AMETEK, Inc. vs Waters Corporation, two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin gap is the story, and for once it points at the acquirer rather than the specialist: AMETEK's 26.7% operating margin against Waters' negative 3.7%, a franchise mid-stumble. Waters' positive 11.9% net margin marks the operating loss as carrying one-time freight rather than a broken business, but the pair still prices oddly: 47.4 times Waters' depressed earnings against 35.9 times AMETEK's healthy ones. Returns on equity sit at 14% and 3%. The market is paying a premium multiple for Waters' recovery and a smaller one for AMETEK's consistency, which is a reasonable disagreement about time. Only one of the two arguments needs something to change.
Comparison updated 2026-07-10.
| Metric | AME | WAT |
|---|---|---|
| Price | $237.48 | $374.11 |
| Market cap | $54.6B | $30.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Mature | Growth |
| P/E | 35.9 | 47.4 |
| P/B | 5.00 | 2.01 |
| P/S | 7.18 | 8.09 |
| EV/EBITDA | 23.5 | 54.6 |
| Revenue growth | +9.5% | +28.6% |
| Operating margin | 26.7% | -3.7% |
| Net margin | 20.1% | 11.9% |
| Return on equity | 14.0% | 3.0% |
| Return on assets | 9.4% | 1.8% |
| Return on invested capital | 12.2% | 2.4% |
| FCF yield | 3.1% | 1.1% |
| Dividend yield | 0.2% | — |
| Debt / equity | 0.20 | 0.32 |
| Current ratio | 1.14 | 1.79 |
| Altman Z (solvency) | 7.68 | 2.82 |
| Piotroski F (quality) | 7 / 9 | 3 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.