ELAN vs. WAT: Elanco Animal Health vs. Waters Stock Comparison

November 11, 2026

How do Elanco Animal Health (ELAN) 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

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

Company profile comparison for Elanco Animal Health (ELAN) and Waters (WAT)
Profile Item	ELAN	WAT
Name	Elanco Animal Health Incorporated	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	Pharmaceuticals	Life Sciences Tools & Services
GICS Sub-Industry	Pharmaceuticals	Life Sciences Tools & Services
Market Capitalization	12.86 billion USD	44.93 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	September 20, 2018	November 17, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ELAN

WAT

GSPC

Elanco Animal Health (ELAN) 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 Elanco Animal Health (ELAN) and Waters (WAT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Elanco Animal Health (ELAN) and Waters (WAT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
Total Return (1Y)	24.03%	27.70%
Total Return (3Y, Annualized)	37.47%	23.32%
Total Return (5Y, Annualized)	-4.24%	6.27%

Risk Profile

Drawdown History

ELAN

WAT

GSPC

Elanco Animal Health (ELAN) 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 Elanco Animal Health (ELAN) and Waters (WAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
Volatility (1Y, Annualized)	43.57%	35.45%
Beta (5Y)	1.65	1.13
Max Drawdown (5Y)	-75.59%	-36.47%
Avg. Volume (3M)	5.65M	816.72K

Risk-Adjusted Performance

Risk-Return Positioning

ELAN 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 Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
Sharpe Ratio (1Y)	0.45	0.66
Sortino Ratio (1Y)	0.66	0.98

Profitability

ROE (TTM)

Capital efficiency shows on one side only: Waters (WAT) earns 1.12% on shareholders’ equity, ranked against its industry; Elanco Animal Health (ELAN) has no ROE this period.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

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

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%

Elanco Animal Health (ELAN) vs. Waters (WAT): ELAN does not report ROE, so it has no value marker; WAT is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

Net Margin (TTM)

Elanco Animal Health (ELAN) reports a negative net margin of -2.86%, usually indicating a net loss over the period. Meanwhile Waters (WAT) reports 1.76%, ranking against industry peers normally.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

-2.86%

Max: 18.05%
Q3: 4.78%
Median: 0.00%
ELAN: -2.86%
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%

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

Operating Margin (TTM)

Both Elanco Animal Health (ELAN) at 6.64% and Waters (WAT) at 11.38% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

6.64%

Max: 83.12%
Q3: 14.77%
ELAN: 6.64%
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%

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

Profitability Metrics

Profitability metrics for Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
ROE (TTM)	--	1.12%
ROA (TTM)	--	2.36%
Net Margin (TTM)	-2.86%	1.76%
Operating Margin (TTM)	6.64%	11.38%
Gross Margin (TTM)	56.18%	49.83%

Growth

Revenue Growth

Both Elanco Animal Health (ELAN) at 6.22% 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.

Elanco Animal Health (ELAN) vs. Waters (WAT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Waters (WAT) at 0.47% is around its peer norm for EPS growth, while Elanco Animal Health (ELAN) at -169.12% drops into the bottom quartile, signaling weaker earnings momentum.

Elanco Animal Health (ELAN) vs. Waters (WAT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
Revenue Growth (YoY)	6.22%	6.99%
Revenue Growth (3Y CAGR)	2.25%	2.12%
EPS Growth (YoY)	-169.12%	0.47%
EPS Growth (3Y CAGR)	--	-2.84%

Financial Strength

Current Ratio (MRQ)

Neither Elanco Animal Health (ELAN) nor Waters (WAT) reports a current ratio value for this period, so a direct comparison isn’t possible.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

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

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

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

Elanco Animal Health (ELAN) vs. Waters (WAT): Neither stock reports current ratio, so the chart shows available benchmark boxes without value markers.

Debt / Equity (MRQ)

Both Elanco Animal Health (ELAN) at 0.64 and Waters (WAT) at 0.34 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.64

Max: 1.42
Q3: 0.65
ELAN: 0.64
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

Elanco Animal Health (ELAN) 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 Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
Current Ratio (MRQ)	--	--
Debt / Equity (MRQ)	0.64	0.34
Net Debt / EBITDA	3.49	3.23

Dividends

Dividend Yield (TTM)

Neither Elanco Animal Health (ELAN) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

ELAN: 0.00%
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%

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

Dividend Payout Ratio (TTM)

Neither Elanco Animal Health (ELAN) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

ELAN: 0.00%
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%

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

Dividend Metrics

Dividend metrics for Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Waters (WAT) trades at 191.46 times trailing earnings, ranked against its peers, while Elanco Animal Health (ELAN) has no P/E ratio this period.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07
ELAN: --

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

Elanco Animal Health (ELAN) vs. Waters (WAT): ELAN does not report P/E ratio, so it has no value marker; WAT is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

P/S Ratio (TTM)

Elanco Animal Health (ELAN) at 2.50 sits in the cheaper P/S ratio quartile while Waters (WAT) at 8.01 prices around its industry’s middle — ELAN costs less per dollar of sales, though read it alongside growth and margins.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.50

Max: 58.18
Q3: 25.77
Median: 7.30
Q1: 3.01
ELAN: 2.50
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

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

P/B Ratio (MRQ)

On P/B ratio, both Elanco Animal Health (ELAN) at 1.95 and Waters (WAT) at 2.94 are valued close to their industries’ norm against book — neither stands out from peers.

ELAN

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.95

Max: 13.53
Q3: 6.54
Median: 3.25
ELAN: 1.95
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

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

Valuation Metrics

Valuation metrics for Elanco Animal Health (ELAN) and Waters (WAT)
Metric	ELAN	WAT
P/E Ratio (TTM)	--	191.46
P/S Ratio (TTM)	2.50	8.01
P/B Ratio (MRQ)	1.95	2.94
Free Cash Flow Yield (TTM)	--	--