# Waters Corporation (WAT) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Healthcare / Biotechnology. Price $409.38, market value $40.2 billion.

## Valuation
- **P/E (trailing): 104.2×** (5-yr avg 32.6×, 3-yr avg 33.4×). Waters Corporation trades at 104.2× trailing earnings, well above its own five-year average of 32.6×: investors are paying up relative to the company's past. The Healthcare median in the September 2026 study was 28.5×. Forward P/E is 24.7×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 8.7×**. Each dollar of revenue is priced at 8.7×.
- **Price / book: 2.6×**. The shares trade at 2.6× book value; book value is a meaningful part of the valuation.
- **Earnings yield: 1.0%**. The inverse of the P/E: 1.0% of the price is earned each year.

## Profitability
- **Operating margin: 7.1%**. 7.1% of revenue is left after running the business.
- **Net margin: 20.3%**. 20.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 25.1%**. 25.1% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 8.9%**. Return on all capital, debt included, is 8.9%.
- **Return on assets: 3.3%**. Each dollar of assets produces 3.3% of profit.

## Growth
- **Revenue growth (1 yr): 7.0%** (3-yr 2.1%/yr, 5-yr 6.0%/yr). Revenue grew 7.0% over the last year, against 6.0% a year compounded over five years.
- **EPS growth (1 yr): 0.5%** (3-yr -2.8%/yr, 5-yr 5.2%/yr). Earnings per share rose 0.5%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.37**. Debt is 0.37 times equity: a conservative balance sheet.
- **Altman Z-score: 11.44**. A Z-score of 11.44 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Waters Corporation does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (23 analysts). 23 analysts cover Waters Corporation; the consensus is buy, with an average price target of $440.65 (+8% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 36.6%** (YTD 7.8%, 3-mo 12.0%). The shares are up 36.6% over twelve months including dividends.
- **From 52-week high: -4.0%** (44.8% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 54**. An RSI of 54 is neutral.
- **Beta (1 yr): 0.92** (volatility 36%). Beta of 0.92 against the S&P 500: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=WAT · Page: https://foliofundamentals.com/stocks/wat

Not investment advice.