ICON (ICLR) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Waters (WAT) has outperformed ICON (ICLR) over the past year, gaining 31.0% versus a loss of 11.8%. Over five years, WAT leads with a +24.5% price change compared with -40.2% for ICLR. Waters is the larger company by market cap ($42.13 billion vs $12.69 billion), about 3.3 times the size.
On valuation, ICON trades at a lower forward P/E (13.9x vs 25.9x for Waters). Waters converts more of its revenue into profit, with a net margin of 20.3% versus 2.8%.
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 | ICLR | WAT |
|---|---|---|
| Share price | $164.50 | $429.13 |
| Market cap | $12.69B | $42.13B |
| 1-day change | +0.26% | -1.57% |
| YTD return | -9.72% | +12.98% |
| 1-year return | -11.79% | +30.97% |
| 5-year return | -40.19% | +24.49% |
| P/E ratio (TTM) | 173.16 | 108.64 |
| Forward P/E | 13.93 | 25.95 |
| EPS (TTM) | $0.95 | $3.95 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $8.25B | $3.17B |
| Revenue growth (YoY) | +0.76% | +6.99% |
| Net income (latest FY) | $229.34M | $642.63M |
| Gross margin | 26.37% | 59.28% |
| Operating margin | 5.37% | 25.36% |
| Net margin | 2.78% | 20.30% |
| 52-week high | $203.91 | $454.54 |
| 52-week low | $66.57 | $282.77 |
| Distance from 52-week high | -19.33% | -5.59% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +12.10% | +6.42% |
| Average volume | 822.57K | 777.61K |
| Shares outstanding | 77.15M | 98.19M |
| Employees | 40,200 | 16,000 |
| Sector | Healthcare | Healthcare |
| Industry | Diagnostics & Research | Diagnostics & Research |
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 3.3 times larger than ICON by market value ($42.13B vs $12.69B).
- WAT has outperformed ICLR by 42.8 percentage points over the past year.
- ICON trades at a higher earnings multiple (173.2x vs 108.6x trailing P/E).
- Waters is more profitable, keeping 20.3 cents of every revenue dollar as net income versus 2.8 cents for ICON.
- Waters grew revenue faster in its latest fiscal year (+6.99% vs +0.76%).
About ICON
ICLR stock →ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies.
Healthcare · Diagnostics & Research · 40,200 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.
Healthcare · Diagnostics & Research · 16,000 employees
ICLR vs WAT FAQ
Which is bigger, ICON or Waters?
Waters (WAT) is larger, with a market capitalization of $42.13B compared with $12.69B for ICON (ICLR).
Which stock has performed better over the past year, ICLR or WAT?
WAT returned +30.97% over the past 12 months, compared with -11.79% for ICLR (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, ICLR or WAT?
WAT has the lower trailing P/E at 108.6, versus 173.2 for ICLR. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are ICON and Waters in the same industry?
Yes. Both are classified in the Diagnostics & Research industry within the Healthcare sector.