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Waters Corporation WAT
$ 414.69 1.71%
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Quarterly report 2026-Q2
added 08-11-2026

Waters Corporation Financial Ratios 2025-2006 | WAT

Brief overview of Waters Corporation's valuation multiples

Current figures are compared with the company's own five-year history for 2021–2025.

The valuation comparison uses P/E 30.59x (median 30.59x), EV/EBITDA 60.19x (median 25.23x), P/S 21.08x (median 7.08x). The combined ratio level is close to the company's five-year norm at a 0% deviation. No clear premium or discount is visible.

The 1/P/E calculation produces a 3.3% earnings yield. It does not capture future growth or capital structure.

Returns on assets and capital are represented by ROE 25.1%, ROA 12.7%, ROCE 7.1%. Overall capital returns are high. The business uses resources efficiently and provides strong fundamental support for its valuation.

Current PEG of 3.1x points to a premium over forecast earnings momentum.

The cash cycle lengthened by 398.1 days to 731.2 days. Operations require more funding.

Valuation takeaway

Waters Corporation's valuation and business quality look relatively balanced, with no pronounced distortion in either direction.

Annual Financial Ratios Waters Corporation

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

P/E

 30.6 35.3 30.6 26.5 28.5 31.5 26.1 30.0 844.1 21.8 21.3 23.3 20.8 17.5 18.1 - 13.3 18.8 22.5 -

P/S

 21.1 25.8 6.7 6.3 7.1 6.9 6.4 7.4 7.4 5.3 4.9 5.0 4.9 4.4 4.2 - - - - -

EPS

 3.8 3.9 10.9 11.8 11.2 8.4 8.8 7.7 0.2 6.5 5.7 5.1 5.3 5.2 4.8 4.1 3.4 3.2 2.7 -

EV (Enterprise Value)

 21.6 B 24.9 B 22.8 B 21 B 21.9 B 17.8 B 17.9 B 19.2 B 19.6 B 13.2 B 11.7 B 11.6 B 10.8 B 9.31 B 8.95 B 7.19 B 5.01 B 6.6 B 5.44 B -514 M

EBITDA per Share

 6.02 6.39 15.3 15.8 14.5 11.5 10.6 9.7 8.52 7.89 7.06 6.27 6.17 6.06 5.93 5.24 4.45 4.22 3.74 -

EV/EBITDA

 60.2 65.8 25.2 22.3 24.6 24.4 23.4 24.3 27.2 19.9 19.2 21.0 19.5 16.5 15.7 14.8 11.7 15.8 14.5 -

PEG

 -4.74 -9.72 3.1 1.99 2.16 3.07 1.92 0.01 -8.79 1.64 1.88 -8.17 54.72 1.74 1.17 - - - - -

P/B

 7.7 12.3 17.1 37.2 53.6 15.8 -71.5 11.4 7.7 4.9 4.8 5.3 5.3 5.5 6.4 5.8 5.1 9.2 - -

P/CF

 30.1 29.6 32.6 30.7 26.4 20.8 32.3 35.1 28.2 21.3 21.8 24.8 25.6 23.5 19.0 13.6 10.3 14.5 16.3 -

ROE %

 25.09 34.88 55.83 140.29 188.50 224.68 -273.81 37.89 0.91 22.65 22.78 22.78 25.52 31.45 35.30 - 38.08 48.79 45.74 -

ROA %

 12.66 14.01 13.88 21.57 22.39 18.37 23.16 15.93 0.38 11.19 10.99 11.13 12.56 14.57 15.90 - 16.95 19.87 - -

ROCE %

 7.05 7.76 21.31 35.00 34.03 42.01 36.04 22.55 14.26 15.16 15.42 15.71 16.71 19.48 24.92 23.17 26.07 29.23 59.53 -

Current Ratio

 2.0 1.7 1.3 1.2 1.1 1.6 2.2 5.9 7.0 7.0 5.7 4.9 5.2 4.5 3.2 1.8 1.8 1.7 - -

DSO

 305.8 300.2 88.0 82.0 77.7 89.6 89.1 85.7 84.4 82.4 83.7 79.6 82.6 80.1 72.4 - - - - -

