WAT Financials Waters Corporation

10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 16, 2026, 10:14 UTC Overview →

Growth & profitability

Revenue has grown 6.0% per year over the past 5 years.
Net income has grown slower than revenue (-1.9% vs 6.0% per year).
Operating margin has contracted, at 25.4% in the latest year.
Free cash flow has grown 10.5% per year over the past 5 years.

Financial health

Total debt ($1.4B) exceeds cash ($588M); net debt is $822M.
Total debt has grown slower than revenue (0.7% vs 6.0% per year).
Operating income covered interest expense 12× in the latest year, down from 13× 5 years ago.
Total debt is 1.8× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$3.2B	$643M	59.3%	25.4%	25.1%	12.7%	$540M	$1.4B	$588M
2024	$3.0B	$638M	59.4%	27.9%	34.9%	14.0%	$620M	$1.6B	$325M
2023	$3.0B	$642M	59.6%	27.7%	55.8%	13.9%	$442M	$2.4B	$395M
2022	$3.0B	$708M	58.0%	29.4%	140.3%	21.6%	—	$1.6B	$481M
2021	$2.8B	$693M	58.5%	29.5%	188.5%	22.4%	—	$1.5B	$501M
2020	$2.4B	—	57.4%	27.3%	0.0%	0.0%	—	$1.4B	$437M
2019	$2.4B	—	58.0%	29.4%	0.0%	0.0%	—	$1.7B	$336M
2018	$2.4B	—	59.0%	30.6%	0.0%	0.0%	—	$1.1B	$796M
2017	$2.3B	—	59.0%	28.7%	0.0%	0.0%	—	$1.9B	$642M
2016	$2.2B	—	58.9%	28.8%	0.0%	0.0%	—	$1.8B	$506M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jul '26	$1.6B	-$136M	0.0%	-5.2%	-0.9%	-0.5%	$153M	$4.9B	$539M
Apr '26	$1.3B	-$72M	0.0%	-3.7%	-0.5%	-0.3%	-$42M	$4.9B	$462M
Dec '25	$932M	$225M	61.1%	29.0%	8.8%	4.4%	—	$1.4B	$588M
Sep '25	$800M	—	59.0%	24.0%	—	—	—	—	—
Sep '25	$800M	$149M	0.0%	24.0%	6.4%	3.1%	—	$947M	$459M
Jun '25	$771M	—	58.3%	24.4%	—	—	—	—	—
Jun '25	$771M	$147M	0.0%	24.4%	6.8%	3.1%	$18M	$1.2B	$367M
Mar '25	$662M	—	58.2%	22.9%	—	—	—	—	—
Mar '25	$662M	$121M	0.0%	23.0%	6.2%	2.6%	$234M	$1.4B	$383M
Dec '24	$873M	$231M	60.1%	33.5%	12.7%	5.1%	—	$1.6B	$325M
Sep '24	$740M	—	59.3%	28.5%	—	—	—	—	—
Sep '24	$740M	$162M	0.0%	28.5%	10.1%	3.6%	—	$1.8B	$331M
Jun '24	$709M	—	59.3%	26.7%	—	—	—	—	—
Jun '24	$709M	$143M	0.0%	26.7%	10.1%	3.2%	—	$2.0B	$326M
Mar '24	$637M	—	58.9%	21.0%	—	—	—	$2.0B	—
Mar '24	$637M	$102M	0.0%	21.0%	8.1%	2.3%	—	$2.0B	$337M
Dec '23	$819M	—	61.2%	32.2%	0.0%	0.0%	—	$2.4B	$395M
Sep '23	$712M	—	59.1%	25.2%	0.0%	0.0%	—	$2.5B	$336M
Jul '23	$741M	—	0.0%	27.0%	0.0%	0.0%	—	$2.6B	$330M
Jun '23	$741M	—	59.3%	27.0%	—	—	—	—	—

Valuation over time

How the market has priced WAT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 43.0× (Mar '23) to 68.7× (Nov '26).
The price-to-sales ratio has risen from 10.2× (Mar '23) to 13.9× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is WAT growing its revenue and profit?

Over the past 5 years, Waters Corporation's revenue has grown 6.0% per year, and net income declined 1.9% per year. These are computed facts, not advice.

How much debt does WAT have?

As of FY2025, Waters Corporation reported $1.4B of total debt against $588M of cash; operating income covered interest expense 12×.

What is WAT's profit margin?

In FY2025, gross margin was 59.3%, operating margin 25.4%, and net margin 20.3%.

What is WAT's P/E ratio?

Waters Corporation's P/E (TTM) is 68.71 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the WAT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 68.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.