# Waters Corporation (WAT)

**Exchange:** NYSE  
**Sector:** Healthcare  
**Market cap:** $21.48B  
**Price:** $359.74 (-0.95%)

> Waters Corporation is a scientific instrumentation company that provides analytical workflow solutions to customers in the life sciences, industrial, and academic sectors. The company specializes in liquid chromatography systems, mass spectrometry platforms, and related precision chemistry consumables that support complex chemical and biochemical analysis. Through its Waters segment, it delivers integrated instruments, software, and services used in drug development, quality control, food and environmental testing, and advanced materials research. Its TA Instruments segment focuses on thermal analysis and rheology equipment that measure material properties such as stability, viscosity, and mechanical performance for industrial and research applications. Waters Corporation serves biopharmaceutical companies, industrial manufacturers, and government and academic laboratories globally, with a particularly strong presence in diagnostics and research-related workflows. Founded in 1958 and headquartered in Milford, Massachusetts, Waters Corporation plays a significant role in enabling precise measurement, regulatory compliance support, and data-driven decision-making across regulated and research-intensive markets.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $3.17B | — | $803M | $643M | — |
| 2024 | $2.96B | — | $826M | $638M | — |
| 2023 | $2.96B | — | $818M | $642M | — |
| 2022 | $2.97B | — | $873M | $708M | — |
| 2021 | $2.79B | — | $822M | — | — |
| 2020 | $2.37B | — | $645M | — | — |
| 2019 | $2.41B | — | $708M | — | — |
| 2018 | $2.42B | — | $740M | — | — |
| 2017 | $2.31B | — | $662M | — | — |
| 2016 | $2.17B | — | $625M | — | — |
| 2015 | $2.04B | $1.20B | $567M | — | — |
| 2014 | $1.99B | $1.16B | $518M | — | — |
| 2013 | $1.90B | $1.12B | $517M | — | — |
| 2012 | $1.84B | $1.11B | $511M | — | — |
| 2011 | $1.85B | $1.12B | $529M | — | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $5.08B | $2.52B | $2.56B | $588M | $1.41B |
| 2024 | $4.55B | $2.73B | $1.83B | $325M | $1.63B |
| 2023 | $4.63B | $3.48B | $1.15B | $395M | $2.36B |
| 2022 | $3.28B | $2.78B | $504M | $481M | $1.58B |
| 2021 | $3.09B | $2.73B | $368M | $501M | $1.52B |
| 2020 | $2.84B | $2.61B | $232M | $437M | $1.36B |
| 2019 | $2.56B | $2.77B | -$216M | $336M | $1.69B |
| 2018 | $3.73B | $2.16B | $1.57B | $796M | $1.15B |
| 2017 | $5.32B | $3.09B | $2.23B | $642M | $1.90B |
| 2016 | $4.66B | $2.36B | $2.30B | $506M | $1.83B |
| 2015 | $4.27B | $2.21B | $2.06B | $488M | $1.49B |
| 2014 | $3.87B | $1.98B | $1.89B | $422M | $1.24B |
| 2013 | $3.58B | $1.82B | $1.76B | $441M | $1.19B |
| 2012 | $3.17B | $1.70B | $1.47B | $481M | $1.04B |
| 2011 | $2.72B | $1.50B | $1.23B | $384M | $700M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $653M | — | — |
| 2024 | $762M | — | — |
| 2023 | $603M | — | — |
| 2022 | $612M | — | — |
| 2021 | $747M | — | — |
| 2020 | $791M | — | — |
| 2019 | $643M | — | — |
| 2018 | $604M | — | — |
| 2017 | $698M | — | — |
| 2016 | $643M | — | — |
| 2013 | $485M | — | — |
| 2012 | $449M | — | — |
| 2011 | $497M | — | — |
| 2010 | $458M | — | — |
| 2009 | $418M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/WAT)