What is Waters Corporation's market cap?

Waters Corporation (WAT) has a market capitalization of $36.1B and trades on NYSE.

What is Waters Corporation's revenue and profitability?

Waters Corporation generated $3.8B in trailing twelve-month revenue with net income of $449.2M, representing a net margin of 11.9%. Gross margin stands at 59.3%, with free cash flow of $263.8M. These figures are based on the Q1 2026 filing.

Who are Waters Corporation's competitors?

Waters Corporation's key competitors include Agilent Technologies, Inc., Danaher Corporation, Thermo Fisher Scientific Inc., and others. These companies compete in similar markets and product categories.

Who does Waters Corporation partner with?

Waters Corporation's notable partners include U.S. Food and Drug Administration, U.S. Environmental Protection Agency.

What subsidiaries does Waters Corporation have?

Waters Corporation's subsidiaries include TA Instruments, Wyatt Technology, Micromass Limited, and others.

Where is Waters Corporation headquartered?

Waters Corporation is headquartered in United States of America and employs approximately 7,900 people. It has been publicly traded since 1995.

Waters Corporation

WAT

Waters Corporation is a global leader in analytical instruments and software, specializing in chromatography, mass spectrometry, and thermal analysis.

Market cap

$36.15B+73.4%

Revenue$3.8B+26.4%

Net income$449.2M-31.6%

Free cash flow$263.8M-57.4%

EPS (diluted)$7.87-28.6%

Trailing twelve months · change vs. prior year

Table of contents

Earnings

Q2 2026 report

May 5, 2026

Revenue$1.3BBeat by $63.8M EPS$2.70Beat by $0.39

Read the full report

Next report

Aug 4, 2026 (In 3 weeks)

Revenue estimate$1.6B

EPS estimate$3.00

Financials

Q1 2026

Income statement

See full

Revenue$1.3B+91.4%

Operating income-$47.0M-131%

Net income-$72.0M-160%

EPS (diluted)-$0.87-143%

Balance sheet

See full

Cash & equivalents$462.0M+20.7%

Total debt$5.2B+263%

Total equity$15.3B+679%

Total assets$24.5B+434%

Cash flow

See full

Operating cash flow-$3.0M-101%

CapEx$39.0M+50.0%

Free cash flow-$42.0M-118%

Valuation & ratios

Valuation

See full

Market cap$36.15B+73.4%

Enterprise value$40.89B+88.0%

P/E80.5×+48.9×

P/S9.6×+2.7×

Profitability

See full

Operating margin16%-12.3pp

Net margin11.9%-10.1pp

FCF margin7%-13.8pp

Returns & leverage

See full

Return on equity5.2%-35.6pp

Debt / equity0.3×-0.4×

Current ratio1.8×0.0×

Segments

By geography

See full

Americas$505.0M+97.3%

European Union$412.0M—

Asia Pacific$350.0M+58.4%

Asia Other$197.0M+51.5%

Americas Other$90.0M+125%

By product

See full

Consumables$543.0M—

Instrument Systems$376.0M—

Service$348.0M+33.3%

Competitors

By market cap

Thermo Fisher Scientific$189.58B+17.0%

Danaher$135.02B-7.2%

Agilent Technologies$36.5B+5.7%

WAT

Waters Corporation$36.1B+73.4%

Veralto$22.5B-12.4%

Revvity$12.2B+2.2%

Bruker$8.7B+35.4%

Bio-Rad Laboratories$7.6B+11.0%

By revenue growth

WAT

Waters Corporation+26.4%

Agilent Technologies+9.1%

Veralto+5.9%

Revvity+4.8%

Danaher+4.0%

Thermo Fisher Scientific+2.4%

Bio-Rad Laboratories+1.9%

Bruker+0.4%

By net margin

Agilent Technologies19.55%+2.0pp

Veralto17.33%+0.8pp

Thermo Fisher Scientific15.19%+0.4pp

Danaher14.89%-0.9pp

WAT

Waters Corporation11.91%-10.1pp

Revvity8.26%-2.1pp

Bio-Rad Laboratories6.52%+91.7pp

Bruker-0.608%-3.9pp

Profile

Waters Corporation is a global leader in analytical instruments and software, specializing in chromatography, mass spectrometry, and thermal analysis. The company provides high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), and mass spectrometry (MS) systems that enable scientists to detect, identify, and measure the chemical and biological composition of materials. Its value proposition centers on enhancing laboratory productivity and accuracy across life, materials, and food sciences.

Competitive position

Waters is a leading global manufacturer of LC and LC-MS systems, maintaining a highly differentiated position through its integrated software platforms and direct service organization.

GeographiesUnited States, Singapore, Ireland, United Kingdom, Global

Customer segmentsPharmaceutical, Clinical Diagnostics, Industrial, Academic, Governmental

Business modelHardware manufacturing, Consumables and recurring revenue, Post-warranty service plans, Subscription SaaS

SuppliersHigh temperature alloy sheet metal, Electrical components, Contract manufacturing firms, Silica and polymeric resins

CustomersQuality assurance laboratories, Drug discovery researchers, Food safety inspectors, Environmental testing agencies

CountryUnited States of America

Listed1995

Employees7.9K

CEOUdit Batra

SectorHealthcare

IndustryMedical - Diagnostics & Research

Websitewaters.com

FilingsSEC EDGAR

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Questions, answered.

What is Waters Corporation's market cap?: Waters Corporation (WAT) has a market capitalization of $36.1B and trades on NYSE.
What is Waters Corporation's revenue and profitability?: Waters Corporation generated $3.8B in trailing twelve-month revenue with net income of $449.2M, representing a net margin of 11.9%. Gross margin stands at 59.3%, with free cash flow of $263.8M. These figures are based on the Q1 2026 filing.
Who are Waters Corporation's competitors?: Waters Corporation's key competitors include Agilent Technologies, Inc., Danaher Corporation, Thermo Fisher Scientific Inc., and others. These companies compete in similar markets and product categories.
Who does Waters Corporation partner with?: Waters Corporation's notable partners include U.S. Food and Drug Administration, U.S. Environmental Protection Agency.
What subsidiaries does Waters Corporation have?: Waters Corporation's subsidiaries include TA Instruments, Wyatt Technology, Micromass Limited, and others.
Where is Waters Corporation headquartered?: Waters Corporation is headquartered in United States of America and employs approximately 7,900 people. It has been publicly traded since 1995.