WAT - WATERS CORP /DE/

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Revenue Growth YoY (%)	7.0% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+40%)	0.1% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-99%)	-0.5% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-110%)	6.7% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+34%)	17.8% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+256%)	-1.7% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-134%)	-0.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-111%)	4.8% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	6.5% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+31%)	6.1% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+22%)	2.7% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-47%)	4.5% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-11%)	3.3% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-34%)	-0.4% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-108%)	12.6% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+153%)	9.7% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+93%)	-4.9% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-197%)	6.9% Fair Fair Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+39%)	—	—
EPS Growth YoY (%)	0.5% Caution ↑ Caution Improving Year-over-year change in earnings per share Optimal: > 10%	-1.1% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-7.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	4.9% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	33.9% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	-4.1% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	13.6% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	2984.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-96.1% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	13.3% Fair Fair Year-over-year change in earnings per share Optimal: > 10%	11.3% Fair Fair Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	21.7% Good Good Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	0.8% Caution ↑ Caution Improving Year-over-year change in net income	-0.7% Weak ↓ Weak Declining Year-over-year change in net income	-9.3% Weak ↓ Weak Declining Year-over-year change in net income	2.2% Caution ↓ Caution Declining Year-over-year change in net income	32.8% Excellent ↓ Excellent Declining Year-over-year change in net income	-11.9% Weak ↓ Weak Declining Year-over-year change in net income	-0.3% Weak ↓ Weak Declining Year-over-year change in net income	2823.5% Excellent ↑ Excellent Improving Year-over-year change in net income	-96.1% Weak ↓ Weak Declining Year-over-year change in net income	11.2% Fair ↑ Fair Improving Year-over-year change in net income	8.7% Fair Fair Year-over-year change in net income	-4.1% Weak Weak Year-over-year change in net income	—	—	—	—	—	20.3% Good Good Year-over-year change in net income	—	—
FCF Growth YoY (%)	-14.6% Weak ↓ Weak Declining Year-over-year change in free cash flow	25.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	0.1% Caution ↓ Caution Declining Year-over-year change in free cash flow	-16.0% Weak ↓ Weak Declining Year-over-year change in free cash flow	-4.7% Weak ↓ Weak Declining Year-over-year change in free cash flow	33.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	21.1% Good Good Year-over-year change in free cash flow	-10.2% Weak Weak Year-over-year change in free cash flow	—	—	—	—	—	-6.6% Weak ↓ Weak Declining Year-over-year change in free cash flow	10.5% Fair → Fair Stable Year-over-year change in free cash flow	13.5% Fair ↑ Fair Improving Year-over-year change in free cash flow	3.6% Caution Caution Year-over-year change in free cash flow	14.4% Fair Fair Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	2.1% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	2.0% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	7.7% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	7.3% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	4.8% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	0.8% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	3.6% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	5.8% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	5.1% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	4.4% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	3.5% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	2.4% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	5.0% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	7.1% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	5.5% Fair Fair Compound annual revenue growth over 3 years	3.7% Caution Caution Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	6.0% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	4.2% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	4.1% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	5.2% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	5.1% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	3.0% Caution ↓ Caution Declining Compound annual revenue growth over 5 years	3.9% Caution ↓ Caution Declining Compound annual revenue growth over 5 years	4.9% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	4.6% Fair → Fair Stable Compound annual revenue growth over 5 years	3.2% Caution ↓ Caution Declining Compound annual revenue growth over 5 years	4.4% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	5.8% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	3.9% Caution Caution Compound annual revenue growth over 5 years	4.6% Fair Fair Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	-2.9% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-1.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	9.0% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	10.4% Good ↓ Good Declining Compound annual EPS growth over 3 years	13.4% Good ↓ Good Declining Compound annual EPS growth over 3 years	222.7% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	10.7% Good ↑ Good Improving Compound annual EPS growth over 3 years	10.6% Good Good Compound annual EPS growth over 3 years	-63.4% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Operating Margin (%) (%)	25.4% Excellent ↓ Excellent Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+111%)	27.9% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+133%)	27.7% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+130%)	29.4% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+145%)	29.5% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+146%)	27.3% Excellent ↓ Excellent Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+127%)	29.4% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+145%)	30.6% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+155%)	28.7% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+139%)	28.8% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+140%)	27.8% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+132%)	26.0% Excellent ↓ Excellent Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+117%)	27.2% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+126%)	27.7% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+131%)	28.6% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+138%)	27.4% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+128%)	26.3% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+119%)	24.7% Good Good Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+106%)	23.7% Good Good Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+97%)	—
