Waters Corporation

Waters Corporation

WATยทNYSE

$379.77

+2.1%
HealthcareMedical - Diagnostics & Research

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company offers 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 good, and healthcare products, as well as for life science research. Its products are used by life science, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.

At a Glance

Live Snapshot
Market Cap$24.75B
EPS10.8000
P/E Ratio35.16
Earnings Date08/03/2026
3Y+7.0%
5Y-17.0%
10Y+4.0%
3Y+41.0%
5Y-42.0%
10Y-69.0%
3Y-53.0%
5Y-46.0%
10Y+133.0%
WAT

Waters Corporation Cash Conversion Engine

WAT ยท NYSE
Net Income642.63M
Depreciation & Amortization206.24M
Stock-Based Compensation54.13M
Change in Working Capital-250.44M
Others0.00
Capital Expenditures-112.75M
Free Cash Flow539.81M

Cash Flow Quality Analysis

FCF Conversion Rate

84.0%

Strong cash conversion. Most reported earnings translate into actual cash flow, suggesting solid fundamentals.

CapEx Intensity

17.3%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-12.9%

Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.

Working Capital Impact

-$250.44M

Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

Waters Corporation Cash Flow Statement

WAT โ€ข NYSE

Waters Corporation Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012Dec 2011Dec 2010Dec 2009Dec 2008Dec 2007Dec 2006
OPERATING ACTIVITIES
642.6M
637.8M
642.2M
707.8M
692.8M
521.6M
592.2M
593.8M
20.3M
521.5M
469.1M
431.6M
450M
461.4M
433M
381.8M
323.3M
322.5M
268.1M
222.2M
206.2M
191.8M
165.9M
130.4M
131.7M
135.4M
105.3M
108.4M
106M
96.4M
90M
94.2M
79.7M
68.8M
66.4M
62.6M
57.3M
65.3M
53.3M
46.2M
0.0
-877K
-1.2M
-32M
16.6M
-2.7M
9.6M
2.4M
45.5M
1.2M
6.6M
1.6M
169K
-52.2M
-5.8M
-15M
36.3M
-19.6M
5.9M
506K
54.1M
44.7M
36.9M
42.6M
29.9M
36.9M
38.6M
37.5M
39.4M
41M
33.4M
33M
31.7M
29.2M
27.6M
24.9M
28.3M
30.8M
28.9M
28.8M
0.0
0.0
-742K
32M
-16.6M
2.7M
-9.6M
-2.4M
-45.5M
870K
4.6M
23.2M
3.7M
13M
13.4M
13.8M
13.1M
14.6M
7.4M
16M
(0.0)
(183.3M)
(243.3M)
(160.1M)
(153.5M)
(97.6M)
(88M)
(159.4M)
(70.6M)
(50M)
(51.8M)
(61M)
-55.9M
(59.4M)
(50.3M)
(39.7M)
(23.8M)
(40.6M)
(0.0)
(0.0)
-250.4M
-111.4M
-240.3M
-269.1M
-107.2M
96.7M
-93M
-135.3M
531.9M
-31.9M
-43.2M
-72M
-80.4M
-70.9M
-37.1M
-10.1M
-39.9M
4.8M
6.9M
-50.1M
652.6M
762.1M
602.8M
611.7M
747.3M
790.5M
643.1M
604.4M
697.6M
629.1M
560.3M
511.6M
484.9M
449.3M
497.4M
457.9M
418.3M
418.2M
370.5M
263.6M
INVESTING ACTIVITIES
-112.7M
-142.5M
-160.6M
-183.5M
-168.3M
-172.4M
-163.8M
-127.6M
-90.5M
-95M
-103M
-106.2M
-118.5M
-104.7M
-85.4M
-62.7M
-93.8M
-69.1M
-60.3M
-51.4M
-35.1M
-1.5M
-1.3B
-1.4M
(7M)
-86.7M
