Waters Corporation
343.47-2.48 (-0.72%)
Oct 29, 4:00:02 PM EDT · NYSE · WAT · USD
Key Stats
Market Cap
20.44BP/E (TTM)
30.97Basic EPS (TTM)
11.09Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Waters Corporation posted solid Q2 results, with net sales climbing 9% year-over-year to $771M, fueled by 17% growth in chemistry consumables and 7% in instrument systems, while services rose 9%; year-to-date, sales gained 7% to $1.4B. Operating income held steady at $188M (24.4% margin, down from 26.7%), pressured by merger costs and ERP rollout, yet diluted EPS edged up 3% to $2.47 on 59,656 diluted shares. Free cash flow stood at $252M YTD (derived), backed by $367M in cash and $1.6B revolver availability, though total debt eased to $1.5B. The $35M Halo Labs buyout in May added $24M goodwill and $13M intangibles over 5-10 years, promising biopharma tools integration. But regulatory hurdles could snag the pending $17.5B BD merger.
8-K
Waters beats Q2 estimates
Waters Corporation reported Q2 2025 sales of $771 million, up 9% reported and 8% constant currency from last year, fueled by mid-single-digit instrument growth and 11% recurring revenue surge, especially in pharma at 11%. Non-GAAP EPS hit $2.95, a 12% jump, prompting raised full-year guidance to 5.5%-7.5% constant currency sales growth and $12.95-$13.05 EPS. The pending BD Biosciences acquisition promises synergies, but regulatory approvals loom large.
8-K
Waters acquires BD unit via spin-merger
Waters Corporation inked a Reverse Morris Trust deal on July 13, 2025, to scoop up BD's Biosciences and Diagnostic Solutions business via a spin-off and merger, handing former BD shareholders 39.2% of the combined entity while Waters holders keep 60.8%. SpinCo will cough up $4.0 billion in cash to BD, backed by bridge financing that morphs into Waters' debt post-close. Boards greenlit it unanimously. Regulatory nods and shareholder votes loom large.
8-K
Waters-BD biosciences merger announced
Waters Corporation announced a definitive agreement on July 14, 2025, to combine with BD's Biosciences and Diagnostic Solutions business in a $17.5 billion Reverse Morris Trust transaction, doubling its total addressable market to $40 billion with 5-7% growth. The deal promises pro forma 2025 sales of $6.5 billion and adjusted EBITDA of $2.0 billion, plus $345 million in annualized synergies by 2030, while boosting recurring revenue over 70%. It closes end-Q1 2026, pending approvals. Regulatory hurdles loom large.
8-K
Waters amends credit facility
Waters Corporation amended its credit agreement on May 22, 2025, eliminating a $200 million term loan while preserving the $1.8 billion revolving facility maturing May 22, 2030, with options for a one-year extension and up to $750 million in incremental commitments, capping total at $2.55 billion. Interest rates tie to Term SOFR or base rates plus spreads of 80-112.5 basis points based on leverage or ratings, alongside a 7.5-22.5 basis point facility fee. This streamlines debt structure for acquisitions and operations, but leverage must stay below 3.50:1.00, rising to 4.25:1.00 post-$500 million buy.
IPO
Website
Employees
Sector
Industry
A
Agilent Technologies, Inc.
143.20-2.65
BIO
Bio-Rad Laboratories, Inc.
319.47-10.95
BRKR
Bruker Corporation
37.74-0.98
DGX
Quest Diagnostics Incorporated
174.78-3.50
DHR
Danaher Corporation
214.01-2.89
IDXX
IDEXX Laboratories, Inc.
627.66-6.70
ILMN
Illumina, Inc.
95.03-2.77
MTD
Mettler-Toledo International, I
1394.17-10.41
NEOG
Neogen Corporation
6.23+0.07
TMO
Thermo Fisher Scientific Inc
558.31+0.68