Waters (WAT) Financials

$334.01 +8.79 (+2.70%)

As of 04/14/2025 03:58 PM Eastern

Annual Income Statements for Waters

This table shows Waters' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	469	522	20	594	592	522	693	708	642	638
Consolidated Net Income / (Loss)	469	522	20	594	592	522	693	708	642	638
Net Income / (Loss) Continuing Operations	469	522	20	594	592	522	693	708	642	638
Total Pre-Tax Income	542	600	641	682	678	611	806	838	736	755
Total Operating Income	567	625	662	740	708	645	822	873	818	826
Total Gross Profit	1,200	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761	1,758
Total Revenue	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958
Operating Revenue	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958
Total Cost of Revenue	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200
Operating Cost of Revenue	843	891	947	993	1,011	1,007	1,157	1,248	1,195	1,200
Total Operating Expenses	632	651	700	688	687	713	808	850	944	932
Selling, General & Admin Expense	496	512	544	537	535	554	627	658	736	690
Research & Development Expense	122	125	138	143	143	141	168	186	175	183
Amortization Expense	10	9.89	6.74	7.71	9.69	11	7.14	6.37	33	47
Other Special Charges / (Income)	3.94	3.52	11	-0.43	0.00	1.18	5.17	0.00	0.00	12
Total Other Income / (Expense), net	-26	-25	-21	-58	-30	-35	-16	-36	-81	-71
Interest Expense	36	45	57	49	49	49	45	49	99	90
Interest & Investment Income	11	21	36	39	22	16	12	11	17	17
Other Income / (Expense), net	-	-0.70	-0.34	-48	-3.59	-1.78	17	2.23	0.81	0.78
Income Tax Expense	73	79	621	88	86	89	113	130	94	117
Basic Earnings per Share	$5.70	$6.46	$0.25	$7.71	$8.76	$8.40	$11.25	$11.80	$10.87	$10.75
Weighted Average Basic Shares Outstanding	82.34M	80.79M	79.79M	76.99M	67.63M	62.09M	61.58M	59.99M	59.08M	59.33M
Diluted Earnings per Share	$5.65	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71
Weighted Average Diluted Shares Outstanding	83.09M	81.42M	80.60M	77.62M	68.17M	62.41M	62.03M	60.33M	59.27M	59.55M
Basic & Diluted Earnings per Share	-	-	$0.25	-	-	-	-	-	-	$10.75
Weighted Average Basic & Diluted Shares Outstanding	82.30M	80.70M	81.20M	77M	62.16M	62.19M	60.52M	58.94M	59.20M	59.41M

This table shows Waters' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	156	227	141	151	135	216	102	143	162	231
Consolidated Net Income / (Loss)	156	227	141	151	135	216	102	143	162	231
Net Income / (Loss) Continuing Operations	156	227	141	151	135	216	102	143	162	231
Total Pre-Tax Income	183	275	165	180	153	238	115	169	194	277
Total Operating Income	192	286	174	200	179	264	134	189	211	292
Total Gross Profit	401	510	400	440	420	501	375	420	439	524
Total Revenue	709	859	685	741	712	819	637	709	740	873
Operating Revenue	709	859	685	741	712	819	637	709	740	873
Total Cost of Revenue	307	348	284	301	291	318	262	288	302	349
Operating Cost of Revenue	307	348	284	301	291	318	262	288	302	349
Total Operating Expenses	209	224	226	240	241	237	241	231	228	232
Selling, General & Admin Expense	164	174	182	187	187	180	175	173	169	173
Research & Development Expense	43	48	43	46	42	44	45	46	45	47
Amortization Expense	1.59	1.50	1.48	6.82	12	12	12	12	12	12
Total Other Income / (Expense), net	-8.63	-11	-9.00	-20	-26	-27	-19	-20	-18	-15
Interest Expense	12	14	14	23	30	31	26	24	21	19
Interest & Investment Income	2.90	3.48	4.06	4.04	3.88	4.64	4.27	4.33	4.26	4.56
Other Income / (Expense), net	0.90	-0.37	1.39	-0.35	0.33	-0.56	2.26	-0.30	-0.34	-0.84
Income Tax Expense	27	48	24	30	19	21	13	27	32	46
Basic Earnings per Share	$2.61	$3.81	$2.39	$2.56	$2.28	$3.64	$1.73	$2.41	$2.72	$3.89
Weighted Average Basic Shares Outstanding	59.80M	59.99M	59.02M	58.86M	59.09M	59.08M	59.23M	59.34M	59.37M	59.33M
Diluted Earnings per Share	$2.60	$3.79	$2.38	$2.55	$2.27	$3.64	$1.72	$2.40	$2.71	$3.88
Weighted Average Diluted Shares Outstanding	60.08M	60.33M	59.32M	59.01M	59.26M	59.27M	59.43M	59.45M	59.50M	59.55M
Weighted Average Basic & Diluted Shares Outstanding	59.41M	58.94M	59.03M	59.10M	59.13M	59.20M	59.32M	59.36M	59.38M	59.41M

This table details how cash moves in and out of Waters' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	65	18	137	168	-461	101	65	-21	-85	-71
Net Cash From Operating Activities	573	643	698	604	643	791	747	612	603	762
Net Cash From Continuing Operating Activities	573	643	698	604	643	791	747	612	603	762
Net Income / (Loss) Continuing Operations	469	522	20	594	592	522	693	708	642	638
Consolidated Net Income / (Loss)	469	522	20	594	592	522	693	708	642	638
Depreciation Expense	45	52	61	58	54	69	72	72	85	87
Amortization Expense	45	45	45	50	51	57	60	58	81	105
Non-Cash Adjustments To Reconcile Net Income	50	53	44	38	39	44	20	53	36	45
Changes in Operating Assets and Liabilities, net	-35	-28	527	-135	-93	100	-97	-279	-241	-112
Net Cash From Investing Activities	-400	-488	-536	1,683	769	-264	-232	-108	-1,442	-144
Net Cash From Continuing Investing Activities	-400	-488	-536	1,683	769	-264	-232	-108	-1,442	-144
Purchase of Property, Plant & Equipment	-100	-95	-85	-96	-164	-172	-161	-176	-161	-142
Acquisitions	-26	-5.61	0.00	-31	0.00	-81	0.00	0.00	-1,282	0.00
Purchase of Investments	-2,010	-2,396	-2,960	-1,006	-37	-32	-281	-2.50	-1.05	-5.22
Sale and/or Maturity of Investments	1,732	2,005	2,522	2,825	978	21	218	78	1.77	3.68
Other Investing Activities, net	-	-	-12	-7.62	-8.84	0.00	-7.00	-7.54	0.00	0.00
Net Cash From Financing Activities	-83	-116	-64	-2,120	-1,873	-441	-438	-510	755	-697
Net Cash From Continuing Financing Activities	-83	-116	-64	-2,120	-1,873	-441	-438	-510	755	-697
Repayment of Debt	-123	-327	-1,313	-850	-393	-640	-359	-145	-670	-900
Repurchase of Common Equity	-335	-326	-333	-1,315	-2,469	-196	-649	-626	-70	-14
Issuance of Debt	325	485	1,480	0.27	926	315	510	205	1,450	170
Issuance of Common Equity	52	62	98	52	54	66	56	43	30	30
Other Financing Activities, net	-2.60	-10	3.89	-6.68	11	15	3.55	14	16	17
Effect of Exchange Rate Changes	-25	-21	39	-	0.22	15	-13	-15	-0.95	7.92
Cash Interest Paid	37	44	57	51	43	52	42	48	94	92
Cash Income Taxes Paid	52	50	71	159	88	98	154	160	243	183

