Explain this page
Arphra AIPlain-English read on Waters Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +58.49% | +58.00% | +59.57% | +59.43% | +57.77% | +57.23% | +59.36% | +59.28% | +59.35% |
| Operating margin | +29.50% | +29.39% | +27.66% | +27.93% | +28.22% | +27.79% | +28.69% | +28.68% | +28.17% |
| EBITDA margin | +35.28% | +34.22% | +33.86% | +35.03% | +31.97% | +33.95% | +34.03% | +33.60% | +33.03% |
| EBIT margin | +30.55% | +29.83% | +28.25% | +28.55% | +25.45% | +27.61% | +27.60% | +27.95% | +27.36% |
| Pre-tax margin | +28.94% | +28.19% | +24.90% | +25.52% | +23.85% | +24.13% | +25.35% | +24.83% | +24.21% |
| Net margin | +24.87% | +23.81% | +21.72% | +21.56% | +20.30% | +20.62% | +20.76% | +21.35% | +21.45% |
| Cost structure | |||||||||
| Cost of revenue / sales | +41.51% | +42.00% | +40.43% | +40.57% | +42.23% | +40.07% | +41.47% | +40.52% | +42.08% |
| R&D intensity | +6.04% | +5.93% | +5.92% | +6.19% | +6.17% | +6.03% | +6.06% | +5.96% | +6.01% |
| SG&A intensity | +22.51% | +22.14% | +24.90% | +23.33% | +23.39% | +23.98% | +23.24% | +24.56% | +24.18% |
| Effective tax rate | +14.06% | +15.53% | +12.77% | +15.50% | +14.87% | +14.54% | +13.89% | +14.21% | +14.51% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +188.50% | +140.29% | +55.83% | +34.88% | +25.09% | +33.77% | +35.12% | +35.41% | +36.16% |
| Return on assets (ROA) | +22.39% | +21.57% | +13.88% | +14.01% | +12.64% | +13.48% | +13.19% | +13.73% | +13.71% |
| Return on capital (ROC) | +41.73% | +40.29% | +22.76% | +23.40% | +22.51% | +22.91% | +23.71% | +23.27% | +23.22% |
| Return on invested capital (ROIC) | +35.19% | +32.65% | +17.88% | +18.06% | +16.19% | +17.00% | +17.16% | +17.32% | +17.68% |
| Asset turnover | +90.01% | +90.57% | +63.90% | +64.97% | +62.26% | +65.37% | +63.53% | +64.28% | +63.91% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +24.87% | +23.81% | +21.72% | +21.56% | +20.30% | +20.62% | +20.76% | +21.35% | +21.45% |
| Asset turnover (× revenue / assets) | +90.01% | +90.57% | +63.90% | +64.97% | +62.26% | +65.37% | +63.53% | +64.28% | +63.91% |
| Equity multiplier (× assets / equity) | +842.03% | +650.45% | +402.22% | +249.04% | +198.50% | +250.59% | +266.26% | +257.98% | +263.74% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.90 | 0.91 | 0.64 | 0.65 | 0.62 | 0.65 | 0.64 | 0.64 | 0.64 |
| Fixed-asset turnover | 4.40 | 4.44 | 4.09 | 4.08 | 4.93 | — | — | — | — |
| Inventory turnover | 3.25 | 2.74 | 2.32 | 2.51 | 2.34 | — | — | — | — |
| Receivables turnover | 4.55 | 4.11 | 4.21 | 4.03 | 3.82 | — | — | — | — |
| Payables turnover | 11.95 | 13.38 | 14.11 | 12.01 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 80.27 | 88.78 | 86.69 | 90.48 | 95.58 | — | — | — | — |
| Days inventory outstanding (DIO) | 112.38 | 133.26 | 157.65 | 145.14 | 156.30 | — | — | — | — |
| Days payables outstanding (DPO) | 30.55 | 27.28 | 25.87 | 30.39 | — | — | — | — | — |
| Cash conversion cycle | 162.10 | 194.76 | 218.47 | 205.23 | 251.88 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.08 | 0.86 | 0.94 | 1.19 | 1.02 | 1.08 | 1.09 | 1.05 | 1.05 |
| FCF / Net income | 0.84 | 0.61 | 0.69 | 0.97 | 0.84 | 0.87 | 0.87 | 0.85 | 0.82 |
| FCF margin | +20.78% | +14.41% | +14.96% | +20.95% | +17.05% | +18.02% | +18.08% | +18.09% | +17.52% |
| OCF margin | +26.82% | +20.58% | +20.39% | +25.76% | +20.62% | +22.36% | +22.59% | +22.41% | +22.43% |
