WAT

NYSE

WATERS CORP /DE/

Health Care, Life Sciences Tools & Services

$406.86

close 7 Aug 2026

+45.68%

52-week change

$39.94B

market cap

$278.49

$414.15

52-week range

Expected price

$233.75 – $285.69

Current price

$406.86

Signal

Could be overvalued

A historical-multiple reference, never a fair-value claim. The band uses only data public at each date and ends at the latest month — no forward estimates.

Current multiples

P/E (TTM)51.70x

P/S (TTM)10.59x

P/B2.61x

EV/EBITDA (TTM)63.31x

FCF yield (TTM)0.66%

PEG (TTM, GAAP)—

Context

P/E, own 5-year average34.71x

P/E, sector median29.65x*

Price at 5-year median P/E$259.60*

Forward — analyst consensus

Forward P/E (FY2026)27.93x*

Forward P/E (FY2027)24.56x

Forward PEG2.04*

Consensus EPS FY2026 (24 analysts)$14.57

EPS growth (FY2026→FY2027)13.71%

Revenue growth (FY2026)104.28%

Street view

Price target (mean)$433.39*

Target upside6.52%

Ratings (buy / hold / sell)16 / 8 / 0

FY2026 EPS revisions, 30d (up / down)4 / 1

5-year history

Dashed line: average of month-end values

P/E (TTM)

P/S (TTM)

P/B

FCF yield (TTM)

period to 4 Apr 2026, filed 12 May 2026, close 7 Aug 2026

Discounted cash flow

Ten projected years plus a perpetuity, prefilled from filings — a model to argue with, never a fair-value claim.

Free cash flow, last ten years and TTM

5Y CAGR -2.67%10Y CAGR +1.32%

Assumptions

Growth rate, years 1–10%

Perpetual growth%Discount rate%

Base FCF$M

As filed — not assumptions

Current price$406.86

Cash & equivalents$462.00M

Total debt$5.22B

Shares outstanding98.17M

Result

DCF price per share-$14.87

Current price$406.86

Margin of safety-103.65%

PV of years 1–10$1.56B

PV of terminal value$1.74B

Equity value-$1.46B

Market-implied growth+31.62%

Projected FCF, years 1–10

Hover for PV and growth

Projection detail

Override growth for any year; blank years use the uniform rate

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Growth, %											2.5
FCF	$256.77M	$249.91M	$243.24M	$236.74M	$230.42M	$224.27M	$218.28M	$212.45M	$206.78M	$201.26M	$3.75B
PV	$237.75M	$214.26M	$193.09M	$174.01M	$156.82M	$141.33M	$127.37M	$114.78M	$103.44M	$93.22M	$1.74B

period to 4 Apr 2026, filed 12 May 2026, close 7 Aug 2026