Credit and interest ratesnegative · 5 filings
“As a result of entering into these agreements, the Company lowered net interest expense by approximately $8 million and $5 million in first half of 2026 and 2025, respectively.”10-Q · Aug 11, 2026 ↗
Waters Corporation
WAT
Market read
Waters Corporation's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 39 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
Company+0.5% todayVolume comparison unavailable
Market group0 of 39 activeDiagnostics & Defense · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- BDS purchase accounting is compressing reported profit through fair-value step-up expense and purchased-intangible amortization.
- Receivables rose 172.2% and inventory rose 154.6%, both faster than revenue, with Waters linking receivables to sales volume and settlement timing.
Invalidation: The isolated read changes if WAT's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 39 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- BDS purchase accounting is compressing reported profit through fair-value step-up expense and purchased-intangible amortization.
- Receivables rose 172.2% and inventory rose 154.6%, both faster than revenue, with Waters linking receivables to sales volume and settlement timing.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements132
Verified relationships13
Evidence supporting the case
- Latest annual revenue changed +7.0% year over year.
- Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Operating margin changed -2.6 percentage points in the latest annual period.
- Net margin changed -1.3 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
- EV/sales is 17% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
401.966m+35.1%12m+33.8%24m+21.6%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.8B+17.8%$11.17-0.6%
2022-12-31$3.0B+6.7%$11.73-2.7%
2023-12-31$3.0B-0.5%$10.84-1.8%
2024-12-31$3.0B+0.1%$10.71+0.5%
2025-12-31$3.2B+7.0%$10.76+0.3%
What management says matters
Persistent and emerging business drivers
Demand and volumepositive · 5 filings
“47 Table of Contents Materials Sciences revenue increased 6% in both the second quarter and first half of 2026, which was primarily driven by customer demand for our thermal analysis and rheology instrument systems and services.”10-Q · Aug 11, 2026 ↗
Product pipeline and R&Dmixed · 4 filings
“The Analytical & Materials Sciences segment operating income as a percentage of revenues decreased in the second quarter and first half of 2026 as compared to the second quarter and first half of 2025 as a result of the higher sales volumes being offset by th…”10-Q · Aug 11, 2026 ↗
Restructuring and cost reductionsmixed · 4 filings
“In addition, the second quarter and first half of 2026 operating losses were impacted by $39 million and $121 million, respectively, of transaction, integration and other internal costs associated with the BDS Business Acquisition, $49 million and $52 million…”10-Q · Aug 11, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 7.6× · EV/sales 7.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
407.01+0.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for WAT. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for WAT. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind WAT
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AAgilent Technologies, Inc.competitorFeb 23, 2026 ▾
“In the markets served by Waters, the Company’s principal competitors include: Agilent Technologies, Inc., Shimadzu Corporation, Bruker Corporation, Danaher Corporation and Thermo Fisher Scientific Inc.”
BDXBecton, Dickinson and CompanyinvesteeMay 12, 2026 ▾
“Acquisition of BD Biosciences & Diagnostic Solutions Businesses On February 9, 2026 (the “Closing Date”), the Company completed the acquisition (the “BDS Business Acquisition”) of the Biosciences and Diagnostic Solutions business (the “BDS Business”) of Becto…”
Depended on by
AAgilent Technologies, Inc.competitorDec 22, 2025 ▾
“Our principal competitors in the Life Sciences and Diagnostics Markets arena include: AB Sciex., a division of Danaher Corporation, Avecia, a division of Nitto Denko, Bruker, Inc., Leica Biosystems, Inc., a division of Danaher Corporation, Roche Ventana Medic…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 11 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
WAT is currently a Follower in the organic co-movement group Diagnostics & Defense. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for WAT; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.