Reading the annual reports…
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
WAT · NYSE · United States · Laboratory Analytical Instruments
In shortWATERS CORP /DE/ is profitable, generates cash and carries moderate debt, with revenue growing (+7.0% last year).
Financial health
Strong
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 25.4% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 20.3% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 29.3% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 19.5% | 100/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.73× | 78/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.37× | 91/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 0.40× | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 11.54× | 96/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 10.00 | 100/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 17.1% | 88/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.84× | 68/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 5 | 67/100 |
| Revenue growth volatility | 7.4% | 84/100 |
| Operating margin volatility | 1.7% | 94/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 2.1% | 28/100 |
|---|---|---|
| EPS growth, 3-year average | -2.8% | 11/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 2,786 | 2,972 | 2,956 | 2,958 | 3,165 |
| Cost of revenue | 1,157 | 1,248 | 1,195 | 1,200 | 1,289 |
| Gross profit | 1,629 | 1,724 | 1,761 | 1,758 | 1,876 |
| Research & development | 168 | 176 | 175 | 183 | 196 |
| Selling, general & admin | 627 | 658 | 736 | 690 | 830 |
| Operating income | 822 | 873 | 818 | 826 | 803 |
| Interest expense | 45 | 49 | 99 | 90 | 70 |
| Pre-tax income | 806 | 838 | 736 | 755 | 755 |
| Income tax | 113 | 130 | 94 | 117 | 112 |
| Net income | 693 | 708 | 642 | 638 | 643 |
| Diluted EPS | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Diluted shares (millions) | 62 | 60 | 59 | 60 | 60 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of WATERS CORP /DE/ are included in the Investor plan. Try free for 7 days →
10.00 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jul 4, 2026 · Data updated Aug 11, 2026