last 19 years. For Waters, the net margin of 20.3% is down versus 24.9% a few years ago. The consensus 12-month price target for Waters is 420.75 USD, about 11.5% above where the stock trades today. Of 25 analysts, 14 rate the stock a buy — an overall Buy consensus. Waters's share price has gained 34.2% over the last twelve months. The stock trades about 37% above its 52-week low.

Waters stock price

Volume
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of Waters over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Waters stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Waters's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

Waters Stock Price History
DateWaters Price
7/31/2026377.31 USD
7/30/2026380.30 USD
7/29/2026382.92 USD
7/27/2026374.41 USD
7/23/2026382.41 USD
7/22/2026370.82 USD
7/21/2026367.55 USD
7/20/2026357.54 USD
7/17/2026368.98 USD
7/16/2026378.19 USD
7/15/2026374.92 USD
7/14/2026376.39 USD
7/13/2026374.76 USD
7/10/2026376.43 USD
7/9/2026377.13 USD
7/8/2026373.45 USD
7/7/2026374.93 USD
7/6/2026375.32 USD
7/2/2026379.29 USD
7/1/2026378.13 USD
6/30/2026375.04 USD
6/29/2026369.80 USD
6/26/2026374.41 USD
6/25/2026376.89 USD
6/24/2026369.18 USD
6/23/2026357.20 USD
6/22/2026355.05 USD
6/18/2026355.31 USD
6/17/2026361.27 USD
6/16/2026357.04 USD
6/15/2026354.80 USD
6/12/2026358.85 USD
6/11/2026359.10 USD
6/10/2026367.42 USD
6/9/2026371.15 USD
6/8/2026363.34 USD
6/5/2026369.28 USD
6/4/2026383.74 USD
6/3/2026375.03 USD
6/2/2026372.76 USD
6/1/2026373.83 USD
5/29/2026376.30 USD
5/28/2026361.80 USD
5/27/2026342.10 USD
5/26/2026342.05 USD
5/22/2026339.08 USD
5/21/2026341.14 USD
5/20/2026338.28 USD
5/19/2026333.26 USD
5/18/2026332.19 USD
5/15/2026329.22 USD
5/14/2026333.21 USD
5/13/2026334.93 USD
5/12/2026352.21 USD
5/11/2026348.07 USD
5/8/2026355.13 USD
5/7/2026350.49 USD
5/6/2026349.53 USD
5/5/2026342.75 USD
5/4/2026301.88 USD
5/1/2026307.12 USD
4/30/2026309.23 USD
4/29/2026292.13 USD
4/28/2026300.73 USD
4/27/2026299.79 USD
4/24/2026309.87 USD
4/23/2026311.20 USD
4/22/2026334.38 USD
4/21/2026335.23 USD
4/20/2026335.61 USD
4/17/2026327.77 USD
4/16/2026319.04 USD
4/15/2026326.20 USD
4/14/2026330.98 USD
4/13/2026324.68 USD
4/10/2026320.00 USD
4/9/2026317.65 USD
4/8/2026318.53 USD
4/7/2026307.38 USD
4/6/2026304.09 USD
4/2/2026304.24 USD
4/1/2026299.89 USD
3/31/2026297.80 USD
3/30/2026293.37 USD
3/27/2026289.16 USD
3/26/2026300.56 USD
3/25/2026302.32 USD
3/24/2026301.92 USD
3/23/2026301.81 USD
3/20/2026298.99 USD
3/19/2026299.57 USD
3/18/2026299.57 USD
3/17/2026296.99 USD
3/16/2026290.02 USD
3/13/2026286.57 USD
3/12/2026284.40 USD
3/11/2026297.54 USD
3/10/2026299.63 USD
3/9/2026305.67 USD
3/6/2026302.26 USD
3/5/2026315.59 USD
3/4/2026319.04 USD
3/3/2026312.14 USD
3/2/2026307.23 USD
2/27/2026319.38 USD
2/26/2026322.83 USD
2/25/2026319.44 USD
2/24/2026326.30 USD
2/23/2026328.74 USD
