# Waters Corp (WAT) — Stock CV

Waters Corp is a $42.6B technology company. Revenue grew 26.1% over the last year, it keeps 4¢ of every dollar of sales as profit, and its net debt equals ~0.8 years of free cash flow. It trades at 255.2× earnings — near the highest of its own history.

> Waters sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users.

## Identity

- **Ticker**: WAT
- **Sector**: Technology
- **Industry**: Laboratory Analytical Instruments
- **Headquarters**: MILFORD, MA
- **Employees**: 7 900
- **Website**: https://www.waters.com
- **Market cap**: $42.6B
- **Last price**: $433.77
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $4.64B
- **Net income**: $166M
- **Free cash flow**: $463M
- **Net debt**: $360M
- **P/E**: 255.2
- **Revenue growth (YoY)**: 26.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 17 |
| Growth | 43 |
| Profitability | 36 |
| Health | 63 |
| Quality | 47 |
| Moat | 62 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [x] Revenue growing — +26.1% YoY
- [x] Profitable — $166M TTM
- [ ] Profit growing — -2.8% YoY
- [x] Generates cash — $463M TTM
- [x] Debt under control — ~0.8y of cash flow to repay
- [x] Established company — $42.6B market cap
- [x] Not printing shares — -4.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 18/100
- [ ] Valuation not extreme — P/E 255.2

## Experience (career milestones)

- **Q1 2026** — 2 open-market insider purchases: ~2K shares bought by insiders
- **FY2022** — Best year on record: $708M net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.17B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## Strengths

- High gross margin (50.9%)
- Revenue growing 26.1% year over year
- Interest covered 16.5× by operating earnings
- High returns on invested capital (ROIC 23.9%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.79B | $693M | $747M |
| FY2022 | $2.97B | $708M | $612M |
| FY2023 | $2.96B | $642M | $603M |
| FY2024 | $2.96B | $638M | $762M |
| FY2025 | $3.17B | $643M | $540M |

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Source: https://stockcv.com/WAT — derived from company filings; may be delayed or incomplete. Information, not investment advice.