Waters Corporation (WAT)

In November 2025, Waters reported better-than-expected performance and raised its earnings guidance. In February 2026, Waters completed its acquisition of Biosciences and Diagnostic Solutions from Becton, Dickinson and Company, but the stock declined due to investor caution. In April 2026, Waters launched its omniDAWN Multi-Angle Light Scattering Photometer and received FDA clearance for its Onclarity HPV Self-Collection Kit, leading to a stock price rebound. In May 2026, Waters reported strong first-quarter 2026 financial results and raised its full-year revenue growth guidance, causing the stock to surge.

Waters Corporation typically experiences increased sales in the fourth quarter due to customers exhausting their spending budgets. Demand in its end markets is generally steady, with an anticipated easing of softness in the life science tools industry over 2026. The company's business model, with a significant portion of recurring revenue from consumables and services, provides a buffer against cyclical instrument sales.

Waters Corp. operates in the Healthcare sector, focusing on Life Sciences Tools and Services and Advanced Medical Equipment & Technology. The company designs, manufactures, sells, and services analytical instruments and software. Key products include chromatography systems like ACQUITY UPLC and Alliance HPLC, mass spectrometry systems such as Xevo and Synapt, laboratory informatics and software like Empower and MassLynx, rheometry and thermal analysis instruments via TA Instruments, sample preparation products like Oasis, and biosciences & advanced diagnostics including flow cytometry instruments and reagents.

Waters Corporation has a significant global presence, operating directly in 35 countries and making its products available in over 100 countries. The company's primary manufacturing facilities are located in 9 U.S. locations and 11 international locations, including Wexford, Wilmslow, Birmingham, Hüllhorst, Singapore, Bangalore, Beijing, and Shanghai. Sales are geographically distributed across the United States (31.6%), Americas (6.2%), China (13.4%), Japan (5.3%), Asia (14%), and Europe (29.5%).

Waters Corporation maintains a strong brand reputation in the life science tools industry. Its service team has been recognized for high service satisfaction, and its net promoter scores lead the industry. CEO Udit Batra has modernized commercial operations and increased service-plan attachment rates. Waters has demonstrated a commitment to sustainability, exceeding its greenhouse gas emissions reduction target and earning My Green Lab ACT labels for several product lines.

Waters Corp.'s ownership is primarily dominated by institutional investors, including Vanguard Group Inc., BlackRock, Inc., and Fundsmith LLP. Individual board members and officers collectively own approximately 0.6% of the outstanding common stock. Douglas A. Berthiaume is a significant individual shareholder, owning 3.43 million shares, representing 3.49% of the company.