Recent News
July 27, 2026 — Waters launched the Xevo TQ Absolute XR IVD mass spectrometer, expanding its MassTrak IVD portfolio for clinical diagnostics. August 26, 2026 — Waters announced CEO participation in the Wells Fargo Healthcare Conference; management will present updated strategy and integration progress. September 11, 2026 — Waters scheduled a fireside chat at the J.P. Morgan U.S. All Stars Conference to discuss commercial traction and roadmap.
Technical Analysis
Directional indicators: ADX at 26.39 signals a strong trend environment. DI+ sits at 25.52 with a peak-and-reversal pattern (bearish), while DI- sits at 13.71 with a dip-and-reversal pattern (bearish). Together these indicators point to increasing downside pressure that could test short-term support relative to the current valuation.
MACD and momentum: MACD registers 5.52 with a peak-and-reversal profile (bearish momentum); the MACD currently sits marginally above its 5.24 signal line, suggesting momentum has weakened even as the short-term moving-average relationship remained briefly positive. That combination signals fading upward momentum and elevated risk of a pullback versus WMDST’s over-valued assessment.
MRO and RSI: MRO at 25.13 turned from a peak (price sits above the modeled target and has a higher probability of downwards mean reversion). RSI at 57.86 shows a peak-and-reversal pattern that confirms a loss of near-term bullish conviction despite not yet reaching classic overbought levels.
Price structure & breadth: Close at $420.57 trades above the 50-day average ($400.40) and the 200-day average ($361.86), indicating longer-term strength, but the 12-day EMA and 20-day average show a peak-and-reversal tone. Price sits near the upper Bollinger band (upper 1σ ~$423.26), increasing the likelihood of a short-term reversion to mid-range moving averages. Volume at 688,038 remains below the 10-day and 50/200-day averages, reducing conviction behind recent moves.
Support/resistance context: Ichimoku Tenkan/Kijun at $412.36 under current price and Senkou span support around $375–$387 provide layered support; a losing of the nearer supports would shift the near-term bias toward consolidation closer to the 50-day average. Overall, technicals favor consolidation with downside risk in the near term against a longer-term uptrend.
Fundamental Analysis
Revenue and growth: Total revenue $1,645,000,000 with YoY revenue growth of 80.08% and QoQ revenue change of -16.88%. The YoY increase reflects scale gains; quarterly dynamics show short-term variability that requires monitoring for sustainability.
Profitability and margins: Gross margin at 44.62% decreased YoY by 23.51%. Operating margin sits at -2.25% and EBIT margin at -4.92%; EBIT margin improved QoQ by 55.97% but contracted YoY by 119.78%. EBIT margin at -4.92% sits well below the industry peer mean (12.86%) and industry peer median (23.60%), though above the industry peer low. The negative EBIT margin indicates acquisition- and integration-related charges weighing on reported operating profitability even as sales scale expands.
Earnings and cash flow: Reported adjusted EPS $3.05 versus an estimate of $3.01 (EPS surprise +1.33%). Net income shows a loss of $136,000,000, while operating cash flow equals $311,000,000 and free cash flow $153,000,000, producing a free cash flow yield of 0.43% (below the industry peer mean of 0.68%). The company converted periodic earnings into positive operating cash flow, but free cash generation yields remain modest relative to market valuation.
Leverage and liquidity: Total debt $5,454,000,000 with net debt $4,547,000,000 and debt-to-equity 0.359 (35.9%), which sits below the industry peer mean of 0.453. Current ratio 1.86 and quick ratio 1.29 indicate acceptable near-term liquidity; cash and short-term investments total $539,000,000. Cash conversion cycle at ~198 days runs longer than the industry peer mean (~142 days), implying working capital ties that impact cash velocity.
