# Waters Corporation (WAT)

> Source: Nexqual · https://nexqual.com/WAT · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Waters Corporation (WAT), nexqual.com/WAT" · informational, not investment advice.

**Price:** USD 455.59 (-0.41% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 457.47 · day 449.09–464.94 · 52w 282.77–465.36 · market cap $44.7B · NYQ

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Diagnostics & Research)
IDXX (IDEXX Laboratories, Inc.) USD 566.76 +2.40% · 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 +0.40%

## More
Full page: https://nexqual.com/WAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WAT's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/d778470d10k.htm):

| 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," |

## Company outlook (8-K filed 2026-08-04)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.00 | $3.99 | +0.2% | $1.75B | 20 |
| Next quarter (ends 2026-12-31) | $4.67 | $4.69 | -0.3% | $1.79B | 19 |
| Current fiscal year (ends 2026-12-31) | $14.58 | $14.51 | +0.4% | $6.46B | 23 |
| Next fiscal year (ends 2027-12-31) | $16.55 | $16.49 | +0.4% | $7.13B | 23 |