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THE INDEPENDENT RESEARCH DESK / 28 Sep 2026

Research desk / Research profile / WAT

Inside the research

Waters Corporation

WAT Research profile · latest available data

Price overview

$433.54

▲ +3.24 (+0.8%)

52w hi$433.54
52w lo$283.32
Vol662.50K
As of25 Sep 2026

The Verdict

Hold

Our score +0.35

Short+0.25
Medium+0.46
Long+0.33

computed 2026-09-27

Key fundamentals

Waters Corporation

Healthcare · Diagnostics & Research

Market cap$42.57B
Enterprise value$47.53B
Trailing P/E109.76x
Forward P/E26.20x
EV / EBITDA32.73x
P / S (ttm)9.17x
Profit margin3.6%
Return on equity1.9%
Revenue growth+113.4%
Debt / equity36.05

Layer Breakdown

LayerRawContribution
Fundamental+0.24
Sector+0.08
Technical+0.20
Earnings+0.00
Sentiment+0.02

macro × 1.00 · 2026-09-27

Business overview

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.

United States · www.waters.com

Risk Metrics

Beta vs SPX0.98
Corr SPX0.41
Annual vol38.2%
Annual ret+19.9%
Sharpe0.52
Max DD-33.4%

Window: 504 trading days (504 obs)

Analyst Coverage

Mean PT$397.32
High / Low$480.00 / $345.00
Median$386.00
Analysts22
Strong Buy2
Buy11
Hold9
Sell0
Strong Sell0

Recent rating actions

2026-05-07Barclays→ Overweight
2026-05-06UBS→ Neutral
2026-05-06TD Cowen→ Hold
2026-05-06JP Morgan→ Neutral
2026-04-13UBS→ Neutral
2026-03-25Deutsche Bank→ Hold

Officers & Board

FounderJim Waters current

Material Events

DateEvent8-K
2026-08-04Earnings Release, Exhibitsread
2026-05-22Shareholder Voteread
2026-05-05Earnings Release, Exhibitsread
2026-03-23Material Agreement, Material Obligation…read
2026-03-16Other Material Event, Exhibitsread
2026-02-09Material Agreement, Acquisition / Disposition…read
2026-02-09Earnings Release, Exhibitsread
2026-01-27Shareholder Vote, Reg FD Disclosure…read
2026-01-16Other Material Eventread
2026-01-12Reg FD Disclosure, Exhibitsread
2025-11-04Earnings Release, Exhibitsread
2025-08-04Earnings Release, Exhibitsread

Insider Trades

DateInsiderRoleActionSharesValue
2026-08-06KUEBLER CHRISTOPHER AOption exercise3.63K$494.70K
2026-08-06KUEBLER CHRISTOPHER ASell3.63K$1.44M
2026-06-30Knight HeatherGrant63—
2026-06-30Jiang WeiGrant67—
2026-06-24Carpio Robert L IIISVP Waters Analytical SciWithheld for tax189$69.78K
2026-05-12Chaubal AmolSVP & Chief Financial OffWithheld for tax239$84.18K
2026-04-06Bennett JianqingSVP Waters Adv. DiagnostiWithheld for tax302$91.84K
2026-03-31Jiang WeiGrant64—
2026-03-31Knight HeatherGrant68—
2026-03-16Jiang WeiBuy500$144.73K

Flow & Concentration

Insider 180d net-$1.44M
Insider buys / sells0 / 1
Insider biasNeutral
13F holders8
Top-5 share97.3%
HHI3,237 (concentrated)

Top Holders

HolderValueShares
State Street Corp$1.64B4.38M
Norges Bank (Norway sovereign)$500.72M1.34M
Fidelity / FMR LLC$346.82M924.74K
Millennium Management$335.53M894.66K
Capital Research / Capital World$260.63M694.95K
Citadel Advisors$64.21M171.21K
AQR Capital Management$19.42M52.65K
T. Rowe Price Group$816.82K2.18M

As of 2026-06-30

Federal Contracts

AmountAgencyDescription
$6.68MDepartment of DefenseIGF::OT::IGF IA INFORMATION ASSURANCE
$4.69MDepartment of CommerceLOWER ESTUARY - TECHNICAL/NON-TECHNICAL SCIENTIFIC SERVICES
$2.58MDepartment of DefensePREVENTATIVE MAINTENANCE FOR THE WALTER REED ARMY INSTITUTE OF RESEARCH SUPPORTI
$2.16MDepartment of Health and Human ServicesWATERS LAB EQUIPMENT MAINTENANCE AGREEMENT
$2.08MDepartment of Health and Human ServicesCHROMATOGRAPHY DATA SYSTEM FOR OMPSLO SLEP (VARIOUS SITES)
$2.06MGeneral Services AdministrationSPECIAL FORCES NSW PACKS
$1.67MEnvironmental Protection AgencyLIQUID CHROMATOGRAPH-TRIPLE QUADRUPOLE MASS SPECTROMETER (LC-MS/MS TRIPLE) SYSTE
$1.65MDepartment of DefenseANALYTICAL INFORMATION TECHNOLOGY (IT) SUPPORT SERVICES

SEC Filings

DateFormDoc
2026-08-1110-Qview
2026-08-074view
2026-08-048-Kview
2026-07-024view
2026-07-024view
2026-06-254view
2026-06-2511-Kview
2026-05-228-Kview
2026-05-144view
2026-05-1210-Qview
2026-05-058-Kview
2026-04-09DEFA14Aview
2026-04-09DEF 14Aview
2026-04-09ARSview
2026-04-074view

The Long Run

FY 2009–2025 · 17 years

LineLatestCAGRTrend
Revenue$636.84M-5.2%
Gross profit$242.79M-19.7%
Operating income$817.68M+5.5%
Net income$642.23M-9.3%
Cash from ops$652.55M+3.8%

Indices

S&P 500

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$428.71$435.93$425.67$433.54662.50K
Sep 24$418.33$436.34$418.00$430.301.03M
Sep 23$428.17$430.00$420.00$420.57743.60K
Sep 22$424.13$433.09$422.83$425.74648.30K
Sep 21$425.80$427.76$420.75$423.92782.40K

Understand the score. Research layers are inputs to a model, and the available data has limits.

Read the methodology →