Waters
Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. The last earnings update was 56 days ago. More info.
Add to Portfolio Compare Print
WAT Share Price and Events
7 Day Returns
1 Year Returns
WAT Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Waters (WAT) | -12.2% | -13.9% | -7.9% | 9.4% | 58.5% | 113.4% |
| US Life Sciences | -4.9% | -1.5% | 8.3% | 22.1% | 80.3% | 117.5% |
| US Market | -0.1% | 3.7% | 10.2% | 7.6% | 38.1% | 46.4% |
1 Year Return vs Industry and Market
- WAT underperformed the Life Sciences industry which returned 22.1% over the past year.
- WAT outperformed the Market in United States of America which returned 7.6% over the past year.
WAT Value
Is Waters undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Waters
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Waters.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 13 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.2% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Life Sciences Unlevered Beta | Simply Wall St/ S&P Global | 1.05 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.054 (1 + (1- 21%) (7.68%)) |
1.079 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.08 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.079 * 5.96%) |
9.16% |
Discounted Cash Flow Calculation for NYSE:WAT using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Waters is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 9.16%) |
|
|---|---|---|---|
| 2019 | 575.53 | Analyst x7 | 527.22 |
| 2020 | 660.76 | Analyst x5 | 554.49 |
| 2021 | 710.74 | Analyst x3 | 546.37 |
| 2022 | 752.84 | Est @ 5.92% | 530.16 |
| 2023 | 790.23 | Est @ 4.97% | 509.78 |
| 2024 | 824.17 | Est @ 4.3% | 487.05 |
| 2025 | 855.70 | Est @ 3.83% | 463.24 |
| 2026 | 885.62 | Est @ 3.5% | 439.20 |
| 2027 | 914.56 | Est @ 3.27% | 415.48 |
| 2028 | 942.96 | Est @ 3.11% | 392.43 |
| Present value of next 10 years cash flows | $4,865.43 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $942.96 × (1 + 2.73%) ÷ (9.16% – 2.73%) |
$15,059.47 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $15,059.47 ÷ (1 + 9.16%)10 |
$6,267.20 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $4,865.43 + $6,267.20 |
$11,132.63 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $11,132.63 / 70.76 |
$157.34 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $157.34 |
| Current discount | Discount to share price of
$211.36
= -1 x ($211.36 - $157.34) / $157.34 |
-34.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Waters is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Waters's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Waters's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $7.71 |
| NYSE:WAT Share Price ** | NYSE (2019-04-23) in USD | $211.36 |
| United States of America Life Sciences Industry PE Ratio | Median Figure of 21 Publicly-Listed Life Sciences Companies | 35.45x |
| United States of America Market PE Ratio | Median Figure of 3,080 Publicly-Listed Companies | 18.03x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Waters.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:WAT Share Price ÷ EPS (both in USD) = 211.36 ÷ 7.71 |
27.41x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Waters is good value based on earnings compared to the US Life Sciences industry average.
- Waters is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Waters's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 27.41x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts |
4%per year |
| United States of America Life Sciences Industry PEG Ratio | Median Figure of 19 Publicly-Listed Life Sciences Companies | 2.73x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.55x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 27.41x ÷ 4% |
6.78x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Waters is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Waters's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $21.44 |
| NYSE:WAT Share Price * | NYSE (2019-04-23) in USD | $211.36 |
| United States of America Life Sciences Industry PB Ratio | Median Figure of 39 Publicly-Listed Life Sciences Companies | 4.77x |
| United States of America Market PB Ratio | Median Figure of 5,185 Publicly-Listed Companies | 1.92x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:WAT Share Price ÷ Book Value per Share (both in USD) = 211.36 ÷ 21.44 |
9.86x |
* Primary Listing of Waters.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Waters is overvalued based on assets compared to the US Life Sciences industry average.
Value checks
We assess Waters's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Life Sciences industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Life Sciences industry average (and greater than 0)? (1 check) Waters has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
WAT Future Performance
How is Waters expected to perform in the next 1 to 3 years based on estimates from 13 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Waters's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Waters's earnings growth is positive but not above the United States of America market average.
