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 40,627 - -
Change - -10.51% -4.35% 13.16% 2.66% 79.66% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 23,433 44,656 43,183 41,877
Change - -9.46% -0.09% 8.88% 0.45% 90.57% -3.3% -3.03%
P/E 33.4x 29.2x 30.4x 34.6x 35.3x 88.3x 35.8x 35.7x
PBR 61.6x 41x 17x 12.1x 8.86x 2.45x 2.32x 2.1x
PEG - 5.82x -4.01x -28.85x 75.61x -1.6x 0x 190.94x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 6.28x 5.71x 5.38x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.4x 6.9x 6.07x 5.55x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 20x 20.9x 18x 16x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 24.3x 24.6x 20.7x 18.3x
EV / FCF 40.4x 49.2x 48.5x 37.6x 43.4x 55.7x 27x 22.5x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.3% 1.8% 3.7% 4.45%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 11.17 11.73 10.84 10.71 10.76 4.682 11.56 11.58
Distribution rate - - - - - - - -
Net sales 1 2,786 2,972 2,956 2,958 3,165 6,467 7,117 7,547
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,133 2,398 2,618
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 4,029 2,557 1,250
Reference price 2 372.60 342.58 329.23 370.98 379.83 413.51 413.51 413.51
Nbr of stocks (in thousands) 61,036 59,408 59,127 59,376 59,535 98,248 - -
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.($)
88.32x6.9x20.94x-.--% 40.63B
29.68x5.26x20.18x0.31% 220B
34.17x6.2x19.65x0.71% 143B
44.03x11.48x25.39x-.--% 142B
19.33x3.91x12.72x-.--% 74.91B
36.58x7.36x23.27x-.--% 53.35B
19.47x2.33x11.67x2.62% 50.13B
29.03x5.79x19.8x0.69% 42.16B
15.8x1.81x10.13x0.22% 33.33B
21.41x5.64x14.38x1.07% 32.71B
Average 33.78x 5.67x 17.81x 0.56% 83.26B
Weighted average by Cap. 33.74x 6.30x 19.38x 0.45%

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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