Waters Corp.
WAT - Insider Information
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+ FollowMarket Cap$45.43B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Q3 performance strong; raised full-year outlook
- Total company revenue $1.767B (reported), with 9% organic growth (10% constant currency). Orders outpaced sales by ~$20M.
- Adjusted EPS +21% to $4.10, driven by top-line strength, operational excellence, and cost actions flowing through P&L.
- Segment highlights: Analytical Sciences +8% reported / +9% constant currency, with Chemistry +12% and Service high single-digit growth; Biosciences +2%; Advanced Diagnostics +2%.
Momentum + “day-adjusted” guidance implies acceleration into Q4; cash timing has some noise
- Q4 organic constant-currency growth: 7%–9% and ~10% reported growth for acquired businesses (described on a days-adjusted basis, with 4 fewer selling days).
- Q4 total reported revenue guide: $1.801B–$1.819B; Q4 adjusted EPS $4.58–$4.68.
- Full-year organic guidance raised: 9.1%–9.7% constant currency (up 140 bps at midpoint).
- Free cash flow $68M in Q3, but includes substantial timing items and integration/SAP-related costs; company expects timing items to normalize in 2027.
Full-year 2026 forecast increased; midpoint revenue +$43M
- Full-year organic reported revenue expected: $3.429B–$3.447B.
- Acquired businesses (Biosciences & Diagnostics Solutions) expected around $3.05B (reported), +raise of ~$5M vs prior guidance.
- Total company full-year revenue: $6.479B–$6.497B (reported) ⇒ +$43M raise at midpoint.
- Adjusted EPS full-year 2026 raised to $14.60–$14.70 (implies 11%–12% reported growth; 13%–14% in constant currency).
- Adjusted EBIT margin guide: 28.2%; tax rate 15.4%.
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$152.99
67.3% downside
Current Fair Value
67.3% downsideOvervalued by 67.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $45.43 Billion |
|---|---|
| Enterprise Value | $49.98 Billion |
| Earnings per Share | $10.8 |
| Beta | 1.15 |
| Outstanding Shares | 98,204,000 |
Return
| Return on Equity | 1.09% |
|---|---|
| Return on Assets | 0.67% |
| Return on Invested Capital | 1.35% |
Valuation & Multiples
| P/E Ratio | 115.1 |
|---|---|
| PEG | -59.81 |
| Price to Sales | 9.95 |
| Price to Book Ratio | 3.04 |
| Enterprise Value to Revenue | 10.76 |
| Enterprise Value to EBIT | 149.07 |
| Enterprise Value to Net Income | 300 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 0.33 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$4.00
Consensus analyst estimateRevenue Estimate
$1.75 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 83.51% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.98%▼ 117.29% |
|---|---|
| Total Invested | $1.28B▼ 96.59% |
| Investors Holding | 444▼ 759.00% |
About Waters Corp.
7,600 employees
CEO: Udit Batra
Waters Corporation is a global specialty measurement firm delivering advanced analytical solutions across Asia, the Americas, and Europe. Its operations are structured into two key segments: Waters and TA. Through its Waters segment, the...