Waters Corporation (WAT)

In the past six months, Waters Corp. stock has experienced notable events impacting its price, trading near its 52-week low as of July 2025. Investor skepticism surrounding a proposed merger with Becton Dickinson's Biosciences unit has led to concerns about integration risks and potential earnings dilution. Despite these challenges, Waters reported strong financial results for the fourth quarter of 2024 and raised its full-year 2025 constant currency sales growth guidance. In May 2025, Waters acquired Halo Labs, which is seen as positive for expanding its biological analysis portfolio.

The demand for Waters Corporation's products and services is influenced by the size of its target markets, the capital expenditures of its customers, economic growth rates in its major markets, and competitive factors. The company anticipates sequential revenue growth in the second half of the year, which is slightly out of line with normal seasonality. Waters has observed a return to positive growth in China in the fourth quarter of 2024, and India has been highlighted as a fast-growing market. The company's exposure to new high-volume testing drivers also contributes to its growth.

Waters Corporation is a specialty measurement company that designs, manufactures, sells, and services analytical instruments and software, operating primarily within the Healthcare sector. The company's major products and services include chromatography systems, mass spectrometry systems, thermal analysis and rheometry instruments, laboratory informatics & software, laboratory automation and equipment, sample preparation products, and services. Waters' solutions are utilized by pharmaceutical, life sciences, biochemical, industrial, academic, and governmental institutions for research and development, quality assurance, and other laboratory applications.

Waters Corporation has a significant global presence, operating directly in over 35 countries and making its products available in more than 100 countries worldwide. The company maintains primary manufacturing facilities in 9 U.S. locations and 11 international locations, including Wexford, Wilmslow, Birmingham, Hüllhorst, Singapore, Bangalore, and Shanghai. Recently, Waters opened a new manufacturing facility in Longbridge, UK, in November 2024, and a global capacity center in Bengaluru, India, in December 2023, further expanding its international footprint. The company's revenue streams are diversified across North America, Europe, and Asia.

Waters Corporation has maintained a strong brand reputation in the past year, particularly in its commitment to sustainability and customer satisfaction. The company was named to the Dow Jones Sustainability North America Index for the fourth consecutive year in December 2024. Waters has been recognized for leading the industry in net promoter scores and for delivering the highest service satisfaction scores among all instrument vendors in the life science tools industry. The company's focus on innovation also contributes positively to its reputation.

Waters Corporation's stock is predominantly owned by institutional shareholders, who hold approximately 95.18% of the shares. Insiders own about 8.12%, while retail investors hold a smaller percentage. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Fundsmith LLP, Alliancebernstein L.P., State Street Corp, Massachusetts Financial Services Co /ma/, Bank of New York Mellon Corp, and Geode Capital Management, Llc. The largest individual shareholder is Douglas A. Berthiaume, who owns 3.43 million shares, representing 5.76% of the company.