DIO

 527.9 520.2 557.2 425.5 343.4 113.3 115.8 107.2 104.2 107.6 114.1 109.0 113.1 113.6 106.4 107.0 107.9 47.8 - -

DPO

 102.5 96.7 102.0 99.6 87.9 22.0 17.7 25.1 24.9 27.7 30.6 29.1 30.3 27.1 27.6 31.8 29.7 13.0 - -

Operating Cycle

 833.7 820.4 645.1 507.5 421.1 202.9 204.9 192.9 188.6 190.0 197.8 188.6 195.7 193.7 178.7 107.0 107.9 47.8 - -

Cash Conversion Cycle

 731.2 723.8 543.1 407.9 333.2 180.9 187.2 167.9 163.7 162.2 167.2 159.5 165.5 166.6 151.1 75.1 78.2 34.7 - -

All numbers in USD currency

Quarterly Financial Ratios Waters Corporation

2026-Q2 2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1 2010-Q4 2010-Q3 2010-Q2 2010-Q1 2009-Q4 2009-Q3 2009-Q2

EPS

 2.47 -0.87 1.73 2.5 2.47 2.04 - 2.72 2.41 1.73 - 2.28 2.56 2.39 - 2.61 - 2.64 3.55 2.63 2.71 2.38 3.51 2.04 1.98 0.86 3.15 2.09 2.09 1.52 2.48 1.84 2 1.42 -4.44 1.71 1.65 1.32 2.17 1.55 1.59 1.16 1.85 1.42 1.28 1.16 1.82 1.36 1.14 0.83 1.67 1.15 1.04 1.41 2.03 1.13 1.11 1 1.54 1.12 1.09 1.03 0.75 1.03 0.92 0.81 - 0.8 0.73

EBITDA per Share

 - - 2.26 3.73 3.65 2.92 - 4.03 3.61 2.63 - 3.48 3.7 3.28 - 4.12 - 3.51 4.32 3.99 3.18 3.01 4.24 3.35 3.04 1.35 3.71 3.25 2.99 1.86 3.27 2.83 2.7 2.03 2.9 2.57 2.31 1.64 2.59 2.36 2.2 1.54 2.22 2.06 1.85 1.58 2.07 2.07 1.61 1.15 2.07 1.72 1.53 1.37 1.84 1.7 1.55 1.33 1.85 1.7 1.51 1.36 0.88 1.41 1.32 1.08 - 1.26 1.07

ROE %

 34.21 32.99 39.64 29.46 33.18 34.50 28.32 43.18 52.62 66.01 57.87 182.65 210.42 249.73 226.24 387.68 262.90 325.26 346.76 381.97 351.17 364.84 323.77 136.95 -174.71 -367.90 -441.36 -336.77 -129.66 4.57 62.11 34.48 25.13 18.68 16.26 39.65 28.35 23.29 22.65 22.43 22.65 22.21 22.79 23.43 23.77 23.74 22.78 22.83 22.40 22.37 25.52 26.78 30.95 35.45 28.58 28.58 28.58 28.58 28.58 28.58 28.58 28.58 - 28.58 28.58 9.29 - 9.73 9.57

ROA %

 7.91 8.13 11.07 12.40 12.55 11.70 9.05 12.05 11.78 12.83 10.56 26.22 28.48 32.16 27.90 43.20 27.54 32.93 32.29 32.99 28.37 29.19 26.47 26.63 31.26 34.96 37.33 34.45 30.10 27.37 26.11 14.51 10.56 7.84 6.82 17.20 12.86 11.15 11.19 10.99 11.04 10.76 10.99 11.35 11.56 11.57 11.13 11.18 10.99 10.99 12.56 12.42 13.71 15.10 11.72 11.72 11.72 11.72 11.72 11.72 11.72 11.72 - 11.72 11.72 3.81 - 4.03 3.88

