WAT - Waters Stock

Market Summary

USD269.14+0.27

Market Closed

0.10%

WAT Stock Price

WAT RSI Chart

WAT Valuation

Market Cap

15.9B

Price/Earnings (Trailing)

23.54

Price/Sales (Trailing)

5.31

EV/EBITDA

16.48

Price/Free Cashflow

27.77

WAT Price/Sales (Trailing)

WAT Profitability

EBT Margin

27.52%

Return on Equity

114.84%

Return on Assets

20.83%

Free Cashflow Yield

3.6%

WAT Fundamentals

WAT Revenue

Revenue (TTM)

3.0B

Revenue Y/Y

3.68%

Revenue Q/Q

8.16%

WAT Earnings

Earnings (TTM)

674.5M

Earnings Y/Y

-8.68%

Earnings Q/Q

6.83%

Price Action

52 Week Range

248.18353.71

(Low)(High)

Last 7 days

-1.1%

Last 30 days

0.3%

Last 90 days

3.5%

Trailing 12 Months

-4.3%

WAT Financial Health

Current Ratio

2.21

WAT Investor Care

Buy Backs (1Y)

1.93%

Diluted EPS (TTM)

11.34

Historical Charts for Stock Metrics

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Net sales

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Latest Insider Trading transactions for WAT

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-09-01	Batra Udit	sold (taxes)	-534,219	281	-1,901	president and ceo
2023-08-04	KUEBLER CHRISTOPHER A	sold	-1,165,920	291	-4,000	-
2023-08-04	KUEBLER CHRISTOPHER A	acquired	396,880	99.22	4,000	-
2023-05-12	Chaubal Amol	sold (taxes)	-39,295	271	-145	svp & chief financial officer
2023-05-03	Pratt Jonathan M	sold (taxes)	-11,563	296	-39.00	svp waters division
2023-04-05	Bennett Jianqing	sold (taxes)	-61,742	302	-204	svp ta instruments division
2023-03-27	FEARON RICHARD H	acquired	91,427	302	302	-
2023-03-01	Pratt Jonathan M	sold (taxes)	-265,027	309	-857	svp waters division
2023-03-01	Pratt Jonathan M	acquired	1,050,210	309	3,396	svp waters division
2023-02-28	VERGNANO MARK P	bought	997,927	313	3,185	-

Which funds bought or sold WAT recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-09-12	Farther Finance Advisors, LLC	added	17.86	631	43,979	0.01%
2023-08-24	Alberta Investment Management Corp	unchanged	-	-822,028	5,084,780	0.05%
2023-08-23	WOLVERINE TRADING, LLC	added	117	305,399	655,399	-%
2023-08-23	HEADINVEST, LLC	added	1.4	-347,510	7,399,120	1.59%
2023-08-22	Asset Dedication, LLC	reduced	-0.99	-4,000	26,000	-%
2023-08-22	VIRGINIA RETIREMENT SYSTEMS ET AL	unchanged	-	-3,428,840	21,209,700	0.20%
2023-08-21	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-7.1	-358,000	1,427,000	0.01%
2023-08-21	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	reduced	-3.17	-5,047,350	25,278,100	0.04%
2023-08-21	VisionPoint Advisory Group, LLC	new	-	9,595	9,595	-%
2023-08-21	VitalStone Financial, LLC	new	-	28,000	28,000	0.02%

Latest Funds Activity

Are funds buying WAT calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own WAT

No. of Funds

Schedule 13G FIlings of Waters

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	fundsmith llp	7.62%	4,524,935	SC 13G
Feb 09, 2023	vanguard group inc	11.45%	6,803,307	SC 13G/A
Jan 27, 2023	bank of new york mellon corp	6.21%	3,689,116	SC 13G/A
Jan 24, 2023	blackrock inc.	11.1%	6,586,957	SC 13G/A
Apr 08, 2022	blackrock inc.	10.1%	6,108,293	SC 13G/A
Feb 11, 2022	fundsmith llp	7.35%	4,510,879	SC 13G
Feb 02, 2022	massachusetts financial services co /ma/	4.2%	2,546,414	SC 13G/A
Feb 01, 2022	blackrock inc.	9.9%	6,069,554	SC 13G/A
Feb 01, 2022	bank of new york mellon corp	6.95%	4,244,893	SC 13G/A
Feb 12, 2021	fundsmith llp	7.10%	4,409,835	SC 13G/A

Recent SEC filings of Waters

View All Filings

Date Filed	Form Type	Document
Sep 05, 2023	4	Insider Trading
Aug 07, 2023	4	Insider Trading
Aug 04, 2023	144	Notice of Insider Sale Intent
Aug 02, 2023	8-K	Current Report
Aug 02, 2023	10-Q	Quarterly Report
Jul 05, 2023	4	Insider Trading
Jul 05, 2023	4	Insider Trading
Jun 21, 2023	11-K	Employee Benefit Details

