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 36,442 - -
Change - -10.51% -4.35% 13.16% 2.66% 61.15% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 22,613 40,623 39,306 37,772
Change - -9.46% -0.09% 8.88% -3.07% 79.65% -3.24% -3.9%
P/E ratio 33.4x 29.2x 30.4x 34.6x 35.3x 45x 28.2x 27.1x
PBR 61.6x 41x 17x 12.1x 8.86x 2.07x 1.94x 1.72x
PEG - 5.82x -4.01x -28.85x 75.61x -1.9x 0.5x 6.42x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 5.66x 5.13x 4.83x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.14x 6.31x 5.53x 5.01x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 19.3x 19.4x 16.5x 14.6x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 23.4x 22.4x 18.9x 16.6x
EV / FCF 40.4x 49.2x 48.5x 37.6x 41.9x 45.5x 27.5x 24.6x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.39% 2.2% 3.64% 4.06%
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 6,438 7,110 7,541
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,092 2,382 2,588
EBIT 1 841.4 898.1 912.9 916.3 964.4 1,816 2,085 2,272
Net income 1 692.8 707.8 642.2 637.8 642.6 807.7 1,268 1,220
Net Debt 1 944.6 1,093 1,960 1,301 - 4,182 2,864 1,330
Reference price 2 372.60 342.58 329.23 370.98 379.83 371.15 371.15 371.15
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 ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
44.98x6.31x19.41x-.--% 3.64TCr
24.74x4.49x17.31x0.38% 18TCr
46.85x12.3x27.54x-.--% 15TCr
29.85x5.58x17.41x0.76% 13TCr
17.93x3.68x11.86x-.--% 7.28TCr
31.22x6.96x22.11x-.--% 5.04TCr
18.48x2.12x10.87x2.84% 4.53TCr
26.32x5.25x18.06x0.76% 3.83TCr
14.72x1.65x9.22x0.24% 3TCr
18.59x4.87x12.27x1.24% 2.84TCr
Average 27.37x 5.32x 16.61x 0.62% 7.7TCr
Weighted average by Cap. 29.80x 6.19x 18.39x 0.48%

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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