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WatersWAT

Life Sciences Tools & Services · Milford, Massachusetts · In the S&P 500
Solid businessPricier than peers
$462.72−3.61%After hours: $462.72 (0.00%)At the close, 30 Oct · Prices from CNBC, may be delayed
▲ 34.7% over 1 year
Waters over 1 yearDaily close, $, to 30 Oct 2026
$300$400Nov2026MarMayJulSep$462.72$300$400NovMarJul$462.72
Source: Nasdaq daily closes
Market value$45.46B
Price to earnings115.7x
Forward P/E29.8x
Dividend yield–
Year to date+21.8%
One year+34.7%
Next earningsTue 3 Nov, before the open
SectorHealth Care
52-week range (closes)
$283.32$480.07

Quality and valuation

How Waters compares with other health care stocks. A description, not a recommendation.

Waters and 7 life sciences tools & services peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: about averageValuation: pricier than most

An average business among health care companies, priced above most of them.

Waters trades at 29.8 times the next 12 months of expected earnings, against a median of 19.1x for the 65 health care stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew faster than the sector median: +52.5% vs +7.8%
  • Less profitable (operating margin): 7.1% vs 13.3%
WAT trades at 29.8x forward earnings, above the sector medianForward p/e, Life Sciences Tools & Services peers
IQV19.8xDHR26.5xTMO26.6xA26.6xCRL29.1xWAT29.8xMTD34.1xILMN41.6xSector median 19.1xIQV19.8xDHR26.5xTMO26.6xA26.6xCRL29.1xWAT29.8xMTD34.1xILMN41.6xSector median 19.1x
Source: CNBC quotes; Mostly Markets
At 115.4x earnings, WAT is pricier than its average since Jul 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
50x100xAverage 42.0x20252026115.4x50x100xAverage 42.0x20252026115.4x
Source: Nasdaq prices; SEC filings

Financials

From Waters's SEC filings, through the quarter ending 4 Jul 2026. Hover or tap a bar for its value.

Revenue grew 113.4% from a year earlierQuarterly revenue, $bn, latest Q2 ’26
$0.0bn$0.5bn$1.0bn$1.5bnQ3 ’24Q1 ’25Q3 ’25$1.6bnQ2 ’26$0bn$1bnQ3 ’24Q1 ’25Q3 ’25$1.6bnQ2 ’26
Source: SEC filings
Growth sped up to +113.4% last quarterRevenue growth, year on year, %
0%50%100%Q3 ’24Q1 ’25Q3 ’25113.4%Q2 ’260%50%100%Q3 ’24Q1 ’25Q3 ’25113.4%Q2 ’26
Source: SEC filings
Operating margin was -5.2% last quarterOperating income as a share of revenue, %
0%10%20%30%Q3 ’24Q1 ’25Q3 ’25−5.2%Q2 ’260%20%Q3 ’24Q1 ’25Q3 ’25−5.2%Q2 ’26
Source: SEC filings
Free cash flow by quarterQuarterly free cash flow (operating cash flow minus capex), $m
$0m$100m$200mQ1 ’25$153mQ2 ’26$0m$100m$200mQ1 ’25$153mQ2 ’26
Source: SEC filings
Last 12 monthsWATSector median
Revenue growth+52.5%+7.8%
Operating margin7.1%13.3%
Price to earnings115.7x30.2x

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Similar companies

Life Sciences Tools & Services, by market value.

CompanyPriceTodayYTDValue
TMOThermo Fisher Scientific$697.00−1.72%+20.3%$258B
DHRDanaher$232.23−2.00%+1.4%$163B
AAgilent Technologies$174.87−3.47%+28.5%$49.30B
IQVIQVIA$267.33−2.81%+18.6%$44.06B
ILMNIllumina$235.99−18.64%+79.9%$35.63B
MTDMettler Toledo$1,674.81−2.55%+20.1%$33.56B
CRLCharles River Laboratories$359.41−4.44%+80.2%$17.16B
TECHBio-Techne$72.66−0.07%+23.6%$11.41B