Valuation multiples: Trailing P/E ~118.80 and forward P/E ~84.00; trailing P/E sits above the industry peer mean (~90.87) while price-to-book at 2.34 sits below the industry peer mean (~4.65). EV/revenue metrics show elevated enterprise multiples consistent with the stated valuation conclusion. WMDST values the stock as over-valued, reflecting a premium for scale and growth prospects that current margins and cash-flow yields do not yet fully support.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-04 |
| NEXT REPORT DATE: | 2026-11-03 |
| CASH FLOW | Begin Period Cash Flow | $ 462.0 M |
| Operating Cash Flow | $ 311.0 M | |
| Capital Expenditures | $ -48.00 M | |
| Change In Working Capital | $ -258.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 77.0 M | |
| End Period Cash Flow | $ 539.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.6 B | |
| Forward Revenue | $ -1.23 B | |
| COSTS | ||
| Cost Of Revenue | $ 911.0 M | |
| Depreciation | $ 35.0 M | |
| Depreciation and Amortization | $ 301.0 M | |
| Research and Development | $ 122.0 M | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 734.0 M | |
| EBITDA | $ 220.0 M | |
| EBIT | $ -81.00 M | |
| Operating Income | $ -37.00 M | |
| Interest Income | $ 5.0 M | |
| Interest Expense | $ 60.0 M | |
| Net Interest Income | $ -55.00 M | |
| Income Before Tax | $ -141.00 M | |
| Tax Provision | $ -5.00 M | |
| Tax Rate | 3.5 % | |
| Net Income | $ -136.00 M | |
| Net Income From Continuing Operations | $ -136.00 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.01 | |
| EPS Actual | $ 3.05 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 1.329 % | |
| Forward EPS | $ 4.14 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 24.8 B | |
| Intangible Assets | $ 17.9 B | |
| Net Tangible Assets | $ -2.75 B | |
| Total Current Assets | $ 4.5 B | |
| Cash and Short-Term Investments | $ 539.0 M | |
| Cash | $ 539.0 M | |
| Net Receivables | $ 2.0 B | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 489.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 863.0 M | |
| Short-Term Debt | $ 200.0 M | |
| Total Current Liabilities | $ 2.4 B | |
| Net Debt | $ 4.5 B | |
| Total Debt | $ 5.5 B | |
| Total Liabilities | $ 9.6 B | |
| EQUITY | ||
| Total Equity | $ 15.2 B | |
| Retained Earnings | $ 10.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 154.70 | |
| Shares Outstanding | 98.225 M | |
| Revenue Per-Share | $ 16.75 | |
| VALUATION | Market Capitalization | $ 35.6 B |
| Enterprise Value | $ 40.5 B | |
| Enterprise Multiple | 184.121 | |
| Enterprise Multiple QoQ | -16.115 % | |
| Enterprise Multiple YoY | 127.663 % | |
| Enterprise Multiple IPRWA | WAT: 184.121 high: 169.48 median: 69.492 mean: 21.148 low: -625.515 |
|
| EV/R | 24.624 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.629 | |
| Asset To Liability | 2.59 | |
| Debt To Capital | 0.264 | |
| Debt To Assets | 0.22 | |
| Debt To Assets QoQ | -2.955 % | |
| Debt To Assets YoY | -32.42 % | |
| Debt To Assets IPRWA | high: 0.402 median: 0.257 mean: 0.238 WAT: 0.22 low: 0.045 |
|
| Debt To Equity | 0.359 | |
| Debt To Equity QoQ | -1.458 % | |
| Debt To Equity YoY | -49.608 % | |
| Debt To Equity IPRWA | high: 1.323 median: 0.471 mean: 0.453 WAT: 0.359 low: 0.052 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.342 | |
| Price To Book QoQ | 13.54 % | |
| Price To Book YoY | -72.709 % | |
| Price To Book IPRWA | high: 11.257 median: 4.661 mean: 4.653 WAT: 2.342 low: 0.432 |
|
| Price To Earnings (P/E) | 118.803 | |
| Price To Earnings QoQ | -0.187 % | |
| Price To Earnings YoY | 6.298 % | |
| Price To Earnings IPRWA | high: 246.367 WAT: 118.803 mean: 90.868 median: 78.948 low: -284.104 |
|
| PE/G Ratio | 9.165 | |
| Price To Sales (P/S) | 21.636 | |
| Price To Sales QoQ | -13.105 % | |
| Price To Sales YoY | -9.972 % | |
| Price To Sales IPRWA | high: 42.389 mean: 22.522 WAT: 21.636 median: 18.091 low: 1.671 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 83.997 | |
| Forward PE/G | 6.48 | |
| Forward P/S | -28.968 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.436 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.067 | |
| Asset Turnover Ratio QoQ | -22.0 % | |
| Asset Turnover Ratio YoY | -59.713 % | |
| Asset Turnover Ratio IPRWA | high: 0.176 median: 0.142 mean: 0.127 WAT: 0.067 low: 0.032 |
|
| Receivables Turnover | 0.88 | |
| Receivables Turnover Ratio QoQ | -10.371 % | |