This table details how cash moves in and out of Waters' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	25	37	5.54	-156	6.72	59	-58	-11	4.09	-6.09
Net Cash From Operating Activities	158	199	197	18	158	230	263	55	205	240
Net Cash From Continuing Operating Activities	158	199	197	18	158	230	263	55	205	240
Net Income / (Loss) Continuing Operations	156	227	141	151	135	216	102	143	162	231
Consolidated Net Income / (Loss)	156	227	141	151	135	216	102	143	162	231
Depreciation Expense	17	18	19	21	22	22	22	22	20	22
Amortization Expense	15	14	12	18	26	26	26	25	27	26
Non-Cash Adjustments To Reconcile Net Income	12	12	13	11	7.84	4.55	11	11	11	12
Changes in Operating Assets and Liabilities, net	-42	-71	12	-182	-32	-39	101	-147	-15	-52
Net Cash From Investing Activities	-38	-62	-34	-1,333	-37	-38	-30	-36	-26	-52
Net Cash From Continuing Investing Activities	-38	-62	-34	-1,333	-37	-38	-30	-36	-26	-52
Purchase of Property, Plant & Equipment	-39	-62	-34	-47	-38	-42	-29	-36	-26	-52
Purchase of Investments	-0.45	8.90	-0.89	-	-0.90	0.74	-1.99	-0.93	0.12	-2.42
Sale and/or Maturity of Investments	0.44	-	0.88	-	0.89	-	0.90	0.92	0.93	0.92
Other Investing Activities, net	-2.64	-	-	-	-	-0.65	-	-	-	1.49
Net Cash From Financing Activities	-88	-111	-159	1,158	-114	-130	-292	-34	-177	-194
Net Cash From Continuing Financing Activities	-88	-111	-159	1,158	-114	-130	-292	-34	-177	-194
Repayment of Debt	-	-10	-145	-250	-125	-150	-300	-220	-180	-200
Repurchase of Common Equity	-155	-149	-70	-0.24	-0.69	0.16	-13	-0.25	-0.14	-0.07
Issuance of Common Equity	5.22	6.67	2.38	6.25	9.46	12	14	7.90	3.24	5.29
Other Financing Activities, net	2.00	0.78	2.88	2.42	2.88	7.66	6.98	8.30	0.02	1.20
Effect of Exchange Rate Changes	-6.96	12	2.41	-0.16	-0.17	-3.03	1.26	4.76	2.44	-0.54

This table presents Waters' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554
Total Current Assets	3,214	3,635	4,270	2,663	1,312	1,401	1,629	1,764	1,753	1,669
Cash & Equivalents	488	506	642	796	336	437	501	481	395	324
Short-Term Investments	1,912	2,307	2,751	939	1.43	6.45	68	0.86	0.90	0.93
Accounts Receivable	468	489	534	568	588	573	613	723	702	733
Inventories, net	263	263	270	292	321	304	356	456	516	477
Other Current Assets	83	70	72	68	67	80	91	104	138	133
Plant, Property, & Equipment, net	333	337	349	343	417	494	548	582	639	651
Plant, Property & Equipment, gross	-	-	349	-	-	494	548	582	639	651
Total Noncurrent Assets	722	689	705	721	827	945	918	935	2,235	2,233
Goodwill	357	352	360	356	356	444	438	430	1,305	1,296
Intangible Assets	218	207	228	247	240	259	242	227	629	568
Other Noncurrent Operating Assets	147	130	117	119	231	242	238	278	300	370
Total Liabilities & Shareholders' Equity	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627	4,554
Total Liabilities	2,210	2,360	3,091	2,160	2,773	2,608	2,727	2,777	3,477	2,725
Total Current Liabilities	564	520	606	449	591	805	681	786	790	790
Short-Term Debt	175	125	100	0.18	100	150	0.00	50	50	0.00
Accounts Payable	71	68	65	68	49	72	97	93	85	100
Accrued Expenses	-	13	13	12	12	11	11	12	12	12
Current Deferred & Payable Income Tax Liabilities	15	15	73	23	46	77	61	133	120	159
Current Employee Benefit Liabilities	55	57	69	65	43	72	101	103	69	94
Other Current Liabilities	94	92	286	116	164	225	411	395	453	426
Total Noncurrent Liabilities	1,646	1,840	2,484	1,711	2,182	1,803	2,047	1,991	2,687	1,936
Long-Term Debt	1,493	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626
Noncurrent Deferred Revenue	-	10	457	431	395	357	320	248	137	30
Noncurrent Employee Benefit Liabilities	77	73	67	56	59	73	64	38	48	45
Other Noncurrent Operating Liabilities	61	55	63	76	147	166	149	180	197	234
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829
Total Preferred & Common Equity	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829
Preferred Stock	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,059	2,302	2,234	1,567	-216	232	368	504	1,150	1,829
Common Stock	1,492	1,609	1,747	1,836	1,928	2,031	2,117	2,201	2,268	2,343
Retained Earnings	4,864	5,385	5,405	5,995	6,587	7,108	7,801	8,509	9,151	9,789
Treasury Stock	-4,150	-4,476	-4,808	-6,146	-8,613	-8,789	-9,438	-10,064	-10,134	-10,148
Accumulated Other Comprehensive Income / (Loss)	-147	-216	-110	-118	-119	-118	-112	-142	-134	-155

