Waters Corporation

WATNYSEHealthcare● Active

$369.39

+$4.03(+1.10%)

Market Cap$24.1B

P/E Ratio—

52W High$414.15

52W Low$275.05

Avg Volume1.1M

Open$370.13

Beta1.20

Overview

Waters Corporation (WAT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

WAT · free cash flow · updated Jun 8, 2026

Core FCF metrics

WAT · FCF · TTM · margin & CAGR

Free cash flow was $539.8M for FY2025 (fiscal year ending 2025-12-31), down 12.9% year-over-year The FCF margin was 17.1%. Five-year CAGR stands at -2.7%.

FY2025 Free Cash Flow$539.8M▼ -12.9% YoY

Trailing 12M (TTM)$264.0Mtrailing 4 quarters sum

FCF Margin17.1%$539.8M ÷ revenue

3-Year CAGR+8.0%FY2022 → FY2025

5-Year CAGR-2.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

WAT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$652.6M(113M)$539.8M▼ 12.9%17.1%

FY2024$762.1M(142M)$619.6M▲ +40.1%20.9%

FY2023$602.8M(161M)$442.2M▲ +3.3%15.0%

FY2022$611.7M(183M)$428.2M▼ 26.0%14.4%

FY2021$747.3M(168M)$579.0M▼ 6.3%20.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

WAT · P/FCF · FCF yield · FCF per share

Waters Corporation (WAT) trades at a FCF yield of 1.10% and a price-to-free-cash-flow ratio of 83.2x. FCF per share stands at $4.44, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.10%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$4.44

TTM FCF ÷ Shares Outstanding

Price / FCF

x83.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x110.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

WAT · cash flow statement · operating / investing / financing

For FY2025, Waters Corporation generated $652.6M in operating cash flow and spent 113M in capital expenditures, yielding $539.8M in free cash flow.

Operating Activities

+$652.6M

Cash from core business operations

2025-12-31

Investing Activities

−$152.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$237.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($652.6M) − |CapEx| (113M) = FCF ($539.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

WAT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Waters CorporationYOU

WAT

$539.8M-12.9%17.1%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Waters Corporation (WAT) reported free cash flow of $539.8M for FY2025 (fiscal year ending 2025-12-31), down 12.9% year-over-year. The FCF margin was 17.1%.

Based on available data, Waters Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $619.6M in FY2024. The 5-year CAGR stands at -2.7%.

Waters Corporation's FCF yield is 1.10% and price-to-FCF ratio is 83.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

WAT free cash flow · 8 questions

Waters Corporation free cash flow was $539.8M for FY2025, down 12.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $264.0M.

WAT free cash flowWAT FCFWAT FCF 2025WAT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Waters Corporation · Waters Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026