Waters Corporation (WAT) Stock Price & Analysis
Waters Corporation (WAT) closed at USD 455.59 on Thursday, October 22, 2026, down 0.41% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 457.47; the Oct 22, 2026 session ranged USD 449.09–464.94 on volume of 1,267,653 shares. Market capitalization is $44.73B, with a 52-week range of USD 282.77–465.36 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:23 UTC.
Also available as compact Markdown for AI agents: nexqual.com/WAT.md
Key facts (WAT)
- Last four reported quarters (through Jul 4, 2026): revenue $4.64B, net income $166M (3.6% margin) (SEC filings).
- Valuation: P/E 269.3x (avg 33.4x at the last 3 fiscal year-ends).
- 8 of 80 tracked superinvestors hold WAT (13F, Q2 2026): 0 new, 3 added, 5 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $1.4M; 1 not under a Rule 10b5-1 plan ($1.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.17 on a 1–5 scale) (23 analysts), mean target USD 465.86 (range 349–530).
- Total return with dividends: 1Y +28.1% vs S&P 500 +14.9%; 5Y +25.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 4, revenue estimate $1.75B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (WAT)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B | $4.64B |
| Gross profit | $1.63B | $1.72B | $1.76B | $1.76B | $1.88B | — |
| Operating income | $822M | $873M | $818M | $826M | $803M | $330M |
| Net income | $693M | $708M | $642M | $638M | $643M | $166M |
| EPS (diluted) | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 | — |
| Free cash flow | — | — | $442M | $620M | $540M | — |
| Gross margin | 58.5% | 58.0% | 59.6% | 59.4% | 59.3% | — |
| Operating margin | 29.5% | 29.4% | 27.7% | 27.9% | 25.4% | 7.1% |
| Net margin | 24.9% | 23.8% | 21.7% | 21.6% | 20.3% | 3.6% |
| Revenue growth | +17.8% | +6.7% | -0.5% | +0.1% | +7.0% | — |
| Cash + short-term investments | $481M | $481M | $396M | $325M | $588M | — |
| Total debt | $1.52B | $1.58B | $2.36B | $1.63B | $1.41B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jul 4, 2026) (WAT)
P/E 269.3x · P/S 9.6x · P/B 2.9x · Earnings yield 0.37%
P/E at fiscal year-ends: Dec 2025 35.3x, Dec 2024 34.6x, Dec 2023 30.4x.
Superinvestors (SEC 13F-HR, Q2 2026) (WAT)
8 of 80 tracked investors hold WAT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 6.25% | $853M | Reduced -29.2% |
| Viking Global | Viking Global Investors | 1.78% | $623M | Added +32.3% |
| AKO Capital | 1.78% | $76.3M | Reduced -75.1% | |
| First Pacific Advisors | 1.26% | $101M | Added +0.3% | |
| First Eagle Investment | First Eagle Investment Management | 0.84% | $501M | Reduced -15.2% |
| Jensen Investment Management | 0.35% | $14.5M | Reduced -0.5% | |
| Bill Nygren | Oakmark Funds | 0.01% | $6.9M | Reduced -93.6% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $360K | Added +0.1% |
Insider sales (SEC Form 4, open-market, last ~7 months) (WAT)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-06 | Kuebler Christopher A | Director | 3,626 | $1.4M | 16.9% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (WAT)
Consensus Buy (mean 2.17 on a 1–5 scale), 23 analysts; mean target USD 465.86 (low 349, high 530).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | TD Cowen | Target raised | Buy | $475 → $515 |
| 2026-10-07 | Barclays | Target raised | Overweight | $460 → $500 |
| 2026-10-01 | Guggenheim | Target raised | Buy | $440 → $490 |
| 2026-09-21 | Goldman Sachs | Target raised | Buy | $465 → $515 |
| 2026-09-09 | UBS | Upgrade | Neutral → Buy | $375 → $490 |
| 2026-08-27 | Piper Sandler | Upgrade | Neutral → Overweight | $400 → $480 |
| 2026-08-10 | Citigroup | Target raised | Buy | $425 → $470 |
| 2026-08-05 | TD Cowen | Upgrade | Hold → Buy | $408 → $475 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $435 → $475 |
| 2026-08-05 | Evercore ISI Group | Target raised | Outperform | $410 → $420 |
| 2026-08-05 | Wells Fargo | Target raised | Equal-Weight | $370 → $400 |
| 2026-08-05 | Barclays | Target raised | Overweight | $425 → $460 |
