Waters (WAT)
Supplies analytical instruments, diagnostics, consumables, and service for regulated laboratory workflows.
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Sells analytical instruments, diagnostic systems, consumables, reagents, software, and service to regulated laboratories worldwide. Four divisions span chromatography and mass spectrometry, flow cytometry and single-cell analysis, infectious-disease diagnostics, and materials characterization, with recurring consumables and service tied to an installed instrument base.
Builds laboratory systems across four divisions: Analytical Sciences supplies liquid chromatography, mass spectrometry, light-scattering instruments, precision chemistry consumables, informatics, and service; Biosciences adds flow cytometry, reagents, and single-cell multiomics. Advanced Diagnostics covers microbiology, molecular and point-of-care testing, while Materials Sciences provides thermal analysis, rheometry, and calorimetry.
Serves pharmaceutical and biotechnology companies, clinical laboratories, hospitals, industrial and food-testing labs, universities, and public agencies worldwide. Revenue comes from instrument systems plus recurring consumables, reagents, software, support plans, parts, and field service, tying customer workflows to a broad installed base.
Operates in validation-sensitive research, quality-control, and clinical settings. Demand depends on customer capital and research budgets, government funding, diagnostic reimbursement, regulatory clearance, and continued integration of the acquired BD businesses.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $425 | Target: $515 |
| Sep 9, 2026 | UBS | Upgrade | Target: $375 | Target: $490 |
| Aug 27, 2026 | Piper Sandler | Upgrade | Target: $400 | Target: $480 |
| Aug 5, 2026 | Morgan Stanley | Target | Target: $390 | Target: $430 |
| Aug 5, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $350 | Target: $400 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jul 4, 2026Cash & short-term investments $539.0M · Total debt $5.25B · Total assets $24.75B · Shareholders' equity $15.20B
- Revenue
- $1.65B
- Operating income
- −$86.0M
- Net income
- −$136.0M
No dividends on record.
| Institutions | ≈ 99.01% | 97.22M shares | |
|---|---|---|---|
| 1,202 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.10% | 94.5K shares | |
| 14 holders · as of Aug 7, 2026 | |||
| Other | ≈ 0.89% | 875.3K shares | |
| remainder | |||
98.19M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
The reported float (74.70M, 99.9% free) does not reconcile with the share count, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.64% | 8.48M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.53% | 6.42M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.83% | 4.74M | as of Jun 30, 2026 |
Massachusetts Financial Services Co /MA/Institution | 4.71% | 4.63M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.46% | 4.38M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Christopher A. Kuebler | director | −3,626 | $397.94 |
| Mar 16, 2026 | Wei Jiang | director | +500 | $289.46 |
| Mar 6, 2026 | Richard H. Fearon | director | +1,000 | $306.34 |
- Thermo Fisher Scientific
Broad LC/MS, diagnostics, and lab-services overlap
- Agilent Technologies
Direct LC, LC-MS, consumables, service, and diagnostics overlap
- Danaher
SCIEX, Phenomenex, Beckman, and Cepheid overlap across divisions
- Revvity
Diagnostics and life-science workflow overlap
- Bruker
Mass spectrometry, materials, NMR, and microbiology overlap
- Cytek
Focused flow-cytometry and cell-analysis overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waters | $426.33 | +0.57% | $41.62B | 105.7 | 27.3 | 9.0 | +113.3% |
| Thermo Fisher Scientific | $658.93 | +0.03% | $244.81B | 35.4 | 25.1 | 5.3 | +10.5% |
| Agilent Technologies | $165.32 | +2.09% | $45.75B | 31.9 | 25.2 | 6.2 | +8.1% |
| Danaher | $220.91 | +2.35% | $151.67B | 38.3 | 25.0 | 6.0 | +5.5% |
| Revvity | $143.13 | −0.32% | $16.02B | 68.4 | 25.4 | 5.5 | −1.3% |
| Bruker | $61.57 | −0.01% | $9.37B | — | 27.2 | 2.7 | +5.2% |
| Cytek | $5.59 | +5.80% | $681.9M | — | — | 3.3 | +5.6% |
| Median | 36.9 | 25.2 | 5.4 | +5.6% |