Waters Corporation (WAT)

Over the past six months, Waters Corp. (WAT) stock has experienced various movements and analyst activities. In January 2026, William Blair initiated coverage with an Outperform recommendation. In December 2025, Wells Fargo raised its price target, Wolfe Research upgraded Waters (WAT), and the stock rallied as the Fed cut interest rates. In November 2025, Waters reported strong third-quarter results and launched new products. In October 2025, the company launched the Waters Xevo Charge Detection Mass Spectrometer. In September 2025, institutional ownership decreased. In August 2025, Waters Corporation scheduled its Q2 2025 earnings conference call. In May 2025, Waters Corporation reported stronger-than-expected financial results for the latest quarter.

Waters Corp. experiences some demand dynamics, particularly in its pharma business. The company anticipated a pickup in the second half of 2024. Historically, the third quarter can be unpredictable in terms of spending, with real visibility often not appearing until September, leading to everything riding on the fourth quarter. Recurring revenues, such as chemistry and service, have shown consistent growth. The pharmaceutical and biopharmaceutical industries remain key drivers of demand.

Waters Corp. specializes in designing, manufacturing, and commercializing analytical instruments and technologies such as high-performance liquid chromatography (HPLC), ultra-performance liquid chromatography (UPLC), and mass spectrometry (MS) systems. Its key brands include ACQUITY UPC²/UPLC Systems, Xevo mass spectrometry systems, and Empower chromatography software. Waters' offerings are utilized in research and development, quality assurance, and various laboratory functions across multiple industries and organizations.

Waters Corporation has a significant global presence, operating directly in over 35 countries and reaching customers in more than 100 countries. The company's primary manufacturing facilities are located in 9 U.S. locations and 11 international locations, including Wexford, Wilmslow, and Shanghai. Its headquarters are in Milford, Massachusetts, U.S.

Waters Corporation's brand reputation in the past year has seen both positive recognition and internal concerns. In 2022, the company received over 20 awards for product innovation and sustainability efforts. However, a post from May 2025 raised concerns about the company's internal reputation among employees, alleging issues such as suspended benefits during the COVID-19 pandemic and a coordinated effort to shape the company's public image.

Waters Corporation (WAT) has significant institutional ownership, with 1448 institutional owners and shareholders holding a total of 67,178,580 shares. Approximately 96.19% of the company is owned by institutional shareholders, 8.14% by Waters insiders, and 0.00% by retail investors. Major institutional owners include Vanguard Group Inc and BlackRock, Inc. The largest individual shareholder is Douglas A. Berthiaume.