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
                    
                    +7.0%
                    
                    Net income
                    FY2025
                
$642.6M
                    Net margin +20.3%
                    
                    P78
                    
                    +0.8%
                    
                    Total assets
                    FY2025
                
$5.1B
                    ROA +12.7%
                    
                    P80
                    
                    +11.5%
                    
                    Operating cash flow
                    FY2025
                
$652.6M
                    
                    -14.4%

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 · 5 years

Total assets $5.1B

Total liabilities $2.5B

Shareholders equity $2.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	11.6%	7.1%	8.5%	14.6%	16.2%
Accounts Receivable	16.3%	16.1%	15.2%	22.0%	19.8%
Inventory	11.3%	10.5%	11.2%	13.9%	11.5%
Prepaid Expenses	3.1%	2.9%	3.0%	3.2%	2.9%
Other Current Assets	3.1%	2.9%	3.0%	3.2%	2.9%
Total Current Assets	42.3%	36.7%	37.9%	53.8%	52.6%
Property,Plant and Equipment	12.6%	14.3%	13.8%	17.7%	17.7%
Operating Lease Assets	1.6%	1.6%	1.8%	2.6%	2.7%
Goodwill	26.4%	28.5%	28.2%	13.1%	14.1%
Intangible Assets	11.0%	12.5%	13.6%	6.9%	7.8%
Other Noncurrent Assets	6.1%	6.5%	4.7%	5.8%	4.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.0%	2.2%	1.8%	2.8%	3.1%
Accrued Liabilities	2.7%	5.5%	4.1%	7.2%	5.2%
Current Portion of Long Term Debt	18.7%	35.7%	49.8%	46.5%	48.9%
Operating Lease Liabilities	0.6%	0.6%	0.6%	0.8%	0.9%
Other Current Liabilities	4.5%	3.3%	3.6%	4.3%	5.0%
Total Current Liabilities	24.4%	17.3%	17.1%	23.9%	22.0%
Long Term Debt	18.7%	35.7%	49.8%	46.5%	48.9%
Operating Lease Liabilities Noncurrent	1.0%	1.1%	1.3%	1.9%	1.9%
Other Noncurrent Liabilities	3.9%	4.0%	3.0%	3.6%	2.9%
Total Liabilities	49.5%	59.8%	75.1%	84.6%	88.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.1%
Additional Paid In Capital	47.6%	51.4%	49.0%	67.0%	68.3%
Retained Earnings	205.5%	215.0%	197.8%	259.3%	252.1%
Treasury Stock	200.2%	222.8%	219.0%	306.7%	304.9%
Accumulated Other Comprehensive Income	-2.5%	-3.4%	-2.9%	-4.3%	-3.6%
Total Stockholders Equity	50.5%	40.2%	24.9%	15.4%	11.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $3.2B

Operating income $802.6M

Net income $642.6M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	62.4%	65.0%	63.9%	90.6%	90.0%
Expenses Cost of Revenue	25.4%	26.4%	25.8%	38.0%	37.4%
Expenses Research and Development	3.9%	4.0%	3.8%	5.4%	5.4%
Expenses Selling,General and Administrative	16.4%	15.2%	15.9%	20.1%	20.3%
Expenses Depreciation and Amortization	2.3%	2.3%	1.8%	1.8%	1.9%
Expenses Share Based Compensation	1.1%	1.0%	0.8%	1.3%	1.0%
Expenses Operating Expenses	46.5%	46.8%	46.2%	64.0%	63.5%
Other Income Expense Operating Income	15.8%	18.1%	17.7%	26.6%	26.6%
Other Income Expense Interest Income	0.4%	0.4%	0.4%	0.3%	0.4%
Other Income Expense Interest Expense	1.4%	2.0%	2.1%	1.5%	1.5%
Other Income Expense Other Income/expense	0.1%	0.0%	0.0%	0.1%	0.6%
Other Income Expense Income Before Tax	14.9%	16.6%	15.9%	25.5%	26.0%
Income Tax Income Tax Expense	2.2%	2.6%	2.0%	4.0%	3.7%
net Income net Income	12.7%	14.0%	13.9%	21.6%	22.4%
net Income Comprehensive Income	13.2%	13.5%	14.0%	20.7%	22.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.2%	1.3%	1.3%	1.8%	2.0%
Earnings Per Share Weighted Average Shares Diluted	1.2%	1.3%	1.3%	1.8%	2.0%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $652.6M

Investing cash flow $-152.3M

Financing cash flow $-237.2M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	12.7%	14.0%	13.9%	21.6%	22.4%
Operating Activities Depreciation and Amortization	1.7%	1.9%	1.8%	2.2%	2.3%
Operating Activities Stock Based Compensation	1.1%	1.0%	0.8%	1.3%	1.0%
Operating Activities Deferred Income Taxes	-0.3%	-0.0%	-0.0%	-1.0%	0.5%
Operating Activities Changes In Operating Assets and Liabilities	3.0%	1.2%	0.9%	8.0%	4.9%
Operating Activities Other Non Cash Items	-0.0%	0.0%	-0.0%	-1.6%	-1.7%
Operating Activities net Cash From Operating Activities	12.9%	16.7%	13.0%	18.6%	24.1%
Investing Activities Business Acquisitions	0.7%	0.0%	27.7%	0.0%	0.0%
Investing Activities Purchases of Investments	0.0%	0.1%	0.0%	0.3%	9.0%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-3.0%	-3.1%	-31.2%	-3.3%	-7.5%
Financing Activities Proceeds From Debt	1.4%	3.7%	31.3%	6.2%	16.5%
Financing Activities Repayment of Debt	5.7%	19.8%	14.5%	4.4%	11.3%
Financing Activities Repurchase of Common Stock	0.3%	0.3%	1.5%	19.1%	21.0%
Financing Activities Proceeds From Stock Issuance	0.2%	0.5%	0.4%	1.0%	1.5%
Financing Activities net Cash From Financing Activities	-4.7%	-15.3%	16.3%	-15.5%	-14.2%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	0.2%	-0.0%	-0.4%	-0.4%
Cash Reconciliation net Change In Cash	5.2%	-1.5%	-1.8%	-0.6%	2.1%
Cash Reconciliation Cash At Beginning of Period	11.6%	7.1%	8.5%	14.6%	16.2%
Cash Reconciliation Cash At End of Period	11.6%	7.1%	8.5%	14.6%	16.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+59.3%	+59.4%	+59.6%	+58.0%	+58.5%
Operating margin	+25.4%	+27.9%	+27.7%	+29.4%	+29.5%
Net margin	+20.3%	+21.6%	+21.7%	+23.8%	+24.9%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+2.1%	+2.0%	+7.7%	+7.3%	+4.8%
Returns
ROE	+25.1%	+34.9%	+55.8%	+140.3%	+188.5%
ROA	+12.7%	+14.0%	+13.9%	+21.6%	+22.4%
ROIC	+17.7%	+14.7%	+13.3%	+24.0%	+24.4%
Liquidity
Current ratio	1.73x	2.11x	2.22x	2.24x	2.39x
Quick ratio	1.14x	1.34x	1.39x	1.53x	1.64x
Leverage
D/E	0.98x	1.49x	3.02x	5.50x	7.42x
Interest coverage	11.54x	9.21x	8.27x	17.90x	18.29x
Efficiency
Asset turnover	0.62x	0.65x	0.64x	0.91x	0.90x
Cash conversion cycle	+228d	+205d	+218d	+195d	+162d

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Waters Corporation

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