Waters Corporation (WAT) Fair Value & Analysis
Healthcare · US · Market cap $36.2B
Waters Corporation
WAT · US
Fair value as of: Jul 19, 2026
From 26 valuation models · updated 19 days ago
Share price +6.6% over the past month.
A solid business, but screening 69% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($158.55). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($85.37 to $158.55) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range $236.70 – $424.70 · fair‑value band $85.37 – $158.55 · the $399.70 price screens above the $121.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Waters Corporation (WAT) currently trades at $399.70, while our model-based Fair Value estimate is $121.96, implying the stock looks roughly 69.5% overvalued today. We read business quality at 63/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Waters Corporation generated revenue of $3.8B at a net margin of 11.9%. Revenue grew 91.4% year over year. It earns a return on equity of 5.2%. Net debt stands at $903M. Fundamentals as of Jul 19, 2026
Our scenario range runs from $85.37 (bear case) to $158.55 (bull case); at $399.70, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 3% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -48% fair-value upside, at -69%, WAT screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Dividend Discount ($228.95) versus Asset-Based ($17.48). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 66
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Full company description
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and supports products, including chromatography columns, and other consumable products. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer goods, and healthcare products, as well as for life science research; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology, which is used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Waters Corporation reported revenue of $3.2B in FY2025 versus $2.8B in FY2021, a compound +3.2%/yr. Reported net income was $643M in FY2025, compounding −1.9%/yr from FY2021.
WAT screens 69% overvalued. Compare with Thermo Fisher Scientific Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Waters Corp (WAT) (Q2 2026) Earnings Call Highlights: Strong Organic Growth and Raised Guidance ...
- Waters (WAT) Q2 Earnings and Revenues Beat Estimates
- Waters Corporation (NYSE:WAT) Exceeds Q2 CY2026 Expectations
- Waters Corporation (NYSE: WAT) Reports Second Quarter 2026 Financial Results
Peer Group
Diagnostics & Research · 137 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Diagnostics & Research median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 66/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Diagnostics & Research stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Thermo Fisher Scientific Inc TMO | $543.19 | $308.19 | -43% |
| Danaher Corporation DHR | $199.66 | $103.88 | -48% |
| WuXi AppTec Co 2359 | HK$160.70 | HK$125.20 | -22% |
| Lonza Group LONN | CHF 567.80 | CHF 259.80 | -54% |
| IDEXX Laboratories, Inc IDXX | $567.44 | $255.77 | -55% |
| Agilent Technologies, Inc A | $131.46 | $62.70 | -52% |
| IQVIA Holdings IQV | $207.85 | $134.18 | -35% |
| Integrated Diagnostics Holdings IDHC | $0.0050 | $0.0053 | +5% |
| Illumina, Inc ILMN | $186.65 | $95.51 | -49% |
| Mettler-Toledo International Inc MTD | $1,296 | $628.51 | -52% |
Compare Waters Corporation with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Healthcare stocks →
Frequently asked questions
Is Waters Corporation (WAT) overvalued or undervalued?
What is the fair value of WAT?
What is the quality score of WAT?
What is the revenue of Waters Corporation (WAT)?
What is the net profit margin of WAT?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track Waters Corporation and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.