ROCE %

 16.65 15.68 20.07 20.30 20.11 18.68 14.50 19.28 18.91 20.74 17.08 25.29 28.82 34.33 27.38 35.23 27.01 35.12 33.87 35.97 35.91 35.42 31.72 30.79 31.82 33.23 36.04 31.47 27.90 24.32 22.56 19.99 18.13 15.92 14.03 14.18 14.47 14.87 15.07 14.94 14.94 14.80 15.32 15.65 16.19 16.26 15.71 16.18 15.82 15.87 16.71 17.01 17.73 18.60 19.20 20.99 22.42 23.59 24.92 23.98 23.79 24.41 24.46 24.24 24.61 5.51 - 6.61 6.18

Current Ratio

 2.0 2.7 1.7 1.9 1.8 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.2 1.2 1.2 1.1 - 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 0.9 0.9 0.9 0.9 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.9 1.8 1.8 1.8 1.8 1.8 1.7 1.7 1.7 1.7 1.7 1.7

DSO

 152.8 89.5 106.2 84.3 85.4 99.8 - 78.9 79.6 95.2 - 84.9 84.8 93.7 - 38.7 - 80.6 62.5 74.5 73.2 84.3 66.5 88.1 100.6 113.9 74.9 92.9 89.5 102.6 72.5 89.7 87.0 94.8 70.9 86.1 87.3 93.7 71.0 84.8 83.2 91.9 72.8 85.4 86.4 89.4 67.8 80.2 82.1 91.6 69.5 86.0 87.2 88.6 70.8 82.0 81.8 83.7 64.2 73.7 74.8 72.7 - - - - - - -

DIO

 - - 183.0 309.5 292.3 296.1 - - - - - - - - - - - - 96.8 124.1 110.2 113.5 86.6 105.8 130.3 135.3 97.8 121.3 117.2 126.3 92.8 110.3 109.4 115.8 91.2 104.6 107.4 115.2 95.3 109.8 108.8 119.3 101.0 116.2 115.2 122.9 96.5 111.2 111.4 118.9 96.8 115.7 117.6 123.5 100.5 114.7 116.9 120.7 95.1 107.7 110.3 105.2 138.5 112.0 112.0 113.3 - 117.2 -

DPO

 - - 37.6 59.4 55.5 60.5 - - - - - - - - - - - - 24.1 29.0 26.8 27.6 20.6 25.1 30.9 26.2 14.9 18.6 17.9 24.2 21.7 25.8 25.6 27.3 21.8 25.0 25.6 28.6 24.6 28.3 28.1 31.4 27.1 31.1 30.9 32.9 25.7 29.6 29.7 31.8 25.9 30.9 31.5 31.3 24.0 27.3 27.9 30.0 24.7 28.0 28.7 28.2 40.4 34.3 34.5 32.9 - 30.3 -

Operating Cycle

 - - - 393.9 377.7 395.8 - 78.9 79.6 95.2 - 84.9 84.8 93.7 - 38.7 - 80.6 159.3 198.6 183.4 197.8 153.1 193.9 230.9 249.3 172.7 214.2 206.7 229.0 165.3 200.1 196.4 210.5 162.1 190.7 194.7 208.9 166.3 194.5 192.0 211.3 173.9 201.6 201.6 212.3 164.2 191.4 193.5 210.5 166.3 201.7 204.8 212.1 171.3 196.7 198.6 204.4 159.3 181.4 185.1 - - - - - - - -

Cash Conversion Cycle

 - - - 334.5 322.1 335.3 - 78.9 79.6 95.2 - 84.9 84.8 93.7 - 38.7 - 80.6 135.2 169.6 156.6 170.2 132.6 168.8 200.0 223.0 157.7 195.7 188.8 204.8 143.6 174.2 170.8 183.2 140.3 165.7 169.0 180.3 141.7 166.2 163.9 179.9 146.8 170.5 170.7 179.4 138.5 161.8 163.8 178.8 140.4 170.7 173.3 180.8 147.3 169.4 170.8 174.4 134.6 153.4 156.5 - - - - - - - -

All numbers in USD currency

Multiples are an important financial analysis tool for the company Waters Corporation, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.

Advantages of Using Financial Ratios
  • Simplified Data Analysis
    Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition.
  • Comparability Between Companies
    Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations.
  • Identification of Trends and Issues
    Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks.
  • Decision Support
    Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions.
  • Accelerated Assessment of Investment Attractiveness
    Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.

Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.

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