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 revenue.

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	18.6%
Accounts Receivable	26.2%
Inventory	18.1%
Prepaid Expenses	5.0%
Other Current Assets	5.0%
Total Current Assets	67.8%
Property,Plant and Equipment	20.3%
Operating Lease Assets	2.6%
Goodwill	42.3%
Intangible Assets	17.6%
Other Noncurrent Assets	9.7%
Total Assets	160.4%
Liabilities
Accounts Payable	3.3%
Accrued Liabilities	4.3%
Current Portion of Long Term Debt	29.9%
Operating Lease Liabilities	1.0%
Other Current Liabilities	7.3%
Total Current Liabilities	39.2%
Long Term Debt	29.9%
Operating Lease Liabilities Noncurrent	1.7%
Other Noncurrent Liabilities	6.2%
Total Liabilities	79.5%
Equity
Preferred Stock	0.0%
Common Stock	0.1%
Additional Paid In Capital	76.3%
Retained Earnings	329.6%
Treasury Stock	321.1%
Accumulated Other Comprehensive Income	-4.0%
Total Stockholders Equity	80.9%
Total Liabilitiesand Equity	160.4%

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	100.0%
Expenses Cost of Revenue	40.7%
Expenses Research and Development	6.2%
Expenses Selling,General and Administrative	26.2%
Expenses Depreciation and Amortization	3.7%
Expenses Share Based Compensation	1.7%
Expenses Operating Expenses	74.6%
Other Income Expense Operating Income	25.4%
Other Income Expense Interest Income	0.6%
Other Income Expense Interest Expense	2.2%
Other Income Expense Other Income/expense	0.1%
Other Income Expense Income Before Tax	23.8%
Income Tax Income Tax Expense	3.5%
net Income net Income	20.3%
net Income Comprehensive Income	21.2%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	1.9%
Earnings Per Share Weighted Average Shares Diluted	1.9%

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	20.3%
Operating Activities Depreciation and Amortization	2.8%
Operating Activities Stock Based Compensation	1.7%
Operating Activities Deferred Income Taxes	-0.5%
Operating Activities Changes In Operating Assets and Liabilities	4.9%
Operating Activities Other Non Cash Items	-0.1%
Operating Activities net Cash From Operating Activities	20.6%
Investing Activities Business Acquisitions	1.1%
Investing Activities Purchases of Investments	0.0%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-4.8%
Financing Activities Proceeds From Debt	2.2%
Financing Activities Repayment of Debt	9.2%
Financing Activities Repurchase of Common Stock	0.5%
Financing Activities Proceeds From Stock Issuance	0.3%
Financing Activities net Cash From Financing Activities	-7.5%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%
Cash Reconciliation net Change In Cash	8.3%
Cash Reconciliation Cash At Beginning of Period	18.6%
Cash Reconciliation Cash At End of Period	18.6%

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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