Peers (Alternatives to Waters)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
A	32.2B	7.0B	-6.72%	-13.24%	28.38	4.6	5.03%	-14.68%
MTD	23.9B	4.0B	-5.77%	-5.69%	26.91	6.05	2.30%	16.37%
ILMN	21.1B	4.5B	-18.17%	-32.72%	-5.03	4.72	-4.92%	-21931.58%
PKI	16.1B	2.8B	-15.95%	-22.45%	19.74	5.69	-24.31%	21.35%
WAT	15.9B	3.0B	0.34%	-4.30%	23.54	5.31	3.16%	-3.93%
MID-CAP
SMALL-CAP
PACB	2.3B	146.1M	-12.37%	57.34%	-7.06	15.43	4.72%	-55.19%
QTRX	938.4M	112.0M	3.91%	175.11%	-14.26	8.38	0.83%	16.42%
ADPT	749.3M	189.6M	-18.17%	-30.00%	-3.92	3.95	18.74%	17.75%
HBIO	175.9M	114.1M	-2.14%	49.82%	-32.4	1.54	-5.49%	-48.58%
CDXS	112.4M	99.2M	-8.52%	-75.83%	-1.98	1.13	-26.56%	-199.52%
BNGO	99.1M	31.5M	-2.61%	47.52%	-0.68	3.14	35.12%	-38.47%
CSBR	71.9M	52.7M	-19.36%	-39.22%	-9.51	1.36	2.10%	-1984.29%
NSTG	68.4M	143.9M	-47.25%	-90.18%	-0.41	0.48	0.71%	-18.99%
PSNL	62.6M	67.1M	-27.12%	-59.81%	-0.57	0.93	-12.13%	-17.68%

Waters News

Returns for WAT

Cumulative Returns on WAT

9.8%

10-Year Cumulative Returns

7.9%

7-Year Cumulative Returns

6.4%

5-Year Cumulative Returns

11.4%

3-Year Cumulative Returns

Risks for WAT

What is the probability of a big loss on WAT?

71.2%

Probability that Waters stock will be more than 20% underwater in next one year

11.2%

Probability that Waters stock will be more than 30% underwater in next one year.

0%

Probability that Waters stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WAT drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Waters was unfortunately bought at previous high price.

Drawdowns

Financials for Waters

Income Statement (Last 12 Months)
(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)																					(In Millions)
Description	(%) Q/Q	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4	2018Q3	2018Q2
Revenue	0.9%	2,992	2,966	2,972	2,950	2,901	2,868	2,786	2,736	2,671	2,509	2,365	2,295	2,278	2,358	2,407	2,405	2,406	2,403	2,420	2,392	2,380
Costs and Expenses	1.2%	2,140	2,114	2,099	2,101	2,051	2,022	1,964	1,913	1,881	1,760	1,720	1,677	1,645	1,702	1,698	1,689	1,691	1,687	1,680	1,666	1,667
S&GA Expenses	3.7%	708	683	658	657	645	641	627	607	590	549	554	542	532	548	535	536	537	541	537	542	551
R&D Expenses	1.0%	180	178	176	171	170	171	168	165	158	144	141	138	138	143	143	144	145	144	143	140	139
EBITDA	-100.0%	-	943	959	934	932	937	923	928	894	773	660	630	645	670	727	-	-	-	-	-	-
EBITDA Margin	-100.0%	-	0.32*	0.32*	0.32*	0.32*	0.33*	0.33*	0.34*	0.33*	0.31*	0.28*	0.27*	0.28*	0.28*	0.30*	-	-	-	-	-	-
Interest Expenses	22.7%	64.00	52.00	49.00	46.00	44.00	45.00	45.00	45.00	45.00	46.00	49.00	52.00	53.00	51.00	49.00	46.00	46.00	46.00	49.00	52.00	56.00
Earnings Before Taxes	-1.5%	804	816	838	815	814	819	806	811	779	727	611	578	592	619	678	652	656	659	682	710	695
EBT Margin	-100.0%	-	0.28*	0.28*	0.28*	0.28*	0.29*	0.29*	0.30*	0.29*	0.29*	0.26*	0.25*	0.26*	0.26*	0.28*	-	-	-	-	-	-
Net Income	-2.1%	675	689	708	697	702	705	693	695	660	616	522	504	515	537	592	577	580	591	594	55.00	51.00
Net Income Margin	-100.0%	-	0.23*	0.24*	0.24*	0.24*	0.25*	0.25*	0.25*	0.25*	0.25*	0.22*	0.22*	0.23*	0.23*	0.25*	-	-	-	-	-	-
Free Cashflow	-100.0%	-	610	612	631	641	727	747	797	802	857	791	715	691	619	643	-	-	-	-	-	-

