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What this page is: Delvantic's full research page for Waters Corporation (WAT) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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any ticker resolves at delvantic.com/stock/TICKER ·
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Healthcare · Diagnostics & Research
Milford, MA 01757, United States
waters.com
Price
$406.86
Market Cap
$39.9B
Employees
16,000
Beta
1.18
Avg Volume
932,117
CEO
Dr. Udit Batra Ph.D.
Waters Corporation is a scientific instrumentation company that provides analytical workflow solutions to customers in the life sciences, industrial, and academic sectors. The company specializes in liquid chromatography systems, mass spectrometry platforms, and related precision chemistry consumables that support complex chemical and biochemical analysis. Through its Waters segment, it delivers integrated instruments, software, and services used in drug development, quality control, food and environmental testing, and advanced materials research. Its TA Instruments segment focuses on thermal analysis and rheology equipment that measure material properties such as stability, viscosity, and mechanical performance for industrial and research applications. Waters Corporation serves biopharmaceutical companies, industrial manufacturers, and government and academic laboratories globally, with a particularly strong presence in diagnostics and research-related workflows. Founded in 1958 and headquartered in Milford, Massachusetts, Waters Corporation plays a significant role in enabling precise measurement, regulatory compliance support, and data-driven decision-making across regulated and research-intensive markets.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 9 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Aug 4, 2026.
EPS surprise history — vs analyst consensus · 4 prints of vendor history
+0.4%
Feb '26
+16.9%
May '26
+6.2%
May '26
+1.3%
Aug '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Aug 4, 2026 | $3.01 | $3.05 +1.3% | — | — |
| May 20, 2026 | $2.91 | $3.09 +6.2% | — | — |
| May 5, 2026 | $2.31 | $2.70 +16.9% | — | — |
| Feb 9, 2026 | $4.51 | $4.53 +0.4% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 7, 2026 | 4 | View |
| Aug 6, 2026 | 144 | View |
| Aug 4, 2026 | 8-K | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jun 25, 2026 | 4 | View |
| Jun 25, 2026 | 11-K | View |
| May 29, 2026 | SD | View |
| May 22, 2026 | 8-K | View |
| May 15, 2026 | SCHEDULE 13G/A | View |
| May 14, 2026 | 4 | View |
| May 12, 2026 | 10-Q | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 9, 2026 3:19am (just now)
Current data · timestamped when a report runs
$406.86
Change · Aug 9
+7.16 (+1.79%)
Day Range
$397.09 – $407.88
52-Week Range
$275.05 – $414.15
50-Day MA
$373.45
200-Day MA
$355.88
Volume
888,600.00
Share Structure
Outstanding
98,185,855.00
Float
98,018,394.00
Free Float
99.8%
High free float
— 99.8% of shares trade freely, ~0.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
37.81
Stock Price: $406.86
EPS (Diluted): 10.76
EPS (Diluted): 10.76
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
9.48
Stock Price: $406.86
Total Equity: $2.56B
Shares: 59,706,000
Total Equity: $2.56B
Shares: 59,706,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
37,519.07
Market Cap: $39.95B
Total Debt: $947.45M
Cash: $587.83M
EBITDA: $890.73M
Total Debt: $947.45M
Cash: $587.83M
EBITDA: $890.73M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$33.4T
Market Cap: $39.95B
Total Debt: $947.45M
Cash: $587.83M
Total Debt: $947.45M
Cash: $587.83M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
59.3%
Gross Profit: $1.88B
Revenue: $3.17B
Revenue: $3.17B
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
25.4%
Operating Income: $802.59M
Revenue: $3.17B
Revenue: $3.17B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
20.3%
Net Income: $642.63M
Revenue: $3.17B
Revenue: $3.17B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
25.1%
Net Income: $642.63M
Total Equity: $2.56B
