Waters Corporation (WAT) — Free Cash Flow Generation Index
Waters Corporation (WAT) has a Free Cash Flow Generation Index of 0.76x as of December 2025. Free cash flow of $125.58 Million represents 1% of operating cash flow ($164.55 Million). Explore WAT capital expenditure intensity to see what proportion of operating cash flow is directed to capital expenditures.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Waters Corporation Free Cash Flow Generation Index (1995–2025)
Historical FCF Generation Index trend for Waters Corporation across 31 annual periods. For the full cash flow conversion analysis, see WAT cash generation efficiency.
Annual Free Cash Flow Generation for Waters Corporation (1995–2025)
Year-by-year Free Cash Flow Generation Index for Waters Corporation. Check WAT total capital reinvestment ratio to assess the company's total reinvestment commitment from operating cash flow.
| Year | FCG Index | Free Cash Flow (USD) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.83x | $539.81 Million | $652.55 Million | $112.75 Million | ▲ +1.7% |
| 2024 | 0.81x | $619.64 Million | $762.12 Million | $142.48 Million | ▲ +10.8% |
| 2023 | 0.73x | $442.18 Million | $602.81 Million | $160.63 Million | ▲ +4.8% |
| 2022 | 0.70x | $428.20 Million | $611.66 Million | $183.46 Million | ▼ -9.6% |
| 2021 | 0.77x | $579.01 Million | $747.27 Million | $168.27 Million | ▼ -0.9% |
| 2020 | 0.78x | $618.12 Million | $790.51 Million | $172.38 Million | ▲ +4.9% |
| 2019 | 0.75x | $479.26 Million | $643.09 Million | $163.82 Million | ▼ -5.5% |
| 2018 | 0.79x | $476.88 Million | $604.45 Million | $127.56 Million | ▼ -9.3% |
| 2017 | 0.87x | $607.17 Million | $697.64 Million | $90.47 Million | ▲ +2.5% |
| 2016 | 0.85x | $534.11 Million | $629.08 Million | $94.97 Million | ▲ +4.0% |
| 2015 | 0.82x | $457.28 Million | $560.29 Million | $103.01 Million | ▲ +3.0% |
| 2014 | 0.79x | $405.40 Million | $511.65 Million | $106.25 Million | ▲ +4.8% |
| 2013 | 0.76x | $366.43 Million | $484.88 Million | $118.45 Million | ▼ -1.5% |
| 2012 | 0.77x | $344.53 Million | $449.28 Million | $104.75 Million | ▼ -7.4% |
| 2011 | 0.83x | $411.94 Million | $497.37 Million | $85.44 Million | ▼ -4.0% |
| 2010 | 0.86x | $395.12 Million | $457.86 Million | $62.74 Million | ▲ +11.2% |
| 2009 | 0.78x | $324.47 Million | $418.26 Million | $93.80 Million | ▼ -7.1% |
| 2008 | 0.83x | $349.18 Million | $418.25 Million | $69.06 Million | ▼ -0.3% |
| 2007 | 0.84x | $310.17 Million | $370.51 Million | $60.34 Million | ▲ +4.0% |
| 2006 | 0.80x | $212.17 Million | $263.59 Million | $51.42 Million | ▼ -2.9% |
| 2005 | 0.83x | $247.02 Million | $298.07 Million | $51.05 Million | ▲ +11.3% |
| 2004 | 0.74x | $193.21 Million | $259.45 Million | $66.24 Million | ▼ -4.5% |
| 2003 | 0.78x | $122.42 Million | $157.00 Million | $34.59 Million | ▼ -5.7% |
| 2002 | 0.83x | $181.68 Million | $219.65 Million | $37.97 Million | ▲ +6.6% |
| 2001 | 0.78x | $146.74 Million | $189.15 Million | $42.41 Million | ▼ -2.9% |
| 2000 | 0.80x | $140.22 Million | $175.59 Million | $35.37 Million | ▼ -6.6% |
| 1999 | 0.85x | $128.40 Million | $150.20 Million | $21.80 Million | ▲ +2.4% |
| 1998 | 0.83x | $92.00 Million | $110.20 Million | $18.20 Million | ▲ +197.2% |
| 1997 | -0.86x | $-82.80 Million | $96.40 Million | $179.20 Million | ▼ -204.9% |
| 1996 | 0.82x | $45.60 Million | $55.70 Million | $10.10 Million | ▼ -5.2% |
| 1995 | 0.86x | $39.90 Million | $46.20 Million | $6.30 Million | — |