WAT
Waters Corp /De/
$374.92
-1.47 (-0.39%)
At close · Jul 15
View the 10-Q filed May 12, 2026
Customer concentration
— top customer 10% of receivables
One customer — 10% of receivables (the three months ended April 4, 2026)
“The Company considers this to be a significant concentration of credit risk, as it accounts for greater than 10% of the Company’s accounts receivables for the three months ended April 4, 2026.”
Market Cap
$37.13B
Shares
98,185,855
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Revenue
$3.17B
+7%
FY2025
Net Income
$642.63M
+0.8%
FY2025
Gross Margin
58.74%
+0.2pp
FY2015
Operating Margin
25.36%
-2.6pp
FY2025
Diluted EPS
$10.76
+0.5%
FY2025
Operating Cash Flow
$652.56M
-14.4%
FY2025
Chart any reported metric, KPI or segment over time — the full statement history lives here
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | FY2026 (G) | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | $3.77B | $3.17B | $2.96B | $2.96B | $2.97B | $2.79B | $2.37B | $2.41B | $2.42B | $2.31B | $2.17B | $2.04B | $1.99B | $1.9B | $1.84B | $1.85B | $1.64B | $1.5B | $1.58B | $1.47B | |
| — | — | -$47.71M | -$71.49M | -$81.43M | -$35.55M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| — | — | $1.29B | $1.2B | $1.2B | $1.25B | $1.16B | $1.01B | $1.01B | $992.56M | $947.07M | $891.45M | $842.67M | $824.91M | $783.46M | $737.61M | $730.49M | $653.3M | $594.88M | $661.27M | $631.12M | |
| — | $1.23B | — | — | — | — | — | — | — | — | — | — | $1.2B | $1.16B | $1.12B | $1.11B | $1.12B | $990.07M | $903.82M | $913.86M | $841.93M | |
| — | — | — | — | — | — | — | — | — | — | — | — | 58.74% | 58.53% | 58.86% | 59.99% | 60.54% | 60.25% | 60.31% | 58.02% | 57.16% | |
| — | $245.09M | $195.71M | $183.03M | $174.95M | $176.19M | $168.36M | $140.78M | $142.96M | $143.4M | $132.59M | $125.19M | $118.55M | $107.73M | $100.54M | $96M | $92.35M | $84.27M | $77.15M | $81.59M | $80.65M | |
| — | $1.04B | $830.37M | $690.15M | $736.01M | $658.03M | $626.97M | $553.7M | $534.79M | $536.9M | $544.36M | $512.33M | $495.75M | $512.71M | $492.97M | $477.27M | $490.01M | $445.46M | $421.4M | $426.7M | $403.7M | |
| — | $261M | $118M | $105M | $81M | $58M | $60M | $57M | — | — | — | — | — | $47.84M | $41.53M | $31.41M | $29.86M | $28.14M | $25.47M | $36.2M | $25.85M | |
| — | — | — | — | $8M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | $5M | — | — | — | — | — | — | — | |
| — | $3.17B | $2.36B | $2.13B | $2.14B | $2.1B | $1.96B | $1.72B | $1.7B | $1.68B | $1.65B | $1.54B | $1.47B | $1.47B | — | — | — | — | — | — | — | |
| — | $603.84M | $802.59M | $826.35M | $817.68M | $873.4M | $821.71M | $645.49M | $708.46M | $739.77M | $662.2M | $625.04M | $567.45M | $517.91M | $517.34M | $511.49M | $528.6M | $449.93M | $394.6M | $389.75M | $348.88M | |
| — | — | 25.36% | 27.93% | 27.66% | 29.39% | 29.5% | 27.29% | 29.44% | 30.57% | 28.68% | 28.84% | 27.78% | 26.03% | 27.17% | 27.74% | 28.55% | 27.38% | 26.33% | 24.74% | 23.68% | |
| — | $103.28M | $69.55M | $89.68M | $98.86M | $48.8M | $44.94M | $49.07M | $48.69M | $48.64M | $56.84M | $44.91M | $36.24M | $34.19M | $30.05M | $28.07M | $21.97M | $13.92M | $10.99M | $38.52M | -$56.52M | |
| — | $20.89M | $18.78M | $17.42M | $16.62M | $11.02M | $12.22M | $16.27M | $22.06M | $38.81M | $36.08M | $20.69M | $10.71M | $7.02M | $4.39M | $4.21M | $2.62M | $1.86M | $3.04M | $20.96M | $30.83M | |
| — | $2.54M | $3.06M | $776K | $807K | $2.23M | $17.2M | -$1.78M | -$3.59M | -$47.79M | -$340K | -$700K | — | — | — | — | — | — | — | — | — | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | -$1.58M | — | — | — | — | — | — | |
| — | $523.99M | $754.88M | $754.87M | $736.24M | $837.85M | $806.19M | $610.91M | $678.24M | $682.15M | $641.1M | $600.11M | $541.92M | $490.74M | $490.11M | $487.63M | $509.25M | $437.86M | $386.65M | $372.19M | $323.19M | |