This table presents Waters' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	3,070	3,281	3,307	4,548	4,497	4,627	4,509	4,449	4,512	4,554
Total Current Assets	1,576	1,764	1,774	1,681	1,635	1,753	1,643	1,604	1,648	1,669
Cash & Equivalents	444	481	486	330	336	395	337	326	331	324
Short-Term Investments	0.88	0.86	0.89	0.89	0.90	0.90	0.92	0.93	0.94	0.93
Accounts Receivable	601	723	683	693	631	702	626	610	670	733
Inventories, net	442	456	499	537	544	516	539	523	519	477
Other Current Assets	88	104	104	120	122	138	140	143	128	133
Plant, Property, & Equipment, net	547	582	590	615	617	639	634	636	643	651
Plant, Property & Equipment, gross	-	582	590	615	617	639	634	636	643	651
Total Noncurrent Assets	947	935	943	2,252	2,246	2,235	2,232	2,209	2,221	2,233
Goodwill	420	430	432	1,314	1,308	1,305	1,298	1,298	1,307	1,296
Intangible Assets	213	227	233	650	631	629	611	596	592	568
Other Noncurrent Operating Assets	313	278	279	289	307	300	323	315	323	370
Total Liabilities & Shareholders' Equity	3,070	3,281	3,307	4,548	4,497	4,627	4,509	4,449	4,512	4,554
Total Liabilities	2,685	2,777	2,707	3,777	3,592	3,477	3,252	3,037	2,909	2,725
Total Current Liabilities	732	786	802	809	745	790	848	763	816	790
Short-Term Debt	50	50	50	50	50	50	50	0.00	0.00	0.00
Accounts Payable	97	93	94	82	80	85	86	78	95	100
Accrued Expenses	11	12	12	12	11	12	11	10	10	12
Current Deferred & Payable Income Tax Liabilities	117	133	151	121	113	120	121	134	150	159
Current Employee Benefit Liabilities	65	103	26	36	43	69	65	56	79	94
Other Current Liabilities	144	395	470	508	448	453	516	483	481	426
Total Noncurrent Liabilities	1,953	1,991	1,905	2,968	2,847	2,687	2,404	2,275	2,092	1,936
Long-Term Debt	1,495	1,525	1,430	2,580	2,455	2,306	2,006	2,006	1,826	1,626
Noncurrent Deferred Revenue	248	248	249	154	156	137	137	18	18	30
Noncurrent Employee Benefit Liabilities	49	38	43	44	42	48	49	49	51	45
Other Noncurrent Operating Liabilities	161	180	183	189	194	197	212	202	197	234
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	385	504	600	771	906	1,150	1,257	1,412	1,603	1,829
Total Preferred & Common Equity	385	504	600	771	906	1,150	1,257	1,412	1,603	1,829
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	385	504	600	771	906	1,150	1,257	1,412	1,603	1,829
Common Stock	2,183	2,201	2,217	2,234	2,252	2,268	2,293	2,312	2,326	2,343
Retained Earnings	8,282	8,509	8,650	8,800	8,935	9,151	9,253	9,396	9,557	9,789
Treasury Stock	-9,915	-10,064	-10,133	-10,134	-10,134	-10,134	-10,147	-10,148	-10,148	-10,148
Accumulated Other Comprehensive Income / (Loss)	-164	-142	-133	-129	-146	-134	-142	-148	-132	-155

