WAT

Waters Corporation

Healthcare · $43.4B market cap

Share price

$425.21

close of Oct 3, 2026

Fair value

$195.96

Sticker Price

Payback Price

$78.38

buy price

Overpriced

WAT is Overpriced: at $425.21 it trades 117% above its fair value of $195.96. Its buy price (Payback Price) is $78.38, 82% below today's price. Business quality is mixed: 2 of 5 key numbers clear the 10% bar.

How we valued it

Owner Earnings. Earnings grow slowly (under 7% a year), but cash flow is steady, so we value it on its cash flow instead of its earnings.

Business quality

2 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth5.2% a year✗

Equity per share growth10.3% a year✓

Sales growth4.5% a year✗

Free cash flow growth3.9% a year✗

Return on invested capital18.1%✓

Follow WAT

Get notified when it reaches its buy price of $78.38. Free.

Create a free account

Superinvestors

8 of the investors we track hold WAT. In Q2 2026, 1 added and 4 trimmed. Who we track

Terry Smith

Fundsmith · as of Q2 2026

$852.7M

2,273,632 shares

Viking Global Investors

Viking Global Investors · as of Q2 2026

$623.4M

1,662,140 shares

First Eagle Investment Management

First Eagle Investment Management · as of Q2 2026

$500.7M

1,335,108 shares

First Pacific Advisors

First Pacific Advisors · as of Q2 2026

$100.6M

268,164 shares

AKO Capital

AKO Capital · as of Q2 2026

$76.3M

203,356 shares

Show all 8 holders

Jensen Investment Management

Jensen Investment Management · as of Q2 2026

$14.5M

38,566 shares

Bill Nygren

Oakmark Funds · as of Q2 2026

$6.9M

18,413 shares

Mairs & Power Funds

Mairs & Power Funds · as of Q2 2026

$360K

959 shares

Moves in Q2 2026

Added: Viking Global Investors

Trimmed: Terry Smith, Bill Nygren, First Eagle Investment Management, AKO Capital

Insider activity

Since Jun 24, 2026: no open-market purchases, 1 sale worth $1.4M and 4 other filings (stock awards, tax withholding and similar). Why purchases matter

Sales

KUEBLER CHRISTOPHER A

director · 2026-08-06

Sold

$1.4M

Other filings

KUEBLER CHRISTOPHER A

director · 2026-08-06

Option exercise

$495K

Jiang Wei

director · 2026-06-30

Award

67.42 shares

Knight Heather

director · 2026-06-30

Award

63.03 shares

Carpio Robert L III

SVP Waters Analytical Sciences · 2026-06-24

Tax withholding

$70K

About Waters Corporation

Waters Corporation is a global leader in specialized measurement, delivering analytical solutions across Asia, the Americas, and Europe. The company operates through two main divisions: Waters and TA. Under its Waters segment, it engineers, manufactures, sells, and provides support for high and ultra-performance liquid chromatography and mass spectrometry (MS) systems. This includes essential consumables like…

Medical - Diagnostics & Research

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works