Waters Corporation Financial Ratios — WAZ Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	37.73	34.26	27.86	23.6	23.73	23.92	0.9	31.24	- -	- -	231.06	162.32	77.62	42.82	29.28
Return on Assets (%)	17.14	15.67	13.33	11.58	11.52	11.68	0.41	13.12	18.85	19.33	23.35	22.2	16.24	13.9	13.35
Return on Capital (%)	22.29	20.07	16.67	14.33	14.13	14.27	0.53	18.31	29.7	34.74	40.04	36.21	25.29	20.04	18.51
Return on Invested Capital (%)	22.11	19.69	16.37	14.06	13.81	13.77	0.5	18.32	28.53	32.88	37.52	34.29	23.86	18.95	17.63
Gross Margin (%)	60.54	59.99	58.86	58.53	58.74	58.87	58.99	58.98	58	57.44	58.49	58	59.57	59.43	59.28
EBITDA Margin (%)	32.14	31.48	31.35	30.77	32.19	33.29	33.27	35.05	33.81	32.59	34.22	33.78	33.27	34.42	31.87
Operating Margin (%)	28.55	28.15	27.17	26.81	28.17	29	29.38	30.55	29.44	27.63	29.68	29.72	27.66	28.32	25.36
Incremental Operating Margin (%)	37.86	128.28	- -	18.82	79.04	42.62	35.12	55.06	231.69	133.01	41.2	30.27	421.6	1,027.14	- -
Pretax Margin (%)	27.51	26.45	25.74	24.67	26.53	27.69	27.76	28.19	28.18	25.83	28.94	28.19	24.9	25.52	23.85
Profit Margin (%)	23.39	25.03	23.63	21.7	22.97	24.06	0.88	24.54	24.61	22.05	24.87	23.81	21.72	21.56	20.3
Net Income to Common Margin (%)	23.39	25.03	23.63	21.7	22.97	24.06	0.88	24.54	24.61	22.05	24.87	23.81	21.72	21.56	20.3
Effective Tax Rate (%)	14.98	5.37	8.18	12.05	13.45	13.1	96.83	12.95	12.69	14.62	14.06	15.53	12.77	15.5	14.87
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	37.73	34.26	27.86	23.6	23.73	23.92	0.9	31.24	- -	- -	231.06	162.32	77.62	42.82	29.28

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	991	1,178	1,323	1,463	1,668	1,827	1,998	1,148	1,775	1,452	1,601	1,663	2,442	1,702	1,491
ST Debt	291	133	133	225	175	125	100	- -	127	178	28	76	78	26	491
LT Debt	700	1,045	1,190	1,237	1,493	1,702	1,898	1,148	1,648	1,275	1,573	1,587	2,364	1,677	1,000
Total Debt/EBITDA	1.67	2.03	2.22	2.39	2.54	2.53	2.6	1.35	2.18	1.88	1.68	1.66	2.48	1.67	1.48
Net Debt/EBITDA	1.02	1.2	1.48	1.7	1.8	1.83	1.76	0.42	1.65	1.19	1.06	1.09	1.99	1.28	0.81
Total Debt/EBIT	1.87	2.3	2.56	2.82	2.94	2.92	3.02	1.55	2.51	2.25	1.95	1.9	2.99	2.06	1.86
Net Debt/EBIT	1.15	1.36	1.71	2.01	2.08	2.11	2.05	0.48	1.9	1.42	1.23	1.25	2.4	1.57	1.02
EBITDA to Interest Expense	27.08	20.67	19.87	17.9	18.14	16.06	13.52	17.44	16.71	15.71	21.22	20.57	9.95	11.35	14.51
EBITDA-CapEx/Interest Expense	23.19	16.94	15.93	14.8	15.3	13.95	11.92	15.46	13.35	12.2	17.47	16.81	8.32	9.77	12.88
EBIT to Interest Expense	24.06	18.48	17.22	15.6	15.87	14	11.93	15.2	14.55	13.32	18.4	18.1	8.27	9.34	11.54
Interest Expense	22	28	30	34	36	45	57	49	49	49	45	49	99	90	70
Common Equity/Total Assets	45.04	46.32	49.21	48.9	48.23	49.38	41.95	42.05	-8.46	8.17	11.88	15.37	24.86	40.15	50.45
Long-Term Debt/Equity (%)	57.07	71.22	67.49	65.31	72.52	73.94	84.95	73.26	- -	549.1	428.1	314.57	205.54	91.7	39.04
Long-Term Debt/Capital (%)	31.57	39.51	38.55	36.86	40.06	41.22	44.84	42.28	105.7	75.67	79.92	73.2	65.81	47.49	24.68
