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 37,241 - -
Change - -10.51% -4.35% 13.16% 2.66% 64.69% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 22,613 41,260 39,970 38,421
Change - -9.46% -0.09% 8.88% -3.07% 82.46% -3.13% -3.88%
P/E 33.4x 29.2x 30.4x 34.6x 35.3x 46x 28.8x 27.7x
PBR 61.6x 41x 17x 12.1x 8.86x 2.13x 2x 1.79x
PEG - 5.82x -4.01x -28.85x 75.61x -2x 0.5x 6.56x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 5.78x 5.24x 4.94x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.14x 6.41x 5.62x 5.1x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 19.3x 19.6x 16.8x 14.8x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 23.4x 22.7x 19.2x 16.9x
EV / FCF 40.4x 49.2x 48.5x 37.6x 41.9x 42.4x 27.9x 24.7x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.39% 2.36% 3.58% 4.04%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 11.17 11.73 10.84 10.71 10.76 8.251 13.15 13.71
Distribution rate - - - - - - - -
Net sales 1 2,786 2,972 2,956 2,958 3,165 6,440 7,109 7,540
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,105 2,384 2,596
EBIT 1 841.4 898.1 912.9 916.3 964.4 1,817 2,084 2,274
Net income 1 692.8 707.8 642.2 637.8 642.6 755.5 1,199 1,169
Net Debt 1 944.6 1,093 1,960 1,301 - 4,019 2,729 1,180
Reference price 2 372.60 342.58 329.23 370.98 379.83 379.29 379.29 379.29
Nbr of stocks (in thousands) 61,036 59,408 59,127 59,376 59,535 98,186 - -
Announcement Date 01/02/22 15/02/23 06/02/24 12/02/25 09/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.21x4.72x18.18x0.35% 19TCr
46.78x12.28x27.48x-.--% 15TCr
31.53x - - 0.72% 14TCr
16.58x3.44x11.09x-.--% 6.71TCr
33.65x7.54x23.96x-.--% 5.43TCr
18.43x2.12x10.92x2.85% 4.46TCr
25.39x5.06x17.51x0.79% 3.69TCr
19.78x5.2x13.42x1.16% 3.02TCr
14.74x1.64x9.16x0.24% 2.98TCr
Average 25.90x 5.25x 16.47x 0.68% 8.32TCr
Weighted average by Cap. 29.81x 6.41x 18.97x 0.49%

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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  5. Valuation Waters Corporation