To the full analysis
Waters stock: growth
WATWaters reported $3.17B in revenue for fiscal 2025, up 7% on the prior year, up 6% a year on average over up to five years.
Daily figure as of 13 Nov 2026
Revenue (Annual rate)
4.9%
per year from 2006 to 2025, per share 7.9%
Earnings (Annual rate)
5.7%
per year from 2006 to 2025, per share 8.8%
Free cash flow (Annual rate)
5%
per year from 2006 to 2025, per share 8.1%
Growth per year by period
What reaches shareholders is growth per share: buybacks lift it, new shares dilute it.
| since 2020 | since 2015 | since 2006 | |
|---|---|---|---|
| Revenue | 6.0% | 4.5% | 4.9% |
| Revenue per share | 6.9% | 7.9% | 7.9% |
| Earnings | 4.3% | 3.2% | 5.7% |
| Earnings per share | 5.2% | 6.6% | 8.8% |
| Free cash flow | −2.7% | 1.7% | 5.0% |
| Free cash flow per share | −1.8% | 5.0% | 8.1% |
Fiscal years at a glance
How revenue and earnings grow
- Revenue
- Earnings
- Free cash flow
Figures as a table
| Year | Revenue | Earnings | Free cash flow |
|---|---|---|---|
| 2006 | $1.28B | $222.2M | $212.17M |
| 2007 | $1.47B | $268.07M | $310.17M |
| 2008 | $1.58B | $322.48M | $349.18M |
| 2009 | $1.5B | $323.31M | $324.47M |
| 2010 | $1.64B | $381.76M | $395.12M |
| 2011 | $1.85B | $432.97M | $411.94M |
| 2012 | $1.84B | $461.44M | $344.53M |
| 2013 | $1.9B | $450M | $366.43M |
| 2014 | $1.99B | $431.62M | $405.4M |
| 2015 | $2.04B | $469.05M | $457.28M |
| 2016 | $2.17B | $521.5M | $534.11M |
| 2017 | $2.31B | $20.31M | $607.17M |
| 2018 | $2.42B | $593.79M | $476.88M |
| 2019 | $2.41B | $592.2M | $479.26M |
| 2020 | $2.37B | $521.57M | $618.12M |
| 2021 | $2.79B | $692.84M | $579.01M |
| 2022 | $2.97B | $707.76M | $428.21M |
| 2023 | $2.96B | $642.23M | $442.18M |
| 2024 | $2.96B | $637.83M | $619.64M |
| 2025 | $3.17B | $642.63M | $539.81M |
Revenue by segment
How Waters Corporation makes its money and how that has shifted. Names are as the company reports them.
- Waters Instrument Systems35%
- Waters Service34%
- Chemistry Consumables20%
- Ta Instrument Systems8%
- Ta Service3%
Figures as a table
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Waters Instrument Systems | $1B | $963.87M | $890.86M | $1.09B | $1.21B | $1.11B | $1.03B | $1.1B | 34.8% |
| Waters Service | $738.43M | $761.59M | $794.19M | $876.63M | $890.61M | $951.42M | $1.01B | $1.08B | 34.1% |
| Chemistry Consumables | $400.29M | $412.02M | $432.08M | $507.21M | $525.4M | $541.47M | $565.48M | $631.46M | 19.9% |
| Ta Instrument Systems | $204.08M | $191.3M | $174.4M | $225.61M | $252.31M | $252.88M | $246.2M | $243.82M | 7.7% |
| Ta Service | $76.5M | $77.81M | $73.84M | $87.18M | $93.18M | $101.95M | $107.76M | $108.02M | 3.4% |
| Total revenue | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B | 100% |
Revenue by region
Where Waters Corporation generates its revenue.
- Americas37%
- Asia Pacific33%
- Europe30%
Figures as a table
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Americas | $835.18M | $830.24M | $797.84M | $925.22M | $1.06B | $1.11B | $1.12B | $1.16B | 36.7% |
| Asia Pacific | $922.29M | $939.11M | $899.18M | $1.08B | $1.13B | $1.01B | $969.22M | $1.04B | 32.9% |
| Europe | $662.46M | $637.24M | $668.35M | $784.89M | $784.58M | $840.02M | $873.39M | $963.38M | 30.4% |
| Total revenue | $2.42B | $2.41B | $2.37B | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B | 100% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 15 May 2026)
- Valuation signal Overvalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.