Long-Term Debt/Total Assets (%)	25.7	32.98	33.22	31.94	34.98	36.51	35.64	30.8	64.44	44.89	50.84	48.36	51.1	36.82	19.7
Total Debt/Equity (%)	80.78	80.27	75.05	77.2	81.03	79.38	89.43	73.27	-820.77	625.68	435.69	329.72	212.31	93.1	58.22
Total Debt/Capital (%)	44.68	44.53	42.88	43.57	44.76	44.25	47.21	42.29	113.87	86.22	81.33	76.73	67.98	48.21	36.8
Total Debt/Total Assets (%)	36.38	37.18	36.94	37.75	39.08	39.19	37.52	30.81	69.42	51.14	51.74	50.69	52.78	37.38	29.37
Net Debt to Equity	49.47	47.48	50.05	54.92	57.35	57.41	60.68	22.46	-622.08	396.23	275.51	216.92	170.42	71.16	32
Net Debt/Capital (%)	33.1	32.2	33.36	35.45	36.45	36.47	37.76	18.34	110	73.71	68.99	64.86	61.31	40.59	23.66
EBITDA	595	580	597	612	657	721	768	848	814	771	953	1,004	984	1,018	1,009
EBITDA-CapEx	510	476	479	506	554	627	678	752	650	598	785	820	823	876	896
Operating Income (Loss)	529	519	517	533	575	629	678	739	708	654	827	883	818	838	803

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	2.13	3.05	3.7	3.54	4.25	5.41	5.6	3.87	0.57	0.55	0.84	0.61	0.5	0.41	0.47
Current Ratio	3.23	4.48	5.24	4.85	5.7	6.99	7.04	5.93	2.22	1.74	2.39	2.24	2.22	2.11	1.73
Quick Ratio	2.74	3.85	4.58	4.29	5.08	6.35	6.48	5.13	1.56	1.26	1.74	1.53	1.39	1.34	1.14
CFO/Avg Current Liab	1.01	0.81	0.98	0.96	1	1.19	1.24	1.15	1.24	1.13	1.01	0.83	0.77	0.97	0.64
Common Equity/Total Assets	45.04	46.32	49.21	48.9	48.23	49.38	41.95	42.05	-8.46	8.17	11.88	15.37	24.86	40.15	50.45
Long-Term Debt/Equity (%)	57.07	71.22	67.49	65.31	72.52	73.94	84.95	73.26	- -	549.1	428.1	314.57	205.54	91.7	39.04
Long-Term Debt/Capital (%)	31.57	39.51	38.55	36.86	40.06	41.22	44.84	42.28	105.7	75.67	79.92	73.2	65.81	47.49	24.68
Long-Term Debt/Total Assets (%)	25.7	32.98	33.22	31.94	34.98	36.51	35.64	30.8	64.44	44.89	50.84	48.36	51.1	36.82	19.7
Total Debt/Equity (%)	80.78	80.27	75.05	77.2	81.03	79.38	89.43	73.27	-820.77	625.68	435.69	329.72	212.31	93.1	58.22
Total Debt/Capital (%)	44.68	44.53	42.88	43.57	44.76	44.25	47.21	42.29	113.87	86.22	81.33	76.73	67.98	48.21	36.8
Total Debt/Total Assets (%)	36.38	37.18	36.94	37.75	39.08	39.19	37.52	30.81	69.42	51.14	51.74	50.69	52.78	37.38	29.37
CFO/Total Liabilities	33.23	26.42	26.65	25.84	25.94	27.24	22.57	27.98	23.19	30.31	27.4	22.03	17.34	27.96	25.94
CFO/CapEx	5.82	4.29	4.09	4.82	5.56	6.77	7.71	6.29	3.93	4.59	4.44	3.33	3.75	5.35	5.79
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	5.1	4.78	4.56	4.6	4.53	4.53	4.51	4.39	4.16	4.07	4.7	4.45	4.15	4.12	4.05
Days Sales Outstanding	71.51	76.38	80.08	79.32	80.6	80.64	80.87	83.12	87.67	89.58	77.69	82.01	87.97	88.56	90.07
Inventory Turnover	3.5	3.33	3.32	3.37	3.31	3.39	3.55	3.53	3.3	3.22	3.5	3.08	2.46	2.42	2.46
Days Inventory Outstanding	104.22	109.47	110.03	108.24	110.42	107.7	102.7	103.31	110.53	113.27	104.21	118.7	148.41	151.07	148.63
Accounts Payable Turnover	12.35	13.71	13.31	12.68	12.62	12.88	14.43	15.28	17.75	16.34	14.3	14.18	14.11	12.58	13.59
Accounts Payable Turnover Days	29.56	26.62	27.42	28.78	28.93	28.34	25.29	23.89	20.57	22.34	25.53	25.74	25.87	29.02	26.86
