simplyStocks
Waters Corporation
WAT · NYSELife Science Tools & Diagnostics
The economic chain
Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
~$35B
Revenue (FY25)
$3.2B
Rev. growth
+7%
Recurring rev.
~57%
Pharma mix
~58%
Pro forma rev.
~$6.5B
P/E ratio
~30×
Operating margin
~30%
In plain English
Waters builds the precision instruments labs use to find out exactly what is in a sample — liquid chromatography and mass spectrometers that separate and weigh molecules, plus the columns and chemistry consumables consumed on every run. Pharma quality-control labs are its biggest customers, and roughly half its revenue is the recurring 'razor-blade' stream of consumables and service. In February 2026 it absorbed BD's Biosciences & Diagnostic Solutions business (flow cytometry, diagnostics) in a ~$17.5B Reverse Morris Trust, roughly doubling its addressable market.
In simple terms
What Waters Corporation really sells
Waters builds the precision instruments labs use to find out exactly what is in a sample — liquid chromatography and mass spectrometers that separate and weigh molecules, plus the columns and chemistry consumables consumed on every run. Pharma quality-control labs are its biggest customers, and roughly half its revenue is the recurring 'razor-blade' stream of consumables and service. In February 2026 it absorbed BD's Biosciences & Diagnostic Solutions business (flow cytometry, diagnostics) in a ~$17.5B Reverse Morris Trust, roughly doubling its addressable market.
Tip · Click any company in the map to learn — in one sentence — what it actually does and why it matters.
Risk read
SteadierMore speculative
Why this rating?