- Waters's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:WAT Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts | 4% |
| NYSE:WAT Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts | 4.2% |
| United States of America Life Sciences Industry Earnings Growth Rate | Market Cap Weighted Average | 14.7% |
| United States of America Life Sciences Industry Revenue Growth Rate | Market Cap Weighted Average | 6.8% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 13 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 2,742 | 815 | 673 | 8 |
| 2020-12-31 | 2,624 | 794 | 645 | 13 |
| 2019-12-31 | 2,452 | 722 | 633 | 2 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 2,420 | 604 | 594 |
| 2018-09-29 | 2,392 | 615 | 55 |
| 2018-06-30 | 2,380 | 623 | 51 |
| 2018-03-31 | 2,342 | 699 | 27 |
| 2017-12-31 | 2,309 | 698 | 20 |
| 2017-09-30 | 2,251 | 679 | 548 |
| 2017-07-01 | 2,212 | 674 | 537 |
| 2017-04-01 | 2,190 | 656 | 533 |
| 2016-12-31 | 2,167 | 643 | 522 |
| 2016-10-01 | 2,125 | 623 | 498 |
| 2016-07-02 | 2,099 | 613 | 490 |
| 2016-04-02 | 2,057 | 567 | 467 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 13 Analyst Estimates (S&P Global) | See Below |
All data from Waters Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 11.35 | 11.61 | 11.00 | 3.00 |
| 2020-12-31 | 10.34 | 10.62 | 10.14 | 4.00 |
| 2019-12-31 | 9.18 | 9.27 | 9.11 | 4.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 7.71 |
| 2018-09-29 | 0.71 |
| 2018-06-30 | 0.64 |
| 2018-03-31 | 0.34 |
| 2017-12-31 | 0.25 |
| 2017-09-30 | 6.85 |
| 2017-07-01 | 6.68 |
| 2017-04-01 | 6.62 |
| 2016-12-31 | 6.46 |
| 2016-10-01 | 6.14 |
| 2016-07-02 | 6.01 |
| 2016-04-02 | 5.70 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Waters's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Waters has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
WAT Past Performance
How has Waters performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Waters's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
- Waters's 1-year earnings growth exceeds its 5-year average (2823.5% vs -11.4%)
- Waters's earnings growth has exceeded the US Life Sciences industry average in the past year (2823.5% vs 43.3%).
Earnings and Revenue History
All data from Waters Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 2,419.93 | 593.79 | 536.90 | 143.40 |
| 2018-09-29 | 2,392.19 | 55.47 | 543.69 | 140.42 |
| 2018-06-30 | 2,379.75 | 50.56 | 548.99 | 139.03 |
| 2018-03-31 | 2,341.78 | 26.71 | 540.44 | 136.32 |
| 2017-12-31 | 2,309.08 | 20.31 | 531.36 | 132.59 |
| 2017-09-30 | 2,250.59 | 547.86 | 511.52 | 130.22 |
| 2017-07-01 | 2,211.84 | 536.61 | 500.87 | 126.86 |
| 2017-04-01 | 2,190.15 | 533.01 | 502.35 | 126.50 |
| 2016-12-31 | 2,167.42 | 521.50 | 512.33 | 125.19 |
| 2016-10-01 | 2,125.25 | 498.18 | 508.47 | 120.77 |
| 2016-07-02 | 2,098.99 | 489.60 | 509.27 | 121.06 |
| 2016-04-02 | 2,057.17 | 467.04 | 502.35 | 119.03 |
| 2015-12-31 | 2,042.33 | 469.05 | 492.75 | 118.55 |
| 2015-10-03 | 2,039.59 | 469.29 | 498.26 | 118.93 |
| 2015-07-04 | 2,032.18 | 466.51 | 495.84 | 115.51 |
| 2015-04-04 | 2,019.24 | 457.38 | 501.11 | 111.93 |
| 2014-12-31 | 1,989.34 | 431.62 | 501.99 | 107.73 |
| 2014-09-27 | 1,970.92 | 421.91 | 501.47 | 105.98 |
| 2014-06-28 | 1,935.07 | 406.46 | 499.81 | 102.30 |
| 2014-03-29 | 1,904.39 | 399.25 | 494.94 | 99.97 |
| 2013-12-31 | 1,904.22 | 450.00 | 492.97 | 100.54 |
| 2013-09-28 | 1,860.54 | 484.37 | 484.43 | 98.52 |
| 2013-06-29 | 1,853.17 | 485.43 | 479.19 | 98.68 |
| 2013-03-30 | 1,853.52 | 493.84 | 478.81 | 97.97 |
| 2012-12-31 | 1,843.64 | 461.44 | 477.27 | 96.00 |
| 2012-09-29 | 1,843.30 | 422.65 | 481.36 | 94.75 |
| 2012-06-30 | 1,847.88 | 424.79 | 487.25 | 94.37 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Waters has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
- Waters used its assets more efficiently than the US Life Sciences industry average last year based on Return on Assets.
