Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsOperating margin changed -2.6 percentage points from the prior annual period.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Operating margin compressed
Operating margin changed -2.6 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- No current rule-based risk flags
12 filing-based checks were evaluable.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +7.0% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Free cash flow was positive
Latest reported free cash flow was $540M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Product$1.98Bshare n/a+7.2% yoy
- Service$1.19Bshare n/a+6.6% yoy
- Waters Instrument Systems$1.1Bshare n/a+6.7% yoy
- Waters Service$1.08Bshare n/a+7.3% yoy
- Chemistry Consumables$631Mshare n/a+11.7% yoy
- Ta Instrument Systems$244Mshare n/a-1.0% yoy
- Ta Service$108Mshare n/a+0.2% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Americas$1.16Bshare n/a+4.1% yoy
- Asia Pacific$1.04Bshare n/a+7.3% yoy
- United States$966Mshare n/a+3.4% yoy
- Europe$963Mshare n/a+10.3% yoy
- Asia Other$603Mshare n/a+5.3% yoy
- China$437Mshare n/a+10.3% yoy
- Americas Other$196Mshare n/a+7.6% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Consumables$543M42.9%+293.5% yoy
- Instrument Systems$376M29.7%+43.0% yoy
- Service$348M27.5%+33.3% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,058 US-listed filers · 318 in Healthcare| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $3.2B | 74thof 3,301 top third | 80thof 291 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 7.0% | 52ndof 3,137 middle third | 43rdof 277 middle third |
Operating margin operating income ÷ revenue | 25.4% | 90thof 2,819 top third | 96thof 280 top third |
Net margin net income ÷ revenue | 20.3% | 85thof 3,263 top third | 95thof 290 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 17.1% | 79thof 2,679 top third | 88thof 261 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 25.1% | 90thof 3,577 top third | 94thof 291 top third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | 11.5× | 85thof 819 top third | 85thof 76 top third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.7% | 54thof 2,895 middle third | 66thof 272 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 96 days | 12thof 2,398 bottom third | 11thof 266 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 0.6× | 72ndof 1,547 top third | 71stof 116 top third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 1.0× | 21stof 1,954 bottom third | 14thof 113 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -0.2% | 20thof 2,770 bottom third | 9thof 199 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -6.9% | 77thof 2,345 top third | 73rdof 171 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 11 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-03-29 | 59,711,000 shares 10-Q 2025-05-06 | 59,711,000,000 shares 10-Q 2026-05-12 | +99900.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-06-28 | 59,656,000 shares 10-Q 2025-08-04 | 59,656,000,000 shares 10-Q 2026-08-11 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2025-03-29 | 59,439,000 shares 10-Q 2025-05-06 | 59,439,000,000 shares 10-Q 2026-05-12 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2025-06-28 | 59,515,000 shares 10-Q 2025-08-04 | 59,515,000,000 shares 10-Q 2026-08-11 | +99900.0% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2026-04-04 | $1.75B 10-Q 2026-05-12 | $673M 10-Q 2026-08-11 | -61.6% | first · latest |
| Interest expense InterestExpense | quarter 2025-06-28 | $14.4M 10-Q 2025-08-04 | $15M 10-Q 2026-08-11 | +4.5% | first · latest |
| Deferred revenue (non-current) ContractWithCustomerLiabilityNoncurrent | balance at 2021-12-31 | $47M 10-Q 2022-05-05 | $46M 10-Q 2022-11-03 | -2.1% | first · latest · 3 filings carry it |
| Interest expense InterestExpense | quarter 2025-03-29 | $14.3M 10-Q 2025-05-06 | $14M 10-Q 2026-05-12 | -1.9% | first · latest |
| Goodwill Goodwill | balance at 2023-05-16 | $879M 10-Q 2023-08-02 | $864M 10-K 2025-02-25 | -1.7% | first · latest · 4 filings carry it |
| Goodwill Goodwill | balance at 2026-02-09 | $8B 10-Q 2026-05-12 | $8.1B 10-Q 2026-08-11 | +1.3% | first · latest |
| Stock-based compensation ShareBasedCompensation | quarter 2025-03-29 | $12.9M 10-Q 2025-05-06 | $13M 10-Q 2026-05-12 | +0.9% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for WAT yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.