This table displays calculated financial ratios and metrics derived from Waters' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.66%	6.12%	6.54%	4.80%	-0.55%	-1.71%	17.78%	6.68%	-0.52%	0.07%
EBITDA Growth	7.40%	9.64%	6.53%	4.24%	1.22%	-5.07%	26.20%	3.65%	-2.15%	3.51%
EBIT Growth	9.57%	10.03%	6.01%	4.55%	1.86%	-8.68%	30.32%	4.38%	-6.53%	1.06%
NOPAT Growth	7.82%	10.59%	-96.14%	2,969.46%	-3.94%	-10.91%	28.14%	4.48%	-3.32%	-2.11%
Net Income Growth	8.67%	11.18%	-96.11%	2,823.51%	-0.27%	-11.93%	32.84%	2.15%	-9.26%	-0.69%
EPS Growth	11.44%	13.45%	-96.10%	2,960.00%	13.59%	-3.80%	33.61%	5.01%	-7.59%	-1.20%
Operating Cash Flow Growth	1,117.97%	12.15%	8.51%	-13.36%	6.39%	22.92%	-5.47%	-18.15%	-1.45%	26.43%
Free Cash Flow Firm Growth	6.66%	22.18%	-12.13%	0.43%	-6.02%	13.18%	1.17%	-16.24%	-276.71%	184.95%
Invested Capital Growth	1.98%	-1.87%	-36.34%	17.01%	15.03%	1.58%	14.55%	21.78%	94.61%	0.64%
Revenue Q/Q Growth	0.13%	1.98%	2.60%	1.16%	0.05%	-18.12%	30.04%	0.75%	-1.30%	1.83%
EBITDA Q/Q Growth	1.34%	4.04%	3.35%	-3.99%	4.45%	5.37%	-0.34%	2.25%	-0.56%	2.85%
EBIT Q/Q Growth	1.66%	4.52%	3.31%	-4.31%	5.25%	4.87%	-0.33%	2.89%	-2.65%	3.47%
NOPAT Q/Q Growth	-0.41%	4.55%	-96.31%	1,035.74%	-2.45%	2.26%	0.13%	1.54%	0.68%	0.51%
Net Income Q/Q Growth	-0.05%	4.68%	-96.29%	970.48%	2.69%	3.50%	-0.30%	1.55%	-1.66%	2.44%
EPS Q/Q Growth	0.89%	5.43%	-96.32%	821.69%	7.28%	5.82%	0.18%	2.45%	-1.36%	2.29%
Operating Cash Flow Q/Q Growth	367.60%	10.72%	-33.70%	-1.73%	1.64%	10.57%	-6.22%	-3.05%	5.50%	1.33%
Free Cash Flow Firm Q/Q Growth	-12.24%	18.64%	-11.61%	8.78%	44.20%	16.22%	-30.79%	-8.67%	9.21%	1.22%
Invested Capital Q/Q Growth	3.09%	-1.90%	-37.70%	4.24%	-9.63%	-13.74%	4.67%	7.58%	1.18%	1.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.74%	58.87%	58.99%	58.98%	58.00%	57.44%	58.49%	58.00%	59.57%	59.43%
EBITDA Margin	32.19%	33.26%	33.25%	33.07%	33.66%	32.51%	34.84%	33.85%	33.30%	34.44%
Operating Margin	27.78%	28.84%	28.68%	30.57%	29.44%	27.29%	29.50%	29.39%	27.66%	27.93%
EBIT Margin	27.78%	28.81%	28.66%	28.60%	29.29%	27.21%	30.11%	29.46%	27.69%	27.96%
Profit (Net Income) Margin	22.97%	24.06%	0.88%	24.54%	24.61%	22.05%	24.87%	23.81%	21.72%	21.56%
Tax Burden Percent	86.55%	86.90%	3.17%	87.05%	87.31%	85.38%	85.94%	84.47%	87.23%	84.50%
Interest Burden Percent	95.50%	96.12%	96.86%	98.58%	96.22%	94.90%	96.10%	95.69%	89.95%	91.26%
Effective Tax Rate	13.45%	13.10%	96.83%	12.95%	12.69%	14.62%	14.06%	15.53%	12.77%	15.50%
Return on Invested Capital (ROIC)	36.98%	40.88%	1.95%	70.83%	58.69%	48.48%	57.47%	50.70%	30.30%	22.38%
ROIC Less NNEP Spread (ROIC-NNEP)	40.38%	43.42%	2.00%	75.89%	51.72%	45.87%	56.03%	47.76%	25.65%	18.68%
Return on Net Nonoperating Assets (RNNOA)	-13.25%	-16.96%	-1.05%	-39.59%	28.98%	6,527.46%	173.60%	111.62%	47.32%	20.44%
Return on Equity (ROE)	23.73%	23.92%	0.90%	31.24%	87.67%	6,575.94%	231.06%	162.32%	77.62%	42.82%
Cash Return on Invested Capital (CROIC)	35.02%	42.77%	46.36%	55.16%	44.71%	46.92%	43.91%	31.06%	-33.93%	21.75%
Operating Return on Assets (OROA)	13.94%	13.98%	13.26%	15.29%	22.43%	23.85%	28.27%	27.46%	20.70%	18.02%
Return on Assets (ROA)	11.52%	11.68%	0.41%	13.12%	18.85%	19.33%	23.35%	22.20%	16.24%	13.90%
Return on Common Equity (ROCE)	23.73%	23.92%	0.90%	31.24%	87.67%	6,575.94%	231.06%	162.32%	77.62%	42.82%
Return on Equity Simple (ROE_SIMPLE)	22.78%	22.65%	0.91%	37.89%	-273.81%	224.68%	188.50%	140.29%	55.83%	34.88%
Net Operating Profit after Tax (NOPAT)	491	543	21	644	619	551	706	738	713	698
NOPAT Margin	24.05%	25.06%	0.91%	26.61%	25.70%	23.30%	25.35%	24.82%	24.13%	23.60%
Net Nonoperating Expense Percent (NNEP)	-3.41%	-2.54%	-0.06%	-5.06%	6.97%	2.62%	1.44%	2.95%	4.65%	3.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	35.48%	20.35%	20.21%
Cost of Revenue to Revenue	41.26%	41.13%	41.01%	41.02%	42.00%	42.56%	41.51%	42.00%	40.43%	40.57%
SG&A Expenses to Revenue	24.27%	23.64%	23.57%	22.19%	22.22%	23.41%	22.51%	22.14%	24.90%	23.33%
R&D to Revenue	5.99%	5.78%	5.96%	5.93%	5.94%	5.95%	6.04%	6.26%	5.92%	6.19%
Operating Expenses to Revenue	30.96%	30.03%	30.31%	28.41%	28.56%	30.15%	28.99%	28.61%	31.91%	31.50%
Earnings before Interest and Taxes (EBIT)	567	624	662	692	705	644	839	876	818	827
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	657	721	768	800	810	769	971	1,006	984	1,019
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.34	4.70	6.88	9.12	0.00	66.13	61.87	40.34	16.92	12.05
Price to Tangible Book Value (P/TBV)	7.41	6.21	9.34	14.81	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.38	5.00	6.65	5.90	6.26	6.49	8.16	6.85	6.58	7.45
Price to Earnings (P/E)	23.43	20.76	756.49	24.06	25.42	29.43	32.82	28.76	30.31	34.53
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.27%	4.82%	0.13%	4.16%	3.93%	3.40%	3.05%	3.48%	3.30%	2.90%
Enterprise Value to Invested Capital (EV/IC)	7.65	7.48	16.67	13.98	14.54	14.20	18.05	13.42	6.89	7.45
Enterprise Value to Revenue (EV/Rev)	5.02	4.54	6.05	5.66	6.81	6.88	8.50	7.22	7.25	7.89
Enterprise Value to EBITDA (EV/EBITDA)	15.61	13.66	18.19	17.12	20.24	21.15	24.40	21.32	21.77	22.89
Enterprise Value to EBIT (EV/EBIT)	18.08	15.77	21.11	19.80	23.27	25.27	28.24	24.49	26.18	28.20
Enterprise Value to NOPAT (EV/NOPAT)	20.89	18.12	665.84	21.28	26.51	29.51	33.54	29.07	30.04	33.41
Enterprise Value to Operating Cash Flow (EV/OCF)	17.90	15.31	20.02	22.67	25.50	20.58	31.70	35.06	35.54	30.61
Enterprise Value to Free Cash Flow (EV/FCFF)	22.06	17.32	27.98	27.33	34.80	30.50	43.90	47.45	0.00	34.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.79	0.89	0.73	-7.77	5.84	4.12	3.12	2.05	0.89
Long-Term Debt to Equity	0.73	0.74	0.85	0.73	-7.31	5.20	4.12	3.02	2.00	0.89
Financial Leverage	-0.33	-0.39	-0.53	-0.52	0.56	142.31	3.10	2.34	1.84	1.09
