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Waters Valuation Multiples
Discover revenue and EBITDA valuation multiples for Waters and similar public comparables like ResMed, GE HealthCare, Agilent, Mindray and more.
Waters Overview
About Waters
Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales in 2024, Waters generated 58% from biopharmaceutical customers, 31% from industrial clients, and 11% from academic/government institutions. In early 2026, Waters plans to merge with BD's life science and diagnostics business, which will substantially change those concentrations. Waters will wind up with more concentration in diagnostics (versus none now) and discovery-related life science tools.
Founded
1991
HQ
Employees
7.9K
Website
Financials (LTM)
EV
$33B
Waters Financials
Waters reported last 12-month revenue of $4B and EBITDA of $1B.
In the same LTM period, Waters generated $2B in gross profit, $1B in EBITDA, and $954M in net income.
Revenue (LTM)
Waters P&L
In the most recent fiscal year, Waters reported revenue of $3B and EBITDA of $1B.
Waters expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | XXX | $3B | XXX | XXX | XXX |
| Gross Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Margin | 58% | XXX | 59% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 34% | XXX | 35% | XXX | XXX | XXX |
| EBIT Margin | 29% | XXX | 30% | XXX | XXX | XXX |
| Net Profit | $954M | XXX | $784M | XXX | XXX | XXX |
| Net Margin | 23% | XXX | 25% | XXX | XXX | XXX |
| Net Debt | — | — | $820M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Waters Stock Performance
Waters has current market cap of $32B, and enterprise value of $33B.
Market Cap Evolution
Waters' stock price is $327.77.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $33B | $32B | 2.7% | XXX | XXX | XXX | $7.99 |
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Start Free TrialWaters Valuation Multiples
Waters trades at 8.0x EV/Revenue multiple, and 23.8x EV/EBITDA.
EV / Revenue (LTM)
Waters Financial Valuation Multiples
As of April 18, 2026, Waters has market cap of $32B and EV of $33B.
Equity research analysts estimate Waters' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Waters has a P/E ratio of 33.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $32B | XXX | $32B | XXX | XXX | XXX |
| EV (current) | $33B | XXX | $33B | XXX | XXX | XXX |
| EV/Revenue | 8.0x | XXX | 10.5x | XXX | XXX | XXX |
| EV/EBITDA | 23.8x | XXX | 29.5x | XXX | XXX | XXX |
| EV/EBIT | 27.3x | XXX | 34.3x | XXX | XXX | XXX |
| EV/Gross Profit | 13.7x | XXX | 17.6x | XXX | XXX | XXX |
| P/E | 33.7x | XXX | 41.0x | XXX | XXX | XXX |
| EV/FCF | 47.9x | XXX | 59.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Waters Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Waters Margins & Growth Rates
Waters' revenue in the last 12 month grew by 60%.
Waters' revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.
Waters' rule of 40 is 134% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Waters' rule of X is 288% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Waters Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 60% | XXX | 103% | XXX | XXX | XXX |
| EBITDA Margin | 34% | XXX | 35% | XXX | XXX | XXX |
| EBITDA Growth | 52% | XXX | 80% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 134% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 288% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 22% | XXX | 23% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 6% | XXX | 6% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 34% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Waters Public Comps
See public comps and valuation multiples for other Laboratory Services and Medical Devices comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Waters | XXX | XXX | XXX | XXX | XXX | XXX |
| ResMed | XXX | XXX | XXX | XXX | XXX | XXX |
| GE HealthCare | XXX | XXX | XXX | XXX | XXX | XXX |
| Agilent | XXX | XXX | XXX | XXX | XXX | XXX |
| Mindray | XXX | XXX | XXX | XXX | XXX | XXX |
| Philips | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Waters M&A Activity
Waters acquired XXX companies to date.
Last acquisition by Waters was on XXXXXXXX, XXXXX. Waters acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Waters
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
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Start Free TrialWaters Investment Activity
Waters invested in XXX companies to date.
Waters made its latest investment on XXXXXXXX, XXXXX. Waters invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Waters
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Waters
| When was Waters founded? | Waters was founded in 1991. |
| Where is Waters headquartered? | Waters is headquartered in United States. |
| How many employees does Waters have? | As of today, Waters has over 7K employees. |
| Who is the CEO of Waters? | Waters' CEO is Udit Batra. |
| Is Waters publicly listed? | Yes, Waters is a public company listed on NYSE. |
| What is the stock symbol of Waters? | Waters trades under WAT ticker. |
| When did Waters go public? | Waters went public in 1995. |
| Who are competitors of Waters? | Waters main competitors are ResMed, GE HealthCare, Agilent, Mindray. |
| What is the current market cap of Waters? | Waters' current market cap is $32B. |
| What is the current revenue of Waters? | Waters' last 12 months revenue is $4B. |
| What is the current revenue growth of Waters? | Waters revenue growth (NTM/LTM) is 60%. |
| What is the current EV/Revenue multiple of Waters? | Current revenue multiple of Waters is 8.0x. |
| Is Waters profitable? | Yes, Waters is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Waters? | Waters' last 12 months EBITDA is $1B. |
| What is Waters' EBITDA margin? | Waters' last 12 months EBITDA margin is 34%. |
| What is the current EV/EBITDA multiple of Waters? | Current EBITDA multiple of Waters is 23.8x. |
| What is the current FCF of Waters? | Waters' last 12 months FCF is $691M. |
| What is Waters' FCF margin? | Waters' last 12 months FCF margin is 17%. |
| What is the current EV/FCF multiple of Waters? | Current FCF multiple of Waters is 47.9x. |
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