2/20/2026333.33 USD
2/19/2026328.66 USD
2/18/2026327.53 USD
2/17/2026321.43 USD
2/13/2026323.37 USD
2/12/2026319.83 USD
2/11/2026329.20 USD
2/10/2026328.61 USD
2/9/2026328.14 USD
2/6/2026381.29 USD
2/5/2026376.89 USD
2/4/2026384.33 USD
2/3/2026378.95 USD
2/2/2026379.31 USD
1/30/2026370.72 USD
1/29/2026375.18 USD
1/28/2026385.03 USD
1/27/2026390.09 USD
1/26/2026390.90 USD
1/23/2026392.31 USD
1/22/2026400.42 USD
1/21/2026396.71 USD
1/20/2026383.87 USD
1/16/2026387.37 USD
1/15/2026394.59 USD
1/14/2026393.20 USD
1/13/2026394.03 USD
1/12/2026393.68 USD
1/9/2026396.75 USD
1/8/2026396.65 USD
1/7/2026399.41 USD
1/6/2026400.54 USD
1/5/2026394.97 USD
1/2/2026381.96 USD
12/31/2025379.83 USD
12/30/2025383.99 USD
12/29/2025385.10 USD
12/26/2025386.11 USD
12/24/2025384.83 USD
12/23/2025383.21 USD
12/22/2025384.14 USD
12/19/2025380.01 USD
12/18/2025376.31 USD
12/17/2025377.12 USD
12/16/2025378.53 USD
12/15/2025385.42 USD
12/12/2025385.33 USD
12/11/2025392.21 USD
12/10/2025395.82 USD
12/9/2025386.16 USD
12/8/2025392.75 USD
12/5/2025394.81 USD
12/4/2025396.37 USD
12/3/2025397.62 USD
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12/1/2025397.79 USD
11/28/2025403.42 USD
11/26/2025407.14 USD
11/25/2025412.54 USD
11/24/2025399.54 USD
11/21/2025393.99 USD
11/20/2025378.62 USD
11/19/2025376.25 USD
11/18/2025376.63 USD
11/17/2025377.98 USD
11/14/2025379.40 USD
11/13/2025379.30 USD
11/12/2025387.37 USD
11/11/2025386.14 USD
11/10/2025376.57 USD
11/7/2025371.69 USD
11/6/2025371.16 USD
11/5/2025371.97 USD
11/4/2025367.34 USD
11/3/2025345.59 USD
10/31/2025349.60 USD
10/30/2025342.90 USD
10/29/2025343.47 USD
10/28/2025345.95 USD
10/27/2025351.75 USD
10/24/2025359.01 USD
10/23/2025355.68 USD
10/22/2025348.67 USD
10/21/2025349.23 USD
10/20/2025343.18 USD
10/17/2025334.60 USD
10/16/2025334.87 USD
10/15/2025332.41 USD
10/14/2025333.14 USD
10/13/2025336.33 USD
10/10/2025331.35 USD
10/9/2025330.45 USD
10/8/2025327.66 USD
10/7/2025318.35 USD
10/6/2025327.62 USD
10/3/2025330.38 USD
10/2/2025321.92 USD
10/1/2025319.81 USD
9/30/2025299.81 USD
9/29/2025289.43 USD
9/28/2025289.43 USD
9/25/2025291.71 USD
9/24/2025287.79 USD
9/23/2025299.23 USD
9/22/2025302.48 USD
9/19/2025300.88 USD
9/18/2025306.38 USD
9/17/2025303.68 USD
9/16/2025303.08 USD
9/15/2025299.04 USD
9/12/2025296.78 USD
9/11/2025302.45 USD
9/10/2025293.03 USD
9/9/2025300.52 USD
9/8/2025309.37 USD
9/5/2025306.32 USD
9/4/2025299.69 USD
9/3/2025290.06 USD
9/2/2025296.48 USD
8/29/2025301.80 USD
8/28/2025297.65 USD
8/27/2025294.63 USD
8/26/2025296.14 USD
8/25/2025298.95 USD
8/22/2025303.11 USD
8/21/2025290.44 USD
8/20/2025296.73 USD
8/19/2025297.72 USD
8/18/2025289.40 USD
8/15/2025291.56 USD
8/14/2025293.52 USD
8/13/2025296.83 USD
8/12/2025285.52 USD
8/11/2025279.29 USD
8/8/2025280.22 USD
8/7/2025278.00 USD
8/6/2025277.72 USD
8/5/2025281.19 USD
Access this data via the Eulerpool API

