WAT
Waters Corp /de/ Health Care Laboratory Analytical Instruments S&P 500Russell 3000
$462.72Close
$27.6BMarket cap
$283.32 – $480.0752-week range
Nov 3, 2026Next report · before the open
Highlights
Strengths
- In a stage-2 uptrend all 8 trend conditions pass
- Leading the market RS 86 · stronger than 86% of stocks over 12 months
- Near its high 4% below its 52-week high
Cautions
- Earnings shrinking EPS −156% year on year
- Results soon Nov 3, 2026, in 2 days
Price
Filing Results Screen pick 52-week high and low Adjusted prices
Key figures
Off 12-month high
4%
1wk
up 2.0%
price change
1mo
up 5.3%
price change
12-month return
up 35%
market up 11% ·
its own up 24%
F-score
6 / 9
Mixed
Altman Z
10.81
Low risk
P/E
42.9×
price / earnings
PEG
87.17
P/E / EPS growth
P/B
10.8×
price / book
Earnings yield
up 2.9%
EBIT / enterprise value
Cheaper than
31%
of the market · expensive
Revenue growth
up 7%
year on year
EPS growth
down 156%
latest quarter · -13 pts
Sales growth
up 113%
latest quarter · +22 pts
ROE
up 29%
return on equity
Free cash margin
up 17%
$539.8M FCF
D/E
0.37
long-term debt / equity
Net debt / EBITDA
0.4×
Interest cover
11.5×EBIT / interest
Piotroski tests
- short-term liquidity weakened
- issued more shares
- gross margin narrowed
- profitable on its assets
- generating cash from operations
- profitability improving
- profits backed by cash
- reduced long-term debt
- assets working harder
Repair signals
- Long-term debt down 42% ($1.6B → $0.9B)
Trade setup
ATR%
3.1%
$14.49 a day · 2×ATR $433.74
RS
86 / 99
vs the universe
Trend
8 / 8
trend template
Relative volume
1.7×
vs 50-day average
Up/down volume
1.29
50 sessions
Implied move
9.2%
by Nov 20, 2026 · report Nov 3, 2026
Trend template · 8 of 8
Screen verdict
Did not qualify for any screen.
Warning signs
- No restatement or impairment
- Equity positive
- Interest covered
- No material dilution
- Profits tracking cash
- Margins and revenue not shrinking
Last reported
Aug 4, 2026
Results reaction
Aug 4, 2026+5% vs market2 sessions after results
Options
$487,66544.1% IV · activity
Financials
- Gross 59%
- Net 20%
- Free cash 17%
- Cash
- Long-term debt
| FY2020Dec 31, 2020 | FY2021Dec 31, 2021 | FY2022Dec 31, 2022 | FY2023Dec 31, 2023 | FY2024Dec 31, 2024 | FY2025Dec 31, 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B |
| Gross margin | 57% | 58% | 58% | 60% | 59% | 59% |
| Operating income | $645.5M | $821.7M | $873.4M | $817.7M | $826.4M | $802.6M |
| Net income | $521.6M | $692.8M | $707.8M | $642.2M | $637.8M | $642.6M |
| Net margin | 22% | 25% | 24% | 22% | 22% | 20% |
| Earnings per share | $8.36 | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 |
| Free cash flow | $790.5M | $747.3M | $611.7M | $442.2M | $619.6M | $539.8M |
| Free cash margin | 33% | 27% | 21% | 15% | 21% | 17% |
| Cash | $436.7M | $501.2M | $480.5M | $395.1M | $325.4M | $588.0M |
| Long-term debt | $1.2B | $1.5B | $1.5B | $2.3B | $1.6B | $947.0M |
| Shareholders' equity | $232.1M | $367.6M | $504.5M | $1.2B | $1.8B | $2.6B |
| Shares outstanding | 62.31m | 60.73m | 59.10m | 59.18k | 59.39m | 59.55m |
Next report
Nov 3, 2026 · before the open
Expected move The move, either way, the option market prices in through the next scheduled report: the at-the-money straddle for the first expiry that contains it, over the price. It includes the days around the report, so it slightly overstates the report alone. Methodology
±9.2%
$420 – $505 by Nov 20, 2026