| CapEx / Revenue | +6.04% | +6.17% | +5.43% | +4.82% | +3.56% | +4.52% | +4.59% | +4.66% | +4.59% |
| CapEx / D&A | 1.28 | 1.41 | 0.97 | 0.74 | 0.55 | — | — | — | — |
| Stock-based comp / Revenue | +1.07% | +1.43% | +1.25% | +1.51% | +1.71% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 11.17 | 11.73 | 10.84 | 10.71 | 10.76 | 14.51 | 16.39 | 18.20 | 20.21 |
| EPS · basic | 11.25 | 11.80 | 10.87 | 10.75 | 10.80 | 14.49 | 16.52 | 18.33 | 20.16 |
| Book value / share | 5.93 | 8.36 | 19.41 | 30.70 | 42.90 | 65.51 | 69.64 | 76.03 | 79.59 |
| Tangible BV / share | -5.04 | -2.54 | -13.23 | -0.59 | 11.10 | 65.51 | 69.64 | 76.03 | 79.59 |
| Sales / share | 44.91 | 49.26 | 49.88 | 49.68 | 53.01 | 107.31 | 117.80 | 126.07 | 134.16 |
| Operating CF / share | 12.05 | 10.14 | 10.17 | 12.80 | 10.93 | 24.00 | 26.61 | 28.25 | 30.09 |
| Free cash flow / share | 9.33 | 7.10 | 7.46 | 10.41 | 9.04 | 19.33 | 21.30 | 22.81 | 23.51 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +6.68% | -0.52% | +0.07% | +6.99% | +103.46% | +10.26% | +5.69% | +6.71% | +14.11% |
| Gross profit · YoY | — | +5.80% | +2.17% | -0.17% | +4.01% | +101.56% | +14.36% | +5.55% | +6.83% | +14.32% |
| Profit | ||||||||||
| Operating income · YoY | — | +6.29% | -6.38% | +1.06% | +8.09% | +100.35% | +13.83% | +5.66% | +4.84% | +13.46% |
| EBITDA · YoY | — | +3.49% | -1.58% | +3.53% | -2.36% | +116.07% | +10.53% | +4.35% | +4.89% | +13.17% |
| Net income · YoY | — | +2.15% | -9.26% | -0.69% | +0.75% | +106.62% | +11.04% | +8.70% | +7.20% | +12.02% |
| Operating | ||||||||||
| EBIT · YoY | — | +4.17% | -5.81% | +1.13% | -4.61% | +120.68% | +10.21% | +7.07% | +4.45% | +12.55% |
| R&D · YoY | — | +4.65% | -0.71% | +4.62% | +6.64% | +99.11% | +10.70% | +4.00% | +7.67% | +14.04% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +5.01% | -7.59% | -1.20% | +0.47% | +34.88% | +12.94% | +11.04% | +11.04% | +7.69% |
| EPS · basic · YoY | — | +4.89% | -7.88% | -1.10% | +0.47% | +34.17% | +13.98% | +10.97% | +9.97% | +7.56% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.6B | $1.66B | $2.44B | $1.7B | $1.41B | $3.88B | $4.39B | $4.73B | $4.96B |
| Net debt | $1.1B | $1.18B | $2.05B | $1.38B | $819.61M | $2.97B | $3.36B | $3.68B | $3.84B |
| Net debt / EBITDA | 1.12 | 1.16 | 2.05 | 1.33 | 0.81 | 1.36 | 1.39 | 1.46 | 1.45 |
| Debt / equity | 4.36 | 3.30 | 2.12 | 0.93 | 0.55 | 0.99 | 1.05 | 1.04 | 1.04 |
| Debt / assets | +51.74% | +50.69% | +52.78% | +37.38% | +27.68% | +39.36% | +39.29% | +40.47% | +39.62% |
| Equity / assets | +11.88% | +15.37% | +24.86% | +40.15% | +50.38% | +39.91% | +37.56% | +38.76% | +37.92% |
| Coverage | |||||||||
| EBITDA / interest expense | 21.87 | 20.84 | 10.13 | 11.56 | 19.93 | 12.87 | 12.68 | 12.84 | 12.19 |
| Operating income / interest | 18.29 | 17.90 | 8.27 | 9.21 | 17.59 | 10.53 | 10.69 | 10.96 | 10.40 |
| Interest expense | $44.94M | $48.8M | $98.86M | $89.68M | $50.77M | $169.87M | $190.61M | $196.4M | $217.04M |
| Liquidity | |||||||||
| Current ratio | 2.39 | 2.24 | 2.22 | 2.11 | — | — | — | — | — |
| Quick ratio | 1.74 | 1.53 | 1.39 | 1.34 | — | — | — | — | — |
| Cash ratio | 0.74 | 0.61 | 0.50 | 0.41 | — | — | — | — | — |
| Working capital | $948.43M | $978.17M | $963.29M | $879.35M | $1.99B | — | — | — | — |
| Working capital / revenue | +34.04% | +32.91% | +32.58% | +29.72% | +62.84% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).