WATWATERS CORP /DE/
Laboratory Analytical Instruments
- Revenue
- $3.2B
- 7.0% YoY
- Operating margin
- 25.4%
- 9.2% YoY
- EBITDA
- $891M
- 2.5% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.0×
- $871M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear102% of net incomeCash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowClear2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear38% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.0B | $3.0B | $3.0B | $3.2B | 7.0% |
| Operating income | $822M | $873M | $818M | $826M | $803M | 2.9% |
| Net income | $693M | $708M | $642M | $638M | $643M | 0.8% |
| Operating cash flow | $747M | $612M | $603M | $762M | $653M | 14% |
| Capex | — | — | $161M | $142M | $113M | 21% |
| Stock-based comp | $30M | $43M | $37M | $45M | $54M | 21% |
| Buybacks | $649M | $626M | $70M | $14M | $15M | 8.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $306K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $306K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 154 | 69 |
| FY2024 | — | — | 150 | 72 |
| FY2023 | — | — | 133 | 76 |
| FY2022 | — | — | 138 | 86 |
| FY2021 | — | — | 151 | 127 |