Waters Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2023
2.96 B USD
817.68 M USD
642.23 M USD
Jan 1, 2024
2.96 B USD
826.35 M USD
637.83 M USD
Jan 1, 2025
3.17 B USD
893.22 M USD
642.63 M USD
Jan 1, 2026 (e)
6.44 B USD
1.84 B USD
867.10 M USD
Jan 1, 2027 (e)
7.10 B USD
2.03 B USD
982.46 M USD
Jan 1, 2028 (e)
7.51 B USD
2.14 B USD
1.09 B USD
Jan 1, 2029 (e)
8.00 B USD
2.28 B USD
1.21 B USD
Jan 1, 2030 (e)
8.40 B USD
2.40 B USD
1.31 B USD

Waters Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 5, 2026, 7:51 PM
 
REVENUEB USD
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB USD
EBITB USD
EBIT MARGIN%
NET INCOMEB USD
NET INCOME GROWTH%
SHARESM
201520162017201820192020202120222023202420252026e2027e2028e2029e2030e
2.042.172.312.422.412.372.792.972.962.963.176.447.107.518.008.40
2.666.126.554.76-0.54-1.7017.766.68-0.500.077.00103.4410.335.746.445.03
58.7258.8458.9958.9957.9857.4258.4957.9959.5759.4357.7657.7657.7657.7657.7657.76
1.201.281.361.431.401.361.631.721.761.761.833.724.104.344.624.85
0.570.630.660.740.710.650.820.870.820.830.891.842.032.142.282.40
27.7728.8428.6730.5529.4327.2729.4829.3827.6427.9228.2128.5328.5228.5328.5328.52
0.470.520.020.590.590.520.690.710.640.640.640.870.981.091.211.31
8.8211.09-96.162,865.00-0.17-11.9932.822.17-9.19-0.780.7835.0513.2611.1010.458.63
82.3880.9579.4575.3564.3562.5061.4259.6459.3159.6559.7659.7659.7659.7659.7659.76
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales Waters generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Waters retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Waters's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares Waters has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Waters's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

Waters stock margins

The Waters margin analysis displays the gross margin, EBIT margin, as well as the profit margin of Waters. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for Waters.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2021
58.49 %
29.50 %
24.87 %
Jan 1, 2022
58.00 %
29.39 %
23.81 %
Jan 1, 2023
59.57 %
27.66 %
21.72 %
Jan 1, 2024
59.43 %
27.93 %
21.56 %
Jan 1, 2025
57.77 %
28.22 %
20.30 %
Jan 1, 2026 (e)
57.77 %
28.53 %
13.47 %
Jan 1, 2027 (e)
57.77 %
28.53 %
13.83 %
Jan 1, 2028 (e)
57.77 %
28.53 %
14.53 %

Waters Stock Revenue, EBIT, Earnings per Share

The Waters earnings per share therefore indicates how much revenue Waters has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2021
45.36 USD
13.38 USD
11.28 USD
Jan 1, 2022
49.83 USD
14.64 USD
11.87 USD
Jan 1, 2023
49.85 USD
13.79 USD
10.83 USD
Jan 1, 2024
49.60 USD
13.85 USD
10.69 USD
Jan 1, 2025
52.96 USD
14.95 USD
10.75 USD
Jan 1, 2026 (e)
107.86 USD
30.74 USD
14.52 USD
Jan 1, 2027 (e)
118.99 USD
33.91 USD
16.46 USD
Jan 1, 2028 (e)
125.83 USD
35.86 USD
18.29 USD

Waters business model & stock analysis

Waters Corporation is a leading company in the field of analytics and laboratory instruments. The company was founded in 1958 by James L. Waters and is headquartered in Milford, Massachusetts. Waters Corp originated from the development of liquid chromatography (LC), a technology that allows researchers to separate, identify and analyze substances in a sample. Over the years, Waters has built on this foundation and has evolved into a company that offers a wide range of solutions for the life science industry and chemical analysis. The business model of Waters Corp is based on the development and sale of innovative technologies and instruments for the analysis of chemical and biological substances. The company focuses on four main areas: life science mass spectrometry, chromatography, chemical analysis, and laboratory information systems. Life science mass spectrometry encompasses a range of technologies that facilitate the analysis of biological molecules and medical samples. Mass spectrometry is an instrument for measuring the mass of a molecule. It is used to determine the identity of compounds in a sample and provide information about their structure. Applications are diverse and range from the exploration of new drugs to the diagnosis of diseases. Chromatography systems allow researchers to split and identify substances in a sample. The company offers a wide range of solutions for liquid chromatography and gas chromatography, including systems for high-performance liquid chromatography (HPLC), ultra-high-performance liquid chromatography (UHPLC), and gas chromatography (GC). Chemical analysis encompasses a wide range of technologies that enable rapid, accurate, and reliable analysis of chemical substances. The company offers solutions for spectroscopy, nuclear magnetic resonance spectroscopy (NMR), and X-ray crystallography. Laboratory information systems enable effective management of laboratory information, including sample and result management, as well as report generation and data security. Waters offers solutions for laboratory information management systems (LIMS), electronic signature, and electronic archiving. The company has a wide range of products, including mass spectrometers, gas chromatographs, liquid chromatographs, laboratory information and chromatography software, accessories, and consumables. Waters' product range is focused on various applications in medical research, drug development, the food industry, environmental analysis, and other industries. Waters has a long history of innovation and has received numerous awards for its advancements in technology development and analytics. The company has become a global leader in analytical instruments, software products, and consumables, serving customers in more than 100 countries worldwide. Overall, Waters Corp has a strong position in the industry based on innovative technologies, broad performance spectrum, and decades of experience. The company is expected to continue playing an important role in the analytics and instruments industry, while focusing on the demand for accuracy, precision, and speed in the field of life science technology and chemistry.

