AMGN vs. WAT: Amgen vs. Waters Stock Comparison

November 11, 2026

How do Amgen (AMGN) and Waters (WAT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Amgen (AMGN) and Waters (WAT) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but AMGN is classified in Biotechnology while WAT is classified in Life Sciences Tools & Services.

Company profile comparison for Amgen (AMGN) and Waters (WAT)
Profile Item	AMGN	WAT
Name	Amgen Inc. Common Stock	Waters Corporation
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Biotechnology	Life Sciences Tools & Services
GICS Sub-Industry	Biotechnology	Life Sciences Tools & Services
Market Capitalization	249.05 billion USD	44.93 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	June 17, 1983	November 17, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

AMGN

WAT

GSPC

Amgen (AMGN) vs. Waters (WAT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Amgen (AMGN) and Waters (WAT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Amgen (AMGN) and Waters (WAT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
Total Return (1Y)	48.82%	27.70%
Total Return (3Y, Annualized)	24.31%	23.32%
Total Return (5Y, Annualized)	20.67%	6.27%

Risk Profile

Drawdown History

AMGN

WAT

GSPC

Amgen (AMGN) vs. Waters (WAT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Amgen (AMGN) and Waters (WAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
Volatility (1Y, Annualized)	29.12%	35.45%
Beta (5Y)	0.43	1.13
Max Drawdown (5Y)	-24.86%	-36.47%
Avg. Volume (3M)	2.76M	816.72K

Risk-Adjusted Performance

Risk-Return Positioning

AMGN and WAT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
Sharpe Ratio (1Y)	1.53	0.66
Sortino Ratio (1Y)	2.36	0.98

Profitability

ROE (TTM)

Amgen (AMGN) at 78.35% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for AMGN.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

78.35%

Max: 109.18%
AMGN: 78.35%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.12%

Max: 109.18%
Q3: 6.23%
WAT: 1.12%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Amgen (AMGN) vs. Waters (WAT): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Amgen (AMGN) at 24.14% converts revenue to bottom-line profit above its industry’s benchmark range, while Waters (WAT) at 1.76% keeps roughly the typical share for its industry.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

24.14%

AMGN: 24.14%
Max: 18.05%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.76%

Max: 18.05%
Q3: 4.78%
WAT: 1.76%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Amgen (AMGN) vs. Waters (WAT): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Amgen (AMGN) at 35.79% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.79%

Max: 83.12%
AMGN: 35.79%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

11.38%

Max: 83.12%
Q3: 14.77%
WAT: 11.38%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Amgen (AMGN) vs. Waters (WAT): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
ROE (TTM)	78.35%	1.12%
ROA (TTM)	8.91%	2.36%
Net Margin (TTM)	24.14%	1.76%
Operating Margin (TTM)	35.79%	11.38%
Gross Margin (TTM)	72.47%	49.83%

Growth

Revenue Growth

Both Amgen (AMGN) at 9.95% and Waters (WAT) at 6.99% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Amgen (AMGN) vs. Waters (WAT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Amgen (AMGN) at 88.23% sits in the top EPS growth quartile, while Waters (WAT) at 0.47% is closer to the peer norm — faster per-share earnings growth for AMGN.

Amgen (AMGN) vs. Waters (WAT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
Revenue Growth (YoY)	9.95%	6.99%
Revenue Growth (3Y CAGR)	11.77%	2.12%
EPS Growth (YoY)	88.23%	0.47%
EPS Growth (3Y CAGR)	5.52%	-2.84%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: Amgen (AMGN) shows current ratio of 1.48 against its industry benchmark, while Waters (WAT) has no reading this period.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.48

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
AMGN: 1.48
Min: 0.10

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
Min: 0.10
WAT: --

Amgen (AMGN) vs. Waters (WAT): WAT does not report current ratio, so it has no value marker; AMGN is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

Debt / Equity (MRQ)

Waters (WAT) at 0.34 is near its industry mid-range for debt-to-equity ratio, while Amgen (AMGN) at 3.76 sits above its benchmark range, pointing to a heavier debt load relative to equity.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.76

AMGN: 3.76
Max: 1.42
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.34

Max: 1.42
Q3: 0.65
WAT: 0.34
Median: 0.15
Q1: 0.02
Min: 0.00

Amgen (AMGN) vs. Waters (WAT): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
Current Ratio (MRQ)	1.48	--
Debt / Equity (MRQ)	3.76	0.34
Net Debt / EBITDA	2.31	3.23

Dividends

Dividend Yield (TTM)

Waters (WAT) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Amgen (AMGN) reports a yield of 2.16%, ranking against industry peers normally.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.16%

AMGN: 2.16%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Amgen (AMGN) vs. Waters (WAT): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Waters (WAT) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Amgen (AMGN) reports a payout of 57.62%, ranking against industry peers normally.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

57.62%

AMGN: 57.62%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

WAT: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Amgen (AMGN) vs. Waters (WAT): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
Dividend Yield (TTM)	2.16%	0.00%
Dividend Payout Ratio (TTM)	57.62%	0.00%

Valuation

P/E Ratio (TTM)

Amgen (AMGN) at 26.69 is near its industry’s usual P/E ratio, while Waters (WAT) at 191.46 sits above its peer range — an unusually expensive price for WAT’s trailing earnings.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

26.69

Max: 85.34
Q3: 43.46
AMGN: 26.69
Median: 26.69
Q1: 13.30
Min: 0.07

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

191.46

WAT: 191.46
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

Amgen (AMGN) vs. Waters (WAT): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Amgen (AMGN) at 6.40 and Waters (WAT) at 8.01 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

6.40

Max: 58.18
Q3: 25.77
Median: 7.30
AMGN: 6.40
Q1: 3.01
Min: 0.01

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.01

Max: 58.18
Q3: 25.77
WAT: 8.01
Median: 7.30
Q1: 3.01
Min: 0.01

Amgen (AMGN) vs. Waters (WAT): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

Waters (WAT) at 2.94 sits near its industry’s typical P/B ratio, while Amgen (AMGN) at 17.35 prices above its benchmark range — AMGN looks rich relative to book.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

17.35

AMGN: 17.35
Max: 13.53
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.94

Max: 13.53
Q3: 6.54
Median: 3.25
WAT: 2.94
Q1: 1.69
Min: -5.59

Amgen (AMGN) vs. Waters (WAT): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Amgen (AMGN) and Waters (WAT)
Metric	AMGN	WAT
P/E Ratio (TTM)	26.69	191.46
P/S Ratio (TTM)	6.40	8.01
P/B Ratio (MRQ)	17.35	2.94
Free Cash Flow Yield (TTM)	2.96%	--