Leverage Ratio	2.06	2.05	2.20	2.38	4.65	340.22	9.90	7.31	4.78	3.08
Compound Leverage Factor	1.97	1.97	2.13	2.35	4.48	322.89	9.51	7.00	4.30	2.81
Debt to Total Capital	44.76%	44.25%	47.21%	42.29%	114.76%	85.39%	80.46%	75.74%	67.19%	47.08%
Short-Term Debt to Total Capital	4.70%	3.03%	2.37%	0.01%	6.85%	9.44%	0.00%	2.40%	1.43%	0.00%
Long-Term Debt to Total Capital	40.06%	41.22%	44.84%	42.28%	107.91%	75.95%	80.46%	73.33%	65.76%	47.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.24%	55.75%	52.79%	57.71%	-14.76%	14.61%	19.54%	24.26%	32.81%	52.92%
Debt to EBITDA	2.54	2.54	2.60	1.43	2.08	1.76	1.56	1.57	2.39	1.60
Net Debt to EBITDA	-1.11	-1.37	-1.82	-0.73	1.66	1.19	0.97	1.09	1.99	1.28
Long-Term Debt to EBITDA	2.27	2.36	2.47	1.43	1.95	1.57	1.56	1.52	2.34	1.60
Debt to NOPAT	3.40	3.36	95.23	1.78	2.72	2.46	2.14	2.13	3.30	2.33
Net Debt to NOPAT	-1.49	-1.81	-66.54	-0.91	2.17	1.66	1.34	1.48	2.75	1.86
Long-Term Debt to NOPAT	3.04	3.13	90.45	1.78	2.56	2.19	2.14	2.07	3.23	2.33
Altman Z-Score	6.24	6.08	6.07	8.20	9.05	8.87	10.69	10.17	7.60	9.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.70	6.99	7.04	5.93	2.22	1.74	2.39	2.24	2.22	2.11
Quick Ratio	5.08	6.35	6.48	5.13	1.56	1.26	1.74	1.53	1.39	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	465	568	499	501	471	533	540	452	-799	678
Operating Cash Flow to CapEx	604.32%	676.99%	816.21%	629.11%	392.55%	458.57%	463.38%	347.69%	375.27%	534.89%
Free Cash Flow to Firm to Interest Expense	12.83	12.65	8.78	10.31	9.68	10.87	12.01	9.26	-8.08	7.57
Operating Cash Flow to Interest Expense	15.82	14.32	12.27	12.43	13.21	16.11	16.63	12.53	6.10	8.50
Operating Cash Flow Less CapEx to Interest Expense	13.20	12.20	10.77	10.45	9.84	12.60	13.04	8.93	4.47	6.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.49	0.46	0.53	0.77	0.88	0.94	0.93	0.75	0.64
Accounts Receivable Turnover	4.53	4.53	4.51	4.39	4.16	4.07	4.70	4.45	4.15	4.12
Inventory Turnover	3.31	3.39	3.55	3.53	3.30	3.22	3.50	3.08	2.46	2.42
Fixed Asset Turnover	6.24	6.47	6.73	6.99	6.33	5.19	5.35	5.26	4.84	4.59
Accounts Payable Turnover	12.37	12.89	14.32	14.96	17.25	16.61	13.69	13.13	13.43	13.00
Days Sales Outstanding (DSO)	80.60	80.64	80.87	83.12	87.67	89.58	77.69	82.01	87.97	88.56
Days Inventory Outstanding (DIO)	110.42	107.70	102.70	103.31	110.53	113.27	104.21	118.70	148.41	151.07
Days Payable Outstanding (DPO)	29.51	28.32	25.49	24.40	21.16	21.97	26.67	27.80	27.18	28.08
Cash Conversion Cycle (CCC)	161.50	160.02	158.08	162.03	177.04	180.88	155.23	172.91	209.20	211.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,341	1,316	838	980	1,128	1,146	1,312	1,598	3,110	3,130
Invested Capital Turnover	1.54	1.63	2.14	2.66	2.28	2.08	2.27	2.04	1.26	0.95
Increase / (Decrease) in Invested Capital	26	-25	-478	143	147	18	167	286	1,512	20
Enterprise Value (EV)	10,259	9,843	13,969	13,703	16,399	16,265	23,687	21,445	21,426	23,329
Market Capitalization	10,990	10,829	15,365	14,289	15,055	15,352	22,742	20,352	19,466	22,027
Book Value per Share	$25.21	$28.57	$28.09	$20.69	($3.36)	$3.74	$6.02	$8.49	$19.46	$30.80
Tangible Book Value per Share	$18.17	$21.63	$20.69	$12.74	($12.61)	($7.59)	($5.12)	($2.58)	($13.26)	($0.59)
Total Capital	3,727	4,129	4,232	2,716	1,465	1,589	1,881	2,079	3,506	3,455
Total Debt	1,668	1,827	1,998	1,148	1,681	1,357	1,514	1,575	2,356	1,626
Total Long-Term Debt	1,493	1,702	1,898	1,148	1,581	1,207	1,514	1,525	2,306	1,626
Net Debt	-731	-986	-1,396	-587	1,344	913	945	1,093	1,960	1,301
Capital Expenditures (CapEx)	95	95	85	96	164	172	161	176	161	142
Debt-free, Cash-free Net Working Capital (DFCFNWC)	426	427	371	479	484	303	379	547	617	554
Debt-free Net Working Capital (DFNWC)	2,825	3,240	3,764	2,214	822	746	948	1,028	1,013	879
Net Working Capital (NWC)	2,649	3,115	3,664	2,214	721	596	948	978	963	879
Net Nonoperating Expense (NNE)	22	22	0.67	50	26	30	13	30	71	60
Net Nonoperating Obligations (NNO)	-718	-986	-1,396	-587	1,344	913	945	1,093	1,960	1,301
Total Depreciation and Amortization (D&A)	90	96	106	108	105	125	132	130	166	192
Debt-free, Cash-free Net Working Capital to Revenue	20.83%	19.72%	16.05%	19.80%	20.13%	12.81%	13.61%	18.40%	20.88%	18.73%
Debt-free Net Working Capital to Revenue	138.31%	149.51%	163.02%	91.51%	34.14%	31.54%	34.04%	34.60%	34.27%	29.72%
Net Working Capital to Revenue	129.73%	143.72%	158.68%	91.50%	29.97%	25.20%	34.04%	32.91%	32.58%	29.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.76	$8.40	$11.25	$0.00	$10.87	$10.75
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	67.63M	62.09M	61.58M	0.00	59.08M	59.33M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.69	$8.36	$11.17	$0.00	$10.84	$10.71
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	68.17M	62.41M	62.03M	0.00	59.27M	59.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.76	$0.00	$0.00	$0.00	$0.00	$10.75
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	62.16M	62.19M	60.52M	0.00	59.20M	59.41M
Normalized Net Operating Profit after Tax (NOPAT)	495	546	471	644	619	558	711	738	713	708
Normalized NOPAT Margin	24.22%	25.20%	20.41%	26.60%	25.70%	23.59%	25.51%	24.82%	24.13%	23.93%
Pre Tax Income Margin	26.53%	27.69%	27.76%	28.19%	28.18%	25.83%	28.94%	28.19%	24.90%	25.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.66	13.90	11.64	14.23	14.48	13.12	18.67	17.94	8.28	9.22
NOPAT to Interest Expense	13.55	12.09	0.37	13.24	12.70	11.23	15.71	15.12	7.21	7.79
EBIT Less CapEx to Interest Expense	13.04	11.79	10.14	12.25	11.11	9.61	15.08	14.34	6.65	7.63
NOPAT Less CapEx to Interest Expense	10.93	9.98	-1.13	11.26	9.34	7.72	12.13	11.51	5.59	6.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	71.36%	62.47%	1,637.26%	221.48%	416.96%	37.66%	93.66%	88.46%	10.94%	2.12%