Waters SWOT Analysis

Strengths

Waters Corp has several notable strengths that contribute to its success in the market. Firstly, the company has a strong reputation and brand recognition within the scientific equipment industry. This enables Waters Corp to attract and retain a loyal customer base.

Secondly, the company has a diverse portfolio of high-quality products. Waters Corp offers a wide range of innovative scientific instruments and analytical technologies, which cater to the varied needs of its customers. This product diversity provides a competitive advantage in the market.

Additionally, Waters Corp has a strong global presence and distribution network. This allows the company to effectively reach customers worldwide, ensuring a broad market reach and increased sales opportunities. The global presence also helps the company stay updated with international industry trends and regulatory standards.

Weaknesses

Despite its strengths, Waters Corp also faces certain weaknesses that need to be addressed. One weakness is the relatively high pricing of its products compared to some competitors. This may limit market penetration and pose challenges in price-sensitive segments.

Another weakness is the company's dependence on a few key suppliers for critical components. Any disruption in the supply chain can have a negative impact on production, leading to delays or potential product shortages. Diversifying supplier sources could mitigate this risk.

Opportunities

The scientific equipment industry presents several opportunities for Waters Corp. One opportunity lies in the increasing demand for advanced analytical technologies in emerging markets. By focusing on expanding its presence in these markets, the company can tap into new customer bases and drive revenue growth.

Another opportunity is the growing emphasis on research and development in various industries. Waters Corp can capitalize on this trend by investing in the development of cutting-edge products and solutions, thus maintaining a competitive edge in the market.

Threats

Waters Corp faces certain threats that could impact its business operations. One significant threat is intense competition from other scientific equipment manufacturers. Rival companies may offer similar or alternative products at lower prices or with enhanced features, posing a challenge to Waters Corp's market share.

Additionally, regulatory changes and compliance requirements in different countries can pose a threat to Waters Corp's operations. Compliance with evolving regulations may require additional investments or modifications to the company's products, which could impact profitability.

Waters Employees

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Waters Employees
Details
Date
Waters Employees
Jan 1, 2018
- Employees
Jan 1, 2019
- Employees
Jan 1, 2020
- Employees
Jan 1, 2021
- Employees
Jan 1, 2022
- Employees
Jan 1, 2023
- Employees
Jan 1, 2024
- Employees
Jan 1, 2025
- Employees

Waters Segments

Waters Revenue by Segment (1/3)

  • 3 Years

  • 5 Years

  • Max

Product
Service
Details
Date
Product
Service
Jan 1, 2018
1.60 B USD
497.39 M USD
Jan 1, 2019
1.57 B USD
516.16 M USD
Jan 1, 2020
1.50 B USD
502.26 M USD
Jan 1, 2021
1.82 B USD
609.14 M USD
Jan 1, 2022
1.99 B USD
616.29 M USD
Jan 1, 2023
1.90 B USD
680.84 M USD
Jan 1, 2024
1.84 B USD
745.06 M USD
Jan 1, 2025
1.98 B USD
800.50 M USD

Waters Revenue by Segment (2/3)

