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 36,218 - -
Change - -10.51% -4.35% 13.16% 2.66% 60.16% - -
Enterprise Value (EV) 1 23,687 21,445 21,426 23,329 22,613 40,400 39,082 37,548
Change - -9.46% -0.09% 8.88% -3.07% 78.66% -3.26% -3.92%
P/E 33.4x 29.2x 30.4x 34.6x 35.3x 45.5x 28.5x 27.4x
PBR 61.6x 41x 17x 12.1x 8.86x 2.1x 1.96x 1.74x
PEG - 5.82x -4.01x -28.85x 75.61x -2x 0.5x 6.49x
Capitalization / Revenue 8.16x 6.85x 6.58x 7.45x 7.14x 5.62x 5.09x 4.8x
EV / Revenue 8.5x 7.22x 7.25x 7.89x 7.14x 6.27x 5.5x 4.98x
EV / EBITDA 24.5x 20.9x 19.9x 21.1x 19.3x 19.3x 16.4x 14.5x
EV / EBIT 28.2x 23.9x 23.5x 25.5x 23.4x 22.2x 18.7x 16.5x
EV / FCF 40.4x 49.2x 48.5x 37.6x 41.9x 41.5x 27.3x 24.2x
FCF Yield 2.47% 2.03% 2.06% 2.66% 2.39% 2.41% 3.66% 4.14%
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 6,440 7,111 7,543
EBITDA 1 965.9 1,029 1,079 1,108 1,171 2,089 2,379 2,584
EBIT 1 841.4 898.1 912.9 916.3 964.4 1,817 2,084 2,275
Net income 1 692.8 707.8 642.2 637.8 642.6 755.5 1,199 1,169
Net Debt 1 944.6 1,093 1,960 1,301 - 4,182 2,864 1,330
Reference price 2 372.60 342.58 329.23 370.98 379.83 375.04 375.04 375.04
Nbr of stocks (in thousands) 61,036 59,408 59,127 59,376 59,535 98,186 - -
Announcement Date 2/1/22 A 2/15/23 A 2/6/24 A 2/12/25 A 2/9/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.36x4.59x17.67x0.37% 188B
44.58x11.67x26.12x-.--% 144B
30.71x - - 0.74% 136B
15.97x3.32x10.72x-.--% 64.63B
32.51x7.26x23.1x-.--% 52.5B
17.95x2.08x10.66x2.94% 43.4B
25.8x5.15x17.79x0.77% 37.52B
14.62x1.63x9.1x0.24% 29.59B
18.72x4.92x12.69x1.22% 28.66B
Average 25.14x 5.08x 15.98x 0.7% 80.52B
Weighted average by Cap. 28.74x 6.14x 18.28x 0.51%

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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  5. Valuation Waters Corporation