Effective Tax Rate (%) (%)	14.9% Excellent → Excellent Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.5% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	12.8% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.5% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	14.1% Excellent → Excellent Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	14.6% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	12.7% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	96.8% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.1% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.4% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	12.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	8.2% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—
Profit Margin (%) (%)	20.3% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+154%)	21.6% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+170%)	21.7% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+172%)	23.8% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+198%)	24.9% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+211%)	22.1% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+176%)	24.6% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+208%)	24.5% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+207%)	0.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-89%)	24.1% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+201%)	23.0% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+187%)	21.7% Excellent Excellent Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+171%)	23.6% Excellent Excellent Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+195%)	—	—	—	—	20.5% Excellent Excellent Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+156%)	18.2% Good Good Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+127%)	—
FCF Margin (%) (%)	20.6% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	25.8% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	20.4% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	20.6% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	26.8% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	33.4% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	26.7% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	25.0% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	30.2% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	24.4% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	26.9% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	27.9% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	27.9% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	26.6% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	25.2% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.02x Fair → Fair Stable Free cash flow relative to reported net income Optimal: > 1x	1.19x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.94x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.86x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.08x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.52x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.09x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.02x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	34.35x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	—	—	—	—	—	—	1.30x Good Good Free cash flow relative to reported net income Optimal: > 1x	1.38x Good Good Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Return on Invested Capital (%)	17.2% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	20.2% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	20.6% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	35.4% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	37.4% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	34.6% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	42.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	23.7% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	0.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	13.1% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	13.8% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	14.5% Good ↓ Good Declining Return earned on debt + equity capital invested Optimal: > 10%	16.1% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	16.1% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	21.7% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	20.1% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	23.1% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	61.6% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	15.8% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	18.1% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	17.7% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	26.6% Excellent → Excellent Stable Operating profit relative to total assets Optimal: > 10%	26.6% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	22.7% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	27.7% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	19.8% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	12.4% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	13.4% Good → Good Stable Operating profit relative to total assets Optimal: > 10%	13.3% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	13.4% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	14.4% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	16.1% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	19.4% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	19.3% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	20.7% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	24.0% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	25.1% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+67%)	34.9% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+133%)	55.8% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+272%)	140.3% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+835%)	188.5% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+1157%)	224.7% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+1398%)	-273.