Balance Sheet
(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4	2018Q3	2018Q2
Assets	37.5%	4,548	3,307	3,281	3,070	3,041	3,041	3,095	3,116	3,104	3,212	2,840	2,679	2,648	2,667	2,557	2,561	2,823	3,250	3,727	4,043	4,158
Current Assets	-5.2%	1,681	1,774	1,764	1,576	1,564	1,585	1,629	1,658	1,639	1,768	1,401	1,292	1,269	1,328	1,312	1,344	1,620	2,078	2,663	2,971	3,124
Cash Equivalents	-32.2%	330	486	481	444	419	480	501	525	460	684	437	375	339	390	336	405	588	685	796	689	742
Inventory	7.5%	537	499	456	442	410	382	356	389	349	328	304	327	344	344	321	369	352	333	292	314	300
Net PPE	4.2%	615	590	582	547	546	547	548	530	527	514	494	470	459	439	417	381	369	356	343	338	336
Goodwill	201.2%	1,300	432	430	420	428	436	438	437	440	438	444	431	427	424	72.00	354	356	357	356	358	358
Liabilities	39.5%	3,777	2,707	2,777	2,685	2,648	2,666	2,727	2,821	2,835	2,981	2,608	2,721	2,840	3,005	2,773	2,446	2,267	2,282	2,160	2,167	2,183
Current Liabilities	0.9%	809	802	786	732	747	688	681	672	681	785	805	722	697	551	591	597	612	603	449	448	475
LT Debt, Non Current	80.4%	2,580	1,430	1,525	1,495	1,434	1,444	1,514	1,614	1,603	1,603	1,207	1,421	1,546	1,846	1,581	1,256	1,048	1,048	1,148	1,148	1,148
Shareholder's Equity	28.6%	771	600	504	385	392	375	368	295	268	231	232	-	-	-	-	116	556	968	1,567	1,876	1,975
Retained Earnings	1.7%	8,800	8,650	8,509	8,282	8,126	7,961	7,801	7,585	7,423	7,256	7,108	6,890	6,763	6,640	6,587	6,387	6,249	6,104	5,995	5,810	5,669
Additional Paid-In Capital	0.8%	2,232	2,215	2,200	2,182	2,166	2,138	2,115	2,106	2,090	2,054	2,029	1,983	1,959	1,948	1,927	1,898	1,884	1,872	1,835	1,815	1,799
Shares Outstanding	0.0%	59.00	59.00	59.00	60.00	60.00	61.00	61.00	61.00	62.00	62.00	62.00	62.00	62.00	62.00	63.00	66.00	69.00	72.00	73.00	77.00	78.00

Cashflow (Last 12 Months)
(In Millions)

Cashflow (Last 12 Months)																					(In Millions)
Description	(%) Q/Q	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4	2018Q3	2018Q2
Cashflow From Operations	-6.4%	572	610	612	631	641	727	747	797	802	857	791	715	691	619	643	633	631	604	604	615	623
Share Based Compensation	2.6%	46.00	44.00	43.00	39.00	35.00	33.00	30.00	31.00	34.00	36.00	37.00	37.00	37.00	38.00	39.00	38.00	38.00	38.00	38.00	38.00	41.00
Cashflow From Investing	-809.4%	-1,467	-161	-107	-28.98	42.00	-53.63	-231	-285	-352	-292	-264	-283	-208	205	769	1,251	1,262	1,222	1,683	1,126	964
Cashflow From Financing	281.1%	800	-441	-509	-652	-700	-854	-438	-356	-329	-284	-440	-479	-737	-1,116	-1,872	-2,154	-2,044	-1,836	-2,119	-1,650	-1,411
Buy Backs	-28.8%	374	525	626	633	629	646	649	493	342	173	196	756	1,336	1,912	2,469	2,408	2,092	1,786	1,315	903	720