  • 3 Years

  • 5 Years

  • Max

Instrument Systems
Waters Instrument Systems
Waters Service
Chemistry Consumables
Ta Instrument Systems
Ta Service
Details
Date
Instrument Systems
Waters Instrument Systems
Waters Service
Chemistry Consumables
Ta Instrument Systems
Ta Service
Jan 1, 2018
1.20 B USD
0.00 USD
0.00 USD
400.29 M USD
0.00 USD
0.00 USD
Jan 1, 2019
0.00 USD
963.87 M USD
761.59 M USD
412.02 M USD
191.30 M USD
77.81 M USD
Jan 1, 2020
0.00 USD
890.86 M USD
794.19 M USD
432.08 M USD
174.40 M USD
73.84 M USD
Jan 1, 2021
0.00 USD
1.09 B USD
876.63 M USD
507.21 M USD
225.61 M USD
87.18 M USD
Jan 1, 2022
0.00 USD
1.21 B USD
890.61 M USD
525.40 M USD
252.31 M USD
93.18 M USD
Jan 1, 2023
0.00 USD
1.11 B USD
951.42 M USD
541.47 M USD
252.88 M USD
101.95 M USD
Jan 1, 2024
0.00 USD
1.03 B USD
1.01 B USD
565.48 M USD
246.20 M USD
107.76 M USD
Jan 1, 2025
0.00 USD
1.10 B USD
1.08 B USD
631.46 M USD
243.82 M USD
108.02 M USD

Waters Revenue by Segment (3/3)

  • 3 Years

  • 5 Years

  • Max

Instrument Systems
Details
Date
Instrument Systems
Jan 1, 2018
0.00 USD
Jan 1, 2019
1.16 B USD
Jan 1, 2020
1.07 B USD
Jan 1, 2021
1.31 B USD
Jan 1, 2022
1.46 B USD
Jan 1, 2023
1.36 B USD
Jan 1, 2024
1.28 B USD
Jan 1, 2025
1.35 B USD

Waters Revenue by Region

  • 3 Years

  • 5 Years

  • Max

Americas
Asia Pacific
United States
Europe
Asia Other
CHINA
Americas Other
JAPAN
Details
Date
Americas
Asia Pacific
United States
Europe
Asia Other
CHINA
Americas Other
JAPAN
Jan 1, 2018
835.18 M USD
922.29 M USD
683.60 M USD
662.46 M USD
305.61 M USD
443.32 M USD
151.58 M USD
173.36 M USD
Jan 1, 2019
830.24 M USD
939.11 M USD
692.28 M USD
637.24 M USD
318.85 M USD
439.56 M USD
137.96 M USD
180.71 M USD
Jan 1, 2020
797.84 M USD
899.18 M USD
678.31 M USD
668.35 M USD
315.01 M USD
404.35 M USD
119.53 M USD
179.82 M USD
Jan 1, 2021
925.22 M USD
1.08 B USD
774.01 M USD
784.89 M USD
372.04 M USD
521.13 M USD
151.21 M USD
182.60 M USD
Jan 1, 2022
1.06 B USD
1.13 B USD
886.14 M USD
784.58 M USD
399.38 M USD
565.14 M USD
169.50 M USD
167.22 M USD
Jan 1, 2023
1.11 B USD
1.01 B USD
927.98 M USD
840.02 M USD
399.92 M USD
440.71 M USD
180.59 M USD
167.20 M USD
Jan 1, 2024
1.12 B USD
969.22 M USD
933.93 M USD
873.39 M USD
415.30 M USD
396.60 M USD
181.85 M USD
157.32 M USD
Jan 1, 2025
1.16 B USD
1.04 B USD
965.78 M USD
963.38 M USD
602.93 M USD
437.47 M USD
195.73 M USD
0.00 USD

Waters Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

Waters historical P/E ratio, EBIT multiple, and P/S ratio

Waters annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

Waters shares outstanding

The number of shares of Waters was 59.76 M in 2025. This indicates how many shares Waters is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2021
61.42 M Stocks
Jan 1, 2022
59.64 M Stocks
Jan 1, 2023
59.31 M Stocks
Jan 1, 2024
59.65 M Stocks
Jan 1, 2025
59.76 M Stocks
Jan 1, 2026 (e)
59.76 M Stocks
Jan 1, 2027 (e)
59.76 M Stocks
Jan 1, 2028 (e)
59.76 M Stocks

Waters stock splits

In Waters's history, there have been no stock splits.

Current Waters forecasts and price targets in August 2026

Analyst Price Targets 2026
Δ MOM Price Target
0.61 %
Buy
56.00 % (14)
Hold
44.00 % (11)
Sell
0.00 % (0)
12M Price Target
420.75
Last Price
398.92
Currency
USD
12M Return Potential
5.47 %
LTM Return
0 %

