Valuation, from the filing
| Public float | $20.97B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-28 |
|---|---|---|
| Float per share | $213.79 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 32.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 6.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 8.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-28, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
32.6× earnings today, against a median of 13514.6× across 4 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-28 | $20.97B | 32.6× | |
| 2024-06-29 | $17.22T | 26996.7× | |
| 2023-06-30 | $15.63B | 24.3× | |
| 2022-07-01 | $20.21T | 28554.3× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Laboratory Analytical Instruments filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Operating margin | 25.4% | 100th | |
| R&D / revenue | 6.2% | 5th | |
| Net margin | 20.3% | 86th | |
| Gross margin | 59.3% | 84th | |
| Current ratio | 1.73x | 17th | |
| SBC / revenue | 1.7% | 20th | |
| Revenue YoY growth | 7.0% | 77th | |
| Effective tax rate | 14.9% | 33th | |
| Long-term debt / equity | 0.37x | 50th |
WATERS CORP /DE/ (WAT) reported revenue of $4.64B and net income of $166.14M for the fiscal year ended 2026-07-04. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from WATERS CORP /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Laboratory Analytical Instruments.
Income
| Metric | 2026-07-04 |
|---|---|
| Revenue | $4.64B |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | $329.63M |
| Net income | $166.14M |
| Research & development | $318.54M |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $205.30M |
| Income tax expense | $39.16M |
| Diluted EPS | $4.01 |
| Selling, general & administrative | $1.25B |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-07-04 |
|---|---|
| Cash & equivalents | $539.00M |
| Total assets | $24.75B |
| Current assets | $4.46B |
| Total liabilities | $9.56B |
| Current liabilities | $2.40B |
| Total equity incl. NCI | $15.20B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | $1.38B |
| Accounts receivable | $1.99B |
| Goodwill | $9.42B |
| Long-term debt | $4.89B |
| Accounts payable | $863.00M |
Cash flow
| Metric | 2026-07-04 |
|---|---|
| Operating cash flow | $549.56M |
| Capital expenditures | Unavailable |
| Investing cash flow | $29.75M |
| Financing cash flow | -$400.20M |
| Net change in cash | $171.48M |
| Stock-based compensation | $73.13M |
| Common dividends paid | Unavailable |
| Common share repurchases | $14.67M |
| Depreciation & amortization | Unavailable |
Derived
| Metric | 2026-07-04 |
|---|---|
| Free cash flow | Unavailable |
| Gross margin | Unavailable |
| Operating margin | 7.1% |
| FCF margin | Unavailable |
| SBC / revenue | 1.6% |
| Current ratio | 1.86x |
| Revenue YoY growth | 52.5% |
| Net margin | 3.6% |
| R&D / revenue | 6.9% |
| CapEx / revenue | Unavailable |
| Long-term debt / equity | 0.32x |
| Effective tax rate | 19.1% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WAT in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.