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 36,088 - -
Change - -10.51% -4.35% 13.16% 2.66% 59.59% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 23,433 40,135 38,816 37,266
Change - -9.46% -0.09% 8.88% 0.45% 71.28% -3.29% -3.99%
P/E 33.4x 29.2x 30.4x 34.6x 35.3x 44.5x 27.9x 26.8x
PBR 61.6x 41x 17x 12.1x 8.86x 2.07x 1.94x 1.73x
PEG - 5.82x -4.01x -28.85x 75.61x -1.9x 0.5x 6.35x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 5.6x 5.08x 4.77x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.4x 6.23x 5.46x 4.92x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 20x 19.1x 16.3x 14.4x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 24.3x 22.1x 18.6x 16.3x
EV / FCF 40.4x 49.2x 48.5x 37.6x 43.4x 43.7x 26.5x 22.8x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.3% 2.29% 3.77% 4.39%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 11.17 11.73 10.84 10.71 10.76 8.251 13.15 13.71
Distribution rate - - - - - - - -
Net sales 1 2,786 2,972 2,956 2,958 3,165 6,442 7,111 7,569
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,097 2,379 2,592
EBIT 1 841.4 898.1 912.9 916.3 964.4 1,817 2,087 2,283
Net income 1 692.8 707.8 642.2 637.8 642.6 755.5 1,199 1,169
Net Debt 1 944.6 1,093 1,960 1,301 819.6 4,047 2,728 1,178
Reference price 2 372.60 342.58 329.23 370.98 379.83 367.55 367.55 367.55
Nbr of stocks (in thousands) 61,036 59,408 59,127 59,376 59,535 98,186 - -
Announcement Date 2/1/22 2/15/23 2/6/24 2/12/25 2/9/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.35x4.74x18.23x0.35% 196B
32.72x6.26x19.8x0.71% 142B
38.39x10.06x22.23x-.--% 125B
15.65x3.32x10.71x-.--% 65.06B
30.31x6.77x21.6x-.--% 48.94B
18.74x2.15x11.16x2.8% 44.9B
25.33x5.05x17.25x0.79% 36.79B
18.77x4.92x12.65x1.23% 28.65B
14.13x1.58x8.79x0.23% 28.58B
Average 24.49x 4.98x 15.82x 0.68% 79.54B
Weighted average by Cap. 27.70x 5.72x 17.69x 0.51%

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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