Waters Analyst Rating Actions

DateFirmActionRatingReliability
7/14/2026
Goldman Sachs
Goldman Sachs
MaintainedBuy
7/9/2026
Morgan Stanley
Morgan Stanley
MaintainedEqual Weight60
7/8/2026
Guggenheim
Guggenheim
MaintainedBuy30
7/6/2026
Evercore ISI Group
Evercore ISI Group
MaintainedOutperform62
6/3/2026
HSBC
HSBC
MaintainedBuy
6/2/2026
B of A Securities
B of A Securities
MaintainedNeutral70
5/14/2026
Wells Fargo
Wells Fargo
MaintainedEqual Weight56
5/7/2026
Barclays
Barclays
MaintainedOverweight33
5/6/2026
UBS
UBS
MaintainedNeutral51
5/6/2026
TD Cowen
TD Cowen
MaintainedHold60

Eulerpool Reliability Score (0–100): measures how often a firm’s bullish or bearish calls were directionally correct three months later, blended with the average return following its calls. Every rating we record is stored permanently and scores update continuously; firms with fewer than 3 measured calls are not scored yet.

Waters Earnings Estimates & Surprises

DateEPS estimateEPS ActualRevenue EstimatePrice reactionQuarterly report
8/4/20263.04USD-1.64 BUSD-2026 Q2
5/12/20262.32USD-1.22 BUSD-2026 Q1
2/12/20264.55USD-937.38 MUSD-2025 Q4
5/7/20242.43USD-689.29 MUSD-2024 Q1
2/13/20243.59USD-823.41 MUSD-2023 Q4
7/31/20232.93USD-741.75 MUSD-2023 Q2
5/1/20232.67USD-683.73 MUSD-2023 Q1
1/30/20233.77USD-845.73 MUSD-2022 Q4
11/1/20222.60USD-689.95 MUSD-2022 Q3
8/2/20222.68USD-717.63 MUSD-2022 Q2
...

EESG©

Eulerpool ESG Scorecard© for the Waters stock

92/100
99
Environment
99
Social
78
Governance
E

Environment

20
Scope 1 - Direct Emissions12,659.53
Scope 2 - Indirect emissions from purchased energy17,542.43
Scope 3 - Indirect emissions within the value chain189,019.37
Total CO₂ emissions30,201.96
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather
Pesticides
Palm Oil
Tobacco
Genetically modified organisms
Climate concept
Sustainable forestry
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency
S

Social

20
Percentage of female employees32.3
Percentage of women in management
Percentage of Asian employees11.8
Share of Asian management11.4
Percentage of Hispanic/Latino employees6.9
Hispano/Latino Management share5.2
Percentage of Black employees3.5
Black Management Share2.2
Percentage of white employees77
White Management Share80.9
Adult content
Alcohol
Weapons
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept
Occupational health and safety
Catholic
G

Governance (Corporate Governance)

4
Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

Waters shareholder structure

% Name
14.30847%
BLACKROCK, INC.
BLACKROCK, INC.
10.68364%
VANGUARD CAPITAL MANAGEMENT LLC
VANGUARD CAPITAL MANAGEMENT LLC
7.96266%
VANGUARD PORTFOLIO MANAGEMENT LLC
VANGUARD PORTFOLIO MANAGEMENT LLC
7.81141%
T. ROWE PRICE INVESTMENT MANAGEMENT, INC.
T. ROWE PRICE INVESTMENT MANAGEMENT, INC.
7.75486%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/
MASSACHUSETTS FINANCIAL SERVICES CO /MA/
7.30582%
STATE STREET CORP
STATE STREET CORP
...

Waters Beneficial Ownership Filings (SEC 13D/G)

Free Float
99.9%
Float Shares
-
Shares Outstanding
-
StakeHolderFiling
15.75%
GAMCO Investors, Inc.
GAMCO Investors, Inc.
SEC ↗
12.41%
Abigail P. Johnson
Abigail P. Johnson
SEC ↗
10.94%
04-2507163)
04-2507163)
SEC ↗
10.91%
The Vanguard Group - 23-1945930
The Vanguard Group - 23-1945930
SEC ↗
10.10%
(1) BlackRock, Inc.
(1) BlackRock, Inc.
SEC ↗
9.20%
Massachusetts Financial Services Company ("MFS")
Massachusetts Financial Services Company ("MFS")
SEC ↗
7.80%
BlackRock, Inc.
BlackRock, Inc.
SEC ↗
7.49%
Vanguard Capital Management
Vanguard Capital Management
SEC ↗
6.18%
Loomis, Sayles & Company, L.P.
Loomis, Sayles & Company, L.P.
SEC ↗
6.10%
(:
74-1881407
(: 74-1881407
SEC ↗

Waters Executives and Management Board

14 members · avg. age 60 · 29 % women

UB

Dr. Udit Batra (54)

President, Chief Executive Officer, Director · since 2020

11.15 M USD

Management

AC

Mr. Amol Chaubal (49)

