Company Valuation: Waters Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,742 20,352 19,466 22,027 22,613 40,743 - -
Change - -10.51% -4.35% 13.16% 2.66% 80.17% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 23,433 44,771 43,299 41,993
Change - -9.46% -0.09% 8.88% 0.45% 91.06% -3.29% -3.02%
P/E 33.4x 29.2x 30.4x 34.6x 35.3x 72.6x 35.9x 35.8x
PBR 61.6x 41x 17x 12.1x 8.86x 2.46x 2.33x 2.11x
PEG - 5.82x -4.01x -28.85x 75.61x -1.5x 0x 191.48x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 6.3x 5.71x 5.38x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.4x 6.92x 6.07x 5.55x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 20x 21.1x 18.2x 16.2x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 24.3x 24.6x 20.8x 18.5x
EV / FCF 40.4x 49.2x 48.5x 37.6x 43.4x 61.2x 27.3x 23x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.3% 1.63% 3.66% 4.34%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 11.17 11.73 10.84 10.71 10.76 5.712 11.56 11.58
Distribution rate - - - - - - - -
Net sales 1 2,786 2,972 2,956 2,958 3,165 6,468 7,134 7,571
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,124 2,384 2,595
EBIT 1 841.4 898.1 912.9 916.3 964.4 1,818 2,086 2,275
Net income 1 692.8 707.8 642.2 637.8 642.6 579.2 1,183 1,086
Net Debt 1 944.6 1,093 1,960 1,301 819.6 4,029 2,557 1,250
Reference price 2 372.60 342.58 329.23 370.98 379.83 414.69 414.69 414.69
Nbr of stocks (in thousands) 61,036 59,408 59,127 59,376 59,535 98,248 - -
Announcement Date 01/02/22 15/02/23 06/02/24 12/02/25 09/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.98x5.47x20.96x0.3% 230B
36.45x6.54x20.74x0.66% 152B
40.87x10.62x23.48x-.--% 132B
17.48x3.59x11.63x-.--% 67.88B
35.65x7.16x22.63x-.--% 52B
19.58x2.35x11.75x2.61% 51.05B
29.98x5.8x19.77x0.67% 43.38B
72.6x6.92x21.08x-.--% 40.74B
20.86x5.8x14.97x1.11% 34.67B
Average 33.83x 6.03x 18.56x 0.59% 89.25B
Weighted average by Cap. 33.69x 6.37x 19.75x 0.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  3. WAT Stock
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  5. Valuation Waters Corporation