Total Equity: $2.56B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
23.4%
Operating Income: $802.59M
Tax Rate: 14.9%
Equity: $2.56B
Total Debt: $947.45M
Cash: $587.83M
Tax Rate: 14.9%
Equity: $2.56B
Total Debt: $947.45M
Cash: $587.83M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
1.73
Current Assets: $2.15B
Current Liabilities: $1.24B
Current Liabilities: $1.24B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.37
Short-Term Debt: $0.00
Long-Term Debt: $947.45M
Total Debt: $947.45M
Total Equity: $2.56B
Long-Term Debt: $947.45M
Total Debt: $947.45M
Total Equity: $2.56B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$53.01
Revenue: $3.17B
Shares: 59,706,000
Shares: 59,706,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$42.90
Total Equity: $2.56B
Shares: 59,706,000
Shares: 59,706,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$9.04
Operating CF: $652.56M
CapEx: -$112.75M
Shares: 59,706,000
CapEx: -$112.75M
Shares: 59,706,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $406.86
Stock Price: $406.86
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $642.63M
Net Income: $642.63M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 6, 2026 6:17pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Cost of Revenue | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B |
| Gross Profit | $1.6B | $1.7B | $1.8B | $1.8B | $1.9B |
| Operating Expenses | $807.6M | $850.4M | $943.5M | $931.8M | $1.1B |
| Operating Income | $821.7M | $873.4M | $817.7M | $826.4M | $802.6M |
| Net Income | — | $707.8M | $642.2M | $637.8M | $642.6M |
| EBITDA | $893.3M | $945.4M | $902.3M | $913.4M | $890.7M |
| EPS | $11.25 | $11.80 | $10.87 | $10.75 | $10.80 |
| EPS (Diluted) | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 6:17pm (2d ago)| Metric | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $480.5M | — | $395.1M | $324.4M | $587.8M |
| Total Current Assets | $1.8B | — | $1.8B | $1.7B | $2.1B |
| Total Assets | $3.3B | — | $4.6B | $4.6B | $5.1B |
| Current Liabilities | $785.7M | — | $789.6M | $789.8M | $1.2B |
| Long-Term Debt | $1.5B | — | $2.3B | $1.6B | $947.4M |
| Total Liabilities | $2.8B | — | $3.5B | $2.7B | $2.5B |
| Total Equity | $504.5M | — | $1.2B | $1.8B | $2.6B |
| Retained Earnings | $8.5B | — | $9.2B | $9.8B | $10.4B |
Cash Flow (Annual)
Last updated: Aug 6, 2026 6:17pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $747.3M | $611.7M | $602.8M | $762.1M | $652.6M |
| Capital Expenditure | — | — | -$160.6M | -$142.5M | -$112.7M |
| Free Cash Flow | — | — | $442.2M | $619.6M | $539.8M |
| Acquisitions (net) | $0 | $0 | -$1.3B | $0 | -$35.1M |
| Net Debt Issued / (Repaid) | $160.0M | $60.0M | $780.0M | -$730.0M | -$220.0M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$648.9M | -$626.1M | -$70.3M | -$13.5M | -$14.7M |
| Net Change in Cash | $64.5M | -$20.7M | -$85.5M | -$70.7M | $262.5M |
Growth Trends (YoY %)
Last updated: Aug 6, 2026 6:17pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +6.7% | -0.5% | +0.1% | +7.0% |
| Gross Profit Growth | +5.8% | +2.2% | -0.2% | +6.7% |
| Operating Income Growth | +6.3% | -6.4% | +1.1% | -2.9% |
| Net Income Growth | — | -9.3% | -0.7% | +0.8% |
| EBITDA Growth | +5.8% | -4.6% | +1.2% | -2.5% |
Dividend History (Last 20)
Last updated: Aug 2, 2026 9:17pm (6d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 1996-11-26 | $0.01 | — | — | — |
Industry Benchmarks
Compares WAT against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for WAT — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for WAT — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for WAT — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for WAT — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · three lenses
Character & Durability Scorecard
Ten long-horizon business-character traits the Quality / Value / Sentiment lenses don’t break out, scored 1–10.
No scorecard yet for WAT — the ten traits are scored by the
pipeline (
ext-scorecard step) when a report is run on this ticker.
No community reviews yet for WAT.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.515 · 9f7cac68 · 2026-08-08 13:09:58