Waters Corporation
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, and other consumable products. It designs, manufactures, sells, and se… Read more
Waters Corporation (WAT) - Net Assets
Latest net assets as of December 2025: $2.56 Billion USD
Based on the latest financial reports, Waters Corporation (WAT) has net assets worth $2.56 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($5.08 Billion) and total liabilities ($2.52 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.56 Billion |
| % of Total Assets | 50.38% |
| Annual Growth Rate | 13.07% |
| 5-Year Change | 596.83% |
| 10-Year Change | 11.26% |
| Growth Volatility | 46.43 |
Waters Corporation - Net Assets Trend (1995–2025)
This chart illustrates how Waters Corporation's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Waters Corporation (1995–2025)
The table below shows the annual net assets of Waters Corporation from 1995 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $2.56 Billion | +40.07% |
| 2024-12-31 | $1.83 Billion | +58.95% |
| 2023-12-31 | $1.15 Billion | +128.02% |
| 2022-12-31 | $504.49 Million | +37.26% |
| 2021-12-31 | $367.55 Million | +58.33% |
| 2020-12-31 | $232.14 Million | +207.33% |
| 2019-12-31 | $-216.28 Million | -113.80% |
| 2018-12-31 | $1.57 Billion | -29.84% |
| 2017-12-31 | $2.23 Billion | -2.96% |
| 2016-12-31 | $2.30 Billion | +11.81% |
| 2015-12-31 | $2.06 Billion | +8.67% |
| 2014-12-31 | $1.89 Billion | +7.46% |
| 2013-12-31 | $1.76 Billion | +20.16% |
| 2012-12-31 | $1.47 Billion | +19.63% |
| 2011-12-31 | $1.23 Billion | +14.76% |
| 2010-12-31 | $1.07 Billion | +25.90% |
| 2009-12-31 | $848.95 Million | +28.43% |
| 2008-12-31 | $661.00 Million | +12.78% |
| 2007-12-31 | $586.08 Million | +61.73% |
| 2006-12-31 | $362.38 Million | +27.77% |
| 2005-12-31 | $283.63 Million | -58.21% |
| 2004-12-31 | $678.69 Million | +14.94% |
| 2003-12-31 | $590.48 Million | -11.25% |
| 2002-12-31 | $665.31 Million | +14.36% |
| 2001-12-31 | $581.75 Million | +28.77% |
| 2000-12-31 | $451.78 Million | +54.61% |
| 1999-12-31 | $292.20 Million | +83.54% |
| 1998-12-31 | $159.20 Million | +126.14% |
| 1997-12-31 | $70.40 Million | +8.31% |
| 1996-12-31 | $65.00 Million | +1.09% |
| 1995-12-31 | $64.30 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Waters Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 8540000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | $2.56 Billion | 100.00% |
| Total Equity | $2.56 Billion | 100.00% |
Waters Corporation Competitors by Market Cap
The table below lists competitors of Waters Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Ritchie Bros Auctioneers
TO:RBA
|
$17.27 Billion |
|
SUV
XETRA:SUV
|
$17.29 Billion |
|
China Petroleum & Chemical Corp Class H
PINK:SNPMF
|
$17.30 Billion |
|
Kuaishou Technology
PINK:KUASF
|
$17.33 Billion |
|
Brookfield Infrastructure Partners LP
NYSE:BIP
|
$17.24 Billion |
|
Lululemon Athletica Inc.
NASDAQ:LULU
|
$17.23 Billion |
|
Revolution Medicines Inc
NASDAQ:RVMD
|
$17.23 Billion |
|
Coles Group Ltd
AU:COL
|
$17.20 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Waters Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,828,507,000 to 2,561,242,000, a change of 732,735,000 (40.1%).
- Net income of 642,629,000 contributed positively to equity growth.
- Share repurchases of 14,667,000 reduced equity.
- Other comprehensive income increased equity by 155,283,000.
