{ "ok": true, "cik": "1000697", "ticker": "WAT", "name": "Waters Corporation", "filings": [ { "form": "8-K", "filed": "2026-08-21", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526360081/0001193125-26-360081-index.htm" }, { "form": "10-Q", "filed": "2026-08-11", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/0001193125-26-344691-index.htm" }, { "form": "8-K", "filed": "2026-08-04", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526331413/0001193125-26-331413-index.htm" }, { "form": "8-K", "filed": "2026-05-22", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526236929/0001193125-26-236929-index.htm" }, { "form": "10-Q", "filed": "2026-05-12", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526219487/0001193125-26-219487-index.htm" }, { "form": "8-K", "filed": "2026-05-05", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526204955/0001193125-26-204955-index.htm" } ], "events12m": 12, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-08-21", "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526360081/0001193125-26-360081-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001000697.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1000697" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Waters Corporation ($WAT). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-08-21. 12 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 3165286000, "revenueGrowth1y": 0.06993642143505907, "revenueGrowthPerYear": 0.03243536319874418, "yearsOfData": 5, "operatingMargin": 0.2535593940010476, "operatingMarginPrior": 0.2793255243482344, "netMargin": 0.20302399214478564, "operatingCashFlow": 652555000, "capitalSpending": 112745000, "freeCashFlow": 539810000, "researchAndDevelopment": 195711000, "researchShareOfRevenue": 0.0618304317524546, "cash": 587831000, "longTermDebt": 1410000000, "longTermDebtChange": -0.13496932515337423, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 2785874000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 2971956000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 2956416000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 2958387000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 3165286000 } ], "totalEquity": 2561242000, "totalAssets": 5076550000, "equityRatio": 0.5045241354857137, "returnOnEquity": 0.2509052248869884, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 10.8, "sharesOutstanding": 59706000, "bookValuePerShare": 42.897564733862595, "revenuePerShare": 53.01453790238837, "range80": { "low": 2945383048.300588, "high": 3550071118.039248, "baseline": 3309569760.5257277, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.03959238253484732, "classVolatility": 0.07701947805587882, "volatility": 0.06123543400183297 }, "ifPaceHeld": { "low": 2945383048.300588, "high": 3550071118.039248 } }, "edgarette": "🔖 Exposure: revenue $3.2B (FY2025), total debt $1.4B. Experience: revenue up 7.0% on the year, up 3.2% a year over 4 years; operating margin 25.4%, down from 27.9%. Soundness: equity 50.5% of assets, return on equity 25.1%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.9B and $3.6B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $2.8B to $3.8B. A statistical range, not company guidance. Against peers (12 filers, $50M+ revenue, laboratory analytical instruments): operating margin 25.4% against a -1.0% median; growth 7.0% against 1.1%.", "peers": { "sic": 3826, "sicDescription": "Laboratory Analytical Instruments", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3826", "growth": [ 0.0107, 13 ], "opMargin": [ -0.0097, 12 ], "equityRatio": [ 0.5391, 13 ], "returnOnEquity": [ -0.029, 12 ] }, "summary": "Waters (WAT) grew revenue 7.0% in FY2025 to $3.2 billion, operating margin 25.4% against a -1.0% median for laboratory analytical instruments, equity 50.5% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Waters Corporation against its own record and its peers
Operating marginPeer median -1.0%25.4%Revenue, on the yearPeer median 1.1%7.0%Equity of assetsPeer median 53.9%50.5%Return on equityPeer median -2.9%25.1%Gold tick: the median of 12–13 peers with $50M+ revenue in laboratory analytical instruments
", "chartHorizon": null, "backtest": { "tests": 15, "hits": 14, "rate": 0.9333333333333333, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:33:40.776Z", "hash": "4285d10cae0355b6", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Waters (WAT) grew revenue 7.0% in FY2025 to $3.2 billion, operating margin 25.4% against a -1.0% median for laboratory analytical instruments, equity 50.5% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 3165286000, "totalDebt": 1410000000, "cash": 587831000 }, "experience": { "revenueGrowth1y": 0.06993642143505907, "revenueGrowthPerYear": 0.03243536319874418, "operatingMargin": 0.2535593940010476, "operatingMarginPrior": 0.2793255243482344, "netMargin": 0.20302399214478564, "freeCashFlow": 539810000 }, "soundness": { "equityRatio": 0.5045241354857137, "returnOnEquity": 0.2509052248869884, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3826, "sicDescription": "Laboratory Analytical Instruments", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3826", "growth": [ 0.0107, 13 ], "opMargin": [ -0.0097, 12 ], "equityRatio": [ 0.5391, 13 ], "returnOnEquity": [ -0.029, 12 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-08-21", "url": "https://www.sec.gov/Archives/edgar/data/1000697/000119312526360081/0001193125-26-360081-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 2945383048.300588, "high": 3550071118.039248, "baseline": 3309569760.5257277, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.03959238253484732, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.06123543400183297, "k": 3 }, "stress": { "low": 2751218724.1250596, "high": 3800863885.5113544, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 15, "hits": 14, "rate": 0.9333333333333333, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:33:40.776Z", "hash": "4285d10cae0355b6", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001000697.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1000697" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2062, "growth3y": 0.0212, "volatility": 0.0396, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.5046, "quadrant": { "code": "ss", "label": "Slow and steady", "plain": "growing slower than its size class, with steadier revenue" }, "compass": { "code": "between", "inside": "Turns 20.6% of revenue into operating cash; revenue growing 2.1% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 66th percentile for cash, 38th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 66, "growthPctInClass": 38, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 652555000, "investing": -152253000, "financing": -237205000, "capitalSpending": 112745000, "free": 539810000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 747274000, "free": null }, { "fiscalYearEnd": "2022-12-31", "operating": 611661000, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": 602809000, "free": 442177000 }, { "fiscalYearEnd": "2024-12-31", "operating": 762123000, "free": 619642000 }, { "fiscalYearEnd": "2025-12-31", "operating": 652555000, "free": 539810000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 587831000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 5076550000, "ladder": null, "currentRatio": 1.73, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2062, "growth3y": 0.0212, "volatility": 0.0396, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.5046, "quadrant": { "code": "ss", "label": "Slow and steady", "plain": "growing slower than its size class, with steadier revenue" }, "compass": { "code": "between", "inside": "Turns 20.6% of revenue into operating cash; revenue growing 2.1% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 66th percentile for cash, 38th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 66, "growthPctInClass": 38, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 652555000, "investing": -152253000, "financing": -237205000, "capitalSpending": 112745000, "free": 539810000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 747274000, "free": null }, { "fiscalYearEnd": "2022-12-31", "operating": 611661000, "free": null }, { "fiscalYearEnd": "2023-12-31", "operating": 602809000, "free": 442177000 }, { "fiscalYearEnd": "2024-12-31", "operating": 762123000, "free": 619642000 }, { "fiscalYearEnd": "2025-12-31", "operating": 652555000, "free": 539810000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 587831000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 5076550000, "ladder": null, "currentRatio": 1.73, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }