Bio-Rad Laboratories (BIO) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 7, 2026.
Summary
Waters (WAT) has outperformed Bio-Rad Laboratories (BIO) over the past year, gaining 37.0% versus a gain of 24.1%. Over five years, WAT leads with a +26.5% price change compared with -49.0% for BIO. Waters is the larger company by market cap ($42.81 billion vs $9.84 billion), about 4.4 times the size.
On valuation, Waters trades at a lower forward P/E (26.4x vs 37.1x for Bio-Rad Laboratories). Bio-Rad Laboratories converts more of its revenue into profit, with a net margin of 29.4% versus 20.3%.
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 | BIO | WAT |
|---|---|---|
| Share price | $367.92 | $435.99 |
| Market cap | $9.84B | $42.81B |
| 1-day change | -0.25% | -0.10% |
| YTD return | +21.43% | +14.79% |
| 1-year return | +24.08% | +36.95% |
| 5-year return | -49.00% | +26.48% |
| P/E ratio (TTM) | 46.63 | 110.38 |
| Forward P/E | 37.10 | 26.36 |
| EPS (TTM) | $7.89 | $3.95 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $2.58B | $3.17B |
| Revenue growth (YoY) | +0.65% | +6.99% |
| Net income (latest FY) | $759.90M | $642.63M |
| Gross margin | 51.87% | 59.28% |
| Operating margin | 1.83% | 25.36% |
| Net margin | 29.42% | 20.30% |
| 52-week high | $396.23 | $454.54 |
| 52-week low | $236.73 | $282.77 |
| Distance from 52-week high | -7.14% | -4.08% |
| Analyst consensus | hold | buy |
| Avg. price target upside | -10.76% | +3.96% |
| Average volume | 277.32K | 769.61K |
| Shares outstanding | 21.68M | 98.19M |
| Employees | 7,450 | 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 4.4 times larger than Bio-Rad Laboratories by market value ($42.81B vs $9.84B).
- WAT has outperformed BIO by 12.9 percentage points over the past year.
- Waters trades at a higher earnings multiple (110.4x vs 46.6x trailing P/E).
- Bio-Rad Laboratories is more profitable, keeping 29.4 cents of every revenue dollar as net income versus 20.3 cents for Waters.
- Waters grew revenue faster in its latest fiscal year (+6.99% vs +0.65%).
About Bio-Rad Laboratories
BIO stock →Bio-Rad Laboratories, Inc. develops, manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, Latin America, and internationally.
Industrials · Biotechnology: Laboratory Analytical Instruments · 7,450 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
BIO vs WAT FAQ
Which is bigger, Bio-Rad Laboratories or Waters?
Waters (WAT) is larger, with a market capitalization of $42.81B compared with $9.84B for Bio-Rad Laboratories (BIO).
Which stock has performed better over the past year, BIO or WAT?
WAT returned +36.95% over the past 12 months, compared with +24.08% for BIO (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, BIO or WAT?
BIO has the lower trailing P/E at 46.6, versus 110.4 for WAT. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are Bio-Rad Laboratories and Waters in the same industry?
Yes. Both are classified in the Biotechnology: Laboratory Analytical Instruments industry within the Industrials sector.