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Waters Corporation WAT Free cash flow margin

Free cash flow margin at other companies

Thermo Fisher Scientific logo
Thermo Fisher ScientificTMO
15.7%-2.1pp
Danaher logo
DanaherDHR
21.4%+0.8pp
Mettler-Toledo International, Inc. logo
Mettler-Toledo International, Inc.MTD
19.4%-3.3pp
Agilent Technologies logo
Agilent TechnologiesA
15%-2.9pp
Veralto logo
VeraltoVLTO
18.6%+2.3pp
Ecolab logo
EcolabECL
11.4%+1.8pp

Other financials

Income statement

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Revenue$1.3B+91.4%
Operating income-$47.0M-131%
Net income-$72.0M-160%
EPS (diluted)-$0.87-143%

Balance sheet

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Cash & equivalents$462.0M+20.7%
Total debt$5.2B+263%
Total equity$15.3B+679%
Total assets$24.5B+434%

Cash flow

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Operating cash flow-$3.0M-101%
CapEx$39.0M+50.0%
Free cash flow-$42.0M-118%

Valuation

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Market cap$35.05B+33.4%
Enterprise value$39.8B+48.0%
P/E78×+38.0×
P/S9.3×+0.5×

Profitability

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Gross margin59.3%-0.1pp
Operating margin16%-12.3pp
Net margin11.9%-10.1pp

Returns & leverage

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Return on equity5.2%-35.6pp
Debt / equity0.3×-0.4×
Current ratio1.8×0.0×

Where this comes from

Calculated from Waters Corporation’s reported figures.

Based on trailing twelve months.

The official record: Waters Corporation’s 10-Q, filed May 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waters Corporation's free cash flow margin?
Waters Corporation (WAT) reported free cash flow margin of 7% in Q1 2026.
How has Waters Corporation's free cash flow margin changed year-over-year?
Waters Corporation's free cash flow margin decreased by 66.3% year-over-year, from 20.8% to 7%.
What is the long-term trend for Waters Corporation's free cash flow margin?
Over 4 years (2021 to 2025), Waters Corporation's free cash flow margin has grown at a -5.3% compound annual growth rate (CAGR), from 96.2% to 77.5%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.