Waters Corporation (WAT) Fair Value & Analysis
Healthcare · US · Market cap $36.2B · ISIN US9418481035
What is Waters Corporation really worth?
Waters Corporation
WAT · US
A solid business, but trading 239% above our fair value of $121.96.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 22 days ago
Share price +4.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($158.55). The favourable scenario is already priced in.
- Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($85.37 to $158.55) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $236.70 – $424.70 · fair‑value band $85.37 – $158.55 · the $413.56 price screens above the $121.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Waters Corporation (WAT) currently trades at $413.56, while our model-based Fair Value estimate is $121.96, implying the stock looks roughly 239.1% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Healthcare sector. Bull case: the Dividend Discount group reads highest at a median of $228.95 per share, and 0 of the 26 models we run sit above the $413.56 price. Bear case: the Asset-Based group reads lowest at $17.48, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Waters Corporation generated revenue of $3.8B at a net margin of 11.9%. Revenue grew 91.4% year over year. It earns a return on equity of 5.2%. Net debt stands at $903M. Fundamentals as of Aug 13, 2026
Our scenario range runs from $85.37 (bear case) to $158.55 (bull case); at $413.56, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades near its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −52% fair-value upside, at −71%, WAT screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $5.32 per share, which is 4.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Dividend Discount ($228.95) versus Asset-Based ($17.48). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 70
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Full company description
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and supports products, including chromatography columns, and other consumable products. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer goods, and healthcare products, as well as for life science research; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology, which is used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Waters Corporation reported revenue of $3.2B in FY2025 versus $2.8B in FY2021, a compound +3.2%/yr. Reported net income was $643M in FY2025, compounding −1.9%/yr from FY2021.
of which total revenue +4.3 % · buybacks/dilution +3.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
WAT screens 239% overvalued. Compare with Thermo Fisher Scientific Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Is Wall Street Bullish or Bearish on Waters Corporation Stock?
- Waters upgraded at Piper Sandler on strong replacement cycle
- Research Tools & Consumables Stocks Q2 Highlights: Waters Corporation (NYSE:WAT)
- Waters Corporation to Present at the Wells Fargo Healthcare Conference
Peer Group
Diagnostics & Research · 130 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Diagnostics & Research median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 66/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Diagnostics & Research stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Thermo Fisher Scientific Inc TMO | $630.70 | $308.19 | −51% |
| Danaher Corporation DHR | $215.68 | $103.88 | −52% |
| WuXi AppTec Co 2359 | HK$189.30 | HK$150.16 | −21% |
| Lonza Group LONN | CHF 576.60 | CHF 259.80 | −55% |
| IDEXX Laboratories, Inc IDXX | $556.69 | $255.77 | −54% |
| Agilent Technologies, Inc A | $149.93 | $61.53 | −59% |
| IQVIA Holdings IQV | $236.66 | $132.17 | −44% |
| Illumina, Inc ILMN | $215.59 | $95.51 | −56% |
| Mettler-Toledo International Inc MTD | $1,419 | $615.78 | −57% |
| Quest Diagnostics Incorporated DGX | $242.76 | $162.50 | −33% |
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