| Receivables Turnover Ratio YoY | -17.695 % | |
| Receivables Turnover Ratio IPRWA | high: 2.199 mean: 1.422 median: 1.32 low: 1.216 WAT: 0.88 |
|
| Inventory Turnover | 0.634 | |
| Inventory Turnover Ratio QoQ | -3.409 % | |
| Inventory Turnover Ratio YoY | 3.812 % | |
| Inventory Turnover Ratio IPRWA | high: 1.815 mean: 0.887 median: 0.787 WAT: 0.634 low: 0.217 |
|
| Days Sales Outstanding (DSO) | 103.731 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 198.341 | |
| Cash Conversion Cycle Days QoQ | -24.956 % | |
| Cash Conversion Cycle Days YoY | -12.194 % | |
| Cash Conversion Cycle Days IPRWA | high: 414.712 WAT: 198.341 mean: 142.439 median: 124.919 low: 59.211 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.796 | |
| CapEx To Revenue | -0.029 | |
| CapEx To Depreciation | -1.371 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 20.1 B | |
| Net Invested Capital | $ 20.3 B | |
| Invested Capital | $ 20.3 B | |
| Net Tangible Assets | $ -2.75 B | |
| Net Working Capital | $ 2.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.225 | |
| Current Ratio | 1.861 | |
| Current Ratio QoQ | 4.096 % | |
| Current Ratio YoY | 6.121 % | |
| Current Ratio IPRWA | high: 12.256 mean: 3.399 median: 2.099 WAT: 1.861 low: 1.348 |
|
| Quick Ratio | 1.287 | |
| Quick Ratio QoQ | 13.934 % | |
| Quick Ratio YoY | 5.365 % | |
| Quick Ratio IPRWA | high: 11.468 mean: 2.739 median: 1.619 WAT: 1.287 low: 1.042 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 24.791 | |
| Cost Of Debt | 1.109 % | |
| Interest Coverage Ratio | -1.35 | |
| Interest Coverage Ratio QoQ | 62.001 % | |
| Interest Coverage Ratio YoY | -110.09 % | |
| Interest Coverage Ratio IPRWA | high: 34.293 median: 17.32 WAT: -1.35 mean: -2.617 low: -253.706 |
|
| Operating Cash Flow Ratio | 0.13 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 98.44 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.897 % | |
| Revenue Growth | 29.834 % | |
| Revenue Growth QoQ | -16.876 % | |
| Revenue Growth YoY | 80.081 % | |
| Revenue Growth IPRWA | WAT: 29.834 % high: 22.192 % mean: 3.203 % median: 2.058 % low: -4.928 % |
|
| Earnings Growth | 12.963 % | |
| Earnings Growth QoQ | -132.089 % | |
| Earnings Growth YoY | -58.333 % | |
| Earnings Growth IPRWA | high: 46.602 % WAT: 12.963 % mean: 9.621 % median: 9.559 % low: -57.143 % |
|
| MARGINS | ||
| Gross Margin | 44.62 % | |
| Gross Margin QoQ | -3.855 % | |
| Gross Margin YoY | -23.506 % | |
| Gross Margin IPRWA | high: 76.963 % mean: 55.06 % median: 53.951 % WAT: 44.62 % low: 15.048 % |
|
| EBIT Margin | -4.924 % | |
| EBIT Margin QoQ | 55.971 % | |
| EBIT Margin YoY | -119.777 % | |
| EBIT Margin IPRWA | high: 26.564 % median: 23.597 % mean: 12.861 % WAT: -4.924 % low: -151.875 % |
|
| Return On Sales (ROS) | -2.249 % | |
| Return On Sales QoQ | -39.38 % | |
| Return On Sales YoY | -109.217 % | |
| Return On Sales IPRWA | high: 29.576 % median: 21.744 % mean: 13.19 % WAT: -2.249 % low: -152.992 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 153.0 M | |
| Free Cash Flow Yield | 0.43 % | |
| Free Cash Flow Yield QoQ | -423.308 % | |
| Free Cash Flow Yield YoY | 330.0 % | |
| Free Cash Flow Yield IPRWA | high: 1.932 % mean: 0.676 % median: 0.605 % WAT: 0.43 % low: -11.945 % |
|
| Free Cash Growth | -464.286 % | |
| Free Cash Growth QoQ | 247.923 % | |
| Free Cash Growth YoY | 404.286 % | |
| Free Cash Growth IPRWA | high: 14.857 % median: 14.857 % mean: 2.105 % low: -83.352 % WAT: -464.286 % |
|
| Free Cash To Net Income | -1.125 | |
| Cash Flow Margin | 18.906 % | |
| Cash Flow To Earnings | -2.287 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.552 % | |
| Return On Assets QoQ | 13.58 % | |
| Return On Assets YoY | -117.468 % | |
| Return On Assets IPRWA | high: 2.62 % median: 2.126 % mean: 0.957 % WAT: -0.552 % low: -21.393 % |
|
| Return On Capital Employed (ROCE) | -0.362 % | |
| Return On Equity (ROE) | -0.009 | |
| Return On Equity QoQ | 90.021 % | |
| Return On Equity YoY | -113.141 % | |
| Return On Equity IPRWA | high: 0.048 median: 0.031 mean: 0.018 WAT: -0.009 low: -0.235 |
|
| DuPont ROE | -0.892 % | |
| Return On Invested Capital (ROIC) | -0.385 % | |
| Return On Invested Capital QoQ | 142.138 % | |
| Return On Invested Capital YoY | -108.758 % | |
| Return On Invested Capital IPRWA | high: 3.434 % median: 2.437 % mean: 1.578 % WAT: -0.385 % low: -13.397 % |
|