WAT Income Statement

2023-07-01

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenues:
Total net sales	$ 740,576	$ 714,319	$ 1,425,250	$ 1,404,891
Costs and operating expenses:
Selling and administrative expenses	186,953	161,877	368,909	319,352
Research and development expenses	45,873	44,006	88,564	84,478
Purchased intangibles amortization	6,815	1,598	8,294	3,271
Acquired in-process research and development			0	9,797
Total costs and operating expenses	540,717	514,687	1,051,223	1,009,789
Operating income	199,859	199,632	374,027	395,102
Other (expense) income, net	(352)	1,535	1,036	1,705
Interest expense	(23,272)	(11,419)	(37,716)	(22,478)
Interest income	4,040	2,526	8,101	4,640
Income before income taxes	180,275	192,274	345,448	378,969
Provision for income taxes	29,721	27,410	53,971	54,274
Net income	$ 150,554	$ 164,864	$ 291,477	$ 324,695
Net income per basic common share	$ 2.56	$ 2.74	$ 4.97	$ 5.38
Weighted-average number of basic common shares	58,857	60,206	58,703	60,399
Net income per diluted common share	$ 2.55	$ 2.72	$ 4.95	$ 5.35
Weighted-average number of diluted common shares and equivalents	59,010	60,510	58,909	60,744
Product [Member]
Revenues:
Total net sales	$ 477,926	$ 469,630	$ 914,383	$ 920,470
Costs and operating expenses:
Costs and operating expenses	194,354	202,356	374,708	393,966
Service [Member]
Revenues:
Total net sales	262,650	244,689	510,867	484,421
Costs and operating expenses:
Costs and operating expenses	$ 106,722	$ 104,850	$ 210,748	$ 198,925

WAT Balance Sheet

2023-07-01

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 329,693	$ 480,529
Investments	885	862
Accounts receivable, net	693,436	722,892
Inventories	536,828	455,710
Other current assets	120,342	103,910
Total current assets	1,681,184	1,763,903
Property, plant and equipment, net	615,211	582,217
Intangible assets, net	649,731	227,399
Goodwill	1,313,501	430,328
Operating lease assets	92,412	86,506
Other assets	196,157	191,100
Total assets	4,548,196	3,281,453
Current liabilities:
Notes payable and debt	50,000	50,000
Accounts payable	81,918	93,302
Accrued employee compensation	35,522	103,300
Deferred revenue and customer advances	324,665	227,908
Current operating lease liabilities	25,908	26,429
Accrued income taxes	121,294	132,545
Accrued warranty	12,409	11,949
Other current liabilities	157,671	140,304
Total current liabilities	809,387	785,737
Long-term liabilities:
Long-term debt	2,580,198	1,524,878
Long-term portion of retirement benefits	43,565	38,203
Long-term income tax liabilities	154,376	248,496
Long-term operating lease liabilities	66,856	62,108
Other long-term liabilities	122,585	117,543
Total long-term liabilities	2,967,580	1,991,228
Total liabilities	3,776,967	2,776,965
Commitments and contingencies (Notes 7, 8 and 9)
Stockholders' equity:
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at July 1, 2023 and December 31, 2022	0	0
Common stock, par value $0.01 per share, 400,000 shares authorized, 162,576 and 162,425 shares issued, 59,046 and 59,104 shares outstanding at July 1, 2023 and December 31, 2022, respectively	1,626	1,624
Additional paid-in capital	2,232,055	2,199,824
Retained earnings	8,800,064	8,508,587
Treasury stock, at cost, 103,530 and 103,321 shares at July 1, 2023 and December 31, 2022, respectively	(10,133,716)	(10,063,975)
Accumulated other comprehensive loss	(128,800)	(141,572)
Total stockholders' equity	771,229	504,488
Total liabilities and stockholders' equity	$ 4,548,196	$ 3,281,453

About Waters

Udit Batra

www.waters.com

7800

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company offers thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by life science, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.

Market Summary

WAT Stock Price

WAT RSI Chart

WAT Valuation

WAT Price/Sales (Trailing)

WAT Profitability

WAT Fundamentals

WAT Revenue

WAT Earnings

Price Action

52 Week Range

WAT Financial Health

WAT Investor Care

Historical Charts for Stock Metrics

Latest Insider Trading transactions for WAT

Which funds bought or sold WAT recently?

Latest Funds Activity

Schedule 13G FIlings of Waters

Recent SEC filings of Waters

Peers (Alternatives to Waters)

Waters News

Returns for WAT

Cumulative Returns on WAT

Risks for WAT

What is the probability of a big loss on WAT?

How does WAT drawdown profile look like?

Financials for Waters

Income Statement (Last 12 Months).css-zgnqz2{margin:0;font-family:"Roboto","Helvetica","Arial",sans-serif;font-weight:400;font-size:0.75rem;line-height:1.66;letter-spacing:0.03333em;color:#595959;}(In Millions)

Balance Sheet(In Millions)

Cashflow (Last 12 Months)(In Millions)

WAT Income Statement

WAT Balance Sheet

About Waters

Income Statement (Last 12 Months)
(In Millions)

Balance Sheet
(In Millions)

Cashflow (Last 12 Months)
(In Millions)