Chief Financial Officer, Senior Vice President

3.16 M USD
JB

Ms. Jianqing Bennett (55)

Senior Vice President - TA Instruments Division and Clinical Business Unit

2.52 M USD
RC

Mr. Robert Carpio (42)

Senior Vice President - Waters Division

1.95 M USD
CT

Mr. Caspar Tudor

Head of Investor Relations

Board of Directors

FO

Dr. Flemming Ornskov (67)

Independent Chairman of the Board

480,157.00 USD
LB

Ms. Linda Baddour (66)

Independent Director

336,157.00 USD
CK

Mr. Christopher Kuebler (71)

Independent Director

328,657.00 USD
PH

Dr. Pearl Huang (67)

Independent Director

323,657.00 USD
DB

Mr. Daniel Brennan (59)

Independent Director

321,157.00 USD
RF

Mr. Richard Fearon (69)

Independent Director

319,657.00 USD

Waters Supply Chain

Waters Supply Chain

Correlation: how closely stock prices move together

Same directionNo relationOpposite
12 companies
#Nameβ 1YTrend
1
Agilent Technologies
Customer·Life Sciences Tools & Services·US
0.21
0.47
0.35
0.82
0.87
0.96
0.73
2
Sartorius Stedim Biotech
Supplier·Customer·Life Sciences Tools & Services·FR
0.17
-0.02
-0.16
0.71
0.83
0.86
0.90
3
Sartorius Vz
Supplier·Customer·DE
0.40
-0.01
-0.17
0.75
0.72
0.80
4
DKSH Holding
Customer·Professional Services·CH
-0.34
-0.21
-0.30
-0.57
-0.58
0.70
-0.44
#Nameβ 1YTrend
1
DKSH Holding AG
Customer
0.10
2
ON24, Inc.
Supplier·Software·US
0
-0.10
-0.06
0.62
0.53
3
JTP Co.,Ltd.
Supplier·IT Services·JP
0.43
0.16
-0.27
-0.07
0.59
-0.72
4
Clarivate
Supplier·Professional Services·GB
0.64
-0.11
-0.23
0.75
0.74
-0.42
5
DeepMatter Group
Supplier·Customer·Software·GB
-0.14
-0.39
0.04
0.55
0.77
-0.37

Frequently asked questions about Waters

The business model of Waters Corp is focused on the development, manufacturing, and distribution of analytical instruments and software used in the life sciences, pharmaceutical, and chemical analysis industries. Waters Corp offers a wide range of products and solutions for high-performance liquid chromatography (HPLC), mass spectrometry (MS), and thermal analysis. With a commitment to technological advancements, Waters Corp aims to provide precise and reliable solutions to its customers, enabling them to improve productivity, enhance research outcomes, and ensure regulatory compliance. By leveraging their expertise in analytical science, Waters Corp continues to be a trusted name in the industry, catering to the evolving needs of scientists and researchers worldwide.

Waters Corp is primarily active in the scientific instruments and equipment industry. As a leading provider of innovative analytical solutions, Waters Corp serves a wide range of industries including pharmaceutical, biotechnology, chemical, environmental, food and beverage, and clinical research. With its advanced technology and expertise, the company is dedicated to assisting customers in improving their productivity and making scientific discoveries. Waters Corp’s commitment to excellence and precision has established its strong presence in various sectors, making it a trusted partner for analytical solutions across multiple industries.

The main competitors of Waters Corp in the market include Agilent Technologies, PerkinElmer, Thermo Fisher Scientific, and Shimadzu Corporation.

Waters Corp is a leading company in the analytical instruments industry. Established in 1958, Waters Corp has a rich history of providing innovative solutions for chemical analysis and separations science. The company has been instrumental in developing state-of-the-art technologies that cater to the ever-evolving needs of various industries including pharmaceutical, environmental, and food & beverage. With a strong commitment to research and development, Waters Corp has continuously introduced cutting-edge products and services that drive scientific advancements. Today, Waters Corp stands as a trusted and respected name in the field, serving customers worldwide with its reliable and accurate analytical instruments.

Waters Corp has achieved several significant milestones throughout its history. Established in 1958, the company revolutionized liquid chromatography with the development of the first high-performance liquid chromatography (HPLC) system in 1971. In the following years, Waters Corp continued to innovate and pioneered various advancements in chromatography technology, including the introduction of the Acquity UPLC system in 2004. The company has also expanded globally and established a strong presence in key markets, with offices and facilities in over 50 countries. Additionally, Waters Corp has received recognition and numerous awards for its contributions to analytical science and commitment to customer satisfaction.

