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 30 h ago 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

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	FCF	Total debt	Cash
2025	$3.2B	$643M	59.3%	25.4%	$540M	$1.4B	$588M
2024	$3.0B	$638M	59.4%	27.9%	$620M	$1.6B	$325M
2023	$3.0B	$642M	59.6%	27.7%	$442M	$2.4B	$395M
2022	$3.0B	$708M	58.0%	29.4%	—	$1.6B	$481M
2021	$2.8B	$693M	58.5%	29.5%	—	$1.5B	$501M
2020	$2.4B	—	57.4%	27.3%	—	$1.4B	$437M
2019	$2.4B	—	58.0%	29.4%	—	$1.7B	$336M
2018	$2.4B	—	59.0%	30.6%	—	$1.1B	$796M
2017	$2.3B	—	59.0%	28.7%	—	$1.9B	$642M
2016	$2.2B	—	58.9%	28.8%	—	$1.8B	$506M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Apr '26	$1.3B	-$72M	0.0%	-3.7%	-$42M	$4.9B	$462M
Dec '25	$932M	$225M	61.1%	29.0%	—	$1.4B	$588M
Sep '25	$800M	—	59.0%	24.0%	—	—	—
Sep '25	$800M	$149M	0.0%	24.0%	—	$947M	$459M
Jun '25	$771M	—	58.3%	24.4%	—	—	—
Jun '25	$771M	$147M	0.0%	24.4%	—	$1.2B	$367M
Mar '25	$662M	—	58.2%	22.9%	—	—	—
Mar '25	$662M	$121M	0.0%	23.0%	$234M	$1.4B	$383M
Dec '24	$873M	$231M	60.1%	33.5%	—	$1.6B	$325M
Sep '24	$740M	—	59.3%	28.5%	—	—	—
Sep '24	$740M	$162M	0.0%	28.5%	—	$1.8B	$331M
Jun '24	$709M	—	59.3%	26.7%	—	—	—
Jun '24	$709M	$143M	0.0%	26.7%	—	$2.0B	$326M
Mar '24	$637M	—	58.9%	21.0%	—	$2.0B	—
Mar '24	$637M	$102M	0.0%	21.0%	—	$2.0B	$337M
Dec '23	$819M	—	61.2%	32.2%	—	$2.4B	$395M
Sep '23	$712M	—	59.1%	25.2%	—	$2.5B	$336M
Jul '23	$741M	—	0.0%	27.0%	—	$2.6B	$330M
Jun '23	$741M	—	59.3%	27.0%	—	—	—
Apr '23	$685M	—	0.0%	25.4%	—	$1.4B	$486M

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 42.9× (Mar '23) to 57.6× (Jun '26).
The price-to-sales ratio has risen from 10.2× (Mar '23) to 11.7× (Jun '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?

As of Jun '26, Waters Corporation traded at a price-to-earnings ratio of about 57.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.