# Waters Corporation (WAT) · Edgar & Edgarette company card

> 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.

SEC CIK 1000697 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/WAT) · [JSON](https://www.pops4.com/boards/company/WAT.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $3.2B |
| Revenue growth, 1 year | 7.0% |
| Revenue growth per year | 3.2% |
| Operating margin | 25.4% (prior year 27.9%) |
| Net margin | 20.3% |
| Operating cash flow | $653M |
| Capital spending | $113M |
| Free cash flow | $540M |
| Cash | $588M |
| Long-term debt | $1.4B |
| Total assets | $5.1B |
| Total equity | $2.6B |
| Equity ÷ assets | 50.5% |
| Return on equity | 25.1% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 10 (safe zone)
- Piotroski F: 5 of 9 (middling)
- Beneish M: -2.37 (below the −1.78 line)
- Health Harbor boat: New ship · no warning signs
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

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; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). 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%.

Range logged 2026-09-26, receipt 4285d10cae0355b6, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-08-21 ([filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526360081/0001193125-26-360081-index.htm))

## Recent filings

- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526444400/0001193125-26-444400-index.htm)
- 8-K · filed 2026-08-21 · 5.02 Departure or Election of Directors; Appointment of Officers; 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526360081/0001193125-26-360081-index.htm)
- 10-Q · filed 2026-08-11 · [filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/0001193125-26-344691-index.htm)
- 8-K · filed 2026-08-04 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526331413/0001193125-26-331413-index.htm)
- 8-K · filed 2026-05-22 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526236929/0001193125-26-236929-index.htm)
- 10-Q · filed 2026-05-12 · [filing](https://www.sec.gov/Archives/edgar/data/1000697/000119312526219487/0001193125-26-219487-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001000697.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1000697

## Cite

POPS4, Edgar & Edgarette: Waters Corporation (WAT) company card, from the company's own SEC filings, accessed 2026-11-10, https://www.pops4.com/boards/company/WAT. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

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.