Total return (dividends reinvested) (WAT)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +28.1% | +25.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.2% | +4.5% |
| Volatility (annualized) | 35.4% | 32.7% |
| Max drawdown | -31.3% (Nov 2025→Mar 2026) | -34.3% (Dec 2021→Oct 2023) |
WAT revenue by business segment (quarter ended Jul 4, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Waters Analytical & Materials Sciences | $756.0M | 46.0% | +6.6% |
| Waters Advanced Diagnostics | $521.0M | 31.7% | +740.3% |
| Waters Biosciences | $368.0M | 22.4% | — |
| Total revenue | $1.65B | 100% | — |
WAT revenue by product line (quarter ended Jul 4, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $1.22B | 74.2% | +157.9% |
| — Consumables (part of Product) | $765.0M | 46.5% | +363.6% |
| — Instrument Systems (part of Product) | $455.0M | 27.7% | +47.7% |
| Service | $425.0M | 25.8% | +42.6% |
| Total revenue | $1.65B | 100% | — |
WAT revenue by region (quarter ended Jul 4, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Americas | $690.0M | 41.9% | +146.4% |
| — United States (part of Americas) | $570.0M | 34.7% | +148.9% |
| — Americas Other (part of Americas) | $120.0M | 7.3% | +135.3% |
| European Union | $505.0M | 30.7% | +124.4% |
| Asia Pacific | $450.0M | 27.4% | +69.2% |
| — Asia Other (part of Asia Pacific) | $244.0M | 14.8% | +63.8% |
| — China (part of Asia Pacific) | $206.0M | 12.5% | +76.1% |
| Total revenue | $1.65B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
WAT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Merck (MRK) | “In recent years, the Company's principal competitors for consumable products have included: Danaher Corporation, Merck KGaA, Agilent Technologies,” |
Quoted from the company's 10-K filed Feb 23, 2026.
WAT company outlook (results filed Aug 4, 2026)
- “Full-Year 2026 Financial Guidance The Company is raising its full-year 2026 organic constant currency revenue growth guidance to the range of 7.0% to 9.0%.”
- “Including the effect of currency translation, full-year 2026 organic reported revenue is expected to be in the range of $3.370 billion to $3.431 billion.”
- “The Company is raising its acquired business revenue expectation and now expects full-year 2026 acquired business reported revenue of approximately $3.045 billion on an owned-period basis.”
- “Total Company reported revenue for full-year 2026 is expected to be in the range of $6.415 billion to $6.476 billion.”
Quoted word-for-word from the SEC 8-K results press release.
WAT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $4.00 | $3.99 | +0.2% | $1.75B | 20 |
| Next quarter (ends Dec 2026) | $4.67 | $4.69 | -0.3% | $1.79B | 19 |
| Current fiscal year (ends Dec 2026) | $14.58 | $14.51 | +0.4% | $6.46B | 23 |
| Next fiscal year (ends Dec 2027) | $16.55 | $16.49 | +0.4% | $7.13B | 23 |
WAT options: expected move
Options price a move of about ±9.2% (±$41.95) by Nov 20, 2026, which includes earnings on Nov 3, 2026. Over the last 8 reports the stock moved ±9.3% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 40.7% | ±9.2% |
| Dec 18, 2026 | 56 | 36.1% | ±11.4% |
| Jan 15, 2027 | 84 | 33.5% | ±12.9% |
| Feb 19, 2027 | 119 | 34.2% | ±15.7% |
| May 21, 2027 | 210 | 33.3% | ±20.3% |
30-day implied volatility 40.9% vs 25.5% realized over the last 30 trading days. Put/call ratio (volume) 2.61. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:23 UTC)
| Price | USD 455.59 |
|---|---|
| Change | ▼ 0.41% (down) |
| Previous Close | USD 457.47 |
| Open | USD 459.48 |
| Day Range | USD 449.09 – 464.94 |
| 52-Week Range | USD 282.77 – 465.36 |
| Volume | 1,267,653 shares |
| Market Cap | $44.73B |
| Exchange | NYQ |
Technical Analysis (WAT)
Nexqual's technical model rates WAT "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 09:23 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 65.09 (neutral) |
| vs SMA50 | Above (USD 423.33) |
| MACD | 7.51 (positive) |
Analyst Ratings (WAT)
Wall Street analysts rate WAT "Buy" based on 23 analysts, with a mean price target of USD 465.86 (range USD 349–530), per Nexqual as of October 23, 2026 at 09:23 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 23 |
