WAT
HealthcareWaters Corporation · Medical - Diagnostics & Research · $22B
What is Waters Corporation?
Waters Corporation is a specialty measurement company serving pharmaceutical, life science, and industrial customers worldwide through analytical instruments and software solutions.
Waters generates revenue by designing, manufacturing, and servicing liquid chromatography and mass spectrometry systems, along with consumables like chromatography columns and post-warranty service plans. Its TA segment produces thermal analysis and rheometry instruments. Software products that interface with its instruments add a recurring revenue layer across laboratory and research workflows.
Headquartered in Milford, Massachusetts, Waters Corporation has operated in the analytical instrumentation space since 1958.
- High and ultra-performance liquid chromatography systems
- Mass spectrometry instruments for drug discovery and environmental testing
- Thermal analysis, rheometry, and calorimetry instruments
- Laboratory software and consumable products
Is WAT a Good Stock to Buy?
UQS Score rates WAT as Good overall.
Waters shows a Good Quality profile, reflecting the durable nature of its instrument and consumables business model. Its broad customer base across pharma, academia, and government provides revenue diversification.
Moat and Growth both register as Neutral, suggesting the competitive advantage and expansion trajectory are moderate relative to sector peers.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does WAT pay dividends?
No — Waters Corporation does not currently pay a dividend.
Waters Corporation does not currently pay a dividend. The company reinvests capital into research, product development, and expanding its analytical workflow solutions — a common approach among instrumentation businesses prioritizing long-term platform growth.
When does WAT report earnings?
Waters Corporation reports earnings on a quarterly cadence, consistent with US-listed large-cap equities.
Waters serves a mix of pharmaceutical, industrial, and academic customers, which can create variability in quarterly demand. Instrument sales cycles and consumables volumes are key indicators to watch each reporting period.
For the most recent quarter's results, visit Waters Corporation's investor relations page directly.
WAT Price History
+4.0% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Waters Corporation?
Based on Waters Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does Waters Corporation do?
Waters Corporation develops and sells analytical instruments — primarily liquid chromatography and mass spectrometry systems — along with consumables and software. Its customers include pharmaceutical companies, academic researchers, and government laboratories using these tools for drug development, quality assurance, and environmental testing.
Does WAT pay dividends?
No, Waters Corporation does not currently pay a dividend. The company focuses on reinvesting in its product platform and analytical workflow capabilities rather than returning cash through distributions.
When does WAT report earnings?
Waters reports on a standard quarterly schedule. The company does not pre-announce specific dates far in advance, so check Waters Corporation's investor relations page for the current earnings calendar.
Is WAT a good stock to buy?
WAT earns a Good UQS Score, with Quality as its strongest pillar. Moat and Growth are both Neutral, indicating moderate competitive positioning. The complete pillar breakdown is available to Pro members on UQS Score.
Is WAT overvalued?
WAT's Valuation pillar is rated Neutral, placing it in a middle range relative to sector peers — neither clearly cheap nor stretched. Pro members can view the full valuation metrics behind this assessment.
What is WAT's market cap bracket?
Waters Corporation is classified as a large-cap company, reflecting its established scale in the analytical instrumentation market across the Americas, Europe, and Asia.
Is WAT a long-term quality indicator?
The UQS framework evaluates long-term quality through five pillars. WAT's Good overall score, anchored by its Quality pillar, suggests a reasonably durable business model — though Neutral Growth and Moat ratings indicate investors should weigh the pace of competitive differentiation over time.
What sector does WAT belong to?
Waters Corporation operates in the Healthcare sector, specifically within analytical and laboratory instrumentation. Its customer base spans pharmaceutical, biochemical, industrial, and governmental organizations globally.
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Pro Analysis
WAT — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 7, 2026 | 59.9 | 78.7 | 51.0 | 55.6 | 56.1 | 53.0 | -0.9 |
| May 3, 2026 | 60.8 | 78.7 | 51.0 | 55.6 | 56.1 | 59.1 | 0.0 |
| Apr 26, 2026 | 60.8 | 78.7 | 51.0 | 55.6 | 56.1 | 58.8 | +0.1 |
| Apr 19, 2026 | 60.7 | 78.7 | 51.0 | 55.6 | 56.1 | 58.5 | +0.1 |
| Apr 18, 2026 | 60.6 | 78.7 | 51.0 | 55.6 | 56.1 | 57.4 | -1.2 |
| Apr 14, 2026 | 61.8 | 78.7 | 51.0 | 55.6 | 56.1 | 65.4 | 0.0 |
| Apr 12, 2026 | 61.8 | 78.7 | 51.0 | 55.6 | 56.1 | 65.8 | -0.3 |
| Apr 5, 2026 | 62.1 | 78.7 | 51.0 | 55.6 | 56.1 | 67.9 | -0.1 |
| Apr 2, 2026 | 62.2 | 78.7 | 51.0 | 55.6 | 56.1 | 68.1 | — |
WAT — Pillar Breakdown
Quality
— 43.9/100 (25%)Waters Corporation has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 55.6/100 (20%)Waters Corporation demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 42.4/100 (15%)Waters Corporation has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 48.7/100 (15%)Waters Corporation has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 51/100 (25%)Waters Corporation possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for WAT.
Score Composition
Financial Data
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How is the WAT UQS Score Calculated?
The UQS (Unified Quality Score) for Waters Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Waters Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Waters Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.