Waters Corp, a leading company in the stock market, primarily operates in multiple countries and regions worldwide. With a global presence, the company has established its footprint in key markets such as the United States, Europe, Asia Pacific, and Latin America. Waters Corp's extensive distribution network allows them to serve customers in diverse industries and sectors across these regions. As a result, investors can benefit from the company's broad geographical reach, which provides opportunities for growth and market expansion.

Waters Corp represents values of innovation, reliability, and customer focus. With a strong commitment to providing high-quality analytical science solutions, Waters Corp is dedicated to solving complex challenges in various industries. Their corporate philosophy revolves around empowering scientists and researchers to make groundbreaking discoveries and advancements. By leveraging cutting-edge technology and a deep understanding of customer needs, Waters Corp strives to deliver exceptional products and services. The company's culture promotes collaboration, integrity, and continuous improvement, ensuring that they remain a trusted partner and industry leader in analytical sciences.

Analysts currently set an average price target of 422.91 USD for the Waters stock (median: 420.75 USD), implying +6.0 % versus the latest price. The consensus is based on 25 analyst ratings.

25 analysts currently rate the Waters stock: 14 recommend buying, 11 holding and 0 selling. For 2026, analysts expect Waters to generate revenue of 6.44 B USD and earnings per share of 14.51 USD.

Converted at the current exchange rate, the Waters share trades at 327.37 EUR (377.31 USD).

The Waters share (WAT) is listed on 7 stock exchanges, including: NYSE (WAT), Frankfurt (WAZ.F), München (WAZ.MU), Düsseldorf (WAZ.DU), London (0LTI.L), London (0LTI.L), SIX (Zürich) (WAZ.SW).

The Waters Corporation is an American company specializing in providing analysis equipment and software for various industries, particularly the pharmaceutical and biotechnology industries. The company was founded in 1958 and is headquartered in Milford, Massachusetts. The company's business model includes various divisions such as Life Science, Clinical, Chemical Materials, Environmental, Food, Forensic, Petrochemical, and Pharmaceutical. Each of these areas has specific requirements for analysis, and Waters Corporation offers customized solutions in each division. The company offers a variety of products, including chromatography systems, mass spectrometers, software for data analysis, and metabolite determination. The company has thousands of employees worldwide and operates branches in North America, Europe, Asia, and the Middle East. In the Life Science division, Waters Corporation offers products for the pharmaceutical industry, including a wide range of devices for quality control and drug analysis. For bioanalysis, the company provides instrumental technologies for proteomics analysis, peptide mapping, glycan analysis, and metabolic pathways. The Clinical division focuses on clinical laboratories and offers advanced chromatography and spectrometer systems that enable rapid and accurate diagnosis. Similarly, the Petrochemical division provides a wide range of analysis equipment for the petrochemical industry to test oil and gas products. The Chemical Materials division specializes in the development of materials and offers various analysis systems to monitor the quality and performance of materials. The Environmental division is responsible for the analysis of environmental samples to assess contamination in food and water sources. The Food division specializes in quality control of food and offers analysis equipment to examine the composition, nutrient content, contaminants, and allergens in food. Forensics supports justice authorities in investigating crime scenes and analyzing evidence through instruments for chemical analysis. In summary, Waters Corporation's business is focused on providing customized solutions for specific requirements in various industries. The combination of instruments and software for data analysis allows the company to deliver innovative products and services, ensuring high customer satisfaction.

The expected revenue of Waters is 6.44 B USD. This figure is based on current financial data and reflects the company's business performance.

The expected profit of Waters is 867.10 M USD. The net profit reflects the company's profitability after deducting all expenses.

The price-to-earnings ratio (P/E) of Waters is currently 26.01. The P/E ratio compares the current share price to the earnings per share and helps investors assess the valuation of the Waters stock.

The price-to-sales ratio (P/S) of Waters is currently 3.50. The P/S ratio compares the market capitalization to the annual revenue and serves as a valuation metric for the Waters stock.

The Eulerpool Quality Score for Waters is 4/10.

The ISIN of Waters is US9418481035. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The WKN of Waters is 898123. The WKN (Wertpapierkennnummer) is a six-digit German security identification number.

The ticker of Waters is WAT. The ticker symbol is used to trade Waters shares on the stock exchange.

Waters paid dividends every year for the past 0 years.

Waters is assigned to the 'Health' sector.

The dividends of Waters are distributed in USD.

All fundamentals and in-depth analysis of Waters

Our stock analysis for Waters stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Waters. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.