- Waters has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Waters's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Life Sciences industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Waters has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
WAT Health
How is Waters's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Waters's finances.
The net worth of a company is the difference between its assets and liabilities.
- Waters is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Waters's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 2.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Waters Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,567.26 | 1,148.35 | 1,735.22 |
| 2018-09-29 | 1,876.43 | 1,148.35 | 2,084.26 |
| 2018-06-30 | 1,975.09 | 1,148.45 | 2,248.49 |
| 2018-03-31 | 2,114.89 | 1,247.98 | 2,551.87 |
| 2017-12-31 | 2,233.79 | 1,997.77 | 3,393.70 |
| 2017-09-30 | 2,629.10 | 1,957.79 | 3,254.96 |
| 2017-07-01 | 2,518.64 | 1,912.47 | 3,125.95 |
| 2017-04-01 | 2,394.81 | 1,867.38 | 2,966.46 |
| 2016-12-31 | 2,301.95 | 1,827.26 | 2,813.03 |
| 2016-10-01 | 2,259.14 | 1,782.01 | 2,713.02 |
| 2016-07-02 | 2,149.34 | 1,756.96 | 2,599.79 |
| 2016-04-02 | 2,101.69 | 1,718.80 | 2,505.17 |
| 2015-12-31 | 2,058.85 | 1,668.34 | 2,399.26 |
| 2015-10-03 | 1,968.56 | 1,630.18 | 2,310.73 |
| 2015-07-04 | 1,932.60 | 1,560.30 | 2,208.89 |
| 2015-04-04 | 1,862.24 | 1,485.32 | 2,109.05 |
| 2014-12-31 | 1,894.67 | 1,462.69 | 2,055.39 |
| 2014-09-27 | 1,841.82 | 1,430.01 | 1,946.36 |
| 2014-06-28 | 1,843.49 | 1,393.40 | 1,917.56 |
| 2014-03-29 | 1,819.37 | 1,332.10 | 1,853.20 |
| 2013-12-31 | 1,763.17 | 1,323.35 | 1,803.67 |
| 2013-09-28 | 1,618.63 | 1,293.76 | 1,699.11 |
| 2013-06-29 | 1,520.11 | 1,267.91 | 1,649.72 |
| 2013-03-30 | 1,476.50 | 1,233.23 | 1,589.85 |
| 2012-12-31 | 1,467.36 | 1,177.78 | 1,539.03 |
| 2012-09-29 | 1,329.88 | 1,147.70 | 1,448.44 |
| 2012-06-30 | 1,262.68 | 1,101.35 | 1,392.14 |
- Waters's level of debt (73.3%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (75% vs 73.3% today).
- Debt is well covered by operating cash flow (52.6%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 75.2x coverage).
Financial health checks
We assess Waters's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Waters has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
WAT Dividends
What is Waters's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Waters
shares you are expected to receive
$0
in your first year as a dividend.
Dividend Amount
- Unable to evaluate Waters's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
- Unable to evaluate Waters's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 13 Analyst Estimates (S&P Global) | See Below |
| United States of America Life Sciences Industry Average Dividend Yield | Market Cap Weighted Average of 7 Stocks | 0.4% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2008 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.00 | 2.00 |
| 2020-12-31 | 0.00 | 3.00 |
| 2019-12-31 | 0.00 | 3.00 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to perform a dividend volatility check as Waters has not reported any payouts.
- Unable to verify if Waters's dividend has been increasing as the company has not reported any payouts.
