Waters (WAT) Stock Analysis
This is a peer-relative look at Waters (WAT): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Pharmaceuticals, Biotechnology & Life Sciences peers, so every number reads in context rather than in isolation.
Company Profile
| Profile Item | WAT |
|---|---|
| Name | Waters Corporation |
| Country/Region | United States |
| GICS Sector | Health Care |
| GICS Industry Group | Pharmaceuticals, Biotechnology & Life Sciences |
| GICS Industry | Life Sciences Tools & Services |
| GICS Sub-Industry | Life Sciences Tools & Services |
| Market Capitalization | 44.93 billion USD |
| Currency | USD |
| Exchange | NYSE |
| Listing Date | November 17, 1995 |
| Security Type | Common Stock |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| Total Return (1Y) | 27.70% | 24.62% |
| Total Return (3Y, Annualized) | 23.32% | 20.37% |
| Total Return (5Y, Annualized) | 6.27% | -4.02% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| Volatility (1Y, Annualized) | 35.45% | 66.36% |
| Beta (5Y) | 1.13 | 0.93 |
| Max Drawdown (5Y) | -36.47% | -80.19% |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| Sharpe Ratio (1Y) | 0.66 | 0.36 |
| Sortino Ratio (1Y) | 0.98 | 0.58 |
Profitability
ROE (TTM)
Waters (WAT) posts ROE of 1.12%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
1.12%
Group distribution
- Max
- 109.18%
- Q3
- 6.23%
- WAT
- 1.12%
- Median
- -26.66%
- Q1
- -64.05%
- Min
- -167.77%
Largest peers
- LLY
- 86.02%
- NVS
- 24.33%
- AZN
- 22.57%
- JNJ
- 20.02%
- MRK
- 5.06%
- WAT
- 1.12%
- ABBV
- --
Net Margin (TTM)
Waters (WAT) keeps 1.76% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
1.76%
Group distribution
- Max
- 18.05%
- Q3
- 4.78%
- WAT
- 1.76%
- Median
- 0.00%
- Q1
- -4.14%
- Min
- -17.05%
Largest peers
- LLY
- 31.90%
- AZN
- 17.68%
- NVS
- 17.49%
- JNJ
- 16.20%
- ABBV
- 15.67%
- MRK
- 3.64%
- WAT
- 1.76%
Operating Margin (TTM)
Waters (WAT) turns 11.38% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
11.38%
Group distribution
- Max
- 83.12%
- Q3
- 14.77%
- WAT
- 11.38%
- Median
- 0.00%
- Q1
- -78.82%
- Min
- -207.40%
Largest peers
- LLY
- 53.66%
- ABBV
- 39.59%
- MRK
- 35.22%
- NVS
- 34.27%
- AZN
- 29.57%
- JNJ
- 25.74%
- WAT
- 11.38%
Profitability Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| ROE (TTM) | 1.12% | -26.66% |
| ROA (TTM) | 2.36% | -12.50% |
| Net Margin (TTM) | 1.76% | 0.00% |
| Operating Margin (TTM) | 11.38% | 0.00% |
| Gross Margin (TTM) | 49.83% | 37.87% |
Growth
Revenue Growth
Waters (WAT) grew revenue 6.99%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.
EPS Growth
Waters (WAT) grew earnings per share 0.47%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.
Growth Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| Revenue Growth (YoY) | 6.99% | 11.45% |
| Revenue Growth (3Y CAGR) | 2.12% | 9.94% |
| EPS Growth (YoY) | 0.47% | 4.28% |
| EPS Growth (3Y CAGR) | -2.84% | 4.17% |
Financial Strength
Current Ratio (MRQ)
No usable current ratio is available for Waters (WAT) this period, so the short-term liquidity read is skipped.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
--
Group distribution
- Max
- 25.13
- Q3
- 12.13
- Median
- 5.52
- Q1
- 2.47
- Min
- 0.10
- WAT
- --
Largest peers
- LLY
- 1.39
- MRK
- 1.35
- JNJ
- 1.02
- AZN
- 1.01
- NVS
- 0.88
- ABBV
- 0.87
- WAT
- --
Debt / Equity (MRQ)
Waters (WAT) has debt-to-equity ratio of 0.34, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.34
Group distribution
- Max
- 1.42
- Q3
- 0.65
- WAT
- 0.34
- Median
- 0.15
- Q1
- 0.02
- Min
- 0.00
Largest peers
- NVS
- 1.29
- LLY
- 1.23
- MRK
- 1.20
- AZN
- 0.66
- JNJ
- 0.55
- WAT
- 0.34
- ABBV
- --
Financial Strength Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| Current Ratio (MRQ) | -- | 5.52 |
| Debt / Equity (MRQ) | 0.34 | 0.15 |
| Net Debt / EBITDA | 3.23 | 1.08 |
Dividends
Dividend Yield (TTM)
Waters (WAT) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
Group distribution
- WAT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Largest peers
- NVS
- 2.88%
- ABBV
- 2.40%
- MRK
- 2.29%
- JNJ
- 1.94%
- AZN
- 1.73%
- LLY
- 0.49%
- WAT
- 0.00%
Dividend Payout Ratio (TTM)
Waters (WAT) paid no earnings out as dividends this period, leaving payout ratio at 0.00%. There is no dividend payout to size against earnings.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
Group distribution
- WAT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Largest peers
- MRK
- 343.43%
- ABBV
- 117.35%
- NVS
- 90.46%
- JNJ
- 80.12%
- AZN
- 45.38%
- LLY
- 21.71%
- WAT
- 0.00%
Dividend Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| Dividend Yield (TTM) | 0.00% | 0.00% |
| Dividend Payout Ratio (TTM) | 0.00% | 0.00% |
Valuation
P/E Ratio (TTM)
Waters (WAT) trades at P/E ratio of 191.46, above the peer range for its industry. The market is paying unusually heavily for TTM earnings relative to comparable companies.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
191.46
Group distribution
- WAT
- 191.46
- Max
- 85.34
- Q3
- 43.46
- Median
- 26.69
- Q1
- 13.30
- Min
- 0.07
Largest peers
- WAT
- 191.46
- MRK
- 148.21
- ABBV
- 50.05
- LLY
- 43.95
- JNJ
- 41.92
- NVS
- 31.02
- AZN
- 26.37
P/S Ratio (TTM)
Waters (WAT) trades at 8.01 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
8.01
Group distribution
- Max
- 58.18
- Q3
- 25.77
- WAT
- 8.01
- Median
- 7.30
- Q1
- 3.01
- Min
- 0.01
Largest peers
- LLY
- 13.95
- WAT
- 8.01
- ABBV
- 7.80
- JNJ
- 6.69
- MRK
- 5.37
- NVS
- 5.35
- AZN
- 4.63
P/B Ratio (MRQ)
Waters (WAT) trades at 2.94 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
2.94
Group distribution
- Max
- 13.53
- Q3
- 6.54
- Median
- 3.25
- WAT
- 2.94
- Q1
- 1.69
- Min
- -5.59
Largest peers
- LLY
- 29.96
- NVS
- 8.25
- JNJ
- 8.16
- MRK
- 8.06
- AZN
- 5.59
- WAT
- 2.94
- ABBV
- -112.34
Valuation Metrics
| Metric | Current stock: WAT | Industry group median |
|---|---|---|
| P/E Ratio (TTM) | 191.46 | 26.69 |
| P/S Ratio (TTM) | 8.01 | 7.30 |
| P/B Ratio (MRQ) | 2.94 | 3.25 |
| Free Cash Flow Yield (TTM) | -- | -1.66% |