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 39,948 - -
Change - -10.51% -4.35% 13.16% 2.66% 76.66% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 23,433 43,789 42,402 41,074
Change - -9.46% -0.09% 8.88% 0.45% 86.87% -3.17% -3.13%
P/E 33.4x 29.2x 30.4x 34.6x 35.3x 82.6x 35.2x 35.1x
PBR 61.6x 41x 17x 12.1x 8.86x 2.4x 2.27x 2.05x
PEG - 5.82x -4.01x -28.85x 75.61x -1.5x 0x 122.02x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 6.18x 5.61x 5.29x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.4x 6.77x 5.96x 5.44x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 20x 20.5x 17.7x 15.7x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 24.3x 24.1x 20.3x 18x
EV / FCF 40.4x 49.2x 48.5x 37.6x 43.4x 54.6x 26.6x 22x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.3% 1.83% 3.77% 4.54%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 11.17 11.73 10.84 10.71 10.76 4.924 11.56 11.59
Distribution rate - - - - - - - -
Net sales 1 2,786 2,972 2,956 2,958 3,165 6,467 7,116 7,546
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,133 2,397 2,619
EBIT 1 841.4 898.1 912.9 916.3 964.4 1,818 2,091 2,283
Net income 1 692.8 707.8 642.2 637.8 642.6 459.1 1,183 1,086
Net Debt 1 944.6 1,093 1,960 1,301 819.6 3,841 2,455 1,126
Reference price 2 372.60 342.58 329.23 370.98 379.83 406.86 406.86 406.86
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
82.62x6.77x20.53x-.--% 39.95B
29.58x5.25x20.13x0.31% 220B
34.32x6.23x19.73x0.71% 144B
41.56x10.81x23.9x-.--% 134B
18.44x3.75x12.19x-.--% 71.46B
35.45x7.13x22.57x-.--% 51.71B
19.79x2.35x11.8x2.58% 50.84B
28.39x5.64x19.27x0.7% 41.23B
15.37x1.77x9.89x0.22% 32.42B
20.02x5.26x13.42x1.15% 30.57B
Average 32.55x 5.50x 17.34x 0.57% 81.56B
Weighted average by Cap. 32.78x 6.10x 18.93x 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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