Income/ dividend checks
We assess Waters's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Waters afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Waters has a total score of 0/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
WAT Management
CEO
| COMPENSATION | $285,440 |
| AGE | 51 |
| TENURE AS CEO | 3.6 years |
CEO Bio
Mr. Christopher James O'Connell, also known as Chris, has been the Chief Executive Officer of Waters Corporation since September 8, 2015 and has been its Chairman since December 2017 and served as President from September 8, 2015 to January 2018. Mr. O'Connell has wide range of experiences across all aspects of a technology focused global organization. Mr. O'Connell served as an Executive Vice President and Group President of Restorative Therapies Group at Medtronic plc from January 2015 to June 2015. He provided overall strategic direction and operational management of Restorative Therapies 's five divisions, as well as led the integration of its activities within the overall strategy. Mr. O'Connell has global responsibility for Medtronic’s Spine and Biologics, Neuromodulation, Surgical Technologies and Orthopedics business units. Over his 21 years at Medtronic, he held a variety of leadership positions. Mr. O'Connell provides overall strategic direction and global operational oversight for this group of related businesses, as well as leading the integration of Medtronic's activities with the overall strategy of Medtronic. He served as Group President of Spinal & Biologics Neuromodulation Diabetes and Surgical Technologies at Medtronic, Inc. since August 2009. He served as President of Diabetes and Senior Vice President of Medtronic, Inc. from joining in 1994 to August 2009, where he was responsible for the business unit’s research, development, operations and product sales and marketing. He served in variety of leadership positions at Medtronic. From 2005 to 2006, Mr. O'Connell served as President of Medtronic’s Emergency Response Systems division. He served in leadership positions in Medtronic’s Cardiac Rhythm Disease Management division, including Vice President of Sales and Marketing and Vice President and General Manager of the Patient Management Business. In addition, Mr. O'Connell led key corporate functions as Vice President of Corporate Strategy and Director of Investor Relations. He served as Vice President of Corporate Strategy and Director of Investor Relations of Medtronic's Cardiac Rhythm Disease Management division. He began his Medtronic career in Corporate Development. He served for Corporate Finance unit of Chemical Bank. He serves as Director of California Life Sciences Association. He has been a Directors of Waters Corporation since September 8, 2015. He served as Non-Executive Director of Shandong Weigao Group Medical Polymer Co., Limited since May 21, 2012 until July 1, 2013. Mr. O'Connell earned a Bachelors Degree from Northwestern University in 1989 and a Masters Degree in Business Administration from Harvard University in 1994.
CEO Compensation
- Chris's compensation has been consistent with company performance over the past year.
- Chris's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Waters management team in years:
- The tenure for the Waters management team is about average.
Management Team
Chris O'Connell
Chairman & CEO
$285K
51
3.6 yrs
Chris O'Connell
Chairman & CEO
$8M
51
3.6 yrs
Sherry Buck
Senior VP & CFO
$5M
54
2.3 yrs
Michael Harrington
Senior Vice President of Global Markets
$2M
57
3.2 yrs
Ian King
Senior Vice President of Global Products
$2M
61
1.8 yrs
Gene Cassis
Senior Advisor
$734K
61
2.3 yrs
Francis Kim
Senior Vice President of Global Operations
51
1.2 yrs
Bryan Brokmeier
Senior Director of Investor Relations
Mark Beaudouin
Senior VP
$2M
63
16 yrs
Robert Carson
Senior VP of Corporate Development & Interim President of TA Business
44
1.2 yrs
Board of Directors Tenure
Average tenure and age of the Waters board of directors in years:
- The tenure for the Waters board of directors is about average.
Board of Directors
Chris O'Connell
Chairman & CEO
$8M
51
1.3 yrs
Michael Berendt
Independent Director
$297K
69
21.1 yrs
Chris O'Connell
Chairman & CEO
$285K
51
1.3 yrs
Ed Conard
Independent Director
$300K
61
24.7 yrs
JoAnn Reed
Director
$312K
62
12.9 yrs
Christopher Kuebler
Director
$298K
64
12.9 yrs
Tom Salice
Lead Director
$326K
58
15.2 yrs
Flemming Ornskov
Director
$252K
60
1.8 yrs
Linda Baddour
Director
60
0.6 yrs
Gary Hendrickson
Director
61
0.6 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12. Mar 19 | Sell | Terrence Kelly | Individual | 11. Mar 19 | 11. Mar 19 | -2,006 | $239.69 | $-480,818 | ||
| 27. Feb 19 | Sell | Christopher O'Connell | Individual | 26. Feb 19 | 26. Feb 19 | -1,485 | $238.69 | $-354,455 | ||
| 26. Feb 19 | Sell | Michael Berendt | Individual | 25. Feb 19 | 25. Feb 19 | -3,000 | $239.64 | $-718,920 | ||
| 17. Dec 18 | Sell | Michael Harrington | Individual | 14. Dec 18 | 14. Dec 18 | -1,131 | $189.53 | $-214,358 | ||
| 12. Dec 18 | Sell | Terrence Kelly | Individual | 11. Dec 18 | 11. Dec 18 | -2,429 | $186.76 | $-453,640 | ||
| 23. May 18 | Sell | JoAnn Reed | Individual | 22. May 18 | 22. May 18 | -2,090 | $195.77 | $-409,155 | ||
| 18. May 18 | Sell | Michael Silveira | Individual | 17. May 18 | 17. May 18 | -521 | $190.74 | $-99,376 | ||
| 08. May 18 | Sell | Michael Harrington | Individual | 07. May 18 | 07. May 18 | -1,078 | $194.34 | $-209,499 | ||
Management checks
We assess Waters's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Waters has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
WAT News
Simply Wall St News
What Investors Should Know About Waters Corporation's (NYSE:WAT) Financial Strength
One reason being its ‘too big to fail’ aura which gives it the appearance of a strong and stable investment. … This article will examine Waters’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this information is centred entirely on financial health and is a high-level overview, so I encourage you to look further
Simply Wall St - – Full articleShould You Worry About Waters Corporation's (NYSE:WAT) CEO Pay Cheque?