This table displays calculated financial ratios and metrics derived from Waters' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.48%	2.64%	-0.85%	3.68%	0.44%	-4.55%	-6.99%	-4.33%	4.02%	6.50%
EBITDA Growth	0.32%	7.50%	-9.46%	1.27%	1.08%	-1.73%	-10.69%	-0.99%	13.51%	9.07%
EBIT Growth	0.89%	9.41%	-10.27%	-0.83%	-6.82%	-7.78%	-22.47%	-5.36%	17.27%	10.53%
NOPAT Growth	-3.49%	5.00%	-11.20%	-2.49%	-3.52%	1.90%	-19.86%	-4.54%	11.75%	1.55%
Net Income Growth	-3.22%	5.01%	-11.83%	-8.68%	-13.75%	-4.78%	-27.48%	-5.19%	20.03%	7.03%
EPS Growth	0.00%	7.98%	-9.16%	-6.25%	-12.69%	-3.96%	-27.73%	-5.88%	19.38%	6.59%
Operating Cash Flow Growth	-5.84%	-8.82%	-0.61%	-68.16%	-0.17%	15.81%	33.61%	200.99%	29.63%	4.35%
Free Cash Flow Firm Growth	-128.07%	-185.89%	-427.89%	-1,767.09%	-1,992.57%	-2,448.89%	-882.24%	109.64%	110.60%	117.65%
Invested Capital Growth	18.48%	21.78%	21.05%	110.81%	106.92%	94.61%	86.69%	0.64%	0.79%	0.64%
Revenue Q/Q Growth	-0.81%	21.16%	-20.25%	8.16%	-3.90%	15.14%	-22.29%	11.26%	4.48%	17.89%
EBITDA Q/Q Growth	-4.37%	40.92%	-34.84%	15.33%	-4.54%	36.99%	-40.78%	27.85%	9.43%	31.63%
EBIT Q/Q Growth	-4.11%	48.21%	-38.60%	13.64%	-9.90%	46.68%	-48.38%	38.72%	11.64%	38.25%
NOPAT Q/Q Growth	-4.58%	44.46%	-37.02%	12.32%	-5.58%	52.57%	-50.47%	33.79%	10.53%	38.64%
Net Income Q/Q Growth	-5.38%	45.55%	-37.94%	6.83%	-10.63%	60.69%	-52.73%	39.67%	13.15%	43.28%
EPS Q/Q Growth	-4.41%	45.77%	-37.20%	7.14%	-10.98%	60.35%	-52.75%	39.53%	12.92%	43.17%
Operating Cash Flow Q/Q Growth	177.82%	25.69%	-0.99%	-90.79%	771.06%	45.81%	14.23%	-79.25%	275.14%	17.38%
Free Cash Flow Firm Q/Q Growth	11.81%	27.03%	-157.55%	-1,026.46%	1.15%	11.12%	0.75%	111.06%	8.69%	47.93%
Invested Capital Q/Q Growth	1.97%	7.58%	-0.31%	92.77%	0.09%	1.18%	-4.37%	3.92%	0.24%	1.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.66%	59.44%	58.46%	59.35%	59.05%	61.15%	58.89%	59.32%	59.25%	60.07%
EBITDA Margin	31.77%	36.95%	30.19%	32.19%	31.97%	38.04%	28.99%	33.31%	34.89%	38.96%
Operating Margin	27.10%	33.35%	25.44%	26.99%	25.21%	32.24%	21.02%	26.69%	28.52%	33.49%
EBIT Margin	27.23%	33.30%	25.64%	26.94%	25.26%	32.18%	21.37%	26.65%	28.47%	33.39%
Profit (Net Income) Margin	22.02%	26.45%	20.58%	20.33%	18.91%	26.38%	16.05%	20.15%	21.82%	26.51%
Tax Burden Percent	85.07%	82.42%	85.32%	83.51%	87.83%	91.00%	88.98%	84.25%	83.41%	83.54%
Interest Burden Percent	95.06%	96.36%	94.09%	90.36%	85.22%	90.11%	84.39%	89.73%	91.85%	95.05%
Effective Tax Rate	14.93%	17.58%	14.68%	16.49%	12.17%	9.00%	11.02%	15.75%	16.59%	16.46%
Return on Invested Capital (ROIC)	49.65%	56.14%	44.26%	29.79%	29.10%	36.85%	23.82%	21.00%	22.40%	26.53%
ROIC Less NNEP Spread (ROIC-NNEP)	48.94%	55.26%	43.46%	28.82%	27.69%	35.26%	22.57%	20.16%	21.60%	25.75%
Return on Net Nonoperating Assets (RNNOA)	148.06%	129.16%	86.25%	83.34%	70.11%	65.06%	32.96%	36.74%	31.54%	28.18%
Return on Equity (ROE)	197.71%	185.29%	130.51%	113.13%	99.20%	101.90%	56.78%	57.74%	53.93%	54.71%
Cash Return on Invested Capital (CROIC)	36.13%	31.06%	30.39%	-39.73%	-38.59%	-33.93%	-30.53%	21.32%	21.72%	21.75%
Operating Return on Assets (OROA)	25.97%	31.04%	23.96%	21.24%	20.00%	24.06%	15.91%	17.04%	18.36%	21.52%
Return on Assets (ROA)	21.00%	24.65%	19.23%	16.03%	14.97%	19.73%	11.94%	12.88%	14.07%	17.09%
Return on Common Equity (ROCE)	197.71%	185.29%	130.51%	113.13%	99.20%	101.90%	56.78%	57.74%	53.93%	54.71%
Return on Equity Simple (ROE_SIMPLE)	180.91%	0.00%	114.84%	87.46%	72.12%	0.00%	48.03%	42.19%	38.84%	0.00%
Net Operating Profit after Tax (NOPAT)	163	236	149	167	158	240	119	159	176	244
NOPAT Margin	23.05%	27.48%	21.70%	22.54%	22.14%	29.34%	18.70%	22.49%	23.79%	27.98%
Net Nonoperating Expense Percent (NNEP)	0.71%	0.87%	0.79%	0.97%	1.41%	1.59%	1.25%	0.83%	0.80%	0.78%
Return On Investment Capital (ROIC_SIMPLE)	-	11.35%	-	-	-	6.86%	-	-	-	7.07%
Cost of Revenue to Revenue	43.34%	40.56%	41.54%	40.65%	40.95%	38.85%	41.11%	40.68%	40.75%	39.93%
SG&A Expenses to Revenue	23.20%	20.30%	26.58%	25.24%	26.24%	22.01%	27.41%	24.45%	22.84%	19.85%
R&D to Revenue	6.13%	5.62%	6.24%	6.19%	5.90%	5.42%	7.00%	6.52%	6.12%	5.38%
Operating Expenses to Revenue	29.56%	26.10%	33.03%	32.36%	33.84%	28.91%	37.88%	32.63%	30.73%	26.58%
Earnings before Interest and Taxes (EBIT)	193	286	176	200	180	264	136	189	211	291
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	225	317	207	238	228	312	185	236	258	340
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	41.89	40.34	30.43	20.40	17.90	16.92	16.20	12.19	13.23	12.05
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.47	6.85	6.15	5.26	5.41	6.58	7.00	5.98	7.30	7.45
Price to Earnings (P/E)	23.16	28.76	26.49	23.33	24.82	30.31	33.73	28.89	34.07	34.53
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.32%	3.48%	3.77%	4.29%	4.03%	3.30%	2.97%	3.46%	2.94%	2.90%
Enterprise Value to Invested Capital (EV/IC)	11.61	13.42	12.08	5.87	5.98	6.89	7.42	6.11	7.33	7.45
Enterprise Value to Revenue (EV/Rev)	5.84	7.22	6.49	6.03	6.13	7.25	7.59	6.57	7.82	7.89
Enterprise Value to EBITDA (EV/EBITDA)	17.52	21.32	19.55	18.26	18.56	21.77	22.94	19.68	22.92	22.89
Enterprise Value to EBIT (EV/EBIT)	20.26	24.49	22.49	21.12	21.86	26.18	28.33	24.58	28.41	28.20
Enterprise Value to NOPAT (EV/NOPAT)	23.73	29.07	26.76	25.23	25.94	30.04	32.27	27.92	32.68	33.41
Enterprise Value to Operating Cash Flow (EV/OCF)	27.32	35.06	31.52	31.55	32.16	35.54	32.99	26.78	30.19	30.61
Enterprise Value to Free Cash Flow (EV/FCFF)	34.83	47.45	43.54	0.00	0.00	0.00	0.00	28.76	33.87	34.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.01	3.12	2.47	3.41	2.77	2.05	1.64	1.42	1.14	0.89
Long-Term Debt to Equity	3.88	3.02	2.38	3.35	2.71	2.00	1.60	1.42	1.14	0.89
Financial Leverage	3.03	2.34	1.98	2.89	2.53	1.84	1.46	1.82	1.46	1.09
