Stock WAT WATERS CORPORATION
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Financials Waters Corporation

Equities

WAT

US9418481035

Advanced Medical Equipment & Technology

Market Closed - Nyse
Other stock markets
 04:00:01 2024-04-26 pm EDT 		5-day change 1st Jan Change
311.3 USD +0.96% Intraday chart for Waters Corporation +5.13% -5.45%
Apr. 22 Bernstein Adjusts Price Target on Waters to $304 From $307 MT
Apr. 22 Baird Adjusts Price Target on Waters to $319 From $315 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,055 15,352 22,742 20,352 19,466 18,288 - -
Enterprise Value (EV) 1 16,399 16,265 23,687 21,445 21,426 19,664 19,384 19,380
P/E ratio 26.9 x 29.6 x 33.4 x 29.2 x 30.4 x 27.9 x 25 x 22.5 x
Yield - - - - - - - -
Capitalization / Revenue 6.26 x 6.49 x 8.16 x 6.85 x 6.58 x 6.13 x 5.78 x 5.48 x
EV / Revenue 6.81 x 6.88 x 8.5 x 7.22 x 7.25 x 6.59 x 6.13 x 5.81 x
EV / EBITDA 19.8 x 19.7 x 24.5 x 20.9 x 19.9 x 18.2 x 16.8 x 16 x
EV / FCF 34.2 x 26.3 x 40.4 x 49.2 x 48.5 x 27.3 x 25.5 x 24.3 x
FCF Yield 2.92% 3.8% 2.47% 2.03% 2.06% 3.66% 3.93% 4.12%
Price to Book -73.6 x 66.4 x 61.6 x 41 x 17 x 9.93 x 7.81 x 6.89 x
Nbr of stocks (in thousands) 64,434 62,048 61,036 59,408 59,127 59,310 - -
Reference price 2 233.6 247.4 372.6 342.6 329.2 308.4 308.4 308.4
Announcement Date 2/4/20 2/2/21 2/1/22 2/15/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,407 2,365 2,786 2,972 2,956 2,982 3,164 3,336
EBITDA 1 829.9 824.2 965.9 1,029 1,079 1,083 1,151 1,212
EBIT 1 734.3 699.4 841.4 898.1 912.9 927 997.3 1,061
Operating Margin 30.51% 29.57% 30.2% 30.22% 30.88% 31.08% 31.52% 31.81%
Earnings before Tax (EBT) 1 678.2 610.9 806.2 837.8 736.2 731.9 820.6 871.1
Net income 1 592.2 521.6 692.8 707.8 642.2 655.7 724.8 771.6
Net margin 24.61% 22.05% 24.87% 23.81% 21.72% 21.99% 22.91% 23.13%
EPS 2 8.690 8.360 11.17 11.73 10.84 11.04 12.35 13.70
Free Cash Flow 1 479.3 618.1 586 435.7 442.2 720.3 761.5 798.2
FCF margin 19.91% 26.13% 21.03% 14.66% 14.96% 24.15% 24.07% 23.93%
FCF Conversion (EBITDA) 57.75% 75% 60.67% 42.37% 40.99% 66.5% 66.14% 65.87%
FCF Conversion (Net income) 80.93% 118.51% 84.58% 61.57% 68.85% 109.85% 105.05% 103.45%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/4/20 2/2/21 2/1/22 2/15/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 659.2 836.4 690.6 714.3 708.6 858.5 684.7 740.6 711.7 819.5 638.3 728.5 733.1 883.2 681.6
EBITDA 1 228.9 304.8 242 237.3 228.8 320.5 214.7 258 272.3 333.8 208.8 256.8 270 352.2 216.3
EBIT 1 195.8 272.8 209.3 203.1 196.6 289.2 183.6 219.1 224.5 285.7 171.1 216.9 227.5 312.6 185.6
Operating Margin 29.69% 32.61% 30.31% 28.43% 27.74% 33.68% 26.81% 29.59% 31.54% 34.86% 26.81% 29.77% 31.04% 35.4% 27.23%
Earnings before Tax (EBT) 182.7 - - - 183.4 275.5 165.2 180.3 153.2 237.6 - - - - -
Net income 1 161.2 216.2 159.8 164.9 156 227.1 140.9 150.6 134.6 216.2 115.8 147.3 160.4 248.8 137.5
Net margin 24.45% 25.85% 23.14% 23.08% 22.02% 26.45% 20.58% 20.33% 18.91% 26.38% 18.14% 20.21% 21.88% 28.17% 20.18%
EPS 2 2.600 3.520 2.620 2.720 2.600 3.810 2.380 2.550 2.270 3.650 1.920 2.460 2.700 4.067 2.320
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/2/21 2/1/22 5/3/22 8/2/22 11/1/22 2/15/23 5/9/23 8/2/23 11/7/23 2/6/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,344 913 945 1,093 1,960 1,375 1,096 1,092
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.619 x 1.108 x 0.9779 x 1.063 x 1.816 x 1.27 x 0.952 x 0.9008 x
Free Cash Flow 1 479 618 586 436 442 720 761 798
ROE (net income / shareholders' equity) 87.7% 243% 232% 166% 84.2% 45.2% 35.6% 31.6%
ROA (Net income/ Total Assets) 18.9% 21.1% 23.4% 22.7% 17.6% 14.4% 14.4% 14.2%
Assets 1 3,142 2,473 2,960 3,112 3,646 4,569 5,030 5,453
Book Value Per Share 2 -3.170 3.730 6.050 8.360 19.40 31.00 39.50 44.80
Cash Flow per Share 2 9.430 12.70 12.00 10.10 10.20 13.30 14.30 17.80
Capex 1 164 172 161 176 161 164 164 170
Capex / Sales 6.81% 7.29% 5.79% 5.92% 5.43% 5.49% 5.19% 5.1%
Announcement Date 2/4/20 2/2/21 2/1/22 2/15/23 2/6/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Waters Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
20
Last Close Price
308.4 USD
Average target price
325.4 USD
Spread / Average Target
+5.52%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Advanced Medical Equipment & Technology

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Other Advanced Medical Equipment & Technology
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