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1925%)	37.9% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+153%)	0.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-94%)	22.7% Excellent → Excellent Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+51%)	22.8% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+52%)	22.8% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+52%)	25.5% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+70%)	—	—	—	—	—	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Debt to Equity (x)	0.55x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-21%)	0.89x Fair ↓ Fair Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+27%)	2.00x Weak ↓ Weak Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+186%)	3.13x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+347%)	4.14x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+491%)	5.86x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+737%)	-7.79x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-1213%)	0.73x Fair ↓ Fair Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	0.85x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+21%)	0.80x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+14%)	0.73x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	0.65x Fair → Fair Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-7%)	0.67x Fair → Fair Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	0.71x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	0.57x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-18%)	0.65x Fair Fair Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-6%)	0.59x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-16%)	—	—	—
Interest Coverage (x)	11.54x Excellent → Excellent Stable Operating income divided by interest expense Optimal: > 5x	9.21x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	8.27x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	17.90x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	18.29x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	13.15x Excellent → Excellent Stable Operating income divided by interest expense Optimal: > 5x	14.55x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	15.21x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	11.65x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	13.90x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	15.66x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	15.15x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	17.22x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	18.22x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	24.06x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	32.31x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	35.92x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	10.12x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	6.17x Good Good Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$822.17M	$1.31B	$1.91B	$1.10B	$1.02B	$923.30M	$1.35B	$353.90M	$1.26B	$1.32B	$1.01B	$815.29M	$749.20M	$563.97M	$316.01M	$391.50M	$158.89M	$71.48M	$-597.33M	$-514.17M
Debt / EBITDA (x)	1.58x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.78x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.56x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.67x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.70x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.90x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.21x Fair → Fair Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.44x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.62x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.71x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.44x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.19x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.14x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.90x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.24x Good → Good Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.45x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.17x Good Good Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.19x Good Good Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Revenue per Share (USD)	$53.19	$49.86	$50.04	$49.54	$45.24	$38.09	$35.59	$31.43	$28.94	$26.83	$24.80	$23.58	$22.29	$20.99	$20.38	$17.79	$15.64	$15.88	$14.66	—
Basic EPS, GAAP (USD)	$10.80	$10.75	$10.87	$11.80	$11.25	$8.40	$8.76	$7.71	$0.25	$6.46	$5.70	$5.12	—	—	—	—	—	$3.25	$2.67	—
Free Cash Flow per Share (USD)	$10.97	$12.84	$10.20	$10.20	$12.14	$12.73	$9.51	$7.85	$8.74	—	—	—	—	$5.11	$5.48	$4.96	$4.37	$4.22	$3.69	—
Book Value per Share (USD)	$43.01	$30.82	$19.47	$8.54	$6.05	$3.73	$-3.46	$21.44	$28.16	$28.77	$25.27	$22.79	$20.79	$16.99	$13.78	$11.64	$9.02	—	—	—
Tangible Book Value per Share (USD)	$11.13	$-0.59	$-13.28	$-2.59	$-5.15	$-7.56	$-12.98	$13.19	$20.74	$21.78	$18.21	$15.76	$13.84	$10.77	$8.29	$6.49	$3.97	—	—	—
Basic Weighted Avg Shares (shares)	59.51M	59.33M	59.08M	59.98M	61.58M	62.09M	67.63M	76.99M	79.79M	80.79M	82.34M	84.36M	85.43M	87.84M	90.83M	92.39M	95.80M	99.20M	100.50M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Working Capital (USD)	$908.15M	$879.35M	$963.29M	$978.17M	$948.43M	$596.05M	$721.16M	$2.21B	$3.66B	$3.12B	$2.65B	$2.24B	$2.07B	$1.75B	$1.34B	$1.20B	$777.81M	$666.80M	—	—
LT Debt (USD)	$1.41B	$1.63B	$2.31B	$1.58B	$1.52B	$1.36B	$1.69B	$1.15B	$1.90B	$1.83B	$1.49B	$1.24B	$1.19B	$1.04B	$700.00M	$700.00M	$500.00M	$500.00M	—	—
Total Equity (USD)	$2.56B	$1.83B	$1.15B	$504.49M	$367.55M	$232.14M	$-216.28M	$1.57B	$2.23B	$2.30B	$2.06B	$1.89B	$1.76B	$1.47B	$1.23B	$1.07B	$848.95M	—	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗	FY 2006 Dec 31, 2006 10-K ↗
Sales/Revenue/Turnover (USD)	$3.17B	$2.96B	$2.96B	$2.97B	$2.79B	$2.37B	$2.41B	$2.42B	$2.31B	$2.17B	$2.04B	$1.99B	$1.90B	$1.84B	$1.85B	$1.64B	$1.50B	$1.58B	$1.47B	—
Depreciation Expense (USD)	$88.14M	$87.02M	$84.62M	$72.00M	$71.56M	$68.69M	$53.84M	$57.95M	$61.45M	$51.68M	$45.29M	$46.39M	$38.16M	$37.42M	$36.53M	$34.42M	$31.80M	$29.07M	$27.47M	—
Net Income, GAAP (USD)	$642.63M	$637.83M	$642.23M	$707.75M	$692.84M	$521.57M	$592.20M	$593.79M	$20.31M	$521.50M	$469.05M	$431.62M	$450.00M	—	—	—	—	$322.48M	$268.07M	—
Operating Cash Flow (USD)	$652.55M	$762.12M	$602.81M	$611.66M	$747.27M	$790.51M	$643.09M	$604.45M	$697.64M	—	—	—	—	$449.28M	$497.37M	$457.86M	$418.26M	$418.25M	$370.51M	—

WATERS CORP /DE/

Analytical Summary

20-Year Financial Trajectory

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Bearish Risks

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