Waters Corporation

Health Care Life Sciences Tools & Services Milford, Massachusetts Last filing Feb 23, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.2B
                    3y CAGR +2.1%
                    
                    P31
                    
                    n/a
                    
                    Net income
                    FY2025
                
$642.6M
                    Net margin +20.3%
                    
                    P78
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$5.1B
                    ROA +12.7%
                    
                    P80
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$652.6M
                    
                    n/a

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 1 year

Total assets $5.1B

Total liabilities $2.5B

Shareholders equity $2.6B

Account	2025	Trend
Assets
Cash and Cash Equivalents	11.6%
Accounts Receivable	16.3%
Inventory	11.3%
Prepaid Expenses	3.1%
Other Current Assets	3.1%
Total Current Assets	42.3%
Property,Plant and Equipment	12.6%
Operating Lease Assets	1.6%
Goodwill	26.4%
Intangible Assets	11.0%
Other Noncurrent Assets	6.1%
Total Assets	100.0%
Liabilities
Accounts Payable	2.0%
Accrued Liabilities	2.7%
Current Portion of Long Term Debt	18.7%
Operating Lease Liabilities	0.6%
Other Current Liabilities	4.5%
Total Current Liabilities	24.4%
Long Term Debt	18.7%
Operating Lease Liabilities Noncurrent	1.0%
Other Noncurrent Liabilities	3.9%
Total Liabilities	49.5%
Equity
Preferred Stock	0.0%
Common Stock	0.0%
Additional Paid In Capital	47.6%
Retained Earnings	205.5%
Treasury Stock	200.2%
Accumulated Other Comprehensive Income	-2.5%
Total Stockholders Equity	50.5%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $3.2B

Operating income $802.6M

Net income $642.6M

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	62.4%
Expenses Cost of Revenue	25.4%
Expenses Research and Development	3.9%
Expenses Selling,General and Administrative	16.4%
Expenses Depreciation and Amortization	2.3%
Expenses Share Based Compensation	1.1%
Expenses Operating Expenses	46.5%
Other Income Expense Operating Income	15.8%
Other Income Expense Interest Income	0.4%
Other Income Expense Interest Expense	1.4%
Other Income Expense Other Income/expense	0.1%
Other Income Expense Income Before Tax	14.9%
Income Tax Income Tax Expense	2.2%
net Income net Income	12.7%
net Income Comprehensive Income	13.2%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	1.2%
Earnings Per Share Weighted Average Shares Diluted	1.2%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 1 year

Operating cash flow $652.6M

Investing cash flow $-152.3M

Financing cash flow $-237.2M

Account	2025	Trend
CashFlow
Operating Activities net Income	12.7%
Operating Activities Depreciation and Amortization	1.7%
Operating Activities Stock Based Compensation	1.1%
Operating Activities Deferred Income Taxes	-0.3%
Operating Activities Changes In Operating Assets and Liabilities	3.0%
Operating Activities Other Non Cash Items	-0.0%
Operating Activities net Cash From Operating Activities	12.9%
Investing Activities Business Acquisitions	0.7%
Investing Activities Purchases of Investments	0.0%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-3.0%
Financing Activities Proceeds From Debt	1.4%
Financing Activities Repayment of Debt	5.7%
Financing Activities Repurchase of Common Stock	0.3%
Financing Activities Proceeds From Stock Issuance	0.2%
Financing Activities net Cash From Financing Activities	-4.7%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%
Cash Reconciliation net Change In Cash	5.2%
Cash Reconciliation Cash At Beginning of Period	11.6%
Cash Reconciliation Cash At End of Period	11.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+59.3%
Operating margin	+25.4%
Net margin	+20.3%
FCF margin	—
Growth
Revenue CAGR (3y)	+2.1%
Returns
ROE	+25.1%
ROA	+12.7%
ROIC	+17.7%
Liquidity
Current ratio	1.73x
Quick ratio	1.14x
Leverage
D/E	0.98x
Interest coverage	11.54x
Efficiency
Asset turnover	0.62x
Cash conversion cycle	+228d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Waters Corporation

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