Usual move The median, over the company's last four reports, of how far the stock moved either way from the close before the filing to the close of the session after it. Methodology
±10.9%
last 4: +6.7% · +15.8% · -14.2% · +7.6%
Expected against usual The move the options price through this report over the move the last four reports delivered. Above 1 the event is priced bigger than the company's own record; below 1, smaller. A price, not a forecast: it says what protection through the report costs, not which way the stock will go. Methodology
Smaller than usual
0.8× the usual move
What options price now
- Swings expected vs recent The daily swings the options are priced for (implied volatility) against the swings the stock actually had over the last 20 sessions (realised volatility). Bigger means options charge for more movement than the stock has been delivering; smaller, less. On a contract row, that contract's own implied volatility over the stock's realised. Methodology
- Bigger 44.1% priced · 28.6% recent
- Next month vs later At-the-money implied volatility for 8-45 day expiries over 46-90 day ones: whether options price the coming month as choppier or calmer than the two after it. Ahead of a report it usually reads choppier, and the extra comes out once the report is out. Methodology
- Choppier
- Crash protection What options that pay off in a fall cost against options that pay off in a rise (the 25-delta skew), compared with this company's own normal - the median of its stored nightly readings, once there are 20 - and with five sessions ago. Protection costs a little more than upside on most shares. More than usual means readers of the chain are paying up to insure against a drop; it does not say which way the stock will go. Methodology
- past week: no change
Positioning
- Premium traded
- $487,665 calls $136,290 · puts $351,375 · latest session
- 2.58× -0.37 over the week
- Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology
- calls +221 · puts +384 past week
For options traders: ATM IV 44.1% (+5.6% 1w) · 1m ÷ 3m IV 1.25 · 25Δ skew 4.8 pts · Net GEX $223,124
Most traded contracts
No contract passed the liquidity filters this week.
Filings
| Filed | Report | Period to | Lag |
|---|---|---|---|
| Aug 11, 2026 | Quarterly ↗ | Jul 4, 2026 | 38d |
| May 12, 2026 | Quarterly ↗ | Apr 4, 2026 | 38d |
| Feb 23, 2026 | Annual ↗ | Dec 31, 2025 | 54d |
| Nov 4, 2025 | Quarterly ↗ | Sep 27, 2025 | 38d |
| Aug 4, 2025 | Quarterly ↗ | Jun 28, 2025 | 37d |
| May 6, 2025 | Quarterly ↗ | Mar 29, 2025 | 38d |
| Feb 25, 2025 | Annual ↗ | Dec 31, 2024 | 56d |
| Nov 1, 2024 | Quarterly ↗ | Sep 28, 2024 | 34d |
| Jul 31, 2024 | Quarterly ↗ | Jun 29, 2024 | 32d |
| May 7, 2024 | Quarterly ↗ | Mar 31, 2024 | 37d |
| Feb 27, 2024 | Annual ↗ | Dec 31, 2023 | 58d |
| Nov 7, 2023 | Quarterly ↗ | Sep 30, 2023 | 38d |
Current reports
| Filed | Disclosed |
|---|---|
| Aug 21, 2026 | Director or officer change · Other events ↗ |
| Aug 4, 2026 | Results ↗ |
| May 22, 2026 | Shareholder vote ↗ |
| May 5, 2026 | Results ↗ |
| Mar 23, 2026 | Material agreement · New obligation · Other events ↗ |
| Mar 16, 2026 | Other events ↗ |
| Feb 9, 2026 | Material agreement · Acquisition or disposal · New obligation · Director or officer change · Regulation FD ↗ |
| Feb 9, 2026 | Results ↗ |
| Jan 27, 2026 | Shareholder vote · Regulation FD · Other events ↗ |
| Jan 16, 2026 | Other events ↗ |
| Jan 12, 2026 | Regulation FD ↗ |
| Nov 4, 2025 | Results ↗ |