---
title: Waters (WAT) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/wat
ticker: WAT
as_of: 2026-10-17
sector: Healthcare
industry: Medical - Diagnostics & Research
---
# Waters (WAT)

Waters (WAT) closed at $436.95 on Oct 16, 2026, overvalued by 73% vs its model value of $253.30 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $436.95 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $253.30 |
| Price vs model | overvalued by 73% vs model |
| Range of that model | $170.91 – $495.85 |
| Market value | $42.9B |
| P/E (fiscal 2025) | 40.6 |
| Net margin (fiscal 2025) | 20.3% |
| Free cash flow (fiscal 2025) | $539.8M |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 1.15 |
| Cost of capital (WACC) | 9.57% |
| Business classification | Profitable Growth (Low/slowing growth (~3% recent), High profitability (20% net margin), Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week highs | #44 | −1.6% | https://sweetvaluelab.com/lists/near-52-week-highs |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $253.30 | $170.91 | $495.85 |
| DCF · Perpetuity growth · 10y | cross check | $272.58 | $188.67 | $515.17 |
| DCF · EBITDA exit · 5y | cross check | $537.96 | $426.29 | $668.10 |
| DCF · EBITDA exit · 10y | cross check | $501.59 | $376.81 | $664.18 |
| P/E · peers | cross check | $406.89 | $310.74 | $457.41 |
| P/E · own history | cross check | $379.38 | $347.08 | $423.56 |
| PEG | sanity check | $226.38 | $226.38 | $226.38 |
| EV/EBITDA · peers | cross check | $680.27 | $486.91 | $729.24 |
| EV/Revenue · peers | cross check | $491.28 | $413.92 | $642.28 |
| Earnings power value | cross check | $114.34 | $98.03 | $136.71 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 1 open-market sale ($1.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Knight Heather | Director | Grant / award | 57.41 | $0 |
| Sep 30, 2026 | Jiang Wei | Director | Grant / award | 57.41 | $0 |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A | Director | Option/RSU exercise | 3,626 | $494,695.2 |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A | Director | Open-market sell | 3,626 | $1.4M |
| Aug 6, 2026 | KUEBLER CHRISTOPHER A | Director | Option/RSU exercise | 3,626 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 21, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/1000697/000119312526360081/d144683d8k.htm |
| Aug 11, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/d170082d10q.htm |
| Aug 4, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1000697/000119312526331413/d163377d8k.htm |
| May 22, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1000697/000119312526236929/d110015d8k.htm |
| May 12, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1000697/000119312526219487/d435723d10q.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Terry Smith | 2026-06-30 | 2,273,632 | $852.7M |
| Viking Global | 2026-06-30 | 1,662,140 | $623.4M |
| First Eagle | 2026-06-30 | 1,335,108 | $500.7M |
| First Pacific Advisors | 2026-06-30 | 268,164 | $100.6M |

9 tracked managers in all.

## About

Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems. This includes essential consumables like chromatography columns and comprehensive post-warranty service plans. The TA segment focuses on designing, producing, selling, and servicing instruments for thermal analysis, rheometry, and calorimetry. Additionally, Waters develops and supplies sophisticated software that integrates with both its own instruments and those from other manufacturers. The company's advanced MS technology plays a crucial role in various applications, such as drug discovery and development (including cli…

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Source: https://sweetvaluelab.com/stocks/wat (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.