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Waters Corp
Waters Corp (WAT) is listed on NYSE and classified in Diagnostics & Research, part of the Healthcare sector. It is headquartered in Milford, United States and has 16,000 employees. The company is worth $44.73B and trades at 115.9x its earnings of the last twelve months; the median for its sector is 24.3x. Revenue was $3.17B in fiscal 2025, up 7.0% from the year before. Net income was $642.63M. The share price is within 3% of its 52-week high. 6 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Andreas Halvorsen (Viking Global Investors), at $623.37M. In that quarter, 3 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +33.2% over 5Y.
today you would have $1,188.82▲ +18.9%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 19 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $379.83 | $370.98 | $329.23 | $342.58 | $372.60 | $247.42 | $233.65 | $188.65 | $193.19 | $134.39 | $134.58 | $112.72 | $100.00 | $87.12 | $74.05 | $77.71 | $61.96 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Median P/E of 24.3 among peers in the sector.
Median P/E of 25.8 across this company’s own years on record.
Cash flow growing 5.2% a year for 10 years, discounted at 10%, then 2.5% forever.
Sector median of 14.1x operating profit, less net debt. Banks have no EBITDA.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Healthcare, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | $566.76 | 39.8x | 27.7x | 0.00% | 74.21% | $44.65B |
| HLNHaleon plc | $10.37 | 21.2x | 2.1x | 1.93% | 10.09% | $45.6B |
| IQVIqvia Holdings Inc | $278.32 | 34.4x | 7.4x | 0.00% | 22.82% | $45.81B |
| ONCBeOne Medicines Ltd. | $382.27 |
| $36.65 |
| $79.07 |
| P/E | 25.8x | 35.3x | 34.6x | 30.4x | 29.2x | 33.4x | 29.6x | 26.9x | 24.7x | 772.8x | 21.0x | 23.8x | 22.2x | 19.2x | 16.8x | — | — | 18.6x | 11.4x | 30.2x |
| P/S | 5.5x | 11.8x | 7.5x | 6.6x | 6.8x | 8.1x | 6.5x | 6.0x | 5.6x | 6.6x | 5.0x | 5.4x | 4.7x | 4.5x | 4.1x | 3.6x | 4.3x | 3.9x | 2.3x | 5.5x |
| P/B | 6.8x | 14.5x | 12.1x | 16.9x | 40.0x | 61.3x | 66.3x | — | 8.6x | 6.8x | 4.7x | 5.3x | 4.9x | 4.8x | 5.1x | 5.4x | 6.6x | 6.8x | 5.4x | 13.8x |
| EPS | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 | $8.36 | $8.69 | $7.65 | $0.25 | $6.41 | $5.65 | $5.07 | $5.20 | $5.19 | — | — | $3.34 | $3.21 | $2.62 |
| Profit margin | 22.05% | 20.30% | 21.56% | 21.72% | 23.81% | 24.87% | 22.05% | 24.61% | 24.54% | 0.88% | 24.06% | 22.97% | 21.70% | 23.63% | 25.03% | — | — | 21.57% | 20.47% | 18.20% |
| ROE | 36.39% | 25.09% | 34.88% | 55.83% | 140.29% | 188.50% | 224.68% | — | 37.89% | 0.91% | 22.65% | 22.78% | 22.78% | 25.52% | 31.45% | — | — | 38.08% | 48.79% | 45.74% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
5 methods answered, across 3 families.
Room for errors in the reported numbers.
-77.5% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 69.1x |
| 8.4x |
| 0.00% |
| 14.66% |
| $43.49B |
| TEVATEVA Pharmaceutical Industries Ltd | $40.21 | 67.0x | 6.0x | 0.00% | 9.69% | $46.9B |
| MDLNMedline Inc. | $34.88 | 87.2x | 2.6x | 0.00% | 4.93% | $46.93B |