First, this article will compare CEO compensation with compensation at other large companies. … How Does Chris O'Connell's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Waters Corporation has a market cap of US$18b, and is paying total annual CEO compensation of US$7.6m.
Simply Wall St - – Full articleWhat Should We Expect From Waters Corporation's (NYSE:WAT) Earnings In The Next Couple Of Years?
The latest earnings announcement Waters Corporation (NYSE:WAT) released in December 2018a … indicated
Simply Wall St - – Full articleWaters Shareholders Have Enjoyed An Impressive 110% Share Price Gain
It's also good to see the share price up 20% over the last quarter. … During five years of share price growth, Waters achieved compound earnings per share (EPS) growth of 7.9% per year. … This EPS growth is slower than the share price growth of 16% per year, over the same period.
Simply Wall St - – Full articleWaters Corporation (NYSE:WAT): Will The Growth Last?
Help shape the future of investing tools and you could win a $250 gift card! … On 31 December 2018, Waters Corporation (NYSE:WAT) released its earnings update. … with earnings expected to grow by 7.2% in the upcoming year
Simply Wall St - – Full articleIs Waters Corporation's (NYSE:WAT) Balance Sheet A Threat To Its Future?
its financial health remains the key to continued success. … I will provide an overview of Waters’s financial liquidity and leverage to give you an idea of Waters’s position to take advantage of potential acquisitions or comfortably endure future downturns. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis
Simply Wall St - – Full articleRead This Before Buying Waters Corporation (NYSE:WAT) Shares
So before you buy or sell Waters Corporation (NYSE:WAT), you may well want to know whether insiders have been buying or selling. … So we know that an insider sold shares at around the present share price of US$177. … All up, insiders sold more shares in Waters than they bought, over the last year
Simply Wall St - – Full articleShould You Be Worried About Waters Corporation's (NYSE:WAT) 3.0% Return On Equity?
Our data shows Waters has a return on equity of 3.0% for the last year. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.030 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleIs It Too Late To Consider Buying Waters Corporation (NYSE:WAT)?
saw significant share price volatility over the past couple of months on the NYSE, rising to the highs of $198.48 and falling to the lows of $175.4. … This high level of volatility gives investors the opportunity to enter into the stock, and potentially buy at an artificially low price? … Let’s take a look at Waters’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleInterested In Waters Corporation (NYSE:WAT)? Here's How It Performed Recently
In this article, I will take a look at Waters Corporation's (NYSE:WAT) most recent earnings update (30 June 2018) and compare these latest figures against its performance over the past few years, along with how the rest of WAT's industry performed. … As a long-term investor, I find it useful to analyze the company's trend over time in order to estimate whether or not the company is able to meet its goals, and eventually grow sustainably over time. … WAT's trailing twelve-month earnings (from 30 June 2018) of US$50.56m has
Simply Wall St - – Full articleWAT Company Info
Description
Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company's offers thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.
Details
| Name: | Waters Corporation |
| WAT | |
| Exchange: | NYSE |
| Founded: | 1958 |
| $14,955,279,202 | |
| 70,757,377 | |
| Website: | http://www.waters.com |
| Address: |
Waters Corporation 34 Maple Street, Milford, Massachusetts, 01757, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | WAT | Common Shares | New York Stock Exchange | US | USD | 17. Nov 1995 | |
| DB | WAZ | Common Shares | Deutsche Boerse AG | DE | EUR | 17. Nov 1995 | |
| LSE | 0LTI | Common Shares | London Stock Exchange | GB | USD | 17. Nov 1995 |
Number of employees
Current staff
Industry
| Life Sciences Tools and Services | |
| Pharmaceuticals & Biotech |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/23 23:47 |
| End of day share price update: | 2019/04/23 00:00 |
| Last estimates confirmation: | 2019/04/23 |
| Last earnings filing: | 2019/02/26 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