Cash Conversion Cycle	146.16	159.23	162.7	158.77	162.08	160	158.28	162.54	177.63	180.52	156.37	174.97	210.51	210.61	211.84
Inventory to Cash Days	-32.71	-33.08	-29.96	-28.92	-29.82	-27.07	-21.84	-20.19	-22.86	-23.69	-26.52	-36.68	-60.44	-62.51	-58.56
Inventories	213	230	243	246	263	263	270	292	321	304	356	456	516	477	572
Raw Materials	72	73	77	85	89	95	99	112	127	133	165	206	234	227	235
Work In Process	12	16	20	17	21	17	15	16	15	19	20	20	20	22	28
Finished Goods	129	140	146	145	154	151	156	164	178	152	171	230	262	228	310
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	384	481	441	422	488	506	642	796	336	437	501	481	395	325	588
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	991	1,178	1,323	1,463	1,668	1,827	1,998	1,148	1,775	1,452	1,601	1,663	2,442	1,702	1,491
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	2,217	2,645	3,087	3,357	3,727	4,129	4,232	2,716	1,559	1,685	1,969	2,168	3,593	3,531	4,052
Total Debt/Capital (%)	44.68	44.53	42.88	43.57	44.76	44.25	47.21	42.29	113.87	86.22	81.33	76.73	67.98	48.21	36.8
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	1,851	1,844	1,904	1,989	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
TTM EBITDA	595	580	597	612	657	721	768	848	814	771	953	1,004	984	1,018	1,009
TTM Operating Income	529	519	517	533	575	629	678	739	708	654	827	883	818	838	803
TTM Cash Flow to Firm	516	476	512	542	605	682	699	647	686	832	786	653	689	838	712
TTM Free Cash Flow to Firm	431	371	394	435	502	587	609	551	522	660	618	469	528	695	599

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	89	86	85	83	81	80	79	73	63	62	61	59	59	59	60
Diluted Weighted Avg Shares	92	89	87	85	83	81	81	78	68	62	62	60	59	60	60
Basic Weighted Avg Shares	91	88	85	84	82	81	80	77	68	62	62	60	59	59	60
Revenue per Share	20.38	20.99	22.29	23.58	24.8	26.83	28.94	31.43	35.59	38.09	45.24	49.54	50.04	49.86	53.19
EBITDA per Share	6.55	6.61	6.99	7.26	7.98	8.93	9.63	11.02	12.03	12.41	15.48	16.73	16.65	17.16	16.95
Operating Income per Share	5.82	5.91	6.06	6.32	6.99	7.78	8.5	9.6	10.48	10.53	13.43	14.72	13.84	14.12	13.49
Basic EPS, GAAP	4.77	5.25	5.27	5.12	5.7	6.46	0.25	7.71	8.76	8.4	11.25	11.8	10.87	10.75	10.8
Basic EPS from Cont Ops	4.77	5.25	5.27	5.12	5.7	6.46	0.25	7.71	8.76	8.4	11.25	11.8	10.87	10.75	10.8
Diluted EPS, GAAP	4.69	5.19	5.2	5.07	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84	10.71	10.76
Diluted EPS from Cont Ops	4.69	5.19	5.2	5.07	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84	10.71	10.76
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	5.48	5.11	5.68	6.07	6.96	7.96	8.74	7.85	9.51	12.73	12.14	10.2	10.2	12.84	10.97
Free Cash Flow per Basic Share	4.54	3.92	4.29	4.81	5.71	6.78	7.61	6.6	7.09	9.95	9.4	7.14	7.48	10.44	9.07
Cash & Equivalents per Share	14.4	17.81	21.26	24.72	29.53	35.15	42.78	23.73	5.39	7.11	9.37	8.14	6.69	5.49	9.87
Book Value per Share	13.78	16.99	20.79	22.79	25.34	28.77	28.16	21.44	-3.46	3.73	6.05	8.54	19.44	30.79	43.01
Tangible Book Value per Share	8.29	10.77	13.84	15.76	18.26	21.78	20.74	13.19	-12.98	-7.56	-5.15	-2.59	-13.25	-0.59	11.13