(8.8M)
-31.5M
-2.5B
-5.6M
-23.5M
-27M
-41.4M
-31M
-11.1M
(0.0)
-36.1M
-7.8M
-9.1M
-79M
-7.3M
-3.7M
-1.8M
-11.4M
-63.4M
-32M
-8.8M
-7.6M
-445.3M
-2.4B
-2B
-2.2B
-3B
-1.8B
-1.7B
-1.2B
-518.4M
-19.7M
-394.1M
(0.0)
0.0
3.7M
2.5M
86.9M
218.1M
20.9M
941.5M
1.8B
2.5B
2B
1.7B
1.9B
2.7B
1.7B
1.5B
885.9M
229.2M
115.4M
294.9M
0.0
2.8M
0.0
0.0
1.4M
-225.1M
6.1M
-8.8M
31.5M
-7M
4M
5.2M
1.6M
0.0
0.0
0.0
0.0
0.0
0.0
724K
0.0
-152.3M
-144M
-1.4B
-108M
-231.6M
-264.1M
(768.8M)
(1.7B)
-535.8M
-487.9M
-399.7M
-402M
-464.7M
-296.4M
-356M
-411.5M
-419M
(18.8M)
-167.9M
-130.4M
FINANCING ACTIVITIES
6.1M
-13.5M
-70.3M
-626.1M
-648.9M
-196.4M
-2.5B
-1.3B
-332.5M
-325.8M
-334.7M
-337.4M
-301.6M
-295.9M
-370.8M
-296.3M
-192.3M
-208.9M
-109.2M
-209.3M
-243.3M
-730M
780M
60M
160M
-325.4M
535.2M
-850.2M
170M
160M
205.1M
141.9M
145.6M
186.2M
224.8M
134.3M
91.8M
-348.6M
-19.3M
72.2M
-14.7M
-13.5M
-70.3M
-626.1M
-648.9M
-196.4M
-2.5B
-1.3B
-332.5M
-325.8M
-334.7M
-337.4M
-301.6M
-295.9M
-370.8M
-296.3M
-211.4M
-237.5M
-200.6M
-249.2M
-7K
46.9M
45.2M
56.4M
50.7M
81.3M
61.4M
45.7M
98.7M
63.9M
60M
88.3M
91.4M
43.1M
85.6M
101.8M
10.2M
-15.5M
8.8M
11.2M
-237.2M
-696.7M
755M
-509.6M
-438.3M
-440.5M
-1.9B
-2.1B
-63.9M
-101.9M
-69.6M
-107.2M
-64.6M
-66.5M
-60.4M
-60.3M
-90.3M
-572.9M
-119.7M
-125.9M
CASH FLOW SUMMARY
-621K
7.9M
-948K
-14.8M
-12.8M
15.1M
224K
-14.3M
38.7M
-21.3M
-25.5M
-21M
4.2M
10.7M
-5.5M
-18.7M
3.6M
-32.9M
253K
13.3M
262.5M
-70.7M
-85.5M
-20.7M
64.5M
101M
-460.6M
154M
136.7M
18M
65.5M
-18.6M
-40.2M
97M
75.5M
-32.6M
-87.4M
-168.8M
83.2M
20.6M
325.4M
395.1M
480.5M
501.2M
436.7M
335.7M
796.3M
642.3M
505.6M
487.7M
422.2M
440.8M
481M
384M
308.5M
341.1M
428.5M
597.3M
514.2M
493.6M
587.8M
324.4M
395.1M
480.5M
501.2M
436.7M
335.7M
796.3M
642.3M
505.6M
487.7M
422.2M
440.8M
481M
384M
308.5M
341.1M
428.5M
597.3M
514.2M
539.8M
619.6M
442.2M
428.2M
579M
618.1M
479.3M
476.9M
607.2M
534.1M
457.3M
405.4M
366.4M
344.5M
411.9M
395.1M
324.5M
349.2M
310.2M
212.2M

SEC Filings

WAT - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
8-K

8-K 2026

N/A

May 22, 2026
May 21, 2026
2026
10-Q

10-Q 2026 Q2

Q2

May 12, 2026
April 04, 2026
2026
8-K

8-K 2026

N/A

May 05, 2026
May 05, 2026
2026
DEF 14A

DEF 14A 2026

N/A

April 09, 2026
May 21, 2026
2026
8-K

8-K 2026

N/A

March 23, 2026
March 23, 2026
2026
8-K

8-K 2026

N/A

March 16, 2026
March 16, 2026
2026
10-K

10-K 2025 FY

FY

February 23, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

February 09, 2026
February 09, 2026
2026
8-K

8-K 2026

N/A

February 09, 2026
February 09, 2026
2026
8-K

8-K 2026

N/A

January 27, 2026
January 27, 2026
2026
Showing 1 to 10 of 369 filings