EXEL vs. WAT: Exelixis vs. Waters Stock Comparison

November 11, 2026

How do Exelixis (EXEL) 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

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

Company profile comparison for Exelixis (EXEL) and Waters (WAT)
Profile Item	EXEL	WAT
Name	Exelixis Inc.	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	16.98 billion USD	44.93 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	April 17, 2000	November 17, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

EXEL

WAT

GSPC

Exelixis (EXEL) 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 Exelixis (EXEL) and Waters (WAT). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
Total Return (1Y)	74.98%	27.70%
Total Return (3Y, Annualized)	50.33%	23.32%
Total Return (5Y, Annualized)	31.10%	6.27%

Risk Profile

Drawdown History

EXEL

WAT

GSPC

Exelixis (EXEL) 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 Exelixis (EXEL) and Waters (WAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
Volatility (1Y, Annualized)	34.17%	35.45%
Beta (5Y)	0.41	1.13
Max Drawdown (5Y)	-35.41%	-36.47%
Avg. Volume (3M)	2.33M	816.72K

Risk-Adjusted Performance

Risk-Return Positioning

EXEL 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 Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
Sharpe Ratio (1Y)	2.07	0.66
Sortino Ratio (1Y)	3.23	0.98

Profitability

ROE (TTM)

Exelixis (EXEL) at 44.32% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for EXEL.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

44.32%

Max: 109.18%
EXEL: 44.32%
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%

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

Net Margin (TTM)

Exelixis (EXEL) at 35.45% 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.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.45%

EXEL: 35.45%
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%

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

Operating Margin (TTM)

Exelixis (EXEL) at 40.75% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

40.75%

Max: 83.12%
EXEL: 40.75%
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%

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

Profitability Metrics

Profitability metrics for Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
ROE (TTM)	44.32%	1.12%
ROA (TTM)	23.52%	2.36%
Net Margin (TTM)	35.45%	1.76%
Operating Margin (TTM)	40.75%	11.38%
Gross Margin (TTM)	96.26%	49.83%

Growth

Revenue Growth

Both Exelixis (EXEL) at 6.98% 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.

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

EPS Growth

Both Exelixis (EXEL) at 57.95% and Waters (WAT) at 0.47% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

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

Growth Metrics

Growth metrics for Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
Revenue Growth (YoY)	6.98%	6.99%
Revenue Growth (3Y CAGR)	12.93%	2.12%
EPS Growth (YoY)	57.95%	0.47%
EPS Growth (3Y CAGR)	70.59%	-2.84%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: Exelixis (EXEL) shows current ratio of 3.21 against its industry benchmark, while Waters (WAT) has no reading this period.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.21

Max: 25.13
Q3: 12.13
Median: 5.52
EXEL: 3.21
Q1: 2.47
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: --

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

Debt / Equity (MRQ)

Both Exelixis (EXEL) at 0.09 and Waters (WAT) at 0.34 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.09

Max: 1.42
Q3: 0.65
Median: 0.15
EXEL: 0.09
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

Exelixis (EXEL) 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 Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
Current Ratio (MRQ)	3.21	--
Debt / Equity (MRQ)	0.09	0.34
Net Debt / EBITDA	-0.71	3.23

Dividends

Dividend Yield (TTM)

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

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

EXEL: 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%

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

Dividend Payout Ratio (TTM)

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

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

EXEL: 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%

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

Dividend Metrics

Dividend metrics for Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Exelixis (EXEL) at 20.83 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.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

20.83

Max: 85.34
Q3: 43.46
Median: 26.69
EXEL: 20.83
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

Exelixis (EXEL) 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 Exelixis (EXEL) at 6.80 and Waters (WAT) at 8.01 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

6.80

Max: 58.18
Q3: 25.77
Median: 7.30
EXEL: 6.80
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

Exelixis (EXEL) 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 is valued about in line with its industry on P/B ratio, while Exelixis (EXEL) at 9.28 carries an above-peer premium to book — EXEL is pricier on assets.

EXEL

Pharmaceuticals, Biotechnology & Life Sciences industry group

9.28

Max: 13.53
EXEL: 9.28
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

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

Valuation Metrics

Valuation metrics for Exelixis (EXEL) and Waters (WAT)
Metric	EXEL	WAT
P/E Ratio (TTM)	20.83	191.46
P/S Ratio (TTM)	6.80	8.01
P/B Ratio (MRQ)	9.28	2.94
Free Cash Flow Yield (TTM)	4.47%	--