Waters Corp (WAT)

From the record

Waters Corp's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

From the record

Waters Corp's 10 filed years say what it did: revenue went from $2.2 billion in fiscal 2016 to $3.2 billion in fiscal 2025, up 4.3% a year; it rose in 6 of 9 years; the deepest fall was 2% from fiscal 2018 to fiscal 2020; net income was positive in 10 of 10 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Waters Corp's diluted share count shrank about 0.3% a year, and dividends and buybacks returned about 5% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 1 sale and 2 purchases of their own stock on the open market in the year to 2026-10-02, buying about $451 thousand (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Waters Corp earned about 25 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 37 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 50 cents per dollar of assets, and net share issuance: its share count grew 0.3% over the year (the filed statements).

From the record

Waters Corp's standing among 21 graded names in its industry family: revenue of $3.2 billion in fiscal 2025 ranks in the top 26% by size; a net margin of 20.3% ranks in the top 12%; revenue growth of 2.1% a year over the last 3 filed years ranks in the top 47% (its annual reports).

From the record

Waters Corp's leadership, from its insiders' filings and its current reports: the chief executive on the record is Batra, Udit (President and CEO, as filed), filing under that title since 2020-09-02, 6.2 years (top 24% of its family); the 15 officers and directors filing in the last fifteen months have been on the record a median of 5.3 years (top 48%); 4 officer or director changes were reported on Form 8-K since 2023-11-13, against the 15 people in charge now (top 16%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Waters Corp's room to grow, from the newest filed statements (fiscal 2025): cash of $588 million against debt of $947 million leaves -7.1% of its assets as net cash, bottom 30% of its family; cash from operations less capital spending is 17.1% of revenue (top 21%); a gross margin of 59.3% (top 19%); research spending of 6.2% of revenue (bottom 8%) (its annual report).

From the record

Waters Corp's growth drivers, from the filed years to fiscal 2025: revenue grew 2.1% a year over the last three filed years against 4.3% over all 10, slowing (top 22% of its family); the newest year grew 7% (top 21%); research spending grew 3.6% a year (top 32%); capital spending grew -16.2% a year (bottom 48%) (its annual reports). Waters Corp reported 5 product lines in fiscal 2025: Waters Instrument Systems at $1.1 billion (35%), Waters Service at $1.1 billion (34%), Chemistry Consumables at $631 million (20%), and 2 more; 4 of 5 grew against the year before (its annual report).

From the record

Waters Corp's newest year against its own record: revenue of $3.2 billion in fiscal 2025 came in 7.2% above the $3.0 billion its prior three years' pace pointed to (top 17% of its family); net income of $643 million against a prior three-year average of $663 million (bottom 48%); a net margin of 20.3% against 22.4% before (bottom 48%) (its annual reports).