Leverage Ratio	9.09	7.31	6.51	6.52	5.86	4.78	4.21	4.12	3.59	3.08
Compound Leverage Factor	8.64	7.05	6.13	5.89	5.00	4.31	3.55	3.70	3.30	2.93
Debt to Total Capital	80.04%	75.74%	71.16%	77.33%	73.45%	67.19%	62.06%	58.69%	53.25%	47.08%
Short-Term Debt to Total Capital	2.59%	2.40%	2.41%	1.47%	1.47%	1.43%	1.51%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	77.45%	73.33%	68.76%	75.86%	71.99%	65.76%	60.56%	58.69%	53.25%	47.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	19.96%	24.26%	28.84%	22.67%	26.55%	32.81%	37.94%	41.31%	46.75%	52.92%
Debt to EBITDA	1.57	1.57	1.50	2.66	2.53	2.39	2.14	2.09	1.84	1.60
Net Debt to EBITDA	1.12	1.09	1.01	2.33	2.19	1.99	1.78	1.75	1.51	1.28
Long-Term Debt to EBITDA	1.52	1.52	1.45	2.61	2.48	2.34	2.08	2.09	1.84	1.60
Debt to NOPAT	2.13	2.13	2.06	3.68	3.54	3.30	3.01	2.97	2.63	2.33
Net Debt to NOPAT	1.51	1.48	1.38	3.22	3.06	2.75	2.51	2.48	2.15	1.86
Long-Term Debt to NOPAT	2.06	2.07	1.99	3.61	3.47	3.23	2.93	2.97	2.63	2.33
Altman Z-Score	8.88	9.58	9.13	6.24	6.52	7.21	7.58	7.37	8.36	8.95
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.15	2.24	2.21	2.08	2.19	2.22	1.94	2.10	2.02	2.11
Quick Ratio	1.43	1.53	1.46	1.27	1.30	1.39	1.14	1.23	1.23	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-68	-50	-128	-1,447	-1,431	-1,271	-1,262	140	152	224
Operating Cash Flow to CapEx	405.45%	319.55%	572.12%	38.87%	414.80%	553.34%	917.36%	151.05%	798.58%	460.88%
Free Cash Flow to Firm to Interest Expense	-5.50	-3.59	-8.89	-62.19	-46.99	-41.41	-49.45	5.88	7.08	11.81
Operating Cash Flow to Interest Expense	12.73	14.30	13.62	0.78	5.18	7.50	10.30	2.30	9.54	12.64
Operating Cash Flow Less CapEx to Interest Expense	9.59	9.82	11.24	-1.22	3.93	6.14	9.18	0.78	8.35	9.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.93	0.93	0.79	0.79	0.75	0.74	0.64	0.65	0.64
Accounts Receivable Turnover	5.20	4.45	4.60	4.49	4.86	4.15	4.44	4.41	4.47	4.12
Inventory Turnover	3.01	3.08	2.83	2.62	2.48	2.46	2.26	2.19	2.20	2.42
Fixed Asset Turnover	5.48	5.26	5.22	5.15	5.15	4.84	4.75	4.60	4.61	4.59
Accounts Payable Turnover	13.49	13.13	13.35	13.79	13.89	13.43	13.05	14.47	13.42	13.00
Days Sales Outstanding (DSO)	70.15	82.01	79.41	81.29	75.07	87.97	82.18	82.70	81.72	88.56
Days Inventory Outstanding (DIO)	121.23	118.70	129.00	139.26	146.98	148.41	161.56	166.76	165.87	151.07
Days Payable Outstanding (DPO)	27.06	27.80	27.34	26.46	26.28	27.18	27.98	25.23	27.21	28.08
Cash Conversion Cycle (CCC)	164.32	172.91	181.07	194.09	195.78	209.20	215.75	224.23	220.38	211.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,485	1,598	1,593	3,071	3,073	3,110	2,974	3,091	3,098	3,130
Invested Capital Turnover	2.15	2.04	2.04	1.32	1.31	1.26	1.27	0.93	0.94	0.95
Increase / (Decrease) in Invested Capital	232	286	277	1,614	1,588	1,512	1,381	20	24	20
Enterprise Value (EV)	17,238	21,445	19,244	18,034	18,375	21,426	22,071	18,888	22,707	23,329
Market Capitalization	16,138	20,352	18,251	15,735	16,207	19,466	20,353	17,210	21,212	22,027
Book Value per Share	$6.43	$8.49	$10.18	$13.06	$15.32	$19.46	$21.21	$23.80	$27.01	$30.80
Tangible Book Value per Share	($4.15)	($2.58)	($1.09)	($20.19)	($17.49)	($13.26)	($11.02)	($8.13)	($4.98)	($0.59)
Total Capital	1,930	2,079	2,080	3,401	3,411	3,506	3,312	3,418	3,429	3,455
Total Debt	1,545	1,575	1,480	2,630	2,505	2,356	2,056	2,006	1,826	1,626
Total Long-Term Debt	1,495	1,525	1,430	2,580	2,455	2,306	2,006	2,006	1,826	1,626
Net Debt	1,100	1,093	993	2,300	2,168	1,960	1,718	1,679	1,495	1,301
Capital Expenditures (CapEx)	39	62	34	47	38	42	29	36	26	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	449	547	535	591	602	617	506	514	500	554
Debt-free Net Working Capital (DFNWC)	894	1,028	1,022	922	939	1,013	844	841	832	879
Net Working Capital (NWC)	844	978	972	872	889	963	794	841	832	879
Net Nonoperating Expense (NNE)	7.34	8.89	7.67	16	23	24	17	17	15	13
Net Nonoperating Obligations (NNO)	1,100	1,093	993	2,300	2,168	1,960	1,718	1,679	1,495	1,301
Total Depreciation and Amortization (D&A)	32	31	31	39	48	48	49	47	48	49
Debt-free, Cash-free Net Working Capital to Revenue	15.22%	18.40%	18.03%	19.76%	20.10%	20.88%	17.41%	17.86%	17.22%	18.73%
Debt-free Net Working Capital to Revenue	30.29%	34.60%	34.45%	30.81%	31.36%	34.27%	29.03%	29.24%	28.63%	29.72%
Net Working Capital to Revenue	28.60%	32.91%	32.76%	29.13%	29.69%	32.58%	27.32%	29.24%	28.63%	29.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.61	$3.81	$2.39	$2.56	$2.28	$3.64	$1.73	$2.41	$2.72	$3.89
Adjusted Weighted Average Basic Shares Outstanding	59.80M	59.99M	59.02M	58.86M	59.09M	59.08M	59.23M	59.34M	59.37M	59.33M
Adjusted Diluted Earnings per Share	$2.60	$3.79	$2.38	$2.55	$2.27	$3.64	$1.72	$2.40	$2.71	$3.88
Adjusted Weighted Average Diluted Shares Outstanding	60.08M	60.33M	59.32M	59.01M	59.26M	59.27M	59.43M	59.45M	59.50M	59.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.41M	58.94M	59.03M	59.10M	59.13M	59.20M	59.32M	59.36M	59.38M	59.41M
Normalized Net Operating Profit after Tax (NOPAT)	163	236	149	167	158	240	128	159	177	244
Normalized NOPAT Margin	23.05%	27.48%	21.70%	22.54%	22.14%	29.34%	20.13%	22.49%	23.94%	27.98%
Pre Tax Income Margin	25.88%	32.09%	24.12%	24.34%	21.53%	28.99%	18.04%	23.91%	26.15%	31.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.53	20.57	12.15	8.57	5.90	8.59	5.33	7.96	9.83	15.34
NOPAT to Interest Expense	13.15	16.98	10.29	7.17	5.18	7.83	4.67	6.72	8.22	12.85
EBIT Less CapEx to Interest Expense	12.39	16.10	9.77	6.57	4.66	7.23	4.21	6.44	8.64	12.60
NOPAT Less CapEx to Interest Expense	10.01	12.50	7.91	5.17	3.93	6.48	3.54	5.19	7.02	10.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	90.88%	88.46%	76.28%	55.42%	33.58%	10.94%	2.30%	2.33%	2.14%	2.12%

