Waters Corp. /DE/ (WAT) intrinsic value & 10-year financials
Waters Corp. /DE/ (WAT) has a Graham intrinsic value of $188.82 per share. At $436.95 on Oct 17, 2026, the stock trades 131% above that value. Over the last 10 fiscal years revenue grew 4.3% a year to $3.2B, with an average return on invested capital of 31.5%.
- Graham intrinsic value
- $188.82
- Share price (Oct 17, 2026)
- $436.95
- Price vs Graham value
- 131% above
- Market cap
- $26.1B
- Revenue (FY2025)
- $3.2B
- Revenue growth (10-yr CAGR)
- 4.3%
- ROIC (10-yr avg)
- 31.5%
- Free cash flow (FY2025)
- $539.8M
WAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.2B | $642.6M | $10.76 | $539.8M | 25.4% | 21.0% |
| FY2024 | $3.0B | $637.8M | $10.71 | $619.6M | 27.9% | 22.4% |
| FY2023 | $3.0B | $642.2M | $10.84 | $442.2M | 27.7% | 30.3% |
| FY2022 | $3.0B | $707.8M | $11.73 | — | 29.4% | 49.5% |
| FY2021 | $2.8B | $692.8M | $11.17 | — | 29.5% | 55.8% |
| FY2020 | $2.4B | $521.6M | $8.36 | — | 27.3% | 48.3% |
| FY2019 | $2.4B | $592.2M | $8.69 | — | 29.4% | 40.6% |
| FY2018 | $2.4B | $593.8M | $7.65 | — | 30.6% | 23.4% |
| FY2017 | $2.3B | $20.3M | $0.25 | — | 28.7% | 9.2% |
| FY2016 | $2.2B | $521.5M | $6.41 | — | 28.8% | 15.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Waters Corporation has demonstrated mature, steady growth, with revenue compounding at 4.3% annually over the past decade.
Waters Corporation has earned high returns on invested capital, averaging 31.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Waters Corporation shows that management has aggressively returned capital to shareholders by retiring 26.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Waters Corporation is modeled at 5.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $188.82 per share.