Waters Corp (WAT)

• Market cap: $18.2B
• 1 day: 0.89%
• 5 days: 2.31%
• 1 month: 5.87%
• 3 months: -9.72%
• 6 months: -19.83%
• Year to date: -16.8%
• 1 year: -8.1%
• 5 years: 56.74%
• 10 years: 150.8%
• Sector: Healthcare
• Industry: Diagnostics & Research

About: Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales in 2024, Waters generated 58% from biopharmaceutical customers, 31% from industrial clients, and 11% from academic/government institutions. In early 2026, Waters plans to merge with BD's life science and diagnostics business, which will substantially change those concentrations. Waters will wind up with more concentration in diagnostics (versus none now) and discovery-related life science tools.

Employees: 7,600

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

229% more call options, than puts

Call options by funds: $19.1M | Put options by funds: $5.8M

27% more first-time investments, than exits

New positions opened: 81 | Existing positions closed: 64

2.37% more ownership

Funds ownership: 95.77% [Q1] → 98.13% (+2.37%) [Q2]

1% more funds holding

Funds holding: 755 [Q1] → 759 (+4) [Q2]

1% less repeat investments, than reductions

Existing positions increased: 272 | Existing positions reduced: 275

3% less capital invested

Capital invested by funds: $20.9B [Q1] → $20.4B (-$571M) [Q2]

11% less funds holding in top 10

Funds holding in top 10: 9 [Q1] → 8 (-1) [Q2]

Research analyst outlook

5 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $315
• Avg. target: $348
• High target: $385

5 analyst ratings

• positive: 2 40%
• neutral: 3 60%
• negative: 0 0%

Deutsche Bank Justin Bowers	$315	Hold Maintained	5 Aug 2025
Wells Fargo Brandon Couillard	$315	Equal-Weight Maintained	5 Aug 2025
Jefferies Tycho Peterson	$385	Buy Maintained	4 Aug 2025
Baird Catherine Ramsey	$352	Outperform Maintained	16 Jul 2025
B of A Securities Derik De Bruin	$375	Neutral Maintained	26 Jun 2025