| — | $74.74M | $112.25M | $117.03M | $94.01M | $130.09M | $113.35M | $89.34M | $86.04M | $88.35M | $620.79M | $78.61M | $72.87M | $59.12M | $40.1M | $26.18M | $76.28M | $56.1M | $63.34M | $49.71M | $55.12M | |
| — | $449.63M | $642.63M | $637.83M | $642.23M | $707.76M | $692.84M | $521.57M | $592.2M | $593.79M | $20.31M | $521.5M | — | — | — | — | — | — | $323.31M | $322.48M | $268.07M | |
| — | — | 20.3% | 21.56% | 21.72% | 23.81% | 24.87% | 22.05% | 24.61% | 24.54% | 0.88% | 24.06% | — | — | — | — | — | — | 21.57% | 20.47% | 18.2% | |
| — | — | $642.63M | $637.83M | $642.23M | $707.76M | $692.84M | $521.57M | $592.2M | $593.79M | $20.31M | $521.5M | $469.05M | $431.62M | $450M | $461.44M | — | — | — | — | — | |
| — | $430.46M | $672.46M | $616.67M | $649.69M | $678.05M | $698.92M | $523.1M | $590.7M | $585.89M | $126.52M | $451.95M | — | — | — | — | — | — | — | — | — | |
| USD/shares | — | — | $10.80 | $10.75 | $10.87 | $11.80 | $11.25 | $8.40 | $8.76 | $7.71 | $0.25 | $6.46 | $5.70 | $5.12 | $5.27 | — | — | — | $3.37 | $3.25 | $2.67 |
| USD/shares | $14.40 – $14.60* | — | $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 | — | — | — | $3.34 | $3.21 | $2.62 |
| shares | — | — | 59.51M | 59.33M | 59.08M | 59.99M | 61.58M | 62.09M | 67.63M | 76.99M | 79.79M | 80.79M | 82.34M | 84.36M | 85.43M | 87.84M | 90.83M | 92.39M | 95.8M | 99.2M | 100.5M |
| shares | — | — | 59.71M | 59.55M | 59.27M | 60.33M | 62.03M | 62.41M | 68.17M | 77.62M | 80.6M | 81.42M | 83.09M | 85.15M | 86.55M | 88.98M | 92.33M | 94.06M | 96.86M | 100.56M | 102.51M |
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2007–FY2025: $8.6B in buybacks.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Geography (USD)
| Component | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Americas | $1,161,513,000 | $1,115,780,000 | $1,108,573,000 | $1,055,635,000 | $925,220,000 | $797,842,000 | $830,241,000 | $835,177,000 |
| Asia Pacific | $1,040,397,000 | $969,222,000 | $1,007,825,000 | $1,131,743,000 | $1,075,765,000 | $899,177,000 | $939,112,000 | $922,291,000 |
| United States | $965,782,000 | $933,926,000 | $927,982,000 | $886,140,000 | $774,014,000 | $678,313,000 | $692,277,000 | $683,596,000 |
| Europe | $963,376,000 | $873,385,000 | $840,018,000 | $784,578,000 | $784,889,000 | $668,346,000 | $637,243,000 | $662,461,000 |
| Asia Other | $602,929,000 | $572,623,000 | $567,118,000 | $399,380,000 | $372,040,000 | $315,010,000 | $318,848,000 | $305,613,000 |
| China | $437,468,000 | $396,599,000 | $440,707,000 | $565,143,000 | $521,128,000 | $404,352,000 | $439,557,000 | $443,321,000 |
| Americas Other | $195,731,000 | $181,854,000 | $180,591,000 | $169,495,000 | $151,206,000 | $119,529,000 | $137,964,000 | $151,581,000 |
| Japan | — | $157,321,000 | $167,202,000 | $167,220,000 | $182,597,000 | $179,815,000 | $180,707,000 | $173,357,000 |
By Product & Service (USD)
| Component | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Waters Instrument Systems | $1,101,826,000 | $1,032,493,000 | $1,108,702,000 | $1,210,456,000 | $1,089,248,000 | $890,855,000 | $963,871,000 | $1,000,625,000 |
| Waters Service | $1,080,162,000 | $1,006,447,000 | $951,419,000 | $890,607,000 | $876,626,000 | $794,189,000 | $761,594,000 | $738,433,000 |
| Chemistry Consumables | $631,458,000 | $565,481,000 | $541,469,000 | $525,399,000 | $507,209,000 | $432,080,000 | $412,018,000 | $400,287,000 |
| Ta Instrument Systems | $243,816,000 | $246,202,000 | $252,879,000 | $252,314,000 | $225,613,000 | $174,398,000 | $191,300,000 | $204,081,000 |
| Ta Service | $108,024,000 | $107,764,000 | $101,947,000 | $93,180,000 | $87,178,000 | $73,843,000 | $77,813,000 | $76,503,000 |
Key facts
CIK
1000697
CUSIP
941848103
13F (30d)
168 filings
145 filers
Visit website
Investor relations