Waters Financial Ratios
NYSE: WATIndustrialsBiotechnology: Laboratory Analytical InstrumentsUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Waters ratio analysis
Waters earned a net margin of 20.3% in FY 2025, down from 21.6% a year earlier. Gross margin was 59.3% compared with a median of 58.9% over the prior 9 years. Return on equity reached 25.1%, meaning Waters generated 0.25 dollars of profit for every dollar of shareholders' equity.
Debt-to-equity stood at 0.37 versus 0.89 the year before, and the current ratio was 1.73. At the end of FY 2025, WAT traded at 35.5 times earnings; across the 10 fiscal years shown, its year-end P/E ranged from 21.0 to 772.8, with a median of 30.0. Valuation ratios use the closing share price on each fiscal year-end date and diluted shares from the income statement; profitability and leverage ratios use reported annual figures. Current valuation multiples are on the statistics page.
Summary generated from market data by MetaCap's automated system. Methodology
Waters financial ratios (annual)
| Ratio | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E ratio (at fiscal year end) | 35.50 | 34.71 | 30.37 | 29.21 | 33.36 | 29.60 | 26.58 | 23.50 | 772.76 | 20.97 |
| Price / sales | 7.18 | 7.46 | 6.58 | 6.91 | 8.24 | 6.50 | 6.49 | 5.72 | 6.68 | 5.01 |
| Price / book | 8.87 | 12.06 | 16.91 | 40.73 | 62.42 | 66.18 | — | 8.83 | 6.90 | 4.72 |
| Gross margin | 59.3% | 59.4% | 59.6% | 58.0% | 58.5% | 57.4% | 58.0% | 59.0% | 59.0% | 58.9% |
| Operating margin | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% | 27.3% | 29.4% | 30.6% | 28.7% | 28.8% |
| Net margin | 20.3% | 21.6% | 21.7% | 23.8% | 24.9% | 22.1% | 24.6% | 24.5% | 0.9% | 24.1% |
| Free cash flow margin | 17.1% | 20.9% | 15.0% | 20.6% | 26.8% | 33.4% | 26.7% | 25.0% | 30.2% | 29.7% |
| Return on equity (ROE) | 25.1% | 34.9% | 55.8% | 140.3% | 188.5% | 224.7% | — | 37.9% | 0.9% | 22.7% |
| Return on assets (ROA) | 12.7% | 14.0% | 13.9% | 21.6% | 22.4% | 18.4% | 23.2% | 15.9% | 0.4% | 11.2% |
| Debt / equity | 0.37 | 0.89 | 2.00 | 3.02 | 4.12 | 5.84 | — | 0.73 | 0.89 | 0.79 |
| Current ratio | 1.73 | 2.11 | 2.22 | 2.24 | 2.39 | 1.74 | 2.22 | 5.93 | 7.04 | 6.99 |
| Revenue growth | 7.0% | 0.1% | -0.5% | 6.7% | 17.8% | -1.7% | -0.6% | 4.8% | 6.5% | 6.1% |
| EPS growth | 0.5% | -1.2% | -7.6% | 5.0% | 33.6% | -3.8% | 13.6% | 2,960.0% | -96.1% | 13.5% |