Stock WAT WATERS CORPORATION
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Financials Waters Corporation

Equities

WAT

US9418481035

Advanced Medical Equipment & Technology

Market Closed - Nyse
Other stock markets
 04:00:01 2024-05-17 pm EDT 		5-day change 1st Jan Change
356 USD -1.26% Intraday chart for Waters Corporation +1.38% +8.12%
May. 16 Waters Corp Insider Sold Shares Worth $1,446,560, According to a Recent SEC Filing MT
May. 08 Bernstein Adjusts Price Target on Waters to $307 From $304 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,055 15,352 22,742 20,352 19,466 21,115 - -
Enterprise Value (EV) 1 16,399 16,265 23,687 21,445 21,426 22,429 22,213 22,145
P/E ratio 26.9 x 29.6 x 33.4 x 29.2 x 30.4 x 33 x 29 x 26.2 x
Yield - - - - - - - -
Capitalization / Revenue 6.26 x 6.49 x 8.16 x 6.85 x 6.58 x 7.12 x 6.7 x 6.36 x
EV / Revenue 6.81 x 6.88 x 8.5 x 7.22 x 7.25 x 7.56 x 7.05 x 6.67 x
EV / EBITDA 19.8 x 19.7 x 24.5 x 20.9 x 19.9 x 20.9 x 19.4 x 18.1 x
EV / FCF 34.2 x 26.3 x 40.4 x 49.2 x 48.5 x 30.1 x 27.1 x 27.3 x
FCF Yield 2.92% 3.8% 2.47% 2.03% 2.06% 3.33% 3.7% 3.66%
Price to Book -73.6 x 66.4 x 61.6 x 41 x 17 x 11.4 x 9 x 7.43 x
Nbr of stocks (in thousands) 64,434 62,048 61,036 59,408 59,127 59,320 - -
Reference price 2 233.6 247.4 372.6 342.6 329.2 356.0 356.0 356.0
Announcement Date 2/4/20 2/2/21 2/1/22 2/15/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,407 2,365 2,786 2,972 2,956 2,967 3,150 3,319
EBITDA 1 829.9 824.2 965.9 1,029 1,079 1,073 1,143 1,225
EBIT 1 734.3 699.4 841.4 898.1 912.9 919.2 990.8 1,055
Operating Margin 30.51% 29.57% 30.2% 30.22% 30.88% 30.98% 31.45% 31.8%
Earnings before Tax (EBT) 1 678.2 610.9 806.2 837.8 736.2 731.8 806.4 871.1
Net income 1 592.2 521.6 692.8 707.8 642.2 637.3 719.3 763.5
Net margin 24.61% 22.05% 24.87% 23.81% 21.72% 21.48% 22.84% 23%
EPS 2 8.690 8.360 11.17 11.73 10.84 10.80 12.29 13.59
Free Cash Flow 1 479.3 618.1 586 435.7 442.2 746 821 810.6
FCF margin 19.91% 26.13% 21.03% 14.66% 14.96% 25.14% 26.06% 24.42%
FCF Conversion (EBITDA) 57.75% 75% 60.67% 42.37% 40.99% 69.55% 71.85% 66.19%
FCF Conversion (Net income) 80.93% 118.51% 84.58% 61.57% 68.85% 117.05% 114.14% 106.17%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/4/20 2/2/21 2/1/22 2/15/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 836.4 690.6 714.3 708.6 858.5 684.7 740.6 711.7 819.5 636.8 699.6 736.6 888.2 686.6 749.9
EBITDA 1 304.8 242 237.3 228.8 320.5 214.7 258 272.3 333.8 220.4 244.2 272.5 355.5 224.3 270.3
EBIT 1 272.8 209.3 203.1 196.6 289.2 183.6 219.1 224.5 285.7 171.9 204 228 315 187.8 225.3
Operating Margin 32.61% 30.31% 28.43% 27.74% 33.68% 26.81% 29.59% 31.54% 34.86% 26.99% 29.16% 30.95% 35.46% 27.35% 30.05%
Earnings before Tax (EBT) - - - 183.4 275.5 165.2 180.3 153.2 237.6 - - - - - -
Net income 1 216.2 159.8 164.9 156 227.1 140.9 150.6 134.6 216.2 102.2 135.5 155 243.9 133.6 162.7
Net margin 25.85% 23.14% 23.08% 22.02% 26.45% 20.58% 20.33% 18.91% 26.38% 16.05% 19.38% 21.05% 27.46% 19.47% 21.7%
EPS 2 3.520 2.620 2.720 2.600 3.810 2.380 2.550 2.270 3.650 1.720 2.317 2.663 4.053 2.250 2.770
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 2/1/22 5/3/22 8/2/22 11/1/22 2/15/23 5/9/23 8/2/23 11/7/23 2/6/24 5/7/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,344 913 945 1,093 1,960 1,314 1,098 1,030
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.619 x 1.108 x 0.9779 x 1.063 x 1.816 x 1.225 x 0.9606 x 0.8411 x
Free Cash Flow 1 479 618 586 436 442 746 821 811
ROE (net income / shareholders' equity) 87.7% 243% 232% 166% 84.2% 44.7% 35.3% 31%
ROA (Net income/ Total Assets) 18.9% 21.1% 23.4% 22.7% 17.6% 14.3% 14.3% 14%
Assets 1 3,142 2,473 2,960 3,112 3,646 4,472 5,044 5,437
Book Value Per Share 2 -3.170 3.730 6.050 8.360 19.40 31.10 39.50 47.90
Cash Flow per Share 2 9.430 12.70 12.00 10.10 10.20 12.90 14.20 16.80
Capex 1 164 172 161 176 161 156 163 169
Capex / Sales 6.81% 7.29% 5.79% 5.92% 5.43% 5.27% 5.19% 5.08%
Announcement Date 2/4/20 2/2/21 2/1/22 2/15/23 2/6/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Waters Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
19
Last Close Price
356 USD
Average target price
324.4 USD
Spread / Average Target
-8.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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