Avantor (AVTR) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Waters (WAT) has outperformed Avantor (AVTR) over the past year, gaining 37.0% versus a gain of 14.0%. Over five years, WAT leads with a +26.5% price change compared with -60.0% for AVTR. Waters is the larger company by market cap ($41.56 billion vs $10.25 billion), about 4.1 times the size.
On valuation, Avantor trades at a lower forward P/E (17.3x vs 25.6x for Waters). Waters converts more of its revenue into profit, with a net margin of 20.3% versus -8.1%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | AVTR | WAT |
|---|---|---|
| Share price | $15.15 | $423.27 |
| Market cap | $10.25B | $41.56B |
| 1-day change | -1.30% | -2.92% |
| YTD return | +33.94% | +14.79% |
| 1-year return | +13.96% | +36.95% |
| 5-year return | -59.97% | +26.48% |
| P/E ratio (TTM) | — | 107.16 |
| Forward P/E | 17.27 | 25.59 |
| EPS (TTM) | $-0.84 | $3.95 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $6.55B | $3.17B |
| Revenue growth (YoY) | -3.41% | +6.99% |
| Net income (latest FY) | $-530.20M | $642.63M |
| Gross margin | 32.65% | 59.28% |
| Operating margin | -3.76% | 25.36% |
| Net margin | -8.09% | 20.30% |
| 52-week high | $16.38 | $454.54 |
| 52-week low | $7.27 | $282.77 |
| Distance from 52-week high | -7.48% | -6.88% |
| Analyst consensus | hold | buy |
| Avg. price target upside | -2.44% | +7.09% |
| Average volume | 9.43M | 769.63K |
| Shares outstanding | 676.36M | 98.19M |
| Employees | 13,500 | 16,000 |
| Sector | Industrials | Industrials |
| Industry | Biotechnology: Laboratory Analytical Instruments | Biotechnology: Laboratory Analytical Instruments |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Waters is about 4.1 times larger than Avantor by market value ($41.56B vs $10.25B).
- WAT has outperformed AVTR by 23.0 percentage points over the past year.
- Waters is more profitable, keeping 20.3 cents of every revenue dollar as net income versus -8.1 cents for Avantor.
- Waters grew revenue faster in its latest fiscal year (+6.99% vs -3.41%).
About Avantor
AVTR stock →Avantor, Inc. engages in the provision of mission-critical products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.
Industrials · Biotechnology: Laboratory Analytical Instruments · 13,500 employees
About Waters
WAT stock →Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Industrials · Biotechnology: Laboratory Analytical Instruments · 16,000 employees
AVTR vs WAT FAQ
Which is bigger, Avantor or Waters?
Waters (WAT) is larger, with a market capitalization of $41.56B compared with $10.25B for Avantor (AVTR).
Which stock has performed better over the past year, AVTR or WAT?
WAT returned +36.95% over the past 12 months, compared with +13.96% for AVTR (price return, excluding dividends). Past performance does not predict future results.
Are Avantor and Waters in the same industry?
Yes. Both are classified in the Biotechnology: Laboratory Analytical Instruments industry within the Industrials sector.