- Other factors decreased equity by 50,510,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $642.63 Million | +25.09% |
| Share Repurchases | $14.67 Million | -0.57% |
| Other Comprehensive Income | $155.28 Million | +6.06% |
| Other Changes | $-50.51 Million | -1.97% |
| Total Change | $- | 40.07% |
Book Value vs Market Value Analysis
This analysis compares Waters Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 6.76x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 496.15x to 6.76x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1995-12-31 | $0.58 | $290.02 | x |
| 1996-12-31 | $0.54 | $290.02 | x |
| 1997-12-31 | $0.60 | $290.02 | x |
| 1998-12-31 | $1.33 | $290.02 | x |
| 1999-12-31 | $2.20 | $290.02 | x |
| 2000-12-31 | $3.30 | $290.02 | x |
| 2001-12-31 | $4.23 | $290.02 | x |
| 2002-12-31 | $4.90 | $290.02 | x |
| 2003-12-31 | $4.63 | $290.02 | x |
| 2004-12-31 | $5.51 | $290.02 | x |
| 2005-12-31 | $2.45 | $290.02 | x |
| 2006-12-31 | $3.48 | $290.02 | x |
| 2007-12-31 | $5.72 | $290.02 | x |
| 2008-12-31 | $6.57 | $290.02 | x |
| 2009-12-31 | $8.76 | $290.02 | x |
| 2010-12-31 | $11.36 | $290.02 | x |
| 2011-12-31 | $13.29 | $290.02 | x |
| 2012-12-31 | $16.49 | $290.02 | x |
| 2013-12-31 | $20.37 | $290.02 | x |
| 2014-12-31 | $22.25 | $290.02 | x |
| 2015-12-31 | $24.78 | $290.02 | x |
| 2016-12-31 | $28.27 | $290.02 | x |
| 2017-12-31 | $27.71 | $290.02 | x |
| 2018-12-31 | $20.19 | $290.02 | x |
| 2019-12-31 | $-3.17 | $290.02 | x |
| 2020-12-31 | $3.72 | $290.02 | x |
| 2021-12-31 | $5.93 | $290.02 | x |
| 2022-12-31 | $8.36 | $290.02 | x |
| 2023-12-31 | $19.41 | $290.02 | x |
| 2024-12-31 | $30.70 | $290.02 | x |
| 2025-12-31 | $42.90 | $290.02 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Waters Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 25.09%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 20.30%
- • Asset Turnover: 0.62x
- • Equity Multiplier: 1.98x
- Recent ROE (25.09%) is below the historical average (44.57%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1995 | 3.11% | 0.60% | 1.11x | 4.66x | $-4.43 Million |
| 1996 | -3.69% | -0.61% | 1.07x | 5.62x | $-8.90 Million |
| 1997 | -11.79% | -1.78% | 0.84x | 7.84x | $-15.34 Million |
| 1998 | 46.73% | 12.02% | 1.07x | 3.63x | $58.48 Million |
| 1999 | 41.85% | 17.36% | 1.21x | 2.00x | $93.08 Million |
| 2000 | 32.17% | 18.28% | 1.15x | 1.53x | $100.16 Million |
| 2001 | 19.69% | 13.33% | 0.97x | 1.52x | $56.37 Million |
| 2002 | 22.20% | 16.60% | 0.88x | 1.52x | $81.18 Million |
| 2003 | 28.94% | 17.83% | 0.85x | 1.92x | $111.84 Million |
| 2004 | 33.01% | 20.28% | 0.76x | 2.15x | $156.18 Million |
| 2005 | 71.21% | 17.44% | 0.81x | 5.04x | $173.61 Million |
| 2006 | 61.32% | 17.36% | 0.79x | 4.46x | $185.96 Million |
| 2007 | 45.74% | 18.20% | 0.78x | 3.21x | $209.46 Million |
| 2008 | 48.79% | 20.47% | 0.97x | 2.46x | $256.38 Million |
| 2009 | 38.08% | 21.57% | 0.79x | 2.25x | $238.42 Million |
| 2010 | 35.72% | 23.23% | 0.71x | 2.18x | $274.88 Million |
| 2011 | 35.30% | 23.39% | 0.68x | 2.22x | $310.31 Million |
| 2012 | 31.45% | 25.03% | 0.58x | 2.16x | $314.71 Million |
| 2013 | 25.52% | 23.63% | 0.53x | 2.03x | $273.69 Million |
| 2014 | 22.78% | 21.70% | 0.51x | 2.05x | $242.15 Million |
| 2015 | 22.78% | 22.97% | 0.48x | 2.07x | $263.17 Million |
| 2016 | 22.65% | 24.06% | 0.46x | 2.03x | $291.31 Million |
| 2017 | 0.91% | 0.88% | 0.43x | 2.39x | $-203.07 Million |
| 2018 | 37.89% | 24.54% | 0.65x | 2.38x | $437.07 Million |
| 2019 | 0.00% | 24.61% | 0.94x | 0.00x | $613.83 Million |
| 2020 | 224.68% | 22.05% | 0.83x | 12.23x | $498.36 Million |
| 2021 | 188.50% | 24.87% | 0.90x | 8.42x | $656.09 Million |
| 2022 | 140.29% | 23.81% | 0.91x | 6.50x | $657.31 Million |
| 2023 | 55.83% | 21.72% | 0.64x | 4.02x | $527.20 Million |
| 2024 | 34.88% | 21.56% | 0.65x | 2.49x | $454.98 Million |
| 2025 | 25.09% | 20.30% | 0.62x | 1.98x | $386.50 Million |
Industry Comparison
This section compares Waters Corporation's net assets metrics with peer companies in the Diagnostics & Research industry.
Industry Context
- Industry: Diagnostics & Research
- Average net assets among peers: $482,684,274
- Average return on equity (ROE) among peers: -68.27%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Waters Corporation (WAT) | $2.56 Billion | 3.11% | 0.98x | $17.25 Billion |
| Agilent Technologies Inc (A) | $4.16 Billion | 9.64% | 0.80x | $31.54 Billion |
| Amer Bio Medica (ABMC) | $2.66 Million | -28.23% | 1.26x | $3.55K |
| ADCNF (ADCNF) | $852.85 Million | 37.00% | 2.65x | $172.01 Million |
| Advanced Biomed Inc. Common Stock (ADVB) | $3.49 Million | -115.35% | 0.92x | $2.00 Million |
| ANGLE plc (ANPCF) | $3.82 Million | -94.09% | 0.43x | $34.42 Million |
| SeqLL Inc. (ATLN) | $4.37 Million | -93.77% | 0.93x | $36.29K |
| Avricore Health Inc (AVCRF) | $-37.20K | 0.00% | 0.00x | $3.22 Million |
| Aspira Womens Health Inc (AWH) | $3.76 Million | -397.87% | 1.13x | $664.47K |
| Biodesix Inc (BDSX) | $-198.03 Million | 0.00% | 0.00x | $52.50 Million |
| bioAffinity Technologies, Inc. (BIAF) | $-4.04 Million | 0.00% | 0.00x | $5.08 Million |