| Mean Target | USD 465.86 |
| High Target | USD 530 |
| Low Target | USD 349 |
| Buy / Hold / Sell | 18 / 4 / 1 |
Earnings (WAT)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 4 |
| Revenue Estimate | $1.75B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 3.05 vs est 3.01 ▲ beat |
| 2026-03-31 | USD 2.7 vs est 2.31 ▲ beat |
| 2025-12-31 | USD 4.53 vs est 4.51 ▲ beat |
| 2025-09-30 | USD 3.4 vs est 3.22 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financials & Fundamentals (WAT)
| Total Revenue | $4.64B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +113.40% |
| Gross Margin | +56.34% |
| Operating Margin | +9.42% |
| Profit Margin | +3.59% |
| ROE | +1.92% |
| Debt / Equity | 0.36 |
| Current Ratio | 1.86 |
| Total Cash | $539.00M |
| Total Debt | $5.48B |
| Free Cash Flow (fiscal year ended Dec 2025, SEC 10-K) | $539.81M (17.1% of revenue) |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financial Health Score (WAT)
Nexqual rates Waters Corporation's overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:23 UTC.
| Growth | Solid — Revenue +7% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 56%, operating 9% (last 12 months) |
| Balance Sheet | Solid — $588M cash and investments vs $1.41B debt (Dec 2025, SEC) |
| Cash Flow | Strong — FCF $540M (FY ended Dec 2025, 10-K), 17% margin |
| Efficiency | Weak — ROE 2%, ROA 3.6% |
Ownership (WAT)
| Insider Ownership | +0.10% |
|---|---|
| Institutional Ownership | +101.97% |
| Shares Outstanding | 98.19M |
| Float | 98.07M |
| Short % of Float | +3.47% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Leadership (WAT)
Waters Corporation is led by Udit Batra, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:23 UTC.
| President, CEO & Director | Udit Batra |
|---|---|
| Senior VP & CFO | Amol Chaubal |
| Senior Vice President of Waters Advanced Diagnostics Division | Jianqing Y. Bennett |
| Senior Vice President of Global Communications | Kristen Garvey |
| Senior Vice President of Global Research & Strategy | Daniel Rush |
Major Backers & Investors (WAT)
Notable institutional backers of Waters Corporation include Massachusetts Financial Services Co., T. Rowe Price, Invesco, according to Nexqual as of October 23, 2026 at 09:23 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Massachusetts Financial Services Co. | 4.71% |
| T. Rowe Price | 3.89% |
| Invesco | 3.56% |
| Alliancebernstein L.P. | 2.74% |
| Fundsmith LLP | 2.31% |
| Fidelity | 1.3% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 11.36% |
| BlackRock | 8.64% |
| State Street | 4.46% |
| Geode Capital | 2.68% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Legal & Regulatory Risks from Waters Corporation's Latest 10-K (filed 2026-02-23)
- Changes in governmental regulations and compliance failures could harm the Company's business.
- The Company may be harmed by improper conduct of any of our employees, agents or business partners.
- The Company's Amended and Restated Bylaws (the "Bylaws") include exclusive forum provisions, which could limit shareholders' ability to obtain a favorable judicial forum for disputes with the Company or its respective directors, officers or employees.
- The exclusive forum provisions in the Bylaws may limit the ability of a shareholder to bring a claim in a judicial forum that it finds favorable for disputes with the Company or its directors, officers or other employees, which may discourage such lawsuits.
Source: SEC EDGAR 10-K, Item 1A, official filing.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| IDXX | IDEXX Laboratories, Inc. | USD 566.76 | ▲ 2.4% |
| IQV | IQVIA Holdings, Inc. | USD 278.32 | ▲ 0.61% |
| A | Agilent Technologies, Inc. | USD 173.89 | ▼ 2.17% |
| ILMN | Illumina, Inc. | USD 269.4 | ▼ 4.76% |
| NTRA | Natera, Inc. | USD 401.37 | ▼ 2.91% |
| MTD | Mettler-Toledo International, I | USD 1,684.64 | ▲ 0.4% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:23 UTC. This page is informational and not investment advice.
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