Frequently Asked Questions About Waters' Financials

When does Waters's fiscal year end?

According to the most recent income statement we have on file, Waters' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Waters' net income changed over the last 9 years?

Waters' net income appears to be on an upward trend, with a most recent value of $637.83 million in 2024, rising from $469.05 million in 2015. The previous period was $642.23 million in 2023.

What is Waters's operating income?

Waters's total operating income in 2024 was $826.35 million, based on the following breakdown:

Total Gross Profit: $1.76 billion
Total Operating Expenses: $931.83 million

How has Waters revenue changed over the last 9 years?

Over the last 9 years, Waters' total revenue changed from $2.04 billion in 2015 to $2.96 billion in 2024, a change of 44.9%.

How much debt does Waters have?

Waters' total liabilities were at $2.73 billion at the end of 2024, a 21.6% decrease from 2023, and a 23.3% increase since 2015.

How much cash does Waters have?

In the past 9 years, Waters' cash and equivalents has ranged from $324.42 million in 2024 to $796.28 million in 2018, and is currently $324.42 million as of their latest financial filing in 2024.

How has Waters' book value per share changed over the last 9 years?

Over the last 9 years, Waters' book value per share changed from 25.21 in 2015 to 30.80 in 2024, a change of 22.1%.

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This page (NYSE:WAT) was last updated on 4/15/2025 by MarketBeat.com Staff

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Waters (WAT) Financials

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Waters (WAT) Financials

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