Wall Street analyst estimates for Waters Corporation (WAT): consensus price target, buy/hold/sell recommendations and forecasts for revenue, EPS and EBITDA for the upcoming fiscal years.
Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems.
Analyst Consensus
| Strong Buy | 0 |
| Buy | 19 |
| Hold | 16 |
| Sell | 2 |
| Strong Sell | 0 |
| Total analysts | 37 |
| Avg rating (1-5) | 0.46 |
Recent Earnings Surprises
| Date | EPS Actual | EPS Est. | vs Est. |
|---|---|---|---|
| 2026-11-03 | $4.00 | ||
| 2026-08-04 | $3.05 | $3.01 | +1.3% |
| 2026-05-05 | $2.70 | $2.31 | +16.9% |
| 2026-02-09 | $4.53 | $4.51 | +0.4% |
| 2025-11-04 | $3.40 | $3.21 | +5.9% |
| 2025-08-04 | $2.95 | $2.94 | +0.3% |
| 2025-05-06 | $2.25 | $2.22 | +1.4% |
| 2025-02-12 | $4.10 | $4.03 | +1.7% |
Valuation Ratios
| P/E Ratio | 106.04 |
| Price / Book | 8.83 |
| EV / EBITDA | 23.23 |
| Dividend Yield | 0.00% |
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $2.31B | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B |
| Cost of Revenue | $891.5M | $947.1M | $992.6M | $1.01B | $1.01B | $1.16B | $1.25B | $1.20B | $1.20B | $1.34B |
| Gross Profit | $1.28B | $1.36B | $1.43B | $1.40B | $1.36B | $1.63B | $1.72B | $1.76B | $1.76B | $1.83B |
| Research & Development | $125.2M | $132.6M | $143.4M | $143.0M | $140.8M | $168.4M | $176.2M | $174.9M | $183.0M | $195.2M |
| Selling, General & Admin | $512.3M | $544.4M | $536.9M | $534.8M | $553.7M | $627.0M | $658.0M | $736.0M | $690.1M | $740.3M |
| Operating Expenses | $650.9M | $699.8M | $687.6M | $687.4M | $713.2M | $807.6M | $850.4M | $943.5M | $931.8M | $935.5M |
| Operating Income | $625.0M | $662.2M | $739.8M | $708.5M | $645.5M | $821.7M | $873.4M | $817.7M | $826.4M | $893.2M |
| EBITDA | $741.5M | $803.9M | $839.2M | $832.2M | $785.3M | $982.8M | $1.02B | $1.00B | $1.04B | $1.01B |
| Interest Expense | $44.9M | $56.8M | $48.6M | $48.7M | $49.1M | $44.9M | $48.8M | $98.9M | $89.7M | $69.5M |
| Pre-tax Income | $600.1M | $641.1M | $682.1M | $678.2M | $610.9M | $806.2M | $837.8M | $736.2M | $754.9M | $754.9M |
| Income Tax | $78.6M | $620.8M | $88.4M | $86.0M | $89.3M | $113.3M | $130.1M | $94.0M | $117.0M | $112.2M |
| Net Income | $521.5M | $20.3M | $593.8M | $592.2M | $521.6M | $692.8M | $707.8M | $642.2M | $637.8M | $642.6M |
| EPS | $6.46 | $0.25 | $7.71 | $8.76 | $8.40 | $11.25 | $11.80 | $10.87 | $10.75 | $10.80 |
| EPS (Diluted) | $6.41 | $0.25 | $7.65 | $8.69 | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Shares Outstanding (Diluted) | $81.4M | $80.6M | $77.6M | $68.2M | $62.4M | $62.0M | $60.3M | $59.3M | $59.6M | $59.7M |
Price
| Price | $440.12 |
| Market Cap | $43.2B |
| Exchange | NYSE |
| Country | US |
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